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Semiconductor ETFs can give you exposure to memory-chip companies without requiring you to buy Micron shares directly—but an ETF may still own Micron. For a memory-focused mandate, Roundhill Memory ETF (DRAM) is the clearest fit among the funds covered here; VanEck Semiconductor ETF (SMH) and iShares Semiconductor ETF (SOXX) are broader semiconductor funds. None should be treated as Micron-free without checking its latest holdings. The figures below are issuer snapshots dated from April through November 2026, not guarantees about what a fund owns today.
At a glance
| Name | Best for | Key spec | Fee | Checked |
|---|---|---|---|---|
| Roundhill Memory ETF (DRAM) | Targeting memory-focused semiconductor companies | Issuer describes exposure to HBM, NAND and DRAM; inception April 2, 2026 | 0.65% gross expense ratio, in issuer comparison data dated April 1, 2026 | November 2026 |
| VanEck Semiconductor ETF (SMH) | Broad semiconductor exposure with a disclosed memory-company allocation | 26 holdings; Micron 4.75%, SK hynix 4.14%; top 10 holdings 69.05% (October 31, 2026) | 0.35% net expense ratio (October 31, 2026) | November 2026 |
| iShares Semiconductor ETF (SOXX) | Broad U.S. semiconductor-sector exposure | 30 holdings (November 11, 2026); current Micron weight not established here | 0.33% (BlackRock page, November 11, 2026) | November 2026 |
Which ETF is the closest fit for memory-chip exposure?
DRAM is the most directly memory-focused option in this comparison because Roundhill describes its mandate as targeting memory-focused semiconductor companies, including high-bandwidth memory (HBM), NAND and DRAM. That focus does not establish that the ETF excludes Micron, nor does it guarantee a particular allocation to any company. Check the fund’s latest holdings before investing if your goal depends on avoiding a specific issuer.
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“Without buying Micron stock” can mean two different things. If it means avoiding a direct order for Micron shares, any of these ETFs may meet that narrow requirement: you buy ETF shares, and the fund holds a portfolio. If it means having no economic exposure to Micron, the answer is different: SMH’s dated snapshot explicitly includes the stock, and the current holdings of each fund need to be checked. An ETF wrapper does not automatically remove exposure to a company inside it.
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How do the three funds differ?
The central trade-off is focus versus breadth. DRAM aims at memory-related companies, while SMH and SOXX cover the wider semiconductor sector. A narrower mandate can better match a memory-chip thesis, but it can also concentrate exposure in a more limited segment and carry additional risks.
| Fund | Mandate and role | What the dated figures show | Main decision point |
|---|---|---|---|
| DRAM | Memory-focused companies, including HBM, NAND and DRAM, according to the issuer | Inception April 2, 2026; issuer comparison data dated April 1, 2026 lists $12.18 billion AUM and 0.65% gross expenses | Does the specific memory focus outweigh the newer-fund and focused-sector risks for your intended holding? |
| SMH | Broad semiconductor production and equipment exposure | As of October 31, 2026: 26 holdings, Micron 4.75%, SK hynix 4.14%, top 10 holdings 69.05%, and 0.35% net expenses | Is broad industry exposure acceptable when Micron is a disclosed holding and the top holdings account for a large share of assets? |
| SOXX | Broad U.S. semiconductor-sector exposure across the value chain | BlackRock’s page listed 30 holdings and a 0.33% expense ratio as of November 11, 2026 | Review the live holdings file if Micron’s current weight—or its presence at all—is decisive for you. |
These snapshots are not perfectly synchronized: DRAM’s AUM and gross-expense comparison data are from April 1, SMH’s fact sheet is dated October 31, and the SOXX page snapshot is from November 11, 2026. Holdings and fund information can change. Do not compare a historic number as if it were a live portfolio report.
Does SMH own Micron?
Yes. VanEck’s fact sheet listed Micron at 4.75% of SMH’s assets as of October 31, 2026. It also listed SK hynix at 4.14%, 26 holdings in total and a 69.05% combined weight for the top 10 positions. Those figures demonstrate both memory-company exposure and substantial concentration among the largest positions; they do not predict future weights or returns.
