In the most recent 13F, David Tepper’s Appaloosa LP made a series of significant reductions across its equity portfolio. Known for his tactical macro positioning and opportunistic value approach, Tepper appears to have trimmed exposure to several high-growth and technology-linked names after strong runs, while consolidating capital into core holdings with better risk-reward balance.Below are the top five reductions by percentage change in common stock holdings:iShares China Large-Cap ETF (FXI) – ↓82.14% (Ex ...

Core Insights - The semiconductor ETFs have experienced significant growth due to favorable conditions in the AI industry [1] - The VanEck Semiconductor ETF (SMH) reached a peak of $348 this month, representing a 100% increase from its lowest point [1]

Core Viewpoint - The VanEck Semiconductor ETF (SMH) provides broad exposure to the Technology - Semiconductors segment, appealing to both retail and institutional investors due to its low costs, transparency, and tax efficiency [1][2]. Group 1: Fund Overview - The VanEck Semiconductor ETF was launched on December 20, 2011, and has accumulated over $26.92 billion in assets, making it one of the largest ETFs in its category [3]. - SMH aims to match the performance of the MVIS US Listed Semiconductor 25 Index, which tracks companies involved in semiconductor production and equipment [3]. Group 2: Costs and Performance - The ETF has an annual operating expense ratio of 0.35%, positioning it as one of the least expensive options in the market, with a 12-month trailing dividend yield of 0.37% [4]. - Year-to-date, the ETF has returned approximately 19.87%, and it has increased about 22.47% over the last 12 months as of September 1, 2025 [7]. Group 3: Holdings and Risk - Nvidia Corp (NVDA) constitutes about 22.57% of total assets, with the top 10 holdings making up approximately 74.42% of total assets under management [5][6]. - The ETF has a beta of 1.47 and a standard deviation of 34.6% over the trailing three-year period, indicating a high-risk profile [7]. Group 4: Alternatives - The VanEck Semiconductor ETF holds a Zacks ETF Rank of 1 (Strong Buy), suggesting it is a strong option for investors seeking exposure to the Technology ETFs segment [8]. - Other alternatives in the semiconductor ETF space include the SPDR S&P Semiconductor ETF (XSD) and the iShares Semiconductor ETF (SOXX), with respective assets of $1.41 billion and $13.73 billion [9][10].

Core Insights - The iShares Semiconductor ETF (SOXX) is designed to provide broad exposure to the Technology - Semiconductors segment, making it a suitable option for long-term investors [1] - The ETF is one of the largest in its category, with assets exceeding $13.87 billion, and aims to match the performance of the PHLX SOX Semiconductor Sector Index [3] Fund Details - SOXX has an annual operating expense ratio of 0.35%, positioning it as one of the least expensive ETFs in the semiconductor space [4] - The ETF has a 12-month trailing dividend yield of 0.66% [4] Sector Exposure and Holdings - The ETF is fully allocated to the Information Technology sector, with Advanced Micro Devices Inc (AMD) making up approximately 8.33% of total assets, followed by Nvidia Corp (NVDA) and Broadcom Inc (AVGO) [5][6] - The top 10 holdings constitute about 57.85% of total assets under management [6] Performance Metrics - SOXX has increased by roughly 15.92% year-to-date and is up approximately 8.42% over the past year as of August 19, 2025 [7] - The ETF has a beta of 1.46 and a standard deviation of 35.52% over the trailing three-year period, indicating a higher risk profile [7] Alternatives - SOXX holds a Zacks ETF Rank of 2 (Buy), indicating strong expected returns and favorable metrics [8] - Other ETFs in the semiconductor space include SPDR S&P Semiconductor ETF (XSD) and VanEck Semiconductor ETF (SMH), with respective assets of $1.40 billion and $27.24 billion [9]

