Tuttle Capital's Concentrated Memory Stack ETF (HBMX) Adds Exposure to CXMT, the $488 Billion Chinese Memory Maker Many U.S. Investors Can't Access Directly

CXMT's blockbuster Shanghai debut put a half-trillion-dollar price tag on the memory bottleneck HBMX was built to seek exposure to.

• HBMX has added exposure to ChangXin Memory Technologies (CXMT) (Shanghai: 688825), one of the fastest-growing producers in the memory-semiconductor complex at the center of the AI buildout.

CXMT lists only in Shanghai and has no U.S.-listed ADR. As a China A-share, it is effectively out of reach for most U.S. investors - and many U.S. funds. HBMX obtains its economic exposure to the company through a total return swap.

CXMT's July 2026 market debut valued the company at roughly $488 billion after a 466% first-day gain, and its $8.6 billion raise was the largest mainland-China semiconductor deal on record.

HBMX is an actively managed, high-conviction portfolio of roughly 20 to 35 memory-ecosystem companies, carries a 0.95% management fee, and lists on Cboe.

Greenwich, Connecticut--(Newsfile Corp. - August 12, 2026) - Tuttle Capital Management ("TCM") today announced that the Tuttle Capital Concentrated Memory Stack ETF (CBOE: HBMX) has added exposure to ChangXin Memory Technologies ("CXMT") (Shanghai: 688825), a fast-growing Chinese producer of memory chips at the center of the AI memory bottleneck. Because CXMT trades only on the Shanghai exchange and has no U.S.-listed ADR, it is effectively inaccessible to many U.S. investors. HBMX obtains its economic exposure to the company through a total return swap.

In late July 2026, CXMT became the most valuable company listed on mainland China. Its shares priced at 8.66 yuan and closed their first day of trading near 49 yuan - a 466% gain that valued the decade-old company at approximately $488 billion. The $8.6 billion it raised was the largest mainland-China semiconductor offering on record. With only about 6.73% of its shares available to trade, a small float amplified the move.

Memory has become one of the principal constraints on AI infrastructure. Each new generation of AI accelerators demands more memory capacity and far more bandwidth than the last, and the market is increasingly repricing memory from a commodity component into strategic infrastructure. CXMT's debut showed how much that shift is now worth, with investors valuing a single memory company at roughly half a trillion dollars.

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