Roundhill Memory ETF Adds CXMT, the First Chinese Memory Maker in an International Fund

The Roundhill Memory ETF (ticker: DRAM) has added ChangXin Memory Technologies to its holdings, making the Chinese chipmaker the first of its kind to appear in an internationally listed memory fund. Backpack confirmed the addition on August 2, writing that the fund now carries $627,455,449 in CXMT exposure representing 2.52% of the portfolio. For holders of the Solana-native $DRAM token, the change reflects directly in what their on-chain positions track.

The Roundhill Memory ETF launched April 2, 2026 as the first pure-play memory chip fund on U.S. markets, covering companies with at least 50% of revenues from memory product development or manufacturing, according to Roundhill's official fund page. Its top holdings had been dominated by Samsung, SK Hynix, Kioxia, SanDisk, and Micron. CXMT had no eligible international listing until last week.

CXMT's Shanghai IPO Opened the Door to Index Inclusion

ChangXin Memory Technologies completed its initial public offering on Shanghai's STAR Market on July 27, 2026, raising approximately $8.5 billion at a valuation of roughly $85 billion, the largest semiconductor IPO by a Chinese company on a mainland exchange. Shares surged 466% on the first trading day, pushing the market capitalization to 3.28 trillion yuan (approximately $484.6 billion) and placing CXMT above every other mainland-listed company by market value.

The listing supplied what CXMT had previously lacked: a publicly traded, index-eligible price. Once it appeared on the STAR Market, rules-based memory ETFs with revenue-concentration criteria could immediately evaluate it for inclusion.

CXMT held a 7.6% share of global DRAM production as of Q1 2026, up from 4.7% the prior quarter, and generated $8.6 billion in 2025 revenue (a 156% jump year-over-year), per Yahoo Finance. Samsung (39%), SK Hynix (29%), and Micron (22%) retain the leading market shares, per the same source; over 98% of CXMT's revenue comes from conventional DRAM, with effectively no presence in high-bandwidth memory (HBM), the premium segment where incumbents earn outsized margins. Analysis from Tema ETFs projects CXMT's manufacturing capacity could reach approximately 350,000 wafer starts per month by end of 2026, approaching Micron's roughly 385,000.

The fund also holds GigaDevice Semiconductor, which shares a co-founder with CXMT: Zhu Yiming co-founded both companies, and the two maintain technical, foundry, and investment ties, according to ChainCatcher. ChainCatcher characterized CXMT's inclusion as representing "the initial exposure of the domestic DRAM industry in China within international ETFs."

SK Hynix, SanDisk, and the KOSPI: How CXMT's IPO Hit Established Memory Makers

CXMT's Shanghai debut heightened investor concern about accelerating Chinese capacity additions to global DRAM supply. SK Hynix shares fell 7.5% on CXMT's debut day, SanDisk dropped 11%, and Micron declined 2.2%, per Benzinga. The KOSPI benchmark fell 10.8% in the same session, its sharpest drop in approximately five months, as foreign investors net-sold roughly 5 trillion won ($3.4 billion) against retail inflows of approximately 4 trillion won.

How $DRAM Has Traded on Solana Since June

The tokenized $DRAM token has been on Solana since June 26, 2026, when Backpack issued it through Sunrise's on-chain infrastructure. That launch was the fourth equity tokenization by the partnership within two weeks.

Each $DRAM token is redeemable 1:1 for a share of the underlying Roundhill ETF through Backpack's exchange, per Backpack's documentation. The entitlement is governed under New York law (UCC Article 8), backed by established brokerage and custody infrastructure, and settles to traditional brokerages through ACATS/DTCC rails when redeemed. On Solana, the token trades around the clock and is compatible with standard wallets and DeFi applications, without the market-hours restriction of the underlying fund.

@sunrise noted the development on August 2: "$CXMT is now part of Roundhill Memory ETF ($DRAM). $DRAM is natively available on @Solana."