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Editorials 24 10 October, 2021 - 03:15am

Should You Invest in the Invesco Dynamic Semiconductors ETF (PSI)?

Business Insider South Africa 07 October, 2021 - 10:50am

Retail and institutional investors increasingly turn to passively managed ETFs because they offer low costs, transparency, flexibility, and tax efficiency; these kind of funds are also excellent vehicles for long term investors.

Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Technology - Semiconductors is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 10, placing it in bottom 38%.

The fund is sponsored by Invesco. It has amassed assets over $661.02 million, making it one of the average sized ETFs attempting to match the performance of the Technology - Semiconductors segment of the equity market. PSI seeks to match the performance of the Dynamic Semiconductor Intellidex Index before fees and expenses.

The index is comprised of stocks of semiconductor companies. The Index is designed to provide capital appreciation by thoroughly evaluating companies based on a variety of investment merit criteria, including fundamental growth, stock valuation, investment timeliness and risk factors.

Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.

Annual operating expenses for this ETF are 0.57%, making it on par with most peer products in the space.

It has a 12-month trailing dividend yield of 0.15%.

ETFs offer a diversified exposure and thus minimize single stock risk but it is still important to delve into a fund's holdings before investing. Most ETFs are very transparent products and many disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Information Technology sector--about 97.10% of the portfolio.

Looking at individual holdings, Advanced Micro Devices Inc (AMD) accounts for about 5.88% of total assets, followed by Qualcomm Inc (QCOM) and Broadcom Inc (AVGO).

The top 10 holdings account for about 46.05% of total assets under management.

The ETF return is roughly 19.69% and it's up approximately 58.23% so far this year and in the past one year (as of 10/07/2021), respectively. PSI has traded between $77.72 and $136.46 during this last 52-week period.

The ETF has a beta of 1.27 and standard deviation of 37.39% for the trailing three-year period, making it a high risk choice in the space. With about 31 holdings, it has more concentrated exposure than peers.

Invesco Dynamic Semiconductors ETF holds a Zacks ETF Rank of 1 (Strong Buy), which is based on expected asset class return, expense ratio, and momentum, among other factors. Because of this, PSI is a great option for investors seeking exposure to the Technology ETFs segment of the market. There are other additional ETFs in the space that investors could consider as well.

VanEck Semiconductor ETF (SMH) tracks MVIS US Listed Semiconductor 25 Index and the iShares Semiconductor ETF (SOXX) tracks PHLX SOX Semiconductor Sector Index. VanEck Semiconductor ETF has $5.98 billion in assets, iShares Semiconductor ETF has $7.11 billion. SMH has an expense ratio of 0.35% and SOXX charges 0.43%.

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.

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