The memory trade is dominating the newest leveraged ETF launches: Assets under management (AUM) in the 2x leveraged long SanDisk ETF, SNXX, have grown +$1.5 billion since its January 27th launch, the largest increase of any US-listed leveraged ETF launched this year. This is followed by the 2x leveraged long memory ETF, RAM, with its AUM growing +$500 million since its June 24th debut. By comparison, AUM in the 2x leveraged long ETFs tracking Applied Optoelectronics, AAOI, AXT, AXTI, and Lumentum, LITE, has grown by less than +$400 million for each ETF since launch. Overall, SNXX has seen more AUM growth than the next 4 largest US leveraged ETF launches combined. Investor appetite for leveraged exposure to memory-chip stocks is surging.(The Kobeissi Letter)