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ETF Comparison

DRAM vs HBMX vs KMEM vs SMH: Which Is the Better Pick in 2026?

A side-by-side comparison of Roundhill Memory ETF, Tuttle Capital Concentrated Memory Stack ETF, Kurv Memory Select ETF and VanEck Semiconductor ETF covering yield, cost, risk, and income potential.

Data updated July 23, 2026

Roundhill Investments
ETFs53
Total AUM$34.0B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Roundhill Investments is known for offering specialized ETFs that focus on income generation and thematic investing strategies. The firm operates 42 funds across five distinct families—Core, HALO, Income, Thematic, and WeeklyPay—with a particular emphasis on covered call strategies and weekly distribution products designed to generate regular cash flows. Notable offerings include ticker symbols like AAPW, AMDW, and AMZW (which employ covered call strategies on major technology stocks), along with thematic funds covering areas such as artificial intelligence (CHAT), cryptocurrency mining (DRAM), and other innovative sectors.

See our curated list of related YouTube videos on DRAM.

See all Roundhill Investments ETFs
Tuttle Capital Management
ETFs12
Total AUM$1.44B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Tuttle Capital Management operates a focused lineup of 7 ETFs that emphasize thematic investing and income-focused strategies. The firm's offerings span specialized areas including cryptocurrency exposure (BITK), photography and imaging (FOTO), and sector-specific themes like healthcare (HALX) and technology (MSTK), alongside income-oriented products under their Income and Income Blast families. The issuer targets investors seeking unconventional thematic strategies rather than broad-based index exposure, with notable tickers like MAGO and SPCI rounding out their niche-oriented portfolio.

See our curated list of related YouTube videos on HBMX.

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Kurv
ETFs15
Total AUM$489M

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Kurv is known for creating single-stock and sector-focused covered call ETFs that generate income from individual mega-cap companies and technology stocks. The issuer's 12-fund lineup emphasizes income strategies, including covered call funds on popular stocks like Apple (AAPY), Amazon (AMZP), Tesla (TSLP), and Netflix (NFLP), alongside precious metals income funds and broader growth-and-income options. Kurv's niche centers on delivering yield through options strategies applied to recognizable, high-profile securities rather than broad market indexes.

See our curated list of related YouTube videos on KMEM.

See all Kurv ETFs
VanEck
ETFs84
Total AUM$154B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

VanEck is known for offering specialized and thematic ETFs across diverse asset classes, including commodities, digital assets, and sector-specific investments. The firm's 22-fund lineup spans income-generating options, covered call strategies, and growth-focused equity funds, with popular tickers including GDX (gold miners), SMH (semiconductors), MOAT (competitive advantage stocks), and HODL (bitcoin). VanEck distinguishes itself through niche exposure areas such as digital assets, commodities, and thematic investing strategies, complemented by traditional bond and municipal bond offerings.

See our curated list of related YouTube videos on SMH.

See all VanEck ETFs

Side-by-side snapshot

DRAMHBMXKMEMSMH
Full nameRoundhill Memory ETFTuttle Capital Concentrated Memory Stack ETFKurv Memory Select ETFVanEck Semiconductor ETF
IssuerRoundhill InvestmentsTuttle Capital ManagementKurvVanEck
Last Close$58.30 as of July 23, 2026$25.21 as of July 23, 2026$19.41 as of July 23, 2026$580.17 as of July 23, 2026
Distribution yield———0.19%
Distribution Safety Score™ ———93
Expense ratio0.65%0.95%0.65%0.35%
AUM$23.4B$30.2M$25$67.4B
Distribution frequencyNoneAnnual—Annual
Underlying index——Basket (Memory Semiconductor Stocks)MVIS US Listed Semiconductor 25 Index
ObjectiveGrowthHBMX is an actively managed, concentrated ETF seeking long-term capital appreciation through focused exposure to the memory semiconductor ecosystem — DRAM, NAND, and high-bandwidth memory (HBM) producers plus the advanced packaging, testing, and equipment companies behind AI infrastructure.Kurv Memory Select ETF seeks to provide targeted exposure to the companies dominating memory chip production.Track the MVIS US Listed Semiconductor 25 Index.
Asset classEquityEquityEquityEquity
Inception date04/02/202606/02/202606/30/202612/20/2011
Beta———1.98
Last dividend———$1.1050
Ex-dividend date———12/22/2025

— Distribution yield, last dividend, and ex-dividend date are not yet available because DRAM launched April 2026 and HBMX launched June 2026 and KMEM launched June 2026; these fields will populate after the first distribution.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

SMH tops the group on trailing twelve-month total return at 103.94%. Figures are total returns: price change plus every distribution reinvested.

