Tuttle Capital Management's Concentrated Memory Stack ETF, trading as HBMX on BATS, has added exposure to ChangXin Memory Technologies through a total return swap, giving U.S. investors economic access to a Shanghai-listed memory-chip producer without a U.S.-listed ADR. The move broadens HBMX's reach across the memory supply chain as demand for DRAM, NAND and high-bandwidth memory rises with the AI infrastructure buildout. ChangXin Memory Technologies attracted intense market attention after its late-July debut, when its shares jumped from 8.66 yuan to nearly 49 yuan, a 466% gain that valued the company at about $488 billion. Its $8.6 billion offering was the largest mainland-China semiconductor offering on record. The company is now the world's fourth-largest DRAM producer, with about 7.67% of the global market, behind Samsung, SK hynix Inc and Micron Technology Inc. HBMX, launched in June, is an actively managed ETF that invests at least 80% of its assets in memory-semiconductor companies and instruments that provide economic exposure to them, typically holding 20 to 35 high-conviction positions across memory manufacturing and related parts of the supply chain.