Tuttle Capital Management Concentrated Memory Stack ETF (BATS:HBMX) has added exposure to ChangXin Memory Technologies, one of China’s fastest-growing memory-chip producers, through a total return swap.

CXMT trades only in Shanghai and has no U.S.-listed ADR, making direct access difficult for many U.S. investors. The company drew major attention after its late-July debut, when shares surged from 8.66 yuan to nearly 49 yuan, a 466% gain that valued CXMT at about $488 billion. Its $8.6 billion offering was the largest mainland-China semiconductor offering on record.

CXMT is now the world’s fourth-largest DRAM producer, with about 7.67% of the global market, trailing Samsung, SK hynix Inc (NASDAQ:SKHY) and Micron Technology Inc (NASDAQ:MU). Its addition expands HBMX’s exposure to the memory supply chain as AI infrastructure drives demand for DRAM, NAND and high-bandwidth memory.

QUICK CONTEXT: AI Boom Makes Memory Strategic

Memory has emerged as a critical constraint for AI infrastructure as increasingly powerful accelerators require substantially more capacity and bandwidth. That has shifted investor attention toward memory manufacturers, which were historically viewed largely as cyclical commodity businesses.

HBMX, launched in June, is designed to capture this broader memory-stack opportunity. The actively managed ETF invests at least 80% of its assets in memory-semiconductor companies and instruments providing economic exposure to them. Its portfolio typically contains 20 to 35 high-conviction positions spanning DRAM, NAND and HBM producers, along with companies involved in advanced packaging, substrates, testing and equipment.

CXMT adds a different dimension to that strategy. While the company remains behind the established memory leaders in advanced HBM technology, its growing DRAM market share, Chinese government backing and $8.6 billion in fresh capital could support further expansion.

The company’s blockbuster debut also highlights how strategically important memory has become to the AI buildout. With HBMX accessing CXMT through derivatives rather than directly purchasing its Shanghai-listed shares, the ETF gives U.S. investors economic exposure to a company otherwise difficult to reach.

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