HBMX: The New Memory Stack ETF Built for the AI Supercycle

* HBMX is the Tuttle Capital Concentrated Memory Stack ETF, launched June 2, 2026 on Cboe, actively managed with a 0.95% expense ratio and a portfolio of 20–35 revenue-generating memory ecosystem companies.
* The fund targets the full memory semiconductor value chain — chipmakers, equipment suppliers, advanced packaging specialists, and testing companies — with a 25% memory revenue threshold, more flexible than competitor DRAM's 50% requirement.
* Total net inflows since launch stand at approximately $250,000, making HBMX a very early-stage, small-AUM fund with limited liquidity that warrants careful position sizing.
* Top holdings as of June 12, 2026 include Onto Innovation (8.81%), Micron Technology (7.97%), Advantest (6.92%), Applied Materials (6.81%), Camtek (5.94%), Penguin Solutions (5.93%), ASML (5.92%), and Amkor Technology (5.73%).
* Bank of America forecasts the 2026 HBM market at $54.6 billion — up 58% year over year — and describes 2026 as a memory supercycle comparable to the semiconductor boom of the 1990s.
* Samsung and SK Hynix have committed to supplying 900,000 DRAM wafers per month to OpenAI's Stargate project — roughly 40% of total global DRAM output — locking in structural demand through at least 2029.
* HBMX's primary competitor, the Roundhill Memory ETF (DRAM), launched six weeks earlier and has reached approximately $14 billion in AUM, offering a more concentrated, higher-liquidity alternative focused on pure-play memory manufacturers.
* Key risks include fund closure risk from low AUM, potential memory cycle reversal from Chinese DRAM competition, Korean geopolitical exposure, a relatively high 0.95% expense ratio, and long-term HBM architectural disruption risk.

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