New 2X Leveraged and Inverse Memory Chip ETFs: RAM, SKHL, and RAMZ Launch Amid CXMT Selloff

Three new leveraged and inverse memory chip ETFs — RAM, SKHL, and RAMZ — began trading in June–July 2026 as CXMT's blockbuster Shanghai debut triggered a broad selloff in global memory stocks. Here is a close look at each fund, the market turmoil that surrounded their launches, and what it means for investors.

The CXMT Debut That Shook Memory Stocks

CXMT (ChangXin Memory Technologies) began trading on Shanghai's STAR Market on July 27, 2026, surging roughly 466–472% on day one after raising $8.6 billion in Asia's biggest IPO of the year . The debut triggered a broad selloff in global memory names — Micron, SK Hynix, and SanDisk all fell sharply as investors priced in a new competitive threat from China's state-backed DRAM champion . The selloff in South Korean semiconductor stocks was the steepest in years .

New Leveraged and Inverse Memory ETFs That Launched

ETF	Ticker	Type	Launch Date	Target Exposure
Roundhill T-REX 2X Long DRAM Daily Target ETF	RAM	2X Leveraged Long	June 24, 2026	+200% of the Roundhill Memory ETF (DRAM) daily return
Direxion Daily SK Hynix Bull 2X ETF	SKHL	2X Leveraged Long	July 15, 2026	+200% of SK Hynix ADR (SKHY) daily return
T-REX 2X Inverse DRAM Daily Target ETF	RAMZ	2X Inverse (Bear)	July 28, 2026	-200% of the Roundhill Memory ETF (DRAM) daily return

RAM: Record-Breaking 2X Long DRAM ETF

Launched by Roundhill Investments and T-REX on June 24, 2026, RAM offers 2X daily long exposure to the Roundhill Memory ETF (DRAM). It debuted with the largest day-one trading volume of any U.S.-listed leveraged or inverse ETF in history — roughly $385 million in notional value, surpassing the prior record of about $282 million . On day two, volume reached $742 million . RAM does not leverage a single stock; it leverages another ETF, making it a “fund on top of a fund” .

SKHL: 2X Long SK Hynix ETF

Direxion launched SKHL on July 15, 2026, giving U.S. investors 2X daily leveraged exposure to SK Hynix, the world's leading supplier of high-bandwidth memory (HBM) chips used alongside AI accelerators from Nvidia and AMD . The ETF seeks 200% of the daily performance of the SK Hynix American depositary receipt (SKHY), which began trading on Nasdaq on July 10, 2026 . SKHL joined other recently launched leveraged products tied to SK Hynix, including funds from Corgi, T-REX, GraniteShares, and Leverage Shares . Its net expense ratio is 0.97% .

RAMZ: First U.S. 2X Inverse DRAM ETF

Announced July 23 and set to begin trading July 28, 2026, RAMZ is the first-ever U.S. 2X inverse DRAM ETF . Issuer T-REX explicitly cited "growing demand for tactical trading tools amid heightened volatility" from the CXMT selloff as the rationale . The fund is designed to deliver -200% of the daily performance of the Roundhill Memory ETF (DRAM), giving traders a way to profit from or hedge against declines in the memory semiconductor sector .

Impact on U.S. and Global Memory Stocks

Selloff in Majors. On CXMT's debut day, South Korean memory stocks suffered their steepest selloff in years . Micron dropped roughly 8% on CXMT's IPO announcement alone and fell further on debut day . SanDisk and SK Hynix also saw sharp declines .

Existing Inverse ETFs Surged. The Direxion Daily Semiconductor Bear 3X ETF (SOXS) jumped about 11% as Micron slid, reflecting heavy bearish positioning in the chip space .

New ETF Inflows. Tema's actively managed memory ETF (DISK) made CXMT a top holding on debut day with a 10.56% portfolio weight, giving U.S. investors their highest direct exposure to the Chinese DRAM maker among U.S.-listed ETFs . RAMZ was structured specifically for traders betting on further DRAM downside as CXMT's competitive pressure mounts .

Caveats for Leveraged and Inverse ETFs

These funds are designed for daily trading and reset exposure each day. Due to the compounding effect of daily resets, holding them for longer than one day can produce returns that differ significantly from the target multiple of the underlying index's cumulative return . Investors should understand the risks before trading.

In summary, the CXMT IPO reshaped the memory chip ETF landscape, giving traders new tools to express both bullish and bearish views on a sector suddenly facing its most serious competitive challenge in years.