Core Insights - The Invesco PHLX Semiconductor ETF (SOXQ) offers broad exposure to the Technology - Semiconductors segment, appealing to both retail and institutional investors due to its low costs and transparency [1][2]. Fund Overview - SOXQ, launched on June 11, 2021, has accumulated over $501.3 million in assets, positioning it as an average-sized ETF in the semiconductor sector [3]. - The ETF aims to replicate the performance of the PHLX Semiconductor Sector Index, which tracks the 30 largest U.S.-listed semiconductor companies [3]. Cost Structure - The annual operating expenses for SOXQ are 0.19%, making it one of the least expensive ETFs in its category, with a 12-month trailing dividend yield of 0.63% [4]. Sector Exposure and Holdings - SOXQ is fully allocated to the Information Technology sector, with Nvidia Corp (NVDA) representing approximately 11.89% of total assets, followed by Broadcom Inc (AVGO) and Taiwan Semiconductor Manufacturing Co Ltd Adr (TSM) [5][6]. - The top 10 holdings constitute about 58.74% of total assets under management [6]. Performance Metrics - As of August 11, 2025, SOXQ has gained approximately 14.39% year-to-date and 20.68% over the past year, with a trading range between $28.07 and $45.58 in the last 52 weeks [7]. - The ETF has a beta of 1.55 and a standard deviation of 36.22% over the trailing three-year period, indicating more concentrated exposure compared to peers [7]. Alternatives - SOXQ holds a Zacks ETF Rank of 2 (Buy), indicating strong potential based on expected returns and expense ratios [8]. - Other ETFs in the semiconductor space include iShares Semiconductor ETF (SOXX) with $13.47 billion in assets and VanEck Semiconductor ETF (SMH) with $26.75 billion, both having an expense ratio of 0.35% [9].

Core Viewpoint - The Invesco Semiconductors ETF (PSI) offers investors exposure to the semiconductor sector through a smart beta strategy, aiming to outperform traditional market cap weighted ETFs [1][3][12]. Fund Overview - PSI was launched on June 23, 2005, and has accumulated over $699.47 million in assets, categorizing it as an average-sized ETF within the Technology ETFs [1][5]. - The fund seeks to replicate the performance of the Dynamic Semiconductor Intellidex Index, which evaluates semiconductor companies based on various investment criteria [5][6]. Cost and Expenses - PSI has an annual operating expense ratio of 0.56%, which is competitive within its peer group [7]. - The fund offers a 12-month trailing dividend yield of 0.14% [7]. Sector Exposure and Holdings - The fund is heavily weighted towards the Information Technology sector, which constitutes 97.9% of its portfolio [8]. - Key holdings include Applied Materials Inc (5.03%), Texas Instruments Inc, and Lam Research Corp, with the top 10 holdings making up approximately 46.24% of total assets [9]. Performance Metrics - Year-to-date, PSI has increased by approximately 1.5% and has risen about 11.14% over the past 12 months as of August 4, 2025 [11]. - The ETF has a beta of 1.50 and a standard deviation of 36.67% over the trailing three-year period, indicating higher risk compared to peers [11]. Alternatives - Other ETFs in the semiconductor space include iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH), with assets of $13.11 billion and $26.21 billion respectively [13]. - SOXX and SMH both have lower expense ratios of 0.35%, appealing to investors seeking cost-effective options [13].

