Back
Roundhill and T-REX launch 2x long DRAM ETF on Cboe

Roundhill and T-REX launch 2x long DRAM ETF on Cboe

The RAM fund began trading around $24 a share as Micron earnings and heavy options activity sharpen investor demand for leveraged exposure to memory-chip volatility tied to the AI trade.

Fact Check
The official Roundhill Investments ETF page confirms the Roundhill T-REX 2X Long DRAM Daily Target ETF (RAM) launched June 24, 2026 on Cboe BZX with 2x daily leveraged exposure to the Roundhill Memory ETF (DRAM). A BusinessWire press release confirms the T-REX/Roundhill collaboration, and CNBC confirms the launch coinciding with Micron earnings and heavy options activity. The CryptoBriefing article corroborates the launch date and exchange. Every element of the claim—the issuers (Roundhill and T-REX/REX Shares), the 2x long DRAM structure, the Cboe listing, and the Micron earnings/options context—is substantiated. The only unverified minor detail is the exact ~$24 opening share price, which is plausible but not explicitly confirmed in the primary sources.
Summary

Roundhill Investments, alongside T-REX and Tuttle Capital Management, launched the Roundhill T-REX 2X Long DRAM Daily Target ETF, ticker RAM, on June 24, 2026, adding a leveraged version of the Roundhill Memory ETF at a moment when Micron Technology has become a focal point for equity and options traders. The actively managed fund seeks 200% of the daily performance of the Roundhill Memory ETF, ticker DRAM, and began trading at around $24 per share. The launch comes as investors crowd into volatile semiconductor trades linked to artificial intelligence demand. The new report said DRAM has gathered more than $22 billion in less than three months and has more than doubled since its April debut, while Micron was due to report earnings on Wednesday night. Market participants were pricing in a 10% move in Micron shares, with implied volatility at 111, described as the highest in the S&P 500 alongside Sandisk. Barclays equities tactical strategies said daily rebalancing flows tied to leveraged ETFs regularly exceed $20 billion, underscoring how such products can amplify swings around major events. SEC filings cited in the existing topic show RAM carries a 1.50% gross annual fee and a 1.25% net annual fee through September 30, 2027, and currently has no options trading.

Terms & Concepts
  • 2x leveraged ETF: Exchange-traded fund designed to deliver twice the daily return of a reference asset or fund.
  • implied volatility: An options-based measure of how much traders expect a security's price to move.
  • risk reversal: Options strategy that combines selling a put and buying a call to express a bullish or bearish view.