Meme Stock ETF Relaunches With Opendoor as Top Holding - Should Investors Be Worried?

TLDR

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Roundhill Investments relaunched its meme stock ETF on Wednesday, nearly two years after shutting down the original fund in late 2023
Opendoor Technologies is the ETF’s largest holding, with the stock up approximately 480% in 2025 despite the company’s chairman denying it’s a meme stock
Retail investors now represent nearly 21% of total trading volume, down from 25% in 2020-2021 but still more than double 2010 levels
The new ETF focuses on high-tech unprofitable companies including quantum computing firms Rigetti (up nearly 6,000% in 12 months) and IonQ, plus fuel-cell makers Plug Power and Bloom Energy
The original meme stock ETF launched in December 2021 at the peak of the Nasdaq before the 2022 bear market, raising concerns this relaunch could signal another market top

Roundhill Investments brought back its meme stock ETF on Wednesday. The fund trades under the ticker MEME, the same name it used before being liquidated in late 2023.

The ETF’s top holding is Opendoor Technologies. The online homebuying company has seen its stock price climb around 480% this year. Opendoor Chairman Keith Rabois denied the stock was a meme stock in a September interview with CNBC.

Roundhill CEO Dave Mazza said retail investors have become a permanent force in the market. The firm marketed the new fund as a way to ride retail enthusiasm or hedge against short positions. Day traders had shown little interest in the original fund before it closed.

Day 52:
Early morning out here in front of Drake’s, talking about patience and the long game. 💎
Hundred-baggers don’t move in straight lines — even Carvana went sideways for six months starting July ‘23 before exploding again. There’s nothing wrong with OPEN — its turnaround… pic.twitter.com/ZhlrExbqmq
— Eric Jackson (@ericjackson) October 9, 2025

Retail investors now make up nearly 21% of total trading volume. That figure comes from a June report by Jefferies. The percentage is down from roughly 25% during 2020 and 2021 but remains more than double the 2010 level.

New Focus on High-Tech Companies

The relaunched ETF has shifted away from struggling brands like GameStop and AMC Entertainment. Instead, it focuses on high-tech companies that have not yet turned consistent profits. The fund will hold between 13 and 25 stocks from the 200 most actively traded U.S. stocks.

Fuel-cell makers Plug Power and Bloom Energy are among the top 10 holdings. Neither company has posted a net profit over a fiscal year. Plug stock is up 76% in 2025. Bloom Energy has soared nearly 300%.

The fund also includes quantum computing companies Rigetti Computing and IonQ. Rigetti has surged nearly 6,000% over the last 12 months. Quantum computing aims to solve problems too complex for traditional computers.

The new version of the ETF is actively managed. Holdings could be adjusted once a week or more frequently. The previous version tracked an index and rebalanced twice a month.

President Donald Trump and Republicans in Congress kept hydrogen subsidies in place this year. They cut other clean energy aid. This decision raised hopes that fuel cells could help meet growing energy demand.

Concerns About Market Timing

The ETF’s return has raised concerns about market timing. BTIG analyst Jonathan Krinsky noted the original MEME ETF launched in December 2021. That timing coincided with the Nasdaq Composite peak before the 2022 bear market.

The first meme stock craze began in January 2021. Keith Gill, known online as Roaring Kitty, argued GameStop shares were undervalued. His posts on social media and YouTube attracted many investors who drove up the stock price.

At Opendoor, retail traders calling themselves the Open Army pushed for changes. They successfully campaigned for the removal of former CEO Carrie Wheeler. They wanted the return of Keith Rabois, who co-founded the company.

Opendoor CEO Kaz Nejatian said he is not a stock analyst. He told reporters he focuses on building products for the company. Other companies in the fund did not respond to requests for comment.

By 3 p.m. Eastern on Wednesday, $9 million worth of the fund’s shares had traded hands. Mazza said this was decent volume for a single-theme ETF. The fund manager uses implied volatility and social media engagement to select holdings.

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