SymbolYTDSince Jul 2026
DRAM110.01%-11.48%
HBMX-5.69%-12.10%
KMEM-16.05%-16.05%
SMH55.42%-6.49%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 23, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jul 2026” measures every fund from July 1, 2026 — the youngest fund's first trading day — so all funds share one comparison window.

Quick verdict

DRAM (Roundhill Memory ETF), HBMX (Tuttle Capital Concentrated Memory Stack ETF), KMEM (Kurv Memory Select ETF), SMH (VanEck Semiconductor ETF) are ETFs that take different approaches.

SMH reports a 0.19% distribution yield; the others have not yet established a full distribution history.

SMH is the cheapest with an expense ratio of 0.35%, compared to 0.65% for DRAM and 0.65% for KMEM and 0.95% for HBMX.

SMH has the most assets at $67.4B, but DRAM, HBMX, KMEM only launched recently — AUM comparisons will become more meaningful as they build a track record.

Deep dive

Yield & income

On a $10,000 investment: DRAM has no reported yield yet, HBMX has no reported yield yet, KMEM has no reported yield yet, SMH generates ~$1.58/month at current distribution rates.

DRAM yield—
HBMX yield—
KMEM yield—
SMH yield0.19%

Cost & efficiency

Over 10 years on $10,000: DRAM costs ~$650, HBMX costs ~$950, KMEM costs ~$650, SMH costs ~$350 in fees (simplified, not compounded).

DRAM ER0.65%
HBMX ER0.95%
KMEM ER0.65%
SMH ER0.35%

Strategy & risk

DRAM is an ETF; HBMX is an ETF; KMEM tracks Basket (Memory Semiconductor Stocks) with an artificial intelligence (ai) approach; SMH tracks MVIS US Listed Semiconductor 25 Index with a technology approach.

DRAM beta—
HBMX beta—
KMEM beta—
SMH beta1.98

Fund details

DRAM is managed by Roundhill Investments (launched 04/02/2026) with $23.4B in assets. HBMX is managed by Tuttle Capital Management (launched 06/02/2026) with $30.2M in assets. KMEM is managed by Kurv (launched 06/30/2026) with $25 in assets. SMH is managed by VanEck (launched 12/20/2011) with $67.4B in assets.

DRAM AUM$23.4B
HBMX AUM$30.2M
KMEM AUM$25
SMH AUM$67.4B
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Frequently asked questions

Which of DRAM, HBMX, KMEM, and SMH is best for dividend income?

It depends on your goals. SMH currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.

What is the difference between DRAM, HBMX, KMEM, and SMH?

DRAM (Roundhill Memory ETF) is an ETF, issued by Roundhill Investments. HBMX (Tuttle Capital Concentrated Memory Stack ETF) is an ETF, issued by Tuttle Capital Management. KMEM (Kurv Memory Select ETF) tracks Basket (Memory Semiconductor Stocks) with an artificial intelligence (ai) approach, issued by Kurv. SMH (VanEck Semiconductor ETF) tracks MVIS US Listed Semiconductor 25 Index with a technology approach, issued by VanEck.

Can I hold DRAM, HBMX, KMEM, and SMH together?

Yes — nothing prevents holding them together. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Which has the lowest fees among DRAM, HBMX, KMEM, and SMH?

DRAM has an expense ratio of 0.65%, HBMX has an expense ratio of 0.95%, KMEM has an expense ratio of 0.65%, SMH has an expense ratio of 0.35%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 generate in each?

$10,000 in DRAM has no reported monthly income yet. $10,000 in HBMX has no reported monthly income yet. $10,000 in KMEM has no reported monthly income yet. $10,000 in SMH yields ~$1.58/month ($19.00/year).

More comparisons to explore

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Dividend growth vs. high yield Yield on cost, explained How expense ratios eat returns

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