Generated August 8, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
DRAM and PSI are both technology-focused ETFs, but they target different slices of the semiconductor ecosystem. DRAM concentrates exclusively on memory chip manufacturers—a niche thematic bet on the companies producing RAM and related storage components. PSI casts a wider net across the entire semiconductor industry, capturing chip designers, foundries, and memory makers alike. The key distinction: DRAM is a specialized play on memory supply; PSI is a diversified semiconductor exposure.
How they differ
DRAM's defining feature is its tight focus: it requires at least 80% of assets in memory-company equities, often using derivatives to gain that exposure. PSI, by contrast, is a broad semiconductor fund with no stated concentration limit, giving it exposure to a much wider universe of chip-industry subsectors. That structural difference drives their risk profiles—DRAM's $23.9B AUM in a thematic niche means concentration risk if memory stocks diverge from the broader semiconductor cycle, while PSI's $2.50B AUM captures the cyclical ups and downs of the entire industry. On income, PSI pays a 0.04% distribution yield quarterly; DRAM has never paid a distribution. Expense ratios are close: DRAM at 0.65% versus PSI at 0.57%, a modest difference given their different strategies.
Who each is best for
DRAM: Fits investors building a thematic tilt toward artificial intelligence infrastructure and the memory-chip supply chain specifically, accepting concentration risk in exchange for focused upside if memory demand accelerates faster than the broader chip cycle.
PSI: Designed for investors seeking broad semiconductor sector exposure without a bet on any single subsector—suits those who want cyclical semiconductor sensitivity without the concentration of a memory-only play.
Key risks to know
- Thematic concentration risk (DRAM). Memory companies drive DRAM's performance; if memory chip pricing or demand decouples negatively from the rest of the semiconductor cycle, the fund will underperform a diversified chip ETF. This is a feature of its strategy, not a flaw, but it amplifies downside in memory downturns.
- High beta and cyclicality (PSI). With a beta of 2.26, PSI amplifies broad market swings roughly 2.3 times over. Semiconductor stocks are cyclical; PSI will compress sharply in industry downturns and rally hard in upswings, making it unsuitable for investors with a short time horizon or low tolerance for volatility.
- Derivative exposure (DRAM). The fund uses swaps and forward contracts to achieve memory-sector exposure. Counterparty risk and potential basis mismatch between derivative pricing and actual memory-stock performance are embedded in that approach; they're transparent but not risk-free.
- DRAM's recent inception. DRAM launched in April 2026, so it lacks a performance track record in varied market conditions. Investors cannot yet observe how it behaves in a memory downturn or broader tech correction.
Bottom line
If you want pure memory-sector leverage and accept concentration risk, DRAM offers a thematic tool with a tighter focus. If you prefer diversified semiconductor exposure without betting on memory specifically, PSI's broader mandate may feel safer—though its 2.26 beta means it swings harder than the market. Neither pays meaningful income; both are growth vehicles. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
