A newly proposed leveraged ETF is aiming to capitalize on one of Wall Street's hottest AI trades: memory chips.

Themes ETF Trust has filed with the SEC to launch the Leverage Shares 2X Long Memory Daily ETF, a fund designed to deliver twice the daily performance of the Roundhill Memory ETF (BATS:DRAM). The filing comes as the underlying DRAM ETF has emerged as one of the standout ETF launches of the year, surging more than 80% since its April debut and swelling to roughly $6.25 billion in assets under management in just weeks.

The proposed leveraged fund would use swaps, options, and other derivatives to amplify daily returns tied to DRAM, which itself is a concentrated play on the booming AI memory-chip market. The prospectus warns that the ETF is intended for short-term trading rather than long-term holding, citing risks tied to volatility decay, daily rebalancing, and amplified downside exposure.

Read Also: Forget Nvidia, This 9-Stock Memory ETF Just Rallied Over 70% In A Month

AI's New Bottleneck Trade

Unlike diversified semiconductor ETFs, DRAM focuses specifically on companies tied to high-bandwidth memory (HBM), DRAM chips, NAND flash, SSDs, and related storage technologies, increasingly viewed as critical infrastructure for artificial intelligence workloads.

Top holdings in the ETF include:

The AI boom has dramatically reshaped investor sentiment around the memory segment, which was once considered among the semiconductor industry's more cyclical corners. As companies race to build larger AI models and data centers, memory chips have become a key constraint because training and inference workloads require enormous bandwidth and storage capacity.

DRAM ETF Explodes

The demand surge has translated into explosive gains across memory-related stocks — and the ETF tracking them.

SanDisk shares have skyrocketed roughly 460% this year, while Micron has surged more than 150%. Seagate has also jumped more than 190% amid growing optimism around AI infrastructure spending.

The rally has also been fueled by tightening supply conditions. Industry reports have shown memory-chip prices climbing between 80% and 90% in the first quarter as demand outpaced production capacity.

That pricing strength has boosted earnings across the industry. SanDisk recently reported quarterly revenue growth of 97% year-over-year, while Micron posted a 75% jump in fiscal second-quarter revenue. Seagate also delivered strong results, with CEO Dave Mosley saying the company was entering a "new era of structural growth."

The concentrated structure of DRAM — which holds just a small basket of companies — has also made it a high-beta momentum trade for investors seeking targeted exposure to the AI infrastructure buildout.

2X DRAM ETF To Launch Despite Bubble Warnings

Still, the rapid rise in memory-chip stocks is beginning to trigger concerns about overheating.

Investor Michael Burry recently warned about bubble-like conditions in parts of the semiconductor market, while technical indicators show several memory-related names trading in deeply overbought territory.

The DRAM ETF itself has seen its Relative Strength Index rise above 80, a level often associated with stretched momentum and elevated pullback risk.

The SEC filing also highlights the risks of leveraged products, noting that returns over periods longer than a single day may differ significantly from simply doubling the ETF's cumulative performance due to compounding effects and volatility decay.

Even so, the proposed 2X DRAM ETF suggests issuers believe investor appetite for targeted AI infrastructure exposure remains far from exhausted, especially in one of the market's most supply-constrained corners.

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