Amundi is set to convert one of its disruptive technology ETFs into a memory chips strategy, as asset managers continue to build products around the infrastructure behind artificial intelligence.
The Amundi MSCI Disruptive Technology UCITS ETF will be renamed the Amundi Global Memory Chips UCITS ETF from 17 July 2026. The fund will also switch benchmark from the MSCI ACWI IMI Disruptive Technology Filtered Index to the Solactive Global Memory Chips Index.
The new index will provide exposure to companies involved in the memory chip industry across developed and emerging markets, from small to large cap stocks. Memory chips are a key part of the AI supply chain, with demand being supported by the growth of data centres, cloud computing and the increasing use of high-bandwidth memory in advanced AI systems.
The change comes hot on the heels of the launch of Europe’s first memory-chip ETF by Defiance (see HERE).
The Amundi management fee will remain unchanged at 0.45% and will use physical replication. It will be domiciled in Luxembourg and be available in a number of European markets, including the UK.
The change also comes with a shift in sustainability classification. The ETF will move from SFDR Article 8 to Article 6, meaning it will no longer be classified as a fund promoting environmental or social characteristics. Therefore, investors should not assume it has the same sustainability characteristics, exclusions or ESG-promoting framework as before, instead simply having to disclose how sustainability risks are considered.
Shareholders who do not support the changes have been given a 30-day period to redeem their shares free of redemption charges (relevant for primary-market redemptions rather than retail investors directly), excluding any divestment fees.
Our view
David Batchelor, senior analyst at QuotedData, said: “Amundi’s decision to reposition an existing disruptive technology ETF as a memory chips strategy is a good example of how quickly the AI ETF market is becoming more specialised. Rather than offering broad exposure to the whole technology sector, the fund will focus on one part of the supply chain that is central to AI infrastructure. As with the new Defiance fund, that gives investors a more targeted way to access the theme, but also makes the fund more concentrated and potentially more cyclical. Memory chips are a compelling part of the AI story, but they are also exposed to pricing cycles, capital spending swings and heavy competition. Investors should therefore treat this as a specialist thematic exposure, rather than a broad technology holding.
It is also worth noting that this change is being made by shareholder notice, rather than through an explicit shareholder vote, although investors who disagree have been given 30 days to redeem. That highlights one of the governance differences between ETFs and listed investment companies. With an investment trust, a material change in investment policy would typically be put forward by the independent board and require shareholder approval. In an ETF, investors generally have less direct oversight of changes to the mandate, with their practical choice being to remain invested or exit the fund”.
Source: Original Article
