Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>
 Sold on fear, not numbers. Micron beat FQ4 (revenue US$54.2bn vs US$51.0bn consensus) and guided higher; Samsung printed a record ₩107.4tn Q3 profit. Both stocks fell on the news.</li>
<li>
Memory chip pricing is intact. TrendForce still sees Q4 contract prices up 10–15% for conventional DRAM and 15–20% for NAND. Micron’s CEO sees demand above supply through 2028.</li>
<li>
 Cheap valuations. DRAM trades on ~7.0x forward earnings; Micron on 7.9x our FY27E EPS, SK Hynix 6.2x, Samsung 5.0x.</li>
</ul>



 Sold on fear, not numbers. Micron beat FQ4 (revenue US$54.2bn vs US$51.0bn consensus) and guided higher; Samsung printed a record ₩107.4tn Q3 profit. Both stocks fell on the news.

Memory chip pricing is intact. TrendForce still sees Q4 contract prices up 10–15% for conventional DRAM and 15–20% for NAND. Micron’s CEO sees demand above supply through 2028.

 Cheap valuations. DRAM trades on ~7.0x forward earnings; Micron on 7.9x our FY27E EPS, SK Hynix 6.2x, Samsung 5.0x.


Roundhill Memory ETF (DRAM US): Over-Punished, Not Broken – We Stay Long but Trim Our TP to US$70

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Roundhill Memory ETF / Technical Analysis

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.</li>
<li>2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.</li>
<li>All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI since our 4/23/26 Int’l Compass.
2-Month base breakout on ACWI-US, MSCI EM(EEM-US) reversing its 1+month downtrend, and MSCI EAFE's(EFA-US) 5.5+ month base breakout reinforces our bullish outlook; these display bull flag patterns and remain healthy.
All signs are pointing to a resumption of prior uptrends, and we continue to recommend adding exposure to global Technology stocks (today buy list includes Samsung and SK Hynix).


Buying Samsung and SK Hynix; MSCI EM (EEM-US) And Korea (EWY-US) Remain Buys

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>The <a href="https://smartkarma.com/entities/roundhill-memory-etf">Roundhill Memory ETF</a> (DRAM US) offers targeted, pure-play exposure to the high-growth, cyclical semiconductor memory market, focusing on global leaders in DRAM and NAND technologies.</li>
 <li>The investment thesis is underpinned by a secular growth story tied to the buildout of AI infrastructure, which is driving unprecedented demand for high-performance memory, leading to a supply shortage expected to last through 2027-2028.</li>
 <li>While the ETF presents a significant growth opportunity at a potentially attractive valuation (forward P/E of ~9x), it carries elevated risk due to its high concentration in a narrow, volatile sub-sector and dependence on the pricing power of a few key companies.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  The Roundhill Memory ETF (DRAM US) offers targeted, pure-play exposure to the high-growth, cyclical semiconductor memory market, focusing on global leaders in DRAM and NAND technologies.
  The investment thesis is underpinned by a secular growth story tied to the buildout of AI infrastructure, which is driving unprecedented demand for high-performance memory, leading to a supply shortage expected to last through 2027-2028.
  While the ETF presents a significant growth opportunity at a potentially attractive valuation (forward P/E of ~9x), it carries elevated risk due to its high concentration in a narrow, volatile sub-sector and dependence on the pricing power of a few key companies.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Roundhill Memory ETF (DRAM US) - Aug 2026

iShares PHLX Semiconductor ETF / Technical Analysis

<ul>
<li>We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.</li>
<li>We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.</li>
<li>A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility</li>
</ul>


We remain bullish (as of our 4/21/26 Compass) on the S&amp;P 500 (SPX), and we will stay that way as long as support at 7507-7580 holds.
We continue to believe Technology and A.I. areas (XLK, SOXX, DRAM) are poised to move higher, and we have Technology on watch for a potential upgrade to overweight.
A significant "wall of worry" is being built, with the latest bricks being bad breadth and rising interest rate volatility


Interest Rate Volatility, High Yield Spreads, and Bad Breadth a Concern? All Hinges on 7507-7580 SPX

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> raised US$26.5bn selling 177.9m shares of <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> at US$149/share. <a href="https://www.smartkarma.com/entities/sk-hynix-inc-a4e8e2ec-1a75-4752-b58c-eaa0d074d145" target="_blank" data-smartkarma-citation="entities:50283:1" rel="noopener">SK Hynix (SKHY US)</a> closed at a 15.5% premium to the local line.</li>
<li>There will be passive buying in the local shares and the ADR line over the next few months. The ADR line could trade at a premium in the near-term.</li>
<li>We expect the ADR to trade between a 30-35% premium in the very short-term and that could drift lower following the limited passive buying in the ADR.</li>
</ul>



SK Hynix (000660 KS) raised US$26.5bn selling 177.9m shares of SK Hynix (SKHY US) at US$149/share. SK Hynix (SKHY US) closed at a 15.5% premium to the local line.
There will be passive buying in the local shares and the ADR line over the next few months. The ADR line could trade at a premium in the near-term.
We expect the ADR to trade between a 30-35% premium in the very short-term and that could drift lower following the limited passive buying in the ADR.


SK Hynix (000660 KS; SKHY US): Updated Index Flows/Timing & Where Could the Premium Settle?

United States

Roundhill Memory ETF is an exchange traded fund launched and managed by Roundhill Financial Inc. The fund is co-managed by Exchange Traded Concepts, LLC. It invests in public equity markets. It invests in stocks of companies operating across Information Technology sectors. The fund invests in growth and value stocks of companies of diversified market capitalization. The fund invests directly and through derivatives. It uses derivatives such as swaps and futures to create its portfolio. Roundhill ETF Trust - Roundhill Memory ETF was formed on Mar 31,2026 and is domiciled in the United States.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Roundhill Memory ETF (DRAM US)