Gain targeted exposure to memory chip and data storage companies
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Riding the AI memory super-cycle
The AI revolution is constrained not by processing power alone but by memory bandwidth. Training large language models and running inference at scale demands ever-greater volumes of high-bandwidth memory, DRAM, and NAND flash, placing the world’s memory chipmakers at the heart of the AI supply chain.
Full-stack memory exposure
The Memory ETF aims to provide diversified exposure across the memory value chain, spanning volatile memory (High Ban-Width Memory, Dynamic Random Access Memory, Low-Power Double Data Rate), non-volatile memory – ‘Not AND’ and ‘Not OR’ flash, solid state drives, memory IP and interface chips, memory ecosystem players, and mass storage systems, the building blocks of modern computing.
Pureplay index construction
The Memory ETF tracks the Indxx Defiance Global Memory Chip Select Index, which selects the top Pure-Play memory companies – those deriving at least 50% of revenues from memory and storage activities. Constituents are weighted by market capitalisation, capped at 10%, and rebalanced quarterly.
AI needs more than processing power
Processors and graphics chips may power AI calculations, but they depend on fast access to data. Memory helps keep information close to the processor, allowing AI systems to work faster and more efficiently as workloads become larger and more complex.
Memory is becoming a bottleneck
As AI models grow, they need more memory capacity and faster data movement. If memory cannot keep up, the wider system becomes less efficient. This is why technologies such as high-bandwidth memory are becoming increasingly important to AI infrastructure.
Memory is a distinct part of the technology stack
The semiconductor market is broad, but memory and storage play a specific role: helping computers store, move and access data. This includes high-bandwidth memory, DRAM, NAND flash, solid-state drives, memory controllers and data storage systems.
The Defiance Memory UCITS ETF (DRAM) provides investors with targeted exposure to the companies designing, manufacturing, and commercialising memory semiconductors and data storage systems, the critical hardware enabling the next wave of artificial intelligence, cloud computing, and hyperscale data infrastructure.
As AI workloads consume unprecedented memory bandwidth, the fund focuses on innovators across high-bandwidth memory (HBM), Dynamic Random Access Memory (DRAM), ‘Not AND’ (NAND) and ‘Not OR’ (NOR) flash memory, Solid-State Drives (SSDs), memory controllers, and emerging memory technologies.
The Memory ETF tracks the Indxx Defiance Global Memory Chip Select Index, which targets potentially high-growth opportunities across the full memory value chain. The index selects globally listed companies deriving at least 50% of revenues from memory and storage activities, weighted by market capitalisation and rebalanced quarterly.
Key Risks
Companies in this sector may be affected, among other things, by emerging technologies and product obsolescence, dependence on IP rights and the risk of infringement or loss of rights. The sector may be sensitive to changes in global information technology spending, as well as disruptions to supply chains or other operational disruptions. Thematic ETFs are exposed to a limited number of sectors and thus the investment will be concentrated and may experience high volatility. Investors’ capital is fully at risk and may not get back the amount originally invested. Exchange rates can have a positive or negative effect on returns. The value of equities and equity-related securities can be affected by daily stock and currency market movements. Please note this is not an exhaustive list of risks. Other risks may apply. Further risks are disclosed in the KIID and Prospectus
Source: HANetf, data as of 30.09.2026. Please note that all performance figures are showing net data. Performance before inception is based on back-tested data. Back-testing is the process of evaluating an investment strategy by applying it to historical data to simulate what the performance of such a strategy would have been. Back-tested data does not represent actual performance and should not be interpreted as an indication of actual or future performance. Past performance for the index is in USD. Past performance is not an indicator for future results and should not be the sole factor of consideration when selecting a product. Investors should read the prospectus of the Issuer (“Prospectus”) before investing and should refer to the section of the Prospectus entitled “Risk Factors” for further details of risks associated with an investment in this product. If fund is less than 12 months old, YTD field will be calculated since inception. When you invest in memory ETFs your capital is at risk.
No. of holdings: 25
The Defiance Memory UCITS ETF tracks the Indxx Defiance Global Memory Chip Select Index, a rules-based, market capitalisation-weighted index providing concentrated exposure to companies involved in the development, manufacturing, commercialisation, and storage of memory semiconductors and data storage systems.
Eligible securities must have a primary listing on a developed or emerging market exchange, a minimum market capitalisation of USD 500 million, six-month average daily turnover of at least USD 1 million, and a minimum free float of 10%. Companies are classified across five themes: volatile memory (DRAM, LPDDR, HBM), non-volatile memory (NAND and NOR flash, SSDs), memory IP and interface chips, memory ecosystem, and mass storage systems.
Pure-Play companies derive at least 50% of revenues from these themes; Quasi-Play companies 20–50%. The portfolio comprises the top 20 Pure-Play companies by market capitalisation, with Quasi-Play companies added in market cap order if fewer than 20 Pure-Play qualifiers exist. Constituents are capped at 10% per security (15% for Quasi-Play) and rebalanced quarterly in February, May, August, and November.