Core Insights - The iShares Semiconductor ETF (SOXX) is a smart beta ETF launched on July 10, 2001, designed to provide broad exposure to the Technology ETFs category [1] - The fund is managed by Blackrock and has amassed over $13.39 billion in assets, making it one of the largest ETFs in the Technology sector [5] - SOXX seeks to match the performance of the PHLX SOX Semiconductor Sector Index, which measures U.S. traded securities in the semiconductor business [5] Fund Characteristics - SOXX has an annual operating expense ratio of 0.35%, making it one of the least expensive products in its category [6] - The ETF has a 12-month trailing dividend yield of 0.69% [6] - The fund has a concentrated exposure with about 35 holdings, which is more than its peers [10] Sector Exposure and Holdings - The ETF is fully allocated in the Information Technology sector, accounting for approximately 100% of the portfolio [7] - Advanced Micro Devices Inc (AMD) represents about 8.33% of the fund's total assets, with Nvidia Corp (NVDA) and Broadcom Inc (AVGO) also being significant holdings [8] - The top 10 holdings make up approximately 57.85% of SOXX's total assets under management [8] Performance Metrics - The ETF has a return of roughly 11.73% and has increased by about 2.68% year-to-date as of August 1, 2025 [9] - SOXX has traded between $154.86 and $247.95 over the last 52 weeks [9] - The fund has a beta of 1.46 and a standard deviation of 35.68% for the trailing three-year period, indicating a high-risk profile [10] Alternatives - Other ETFs in the semiconductor space include SPDR S&P Semiconductor ETF (XSD) and VanEck Semiconductor ETF (SMH), with assets of $1.29 billion and $26.69 billion respectively [12] - Both XSD and SMH have an expense ratio of 0.35% [12] - Traditional market cap weighted ETFs may offer cheaper and lower-risk options for investors [12]

Group 1 - The VanEck Semiconductor ETF (SMH) has reached a 52-week high, increasing 74.8% from its 52-week low price of $170.11 per share [1] - The MVIS US Listed Semiconductor 25 Index tracks companies involved in semiconductor production and equipment, with SMH charging 35 basis points in annual fees [1] - The semiconductor sector is experiencing significant growth due to the AI boom, with NVIDIA representing approximately 20% of the ETF's weighting and its stock gaining about 53% over the past year [2] Group 2 - SMH currently holds a Zacks ETF Rank 1 (Strong Buy) with a high-risk outlook, indicating potential for continued outperformance in the coming months [3]

Core Viewpoint - The VanEck Semiconductor ETF (NASDAQ: SMH) is recommended as a Buy due to strong momentum and the potential benefits from AI tailwinds and overall semiconductor supply chain growth [1] Group 1: Investment Thesis - The ETF is considered essential for a core portfolio, capitalizing on the growth in the semiconductor industry driven by advancements in AI [1] Group 2: Analyst Background - The analysis is conducted by a stock analyst with over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing equity valuation and market trends [1] - The analyst has a background as a former Vice President at Barclays, with expertise in model validation, stress testing, and regulatory finance [1] - The research is co-authored with a partner, combining strengths to provide high-quality, data-driven insights focused on macroeconomic trends and corporate earnings [1]

Core Viewpoint - The First Trust NASDAQ Semiconductor ETF (FTXL) is a smart beta ETF designed to provide exposure to the semiconductor industry, launched on September 20, 2016 [1]. Fund Overview - FTXL is managed by First Trust Advisors and has accumulated over $296.94 million in assets, categorizing it as an average-sized ETF within the Technology ETFs sector [5]. - The fund aims to match the performance of the Nasdaq US Smart Semiconductor Index, which is a modified factor-weighted index focused on US semiconductor companies [5]. Cost and Expenses - The annual operating expenses for FTXL are 0.60%, which is comparable to most peer products in the sector [6]. - The ETF has a 12-month trailing dividend yield of 0.44% [6]. Sector Exposure and Holdings - FTXL is fully allocated to the Information Technology sector, representing approximately 100% of its portfolio [7]. - The largest holding is Broadcom Inc. (AVGO), accounting for about 9.19% of total assets, followed by Micron Technology, Inc. (MU) and Nvidia Corporation (NVDA) [8]. - The top 10 holdings make up approximately 62.83% of the fund's total assets under management [8]. Performance Metrics - As of July 21, 2025, FTXL has increased by about 13.89% year-to-date but has decreased by approximately -0.66% over the past year [10]. - The ETF has traded between $62.37 and $101.42 in the past 52 weeks [10]. - FTXL has a beta of 1.34 and a standard deviation of 35.50% over the trailing three-year period, indicating more concentrated exposure compared to peers with only 31 holdings [10]. Alternatives - Other ETFs in the semiconductor space include iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH), with assets of $13.95 billion and $27.74 billion respectively [12]. - Both SOXX and SMH have a lower expense ratio of 0.35% [12].