Tema Memory ETF (DISK) Drops -24.6% Over 30 Days as Memory Stocks Retreat

Key Takeaways

• DISK has fallen roughly 24.6% over the last 30 days, extending a decline of approximately 38% over the trailing quarter.
• The fund is actively managed and provides concentrated exposure to the global memory-chip complex—HBM (high-bandwidth memory), DRAM, and NAND—making it highly sensitive to memory pricing and AI-infrastructure sentiment.
• Largest holdings SK hynix, SanDisk (SNDK), Kioxia, and Micron (MU) led the drawdown as memory equities sold off on peak-earnings and oversupply concerns.
• Primary catalysts included a broad rotation out of AI-linked semiconductors after the U.S. midterm elections, weakening consumer NAND spot prices, and a leadership change at NVIDIA (NVDA).
• DRAM contract prices remained firm even as NAND spot prices softened, highlighting a widening divergence across memory categories.
• Explore additional resources, including Price Targets and Forecast, for a deeper view of DISK's technical and forward-looking profile.
• For automated idea generation, explore Trending AI Robots to surface momentum- and pattern-based opportunities.

Tema Memory ETF (DISK) Overview and Portfolio Exposure

The Tema Memory ETF (DISK) is an actively managed exchange-traded fund that invests in global companies across the semiconductor memory supply chain, spanning HBM, DRAM, and NAND flash. Launched in June 2026 in partnership with semiconductor research firm SemiAnalysis, the fund targets businesses positioned around rising demand for memory chips—a widely cited bottleneck as artificial-intelligence and data-center workloads consume more capacity.

DISK holds a concentrated portfolio of approximately 18 securities, overwhelmingly weighted to information technology and semiconductors. Among its largest positions are South Korea's SK hynix and Samsung Electronics, Japan's Kioxia, and U.S.-listed SanDisk (SNDK), Micron Technology (MU), and Western Digital (WDC), alongside China's ChangXin Memory Technologies (CXMT). The fund carries a gross expense ratio of 0.75% and maintains meaningful exposure to offshore listings in South Korea, Japan, Taiwan, and China.

This concentrated, single-theme structure amplifies both upside and downside. When memory pricing and AI-infrastructure sentiment turn, the fund's entire portfolio tends to move in the same direction, which helps explain the magnitude of its recent decline. I also checked this using Tickeron’s AI Screener to see how the holdings compare to others in the industry.

Tema Memory ETF (DISK) Price Performance: Last 30 Days vs. Quarter

Over the last 30 days, DISK declined roughly 24.6%, falling from a closing level near $31.21 to approximately $23.53. The move was not a steady grind but a volatile, stepwise decline punctuated by sharp single-session drops, including a pronounced selloff in early November when U.S. equities retreated broadly.

The trailing-quarter trend was even steeper. From a closing level near $38.06 about three months earlier, the fund has lost roughly 38%. The deterioration reflects a sustained de-rating of memory and AI-linked semiconductor equities rather than a brief, isolated shock, with intermittent rebounds failing to hold as sellers repeatedly reasserted control.

What Drove DISK Price in the Last 30 Days

Several overlapping forces pressured the fund's holdings. A broad rotation out of AI-infrastructure stocks accelerated after the U.S. midterm elections, as investors weighed the prospect of tighter oversight of data-center construction and energy consumption. In a single early-November session, the broader market fell sharply, and memory bellwethers such as SanDisk (SNDK) and Micron (MU) posted double-digit percentage losses, directly dragging DISK lower.

Memory-specific fundamentals also deteriorated at the margin. Consumer NAND spot prices weakened notably, with some NAND categories retreating roughly 20% or more from earlier highs, even as DRAM contract prices continued rising. Research downgrades and commentary around peak memory pricing reinforced the view that parts of the memory cycle may be topping out. Late in the period, the resignation of NVIDIA (NVDA) chief executive Jensen Huang injected further uncertainty across the AI hardware supply chain, briefly reversing a mid-November rebound led by strong data-center results.

What Drove DISK Performance Over the Last Quarter

The three-month decline reflects a deeper repricing of the memory theme. After a powerful run that pushed memory stocks to record valuations, investors began pricing in a potential 2027–2028 supply-demand reversal. Catalysts included the early termination of large share-buyback programs at Samsung and SK hynix, which removed a key source of support for Korean memory equities, and a technology announcement by China's CXMT detailing progress on a next-generation 4F² DRAM architecture that raised long-term competitive and oversupply concerns.

Even as reported industry fundamentals stayed strong—DRAM revenue rose sharply year over year on higher average selling prices—the market shifted focus toward peak-earnings risk and future capacity expansion. This rotation away from high-beta, AI-linked semiconductor names hit DISK's concentrated portfolio disproportionately hard.

DISK ETF Outlook: What Investors Should Watch Next

Going forward, the key variables for DISK are memory pricing, AI capital expenditure, and supply dynamics. Investors will monitor whether NAND spot and contract prices stabilize or continue weakening, and whether HBM and server DRAM demand remains tight enough to sustain the premium pricing that has driven memory profitability.

Macroeconomic and policy factors also matter: interest-rate expectations, the pace of data-center construction, and any regulatory or export-control developments affecting chipmakers in the United States, South Korea, and China. The trajectory of major holdings' earnings—particularly SanDisk, Micron, SK hynix, and Kioxia—and the timing of new capacity coming online will shape sentiment. Finally, capital flows into and out of thematic semiconductor funds will remain a swing factor given DISK's small asset base and concentrated exposure. These themes, rather than any single data point, are likely to define the fund's risk profile in the months ahead. From what I see, monitoring these factors closely remains essential.

Using Tickeron’s AI Tools in My Research

I regularly turn to Tickeron’s AI Screener when analyzing volatile themes like memory chips and AI infrastructure. The platform lets me scan thousands of securities with technical indicators, fundamentals, volatility metrics, price patterns, and AI-generated signals to surface ideas more efficiently than manual screening. It has helped me compare exposure across sectors and refine my workflow on funds such as DISK. Explore the AI Screener to see how it might fit into your own process.

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