Defiance China Memory ETF (CRAM)

Defiance China Memory ETF is an exchange-traded fund from Defiance ETFs, a sponsor of thematic and leveraged ETFs, that focuses on the Chinese memory semiconductor industry.

As its name indicates, the fund targets companies tied to the design, manufacture and supply chain of memory chips in China, such as DRAM and NAND flash, an area that has become a focus of China's effort to build domestic semiconductor capacity. Its exposure is concentrated in a single country and a narrow segment of the chip industry.