The Meme ETF is back. Is it late to the party again?
Roundhill Investments revived an exchange-traded fund focused on meme stocks on Wednesday, aiming to offer ordinary investors a simple way to get a spin on a new class of buoyant but volatile stocks.
However, if history repeats itself, this could indicate that trade and the broader market are already losing steam.
The relaunched Meme Stock ETF on Wednesday trades under the ticker MEME, Roundhill said. This is the same code the firm used for its previous meme-focused ETF, which launched in late 2021 and closed two years later.
“Meme stocks started as a rebellion but have turned into a revolution,” said Dave Mazza, CEO of Roundhill Investments. Press release. “With MEME, we offer investors a vehicle to capture this power through an actively managed ETF that can quickly translate into the stocks dominating the conversation today.”
His previous work offers a cautionary tale. The ETF went live in early December of the same year. Nasdaq Composite was reaching its peak. From the ETF’s 2021 launch announcement of closure By late 2023, the Nasdaq was down almost 10%. Wide S&P 500 There was a decline of more than 3% in this time period.
Nasdaq Composite, 5 years
Prominent meme stocks fared much worse. GameStop It decreased by around 69 percent during this period. AMC More than 96% craters were formed over a period of approximately two years.
“Mem stocks accounted for a large portion of the exuberant sentiment in the 2020-2021 market, ultimately leading to a cyclical top,” Jonathan Krinsky, chief market technician at BTIG, wrote in a note to clients Wednesday pointing out the irony of the relaunch.
AMC and GameStop, 5 years
Krisnky added that the launch of the meme fund is an indication that the bubbles in the market have “reached fever pitch.” He warned that Roundhill’s relaunch could be taken as “another sign of some enthusiasm”.
Of course, the new version of the fund reflects the new generation of meme stocks. During the Covid meme stock frenzy, Reddit user “Roaring Kitty” and followers of the WallStreetBets forum led share squeezes of GameStop and AMC, among other names.
In today’s backdrop, Open Door Technologies As of Wednesday, it is the largest holding, with a weight of more than 12%, according to Roundhill data. The stock, which finished last year at less than $2 per share, increased by 430 percent this year with the interest of hedge fund manager Eric Jackson.
Meme ETF’s top holdings
| ticker | to stock | Weight (%) |
|---|---|---|
| Open Door Technologies | OPEN | 11.9 |
| Plug Power | RECEIPT | 10.7 |
| Applied Digital | APLD | 8.7 |
| Quantum Landscape | Q.S. | 8.3 |
| Password Mining | CIFR | 7.3 |
Source: Roundhill as of 10/8/2025
Multiple quantum computing stocks, which have also experienced major fluctuations this year, are also among the ETF’s largest holdings. Quantum Landscape accounts for more than 8% of its weight Rigetti Computer And Quantum Computing Inc. each accounts for more than 4%.
The ETF fell 1.8 percent in its first session on Wednesday. In comparison, S&P 500 and Nasdaq soared to all-time highs.
