Tema Memory ETF Gains Early Exposure to CXMT Following Landmark IPO
The move gives DISK the highest exposure to China's leading DRAM maker among U.S.-listed ETFs, strengthening its position in the global memory investment landscape.
Tema ETFs has strengthened the portfolio of its Tema Memory ETF (DISK) by adding shares of ChangXin Memory Technologies (CXMT) as one of its largest holdings immediately following the company's initial public offering (IPO). The addition gives CXMT a 10.56% portfolio weighting, making DISK the U.S.-listed ETF with the highest exposure to the Chinese memory chip manufacturer.
The investment reflects Tema's active management strategy and its focus on providing investors with early access to strategically important companies shaping the semiconductor memory industry. By adding CXMT on the morning of its IPO, the fund secured exposure to one of the fastest-growing players in the global DRAM market before broader international investment channels become available.
CXMT has emerged as China's leading memory chip producer and is currently the country's only major competitor in the DRAM segment alongside established global manufacturers including SK hynix, Samsung Electronics and Micron Technology. Its public listing, recognised as the second-largest IPO in China's history, marks a significant milestone for China's semiconductor ambitions and highlights the country's continued efforts to strengthen domestic chip manufacturing capabilities.
The inclusion is particularly significant because many international investors are currently unable to invest directly in CXMT until the company becomes eligible for inclusion in the Shanghai-Hong Kong Stock Connect programme. As a result, DISK provides one of the few accessible routes for U.S. investors seeking exposure to the newly listed memory manufacturer during its early public market phase.
The investment also comes at a time when demand for memory chips is accelerating worldwide, fuelled by the rapid expansion of artificial intelligence infrastructure, cloud computing and high-performance data centres. The growing deployment of AI applications has tightened global memory supply, contributing to higher DRAM prices and improved profitability for leading memory manufacturers.
According to Yuri Khodjamirian, CFA, Chief Investment Officer of Tema ETFs, the global memory market continues to benefit from strong AI-driven demand, creating attractive investment opportunities across the semiconductor value chain. He noted that CXMT is well positioned to support China's expanding AI ecosystem, making its inclusion in DISK an important strategic move that demonstrates the flexibility of an actively managed investment approach.
The addition further reinforces DISK's strategy of identifying emerging opportunities across the memory semiconductor sector before they become widely accessible to institutional and retail investors. Rather than tracking a passive index, the ETF actively adjusts its portfolio to capture developments that could influence long-term growth in the global memory industry.
DISK also distinguishes itself as the first institutional-grade ETF dedicated to the memory semiconductor market, developed in partnership with SemiAnalysis, a semiconductor and AI infrastructure research firm founded by industry analyst Dylan Patel. The collaboration provides specialised industry insights that support the fund's investment decisions across the rapidly evolving memory ecosystem.
As AI adoption continues to accelerate globally, memory manufacturers are expected to remain central to semiconductor supply chains. Tema's early investment in CXMT highlights growing investor interest in companies that are expanding production capacity and supporting next-generation AI infrastructure, while also offering exposure to China's evolving semiconductor industry.
