On June 27, 2026, the media revealed that the Roundhill Memory ETF (code: DRAM), focusing on the global memory chip supply chain, updated its portfolio to include China's leading flash memory chip designer, GigaDevice, with a current weight of approximately 2.91% (according to a single source). While it is not a core position in the portfolio, it is significant enough to constitute a substantial exposure to China's storage sector. The market has long been aware of GigaDevice's status in subfields such as NOR Flash and its widely discussed cooperative relationship with ChangXin Storage. Now, as this asset is included in a global storage theme fund, the narrative of "indirectly participating in China's DRAM and storage industry through GigaDevice" has been further reinforced. Considering that changes in the DRAM ETF's holdings have traditionally been viewed as a barometer for how capital reallocates risks across different regions and sub-sectors, the move to increase exposure to Chinese storage-related assets amid a new storage boom driven by AI and the global supply chain reshaping serves as a capital signal that needs to be understood: what kind of Chinese storage path global funds are betting on, and how much risk budget they are willing to allocate for this path.
DRAM Rebalancing Scene: The Signal Carried by a 2.91% Weight
As a thematic fund focused on the global memory chip supply chain, changes in the Roundhill Memory ETF (DRAM) essentially involve reallocating the risk budget among different manufacturers, regions, and product lines. In the latest disclosed portfolio on June 27, 2026, the DRAM ETF included GigaDevice and allocated it about 2.91% of the weight, constituting a perceivable position in a single asset rather than a symbolic probe. Combined with the market consensus that "changes in the DRAM ETF's holdings are usually seen as reflecting the shifting preferences of capital towards different sub-sectors and regions of the storage industry," this adjustment can be interpreted as: the fund manager is significantly increasing the exposure to China's storage supply chain instead of merely expressing a bullish stance verbally or passively following trends.
Incorporating Chinese semiconductor companies into the current portfolio is underpinned by at least two layers of logic. First, against the backdrop of the reshaping of the global semiconductor supply chain and escalating geopolitical risks, the risk premium associated with concentrated exposure to a single region is rising. By introducing assets related to Chinese storage and flash memory, potential shocks can be diversified at the regional level. Second, the Chinese semiconductor supply chain, particularly in key segments such as storage, has recently become a focus area for international capital. ChangXin Storage is the only manufacturer in mainland China currently producing DRAM at scale, while GigaDevice holds a prominent position in flash memory design. Additionally, Citrini Research analyst Jukan views GigaDevice as the parent company or associated entity of ChangXin Storage, creating an investment framework of "participating in the growth story of China's DRAM and storage through GigaDevice." Within this framework, the DRAM ETF's allocation of approximately 2.91% to GigaDevice appears to be a proactive bet on the Chinese storage path rather than a passive adjustment to weight.
From GigaDevice to ChangXin Storage: An Invisible Capital Pathway
In China's storage landscape, GigaDevice is known for its expertise in flash memory chip design and holds an important market position in segments such as NOR Flash and NAND. It is one of the few local design companies that combines scale with depth in product lines. ChangXin Storage, on the other hand, is one of the only manufacturers in mainland China currently producing DRAM at scale and is seen as a key player in the domestic DRAM industry. One focuses on non-volatile flash memory design, while the other specializes in DRAM manufacturing; this complementarity strengthens the market's imagination of their "close cooperative relationship." Citrini Research analyst Jukan points out that, in narrative terms, the market often perceives GigaDevice as the "parent company" or associated entity of ChangXin Storage, using this label to simplify the complex business and capital relationships within China's storage industry.
It is within this narrative that a segment of international capital has begun to view GigaDevice as an indirect vehicle for participating in the development of advanced DRAM capacity in China: by holding GigaDevice, the DRAM-themed fund not only gains exposure to the leading flash memory designer in China but also logically constructs an "invisible capital pathway" leading to ChangXin Storage and even the broader Chinese DRAM industry. However, the briefing has clearly stated that there is currently a lack of official authoritative definition regarding the equity relationship between GigaDevice and ChangXin Storage. Existing discussions mostly remain at the level of market interpretation rather than legal definitions of control or hierarchical structure. This implies that a significant portion of the investment logic is based on expectations and imagination, and whether this invisible capital pathway can continue to exist in the future will depend on subsequent information disclosures and how the market re-evaluates the actual relationship between GigaDevice and ChangXin Storage.
