Semiconductor ETFs 101: DRAM, EUV, SMH, SOXX, SOXL — The Complete Guide for 2026

Six months ago, if you'd asked most investors to name a semiconductor ETF, they would have said SMH or maybe SOXX . Today there are ETFs focused specifically on AI memory chips, chip-making lithography technology, and South Korean memory producers. There are triple-leveraged funds that gained 440% in H1 2026 — and their inverse equivalents, which lost nearly 90% (although it should be noted leveraged and inverse funds are designed to be held and measured on a daily basis, not over time).

The semiconductor ETF category has never been more diverse, or more confusing. This guide maps the full landscape.

The Roundhill Memory ETF (DRAM) is the most interesting new fund in the semiconductor category. Launched in 2025, it focuses on companies making high-bandwidth memory (HBM) — the specialized chips that AI accelerators like Nvidia's H100 and B200 need to process large models at speed.

Why does this matter? Traditional DRAM manufacturers like Micron, Samsung, and SK Hynix have spent decades in a brutal commodity cycle — prices rise, oversupply crashes them, repeat. HBM is different. It's technologically complex, supply-constrained, and AI companies need it badly enough to pay premium prices. Nvidia reportedly can't get enough of it.

DRAM has ridden this thesis to nearly $17 billion in assets — one of the fastest growth trajectories for any ETF in recent memory. It pulled in more than $2.5 billion in a single week in early June and recorded a single-day inflow of over $1 billion. Its YTD return of approximately 77% trails SOXX but reflects the fund's more concentrated, memory-specific approach.

DRAM holds roughly 20–25 stocks, concentrated heavily in SK Hynix, Micron, Samsung, and supporting memory ecosystem companies. It is more volatile than SMH or SOXX because it has more concentrated exposure to a single part of the chip stack. That's also why it has the potential to outperform in an AI infrastructure buildout — and underperform badly if memory prices weaken.

Best for: Investors who want to specifically express a view on AI memory demand rather than broad semiconductor exposure. Think of DRAM as a satellite position within a semiconductor allocation, not a replacement for SMH or SOXX.

The Corgi Lithography & Semiconductor Photonics ETF (EUV) focuses on companies involved in extreme ultraviolet lithography — the chip-making technology without which the most advanced semiconductors simply cannot be manufactured. ASML, the Dutch company that has an effective monopoly on EUV machines, is the dominant holding, but EUV also captures the surrounding ecosystem. This includes Cymer (now part of ASML, light sources) and materials companies whose products only work with EUV processes.