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Direxion Daily Semiconductor 3x Bear Shares ETF (SOXS)

  • Fri, Nov. 6, 4:47 PM
    • The Philadelphia Semi Index (SOXX +2.6%) rallied after Nvidia (NVDA +13.9%) beat estimates and provided strong guidance (gaming GPUs led the way), Skyworks (SWKS +7.1%) offered good calendar Q4 guidance and RF chip peer Qorvo (QRVO +23.2%) posted better-than-feared results and guidance. The Nasdaq rose just 0.4%.
    • Also: Analog/Ethernet chipmaker Microsemi (MSCC +4.9%) beat calendar Q3 revenue estimates and offered solid Q4 guidance: Revenue of $325M-$329M and EPS of $0.70-$0.74 vs. a consensus of $323.5M and $0.72.
    • Big gainers today included specialty foundry/Skyworks supplier TowerJazz (TSEM +6%), smart TV/home automation chipmaker Sigma Designs (SIGM +16.6%), telecom/networking IC provider InPhi (IPHI +6.7%), touch controller/LCD driver supplier Synaptics (SYNA +6.1%), FPGA maker Lattice Semi (LSCC +6.6%), network processor vendor Cavium (CAVM +5.6%), DSP core IP provider CEVA (CEVA +7.2%), and analog/mixed-signal chipmakers MagnaChip (MX +4.6%) and Semtech (SMTC +5.4%).
    • On its earnings call (transcript), Qorvo mentioned Chinese smartphone demand (a recent headwind) is "seeing a bit of a rebound," and that the launch of 5-mode and 6-mode Chinese 4G phones is boosting RF chip content. Qorvo also thinks Chinese base station activity (an issue for many telecom chip/component firms) bottomed in Q3, but cautions a mobile infrastructure recovery is expected to be gradual.
    • Microsemi stated on its call (transcript) broadband gateway chip sales were a Q3 strong point, that telecom infrastructure began to improve, and that defense/aerospace sales are expected to rebound in 2016. Industrial demand remained soft in Q3.
    • MKM's Ian Ing has upgraded Nvidia to Buy, calling shares "expensive and worth it." Ing: "We see a sustainable growth trajectory, given [Nvidia's] positioning to lead in significant paradigm changes favoring more valuable semiconductor solutions: automotive evolving from driver assist to autonomous driving, gaming transitioning to virtual reality and professional or social E-sports, and cloud computing increasingly using GPU accelerators for machine learning."
    • Last week: Chip stocks sell off after NXP, STMicro, others issue soft guidance
    | Fri, Nov. 6, 4:47 PM | 1 Comment
  • Thu, Oct. 29, 12:29 PM
    • Down on Monday following Dialog Semi's Q3 report and up yesterday in the wake of Apple's results/guidance, chip stocks are selling off again (SOXX -2.5%) after leading microcontroller vendor NXP (NXPI -18.2%) posted mixed Q3 results and (more importantly) guided for Q4 revenue to be down by a "low to upper-teens" % Q/Q. The Nasdaq is down 0.3%.
    • Also: 1) NXP rival and fellow European chipmaker STMicroelectronics (STM -5.8%) slightly missed Q3 revenue estimates and has guided for Q4 revenue to be down 6% (+/- 3.5%) Q/Q. 2) Network processor vendor Cavium (CAVM -5%) issued light Q4 guidance, while blaming a distribution model change at its biggest data center customer. 3) Microcontroller maker Atmel (ATML -2.4%, set to be acquired by Dialog) missed Q3 revenue estimates and guided for Q4 revenue of $266M-$286M, below a $296.1M consensus.
    • On the bright side, Apple-dependent Cirrus Logic (CRUS -5.7%) beat FQ2 EPS estimates (revenue was in-line) and provided solid FQ3 guidance, and fellow Apple/Samsung supplier InvenSense (INVN +14.3%) beat FQ2 estimates and issued in-line FQ3 guidance. Cirrus is nonetheless selling off; the earnings call (transcript) was generally upbeat, with management talking up FY16/FY17 growth opportunities related to smart codec and boosted amplifier sales.
    • NXP merger partner Freescale (FSL -15.4%) is naturally seeing big losses. Other decliners include RF chipmakers Skyworks (SWKS -3.1%), Avago (AVGO -6%), and Qorvo (QRVO -2.6%), analog/mixed-signal chipmakers Texas Instruments (TXN -3%), ON Semi (ON -5.9%), MagnaChip (MX -6.8%), Fairchild (FCS -4.3%), Maxim (MXIM -3.1%), and IDT (IDTI -5.2%), and smart TV SoC vendor/STMicro rival Sigma Designs (SIGM -3.2%).
    • Like NXP, Cirrus, and InvenSense, Skyworks, Avago, Qorvo, TI, and Fairchild are Apple suppliers. Fairchild and Maxim have recently benefited from M&A reports (I, II).
    • Both NXP and STMicro reported seeing conditions deteriorate as Q3 progressed. NXP added lower-than-expected chip sell-through led to higher channel inventories, and STMicro stated "lower consumer spending in China is impacting the dynamics of the distribution channel in the region and the industry more globally, particularly in automotive." NXP has added 20M shares to its buyback in an attempt to soften the blow.
    | Thu, Oct. 29, 12:29 PM | 8 Comments
  • Thu, Oct. 22, 12:24 PM
    • The Philadelphia Semi Index (SOXX +3%) has risen above $90 for the first time since July on a day the Nasdaq is up 1.5%. Helping out: Texas Instruments (TXN +10.4%) soundly beat Q3 estimates, reported positive growth for its analog and embedded processing (DSP/microcontroller) units in spite of a customer inventory correction, and (with the help of iPhone content gains) provided mostly above-consensus Q4 guidance.
