Defiance ETFs has launched the Defiance China Memory ETF (NASDAQ:CRAM), billed as the first U.S.-listed ETF focused on China’s memory and storage semiconductor value chain.

CRAM tracks the BITA China Memory Index, giving investors exposure to companies involved in DRAM, NAND and NOR flash, memory modules, storage controllers, packaging and testing, as well as equipment, materials and IP used in memory production. The ETF carries a 0.67% expense ratio and will rebalance quarterly.

The launch comes as China ramps up efforts to build a domestic memory ecosystem. China’s largest DRAM maker raised about $8.6 billion in a July Shanghai IPO, while its leading NAND flash maker filed for a listing targeting about $4.9 billion. Defiance says several Chinese memory companies have also forecast triple- or even quadruple-digit profit growth in the first half of 2026 as AI demand tightens global memory supply.

QUICK CONTEXT: China Builds Its Own Memory Stack

Memory has become a critical part of the AI infrastructure buildout, with rising demand for DRAM, NAND, high-bandwidth memory and enterprise storage supporting the broader semiconductor cycle.

CRAM takes a broader approach than simply investing in Chinese memory-chip manufacturers. Its underlying index covers the full memory value chain, from chip design and fabrication to modules, controllers, packaging, testing, distribution and specialized equipment and materials.

That gives investors a way to target the companies supporting China’s push for greater semiconductor self-sufficiency. The timing is notable, with major Chinese memory companies increasingly turning to public markets to fund expansion as AI-driven demand reshapes the global memory industry.

The ETF’s launch also fills a gap in the U.S. market. While investors already have access to ETFs targeting global memory and semiconductor companies, CRAM is designed specifically around China’s domestic memory ecosystem, offering exposure through a single ticker.

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