Memory semiconductor exposure refers to companies involved in storing, moving and accessing data within electronic systems. This includes technologies such as high-bandwidth memory, DRAM, NAND flash, NOR flash, solid-state drives, memory controllers and data storage systems. Unlike broader semiconductor exposure, which may include processors, sensors, analogue chips or foundries, memory-focused exposure targets the part of the technology stack that enables data-intensive workloads to operate efficiently. Investors researching this theme should understand how memory demand is linked to AI, cloud computing, smartphones, servers, enterprise storage and consumer electronics.
Memory is important for artificial intelligence because AI systems need rapid access to very large amounts of data. Processors and graphics chips perform the calculations, but memory helps feed data to those chips quickly enough for training and inference workloads to run efficiently. As AI models become larger and more complex, demand can increase for high-bandwidth memory, DRAM, NAND flash and advanced storage. This means memory can become a bottleneck if capacity, bandwidth or supply cannot keep pace with computing demand.
High-bandwidth memory is a type of advanced memory designed to move large amounts of data quickly while using space and power efficiently. It is particularly relevant for AI accelerators, graphics processors and high-performance computing systems, where fast data movement can be as important as raw processing power. High-bandwidth memory can command attention because it sits close to the compute layer in advanced AI systems. However, it is also technically complex, capital intensive and dependent on demand from a relatively concentrated group of advanced chip and cloud infrastructure customers.
Memory exposure is more focused than broad semiconductor exposure because it targets companies linked to data storage and memory technologies rather than the full chip industry. A broad semiconductor strategy may include chip designers, foundries, equipment companies, analogue chipmakers, processors and electronic design software. Memory-focused exposure is more concentrated in areas such as DRAM, NAND, SSDs, memory interfaces and storage systems. This can create more direct exposure to memory pricing cycles, AI infrastructure demand and storage capacity growth, but it can also increase volatility and concentration risk.
Demand is driven by AI workloads, cloud computing, data centres, smartphones, PCs, gaming, enterprise IT, automotive electronics and industrial digitalisation. AI and cloud infrastructure can be particularly memory-intensive because large models and real-time applications require fast access to large datasets. Consumer electronics cycles also matter, as smartphones and PCs remain major end markets for memory products. Investors should recognise that demand can be structural over the long term but cyclical in the short term, especially when customer inventories rise or technology spending slows.
Memory markets can be cyclical because supply and demand can shift quickly. Manufacturers often need to invest heavily in capacity before demand is fully visible, which can lead to periods of oversupply and falling prices. Conversely, disciplined supply, rising demand or technology transitions can create tighter markets and stronger pricing. Memory companies are therefore often exposed to pricing cycles in DRAM, NAND and storage products. Investors should consider that earnings can be highly sensitive to average selling prices, utilisation rates, capital expenditure and inventory levels.
Companies relevant to memory and data storage exposure may include Kioxia, Micron Technology, Sandisk, SK Hynix, Western Digital, Samsung Electronics, Seagate Technology, Rambus and Silicon Motion. These businesses span DRAM, NAND flash, storage devices, hard drives, memory interfaces and related semiconductor technologies. Investors should treat these as examples of current exposure rather than stock recommendations. Holdings and weights can change over time, so investors should review the latest portfolio, index methodology, costs and risks before making any investment decision.
Solid-state drives and storage systems help store and retrieve data across consumer devices, enterprise servers, cloud platforms and data centres. SSDs use NAND flash memory and are important for workloads that require faster access than traditional hard drives can typically provide. Data storage companies can therefore be linked to both enterprise IT spending and consumer device cycles. Investors should understand that storage demand may benefit from growing data creation, but pricing, competition, product mix and customer purchasing cycles can significantly affect company profitability.
Methodology matters because memory is only one part of the broader semiconductor market. A rules-based approach may define which companies qualify based on revenue exposure to memory and storage activities, then apply liquidity, market-capitalisation and weighting rules. This can help distinguish pure-play or quasi-play memory companies from broader technology businesses with only limited memory exposure. Investors should review how companies are selected, how often the index rebalances, whether holdings are capped and how concentrated the final portfolio may be.
Disclaimer: These FAQs have been generated with the assistance of AI and may contain errors or omissions. They are provided for general information only and do not constitute investment advice, a recommendation, or an invitation to buy or sell any investment.
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About Partner
Founded in 2018, Defiance ETFs is a leading U.S.-based ETF issuer specialising in thematic, income, and leveraged exchange-traded funds. With a track record of bringing innovative investment ideas to market quickly and effectively, Defiance has established itself as a first mover in several high-growth thematic categories, including AI, quantum computing, and leveraged single-stock ETFs. The firm’s investment philosophy is grounded in identifying structural, long-term trends and translating them into accessible, liquid ETF products for investors worldwide. Led by a team of seasoned finance professionals with backgrounds at ProShares, BlackRock, and Direxion, Defiance brings deep expertise in ETF product development, capital markets, and investor education.
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