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The Tema Memory ETF (DISK) is an actively managed exchange-traded fund (ETF) that invests in global companies positioned to benefit from rising demand for memory chips — a key bottleneck as AI and agentic applications require more computing capacity. The fund targets the memory segment of the semiconductor supply chain, spanning DRAM (dynamic random-access memory), NAND (flash storage), and HBM.
The portfolio is deliberately concentrated, holding approximately 18 names. As of early September 2026, its largest positions included SanDisk (roughly 17% of assets), Kioxia Holdings (about 16%), SK Hynix (about 15%), ChangXin Memory Technologies (about 8%), and Micron Technology (about 5%). Other notable holdings included Samsung Electronics, Western Digital, SK Square, and Seagate Technology.
Information technology represents about 95% of the portfolio, with the remainder in industrials. Geographically, exposure skews toward Asia-Pacific (about 62% of assets), led by South Korea, Japan, and Taiwan, alongside roughly 38% in North America. The fund carries an expense ratio of 0.75% and assets under management (AUM) of approximately $94 million, reflecting its status as a young, niche product. This concentration in NAND leaders — SanDisk and Kioxia together account for roughly one-third of the portfolio — makes DISK especially sensitive to flash-memory pricing and AI storage demand.
Over the last 30 days, DISK rose from a closing price near $33.85 to approximately $38.55, a gain of about 14%. The advance was not linear; the fund consolidated through much of August before accelerating in early September.
The longer picture is more nuanced. Because DISK began trading only on June 30, 2026, it does not yet have a full quarter of performance history. Measured since its first-day close near $50.30, the fund is down roughly 23%, having fallen as low as $28.55 in late July before staging its recent rebound. This pattern reflects an early post-launch selloff — partly tied to concerns about Chinese memory overcapacity — followed by a recovery driven by strengthening memory fundamentals.
The recent advance has been primarily fundamental. Memory pricing continued to firm during the period, with industry data showing DRAM prices rising and NAND contract prices up sharply, supported by constrained supply as manufacturers shifted capacity toward server DRAM and HBM. TrendForce raised its third-quarter PC DRAM price forecast to 18%–23% quarter-over-quarter while maintaining a 13%–18% outlook for server DRAM and projecting roughly 20% growth in NAND.
These dynamics lifted DISK's largest positions. SK Hynix, the leading HBM supplier, and Samsung Electronics rallied strongly in early September on expectations that newer AI models would require additional memory capacity. SanDisk benefited from firm NAND pricing and its inclusion in the S&P 100 index, while Micron reclaimed the $1,000 level on improving memory fundamentals. The fund's heavy NAND exposure, through SanDisk and Kioxia, amplified the upside from surging flash-memory prices.
Viewed over its short life, DISK has been shaped by the broader memory cycle. The fund launched near a peak in AI-memory enthusiasm, then sold off sharply into late July as investors weighed potential Chinese supply growth and profit-taking across the semiconductor complex. The subsequent stabilization and recovery reflected a return to structurally bullish fundamentals: second-quarter global DRAM revenue rose about 59.5% quarter-over-quarter, and NAND prices climbed roughly 70% in the same period amid tight supply.
This rotation — from cyclical overcapacity fears back toward a structural AI-demand narrative — has driven institutional flows into the memory theme and supported a broad re-rating of memory producers. Because DISK is concentrated and actively managed, these swings in sector sentiment have translated into outsized moves in both directions.
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The key variable for DISK remains the trajectory of memory pricing. Investors will monitor whether server DRAM and HBM prices continue to firm, whether NAND increases moderate, and whether suppliers such as Samsung, SK Hynix, and Micron add capacity that loosens supply. Kioxia's recent signal that NAND prices may have risen sufficiently introduces a potential near-term headwind for the fund's largest holdings.
Broader factors also matter: the pace of AI infrastructure capital spending by hyperscale cloud providers, the pace of HBM capacity ramps, and any escalation or easing of Chinese memory supply concerns. Macroeconomic conditions — including interest-rate expectations and inflation — will continue to influence growth-sensitive semiconductor valuations. Given DISK's concentration and its brief trading history, elevated volatility is likely to persist alongside the structural growth story in AI-driven memory.
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Category Technology