Tuttle Capital Concentrated Memory Stack ETF (HBMX) Declines -27% Over 30 Days

Key Takeaways

• The Tuttle Capital Concentrated Memory Stack ETF (HBMX) fell roughly 27% over the trailing 30 days, with most of the decline concentrated in late October and early November.
• The fund is an actively managed, high-conviction thematic ETF with approximately 95% of assets in technology and nearly all of its holdings tied to the memory semiconductor ecosystem.
• The selloff was driven by a broad de-rating of AI infrastructure after the U.S. midterm elections raised data-center regulatory concerns, compounded by memory-glut fears and interest-rate worries.
• Top holdings MU, SKHY, and SNDK absorbed the heaviest losses as memory stocks led the sector-wide correction lower.
• Over the trailing quarter the fund is also down approximately 28%, underscoring how sharply the recent correction unwound a strong summer rally.
• The fund remains small and concentrated, with roughly $22 million in assets under management (AUM) and a 0.95% expense ratio.
• For additional detail on this ticker's Price Targets and Forecast, explore these dedicated pages.

Understanding HBMX and Its Memory Semiconductor Focus

HBMX is an actively managed thematic exchange-traded fund that seeks long-term capital appreciation by investing in "Memory Stack Companies" — firms involved in developing, manufacturing, packaging, testing, and commercializing memory semiconductors, along with the equipment and materials suppliers that support them. The strategy spans dynamic random-access memory (DRAM), NAND flash, high-bandwidth memory (HBM), and emerging next-generation memory architectures. Under normal conditions the fund commits at least 80% of net assets to this ecosystem.

The portfolio is deliberately concentrated, holding roughly 28 positions with a top-ten weighting near 60%. Its largest holdings include Micron Technology (about 10%), Advantest (about 8.6%), Penguin Solutions (about 7%), SK hynix (about 5.5%), and ASML Holding (about 5.5%), alongside positions in Onto Innovation, Camtek, SanDisk, Rambus, and Lam Research. The fund is nearly all-in on technology, with U.S. issuers representing roughly half of assets and meaningful exposure to Japan, Israel, the Netherlands, and South Korea. It also holds economic exposure to Chinese memory maker ChangXin Memory Technologies (CXMT) through a total return swap. With a 0.95% expense ratio and a modest asset base, this is a high-conviction, relatively concentrated vehicle whose returns are closely tied to memory pricing and AI infrastructure demand. I also checked this using Tickeron’s AI Screener to see how the holdings line up against broader semiconductor peers.

Recent Price Moves in HBMX: 30 Days and Quarter

Over the trailing 30 days, HBMX declined roughly 27%, falling from about $24.18 per share to $17.65. The move was not gradual — the fund rallied to a recent closing peak near $26.24 in early October before giving back roughly a third of its value in a matter of weeks. A single session in early November produced a decline of about 15%, reflecting the event-driven, high-volatility character of the correction.

The quarterly picture tells a similar story. Measured from roughly three months earlier, when shares traded near $24.61, the fund is down approximately 28%. In other words, virtually the entire three-month loss was concentrated in the most recent weeks, after an extended stretch of strength through the summer and into early autumn.

Drivers Behind the Recent 30-Day Decline

The primary catalyst was a sharp de-rating of AI infrastructure and memory equities following the U.S. midterm elections. Democratic victories raised investor concerns that data-center construction — the single largest driver of demand for DRAM, HBM, and NAND — could face new permitting, power, and water restrictions, particularly after a Texas gubernatorial result that carried pledges to pause new data-center development. On the worst day of the move, the PHLX Semiconductor Index fell 12.2%, its largest one-day drop since March 2020, with Micron down roughly 17.5%, SanDisk down about 22%, Western Digital (WDC) down more than 17%, and SK hynix's American depositary receipts (ADRs) down more than 13%.

The election-driven selloff compounded pre-existing worries. Fears of an emerging memory-chip glut, a reported decline in Micron's DRAM market share, softer handset guidance from Qualcomm, and a hotter-than-expected October consumer price index (CPI) reading that raised the odds of further Federal Reserve tightening all weighed on sentiment. Because HBMX is concentrated almost entirely in these names, the sector-wide repricing translated directly into fund-level losses. From what I see, the concentration made the impact especially direct.

Quarterly Performance and the Reversal

The broader three-month trend reflects a sharp reversal rather than a steady decline. Through the summer, memory producers reported exceptional results — SK hynix and Micron both posted record revenue on surging HBM and DRAM pricing, and the fund tracked those gains toward its early-October peak. The subsequent unwind was driven less by weakening current fundamentals than by a reassessment of the sustainability of the cycle, as investors weighed whether record memory pricing and hyperscaler capital expenditure could persist. Morgan Stanley's "2028 earnings cliff" framing, which questioned whether supply would catch up to demand, and broader institutional rotation out of crowded AI infrastructure positions contributed to the drawdown.

Looking Ahead: Key Factors for HBMX Investors

Going forward, the most important variables are likely to be data-center policy developments at the state and local level, the trajectory of interest rates and inflation, and the balance of memory supply and demand. Because the fund is concentrated in DRAM, HBM, and NAND producers and their equipment suppliers, memory pricing — and whether the current pricing supercycle can be sustained — will remain central to fund performance. Investors should monitor hyperscaler capital expenditure plans, the ramp of next-generation HBM4 products, and the pace of capacity additions across Micron, SK hynix, Samsung, and CXMT. The fund's small asset base and concentrated structure also introduce liquidity and single-theme concentration risks. These factors, rather than short-term price action, are likely to define the fund's trajectory in the months ahead. I’m watching this closely as policy and supply signals evolve.

Using Tickeron’s AI Screener in Practice

In my own research process I frequently turn to Tickeron’s AI Screener when reviewing thematic ETFs like this one. The platform lets me scan securities by technical indicators, fundamentals, volatility, price patterns, and industry filters, which helps surface comparable names and assess how a concentrated fund such as HBMX fits within the broader memory-semiconductor landscape. It has become a practical step for quickly refining ideas before digging deeper into holdings or sector trends.

Disclaimer

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations

Contributor

Scott Bell|Expert

I’m a trader and independent researcher. My interest lies at the intersection of financial markets, algorithms, and capital management. I develop data-driven tools and strategies and study algorithmic approaches to market analysis. I help turn complex market data into clear insights and practical systems. I believe technology should support, not replace, investment thinking

Notable companies

Industry description

Market Cap

High and low price notable news

Volume