VanEck says SMH seeks, before fees and expenses, to replicate the price and yield performance of the MVIS US Listed Semiconductor 25 Index, which is intended to track companies involved in semiconductor production and equipment. That broad mandate helps explain why SMH should not be read as a dedicated memory fund, even though the dated portfolio includes memory businesses. The VanEck SMH fact sheet is the primary source for its stated objective, holdings snapshot and net expense ratio.
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How much Micron is in SOXX or DRAM?
The figures in the available data do not establish a current Micron weight for either SOXX or DRAM. BlackRock’s SOXX page snapshot lists 30 holdings as of November 11, 2026 and cautions that holdings change, but the cited snapshot does not provide a Micron percentage. The Roundhill materials establish DRAM’s memory-focused mandate, not a current company-by-company allocation that can be relied on here.
For an exact exposure check, use the fund issuer’s latest holdings file or portfolio page and search for Micron’s full company name. Record the date of the holdings data and the position’s portfolio weight. A name absent from one snapshot is not proof that it will remain absent: portfolios change as index constituents, weights and fund holdings change. If excluding Micron is a hard constraint, verify before each purchase and ask your broker or financial adviser how to confirm the fund’s current holdings.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchAlso distinguish direct ownership from indirect exposure. Buying an ETF does not make you the registered owner of each portfolio company in the same way as buying that company’s stock directly, but the ETF’s value can still be affected by its holdings. If Micron represents a meaningful portion of a fund, movements in Micron’s share price can affect the ETF, alongside its other positions.
What do these ETFs cost?
The issuer materials report different fee figures and dates, so compare them with care. SMH’s October 31 fact sheet states a 0.35% net expense ratio; BlackRock’s SOXX page states 0.33%; Roundhill’s investor-deck comparison dated April 1 lists DRAM gross expenses of 0.65%. These percentages are recurring fund expenses, not a forecast of total investor costs or returns.
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| Fund | Reported fee | Fee type and source date |
|---|---|---|
| SMH | 0.35% | Net expense ratio; VanEck, October 31, 2026 |
| SOXX | 0.33% | Expense ratio; BlackRock page, November 11, 2026 |
| DRAM | 0.65% | Gross expenses; Roundhill comparison data, April 1, 2026 |
Fee table checked November 2026. Gross and net are not interchangeable labels: gross expenses are before any applicable waivers or reimbursements, while net expenses reflect them when applicable. Confirm the current prospectus and fund page for the fee that applies when you invest; the April DRAM comparison figure is dated issuer data and should not be assumed to be its current expense figure.
A lower expense ratio does not make a fund a better match if its mandate, holdings or risk profile are wrong for you. Nor does a memory focus guarantee better performance. The sources here provide mandates, dated holdings and fees—not a reliable forecast or a universal winner.
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A memory-focused portfolio can concentrate risk in a particular semiconductor segment and in the companies that serve it. Roundhill’s own investor deck discusses volatility, concentration, technology, supply-chain, pricing and new-fund risks. Those disclosures matter especially for DRAM because the issuer dates its inception to April 2, 2026: at the time of the cited material, it had only recently begun operating, so that short history cannot establish a proven long-term record.
Memory-chip demand, pricing and technology can change, and companies in the segment may face common industry pressures. A focused ETF may therefore behave differently from a broad semiconductor fund, and its performance can be influenced by a smaller set of business exposures. This is a risk distinction, not a claim about what returns will be. The issuer’s investment thesis—including how it characterizes demand—is the issuer’s view, not independent proof of future growth.
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Broad funds have their own concentration and sector risks. SMH had 26 holdings and its top 10 positions represented 69.05% of assets in VanEck’s October 31 snapshot. SOXX’s 30 holdings as of November 11 do not by themselves show how evenly assets are distributed. Holdings count is not a sufficient measure of diversification; compare position weights, index methodology and the fund’s complete portfolio.
All three are equity funds, so their share prices fluctuate, and investors can lose money. Past performance is not a guarantee of future results. Read the prospectus for the fund’s full risk disclosures, including the risks specific to its index and strategy.