The Chinese Chip of the DRAM ETF: Exposure is Quietly Rising
From a geographical allocation perspective, the inclusion of GigaDevice in the DRAM ETF's portfolio on June 27, 2026, is essentially a deliberate bet on China within the global memory industry landscape. The ETF itself is diversified by geography and supply chain stages, while GigaDevice, as a local Chinese flash memory chip design company, is included with a current weight of approximately 2.91% (according to a single source), indicating that the fund's direct exposure to the Chinese market has been raised. This also partially converts what was previously more of a "story-level" narrative about ChangXin Storage into an actual holding weight in the portfolio.
It is important to emphasize that the briefing clearly indicates that there is currently a lack of complete data regarding other Chinese holdings and weights of the DRAM ETF, making it impossible to provide an accurate proportion of related Chinese assets within the overall fund. Therefore, a more reasonable interpretation is that during the process of reshaping the global semiconductor supply chain and reallocating capital among different regional storage companies, this thematic fund is gradually increasing its attention to the Chinese storage industry rather than making a one-time, substantial bet on China. The expansion of AI applications and the rising demand for high-bandwidth storage have made it difficult to completely ignore key segments such as China’s storage and flash memory, and under the constraints of both geopolitical considerations and supply chain restructuring, global funds are choosing to participate in the potential upward cycle of China's storage industry through increasing the weights of assets like GigaDevice within controllable exposure. How this process will evolve in the future will depend on whether the DRAM ETF continues to tilt toward China in its rebalancing and the changes in the performance and policy environment of China's storage industry itself.
AI and HBM Boom: China's Presence in the Storage Cycle
The expansion of AI computing power has shifted the bottleneck from merely computational units to the overall system of "computing power + bandwidth," as mentioned in the briefing. The significant increase in demand for high-bandwidth memory (HBM) is pushing global memory chips into a new boom cycle: on one end, AI clusters are amplifying the demand for DRAM and HBM, while on the other end, traditional terminal demand is gradually recovering, along with inventory clearing, resulting in a simultaneous rebound in memory prices and utilization rates. Against this backdrop, the "weak links" in the global semiconductor supply chain reshaping process are beginning to be revalued by capital, with key segments such as storage being listed as focus areas. Chinese storage and flash memory companies, due to their cost structure and potential supply elasticity, have become targets for capital seeking exposure to an upward cycle.
On June 27, 2026, reports indicated that the Roundhill Memory ETF (DRAM) updated its portfolio to include GigaDevice with a current weight of approximately 2.91% (according to a single source), coinciding closely with the storage boom driven by AI. GigaDevice's deep focus on flash memory chip design and its position in submarkets like NOR Flash make its performance sensitive to changes in the overall demand for the storage industry. Additionally, Citrini Research analyst Jukan pointed out that the market views GigaDevice as the parent company or associated entity of ChangXin Storage, further reinforcing its "storage + China" label in narrative terms. Considering that changes in the DRAM ETF’s holdings are usually regarded as a mid-term judgment on the storage cycle and themes such as AI and HBM, this inclusion reflects both a response to the storage cycle driven by AI and HBM and a deliberative choice to increase indirect exposure to Chinese storage-related assets under the demands of supply chain restructuring and regional diversification. Thus, the DRAM ETF's inclusion of GigaDevice this time becomes a typical configuration example resonating with the storage cycle and China theme amid the AI and HBM boom.
Under Geopolitical Games: A New Pricing Story for Chinese Storage
In an environment where the global semiconductor supply chain is being reshaped amid geopolitical tensions, the DRAM ETF's choice to include GigaDevice with approximately 2.91% weight within the framework of the storage chip supply chain theme essentially conducts a "weighted average" between geopolitical risks and growth dividends: it neither bet fully on all the uncertainties of domestic Chinese DRAM manufacturers, nor does it solely depend on the crossover of the flash memory and DRAM chains to include part of the upward cycle of China's storage industry in the portfolio. The market perceiving GigaDevice as an indirect link between ChangXin Storage and international capital, combined with analyst Jukan's description of it as a "parent company or associated entity," makes this allocation seem more like a path to "participate indirectly" in the advancements of China's DRAM through equity and business relationships. For some international funds, in a stage where sanctions and export controls are not yet clear, using thematic ETFs as a vehicle to gain exposure to Chinese storage assets through targets like GigaDevice may better align with compliance and liquidity constraints than directly buying large quantities of a single DRAM manufacturer. Looking forward, it is worth continuously tracking whether the overall weight of the DRAM ETF towards Chinese storage-related assets continues to increase in subsequent rebalancing, and whether the gradual ramp-up of China's domestic storage capacity, product structure upgrades, and aligned policy direction can eventually reduce geopolitical discounts and enhance expectations of returns, thereby promoting Chinese storage assets into a new pricing range reshaped by fundamentals and risk premiums in a horizontal comparison of global storage assets.
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