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How should you choose between DRAM, SMH and SOXX?
Start with the exposure you want to own, not the fund with the most appealing label or the lowest fee. Then verify the portfolio, cost and eligibility facts that matter to your situation.
- Define “without buying Micron.” If you mean no direct purchase of Micron shares, an ETF is structurally different from buying its stock. If you mean no indirect exposure, confirm the fund’s latest portfolio and do not assume a mandate excludes the company.
- Choose focus or breadth. DRAM is the explicit memory-focused option among these examples. SMH and SOXX provide broader semiconductor exposure. Decide whether your goal is specifically memory companies or a wider slice of the semiconductor value chain.
- Check current holdings and weights. Use issuer disclosures rather than an old article or a holdings count. For SMH, the cited Micron weight is specifically dated October 31, 2026. For SOXX and DRAM, the cited material here does not establish a current Micron percentage.
- Compare concentration, not just the number of positions. SMH’s fact sheet reports both 26 holdings and the top-10 weight, which was 69.05%. SOXX’s listed 30 holdings do not tell you the weight distribution. Examine the holdings and index methodology for each candidate.
- Compare fees on the same basis. The available figures include SMH net expenses, SOXX’s stated expense ratio and DRAM gross expenses. Confirm each current prospectus’s applicable expense figure before treating the fee gap as decisive.
- Consider fund age and focused-sector risks. DRAM’s April 2, 2026 inception date means the cited materials do not support claims of a long operating record. Read its latest prospectus and risk disclosures, including those related to concentration, technology, supply chains and pricing.
- Confirm access and tax details for your circumstances. These examples are U.S.-listed funds, but this comparison does not establish availability, tax treatment or eligibility for every investor. Check the ticker, trading venue, share class and account-specific consequences with your broker and qualified tax or financial professional.
The issuer documents are the best place to verify details before acting: Roundhill’s DRAM investor deck, the VanEck SMH fact sheet, and BlackRock’s SOXX fund page. The DRAM deck contains dated comparison data; use the current fund page and prospectus for current holdings and terms.
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How we picked
This comparison selects funds by the fit between their stated mandate and the reader’s goal: a memory-focused option, plus two broad semiconductor ETFs for readers who want wider sector exposure. It uses issuer-provided mandates, dated holdings and expense figures, and disclosed risks. It does not rank funds by past returns, predict performance, or claim that any fund is universally best. The figures are snapshots and should be checked against current issuer disclosures.
Important investing and access caveats
The funds discussed are examples of U.S.-listed ETFs; the information here does not resolve whether a specific person can buy them in a particular country, account or tax situation. Confirm the ticker, listing venue, share class, trading access and tax treatment with your broker and relevant professional. Brokerage access is not the same as fund suitability.
This is general information, not individualized investment, tax or legal advice. Fund holdings, costs and prospectus terms may change, and ETF shares can lose value. Review current issuer materials and consider your own objectives, time horizon, liquidity needs and capacity for loss before making an investment decision.
Frequently Asked Questions
What do HBM, NAND and DRAM mean?
HBM means high-bandwidth memory, a type of memory designed for high data throughput; NAND is a type of nonvolatile flash memory used for data storage; DRAM is volatile memory used for working data while a device is running. The terms describe different memory technologies, not a guarantee that an ETF holds a particular company or has a fixed allocation to each technology.
How often should I check an ETF’s holdings if I want to avoid a company?
Check the issuer’s latest portfolio information before buying and again before adding to the position; do not rely on an old snapshot for a continuing exclusion. Holdings can change, so an ETF that lacks a company on one date may not remain without it.
Can an investor outside the United States buy these ETFs?
This comparison covers U.S.-listed fund examples and does not establish eligibility or availability in another country. Listing access, local rules, account type and tax consequences vary, so confirm them with your broker and a qualified tax professional.
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Does an ETF’s expense ratio include every cost I might pay?
No. The reported expense ratio is a fund-level fee measure and should not be assumed to cover every possible investor cost, such as brokerage charges or tax consequences. Check the fund’s current prospectus and your broker’s fee schedule for the costs relevant to your account.