    • Meanwhile, Cypress Semi (up 4.1%) is rallying in spite of posting mixed Q3 results and issuing light Q4 guidance. A new $450M buyback is helping.
    • TI/Cypress microcontroller peers NXP (NXPI +4.2%), Freescale (FSL +3.5%), STMicroelectronics (STM +2.5%), and Microchip (MCHP +2.9%) are among the gainers. As are TI analog/mixed-signal peers ON Semi (ON +5%), Intersil (ISIL +3.2%), IDT (IDTI +3.6%), Monolithic (MPWR +3.3%), and Silicon Labs (SLAB +2.6%).
    • Other notable gainers include InvenSense (INVN +2.6%), Nvidia (NVDA +3.5%), Cavium (CAVM +4.4%), Knowles (KN +3.6%), and Lattice Semi (LSCC +7%).
    • On its earnings call (transcript), TI mentioned automotive chip demand (boosted by growing chip content in various systems) was strong. Industrial sales were roughly flat (better than expected), and personal electronics benefited from "demand from one customer" (likely Apple). Wireless infrastructure fell 30% Y/Y (Chinese weakness), but rose Q/Q.
    • Chip stocks also outperformed yesterday after Western Digital announced it's buying SanDisk, Lam Research announced it's buying KLA-Tencor, and CPU core giant ARM (ARMH +2.7%) beat Q3 revenue estimates (EPS slightly missed) with the help of a 20% Y/Y increase in ARM chip shipments to 3.6B, and stated it expects 2015 revenue to be in-line with market expectations.
    | Thu, Oct. 22, 12:24 PM | Comment!
  • Wed, Oct. 14, 3:10 PM
    • Though still well below its May/June highs, the Philadelphia Semi Index (SOXX +2.9%) has reached its highest levels since August following calendar Q3 results from Intel, Linear Technology, and ASML, and reports SanDisk and Fairchild are in buyout talks with potential suitors (respectively Micron/Western Digital and ON Semi/Infineon). The Nasdaq is down slightly.
    • Intel (up 1.5%) beat Q3 estimates and provided in-line Q4 guidance. ASP strength and signs of stabilizing PC demand are overshadowing a full-year guidance cut for Intel's server CPU division, Linear (up 4.6%) posted mixed FQ1 results and issued above-consensus FQ2 guidance.
    • Lithography equipment giant ASML (ASML -0.4%) beat Q3 EPS estimates and posted nearly in-line sales, but also guided for Q4 revenue of €1.4B ($1.61B), below a $1.77B consensus. Soft demand from foundry clients is blamed. Credit Suisse and Cowen argue ASML is hurt by a lack of exposure to the 3D NAND flash ramp.
    • Aside from Linear and companies associated with the SanDisk/Fairchild reports, chipmakers seeing big gains include NXP (NXPI +4.6%), Freescale (FSL +3.6%), Himax (HIMX +4.2%), Qorvo (QRVO +4.9%), Cypress (CY +6.9%), AppliedMicro (AMCC +4.9%), and Linear/Fairchild peers Semtech (SMTC +4.7%), MangaChip (MX +4.6%), Diodes (DIOD +4%), and Power Integrations (POWI +4.2%). Chip packaging/testing firms ChipMOS (IMOS +3.8%) and Amkor (AMKR +5.9%) are also rallying.
    • With much already priced in, chip equipment makers are also doing well, in spite of ASML's guidance, a fresh $400M cut to Intel's 2015 capex budget (to $7.3B), and a Gartner forecast for global wafer fab equipment spend to drop 0.5% in 2015 and 2.5% in 2016 before returning to growth.
    • Chip equipment gainers include Lam Research (LRCX +3.6%), KLA-Tencor (KLAC +1.6%), Kulicke & Soffa (KLIC +3.3%), and Teradyne (TER +1.9%). Possibly helping: Intel stated on its earnings call its capex will rise in 2016 from 2015's depressed levels.
    | Wed, Oct. 14, 3:10 PM | 4 Comments
  • Thu, Oct. 1, 2:01 PM
    • After outperforming yesterday as markets rallied, chip stocks are doing the opposite today amid a selloff. The Philadelphia Semi Index (SOXX -2.1%) is back below $80.
    • Possibly hurting the group: Digitimes reports iPhone chip suppliers are worried Apple could cut its Q4 orders, and that one "major analog IC supplier" has disclosed a slight December order cut. At the same time, Digitimes states suppliers won't know if major order cuts will happen for at leas 1-2 months. iPhone suppliers seeing major losses include NXP (NXPI -4.2%), Avago (AVGO -3.8%), Qorvo (QRVO -4.5%), Cirrus Logic (CRUS -3.1%), Fairchild (FCS -4.9%), and Analog Devices (ADI -3.8%).
    • However, it's worth noting several chipmakers lacking iPhone exposure are also down strongly. The list includes Himax (HIMX -3.5%), PMC-Sierra (PMCS -4.1%), InPhi (IPHI -4.6%), Semtech (SMTC -4.6%), and QuickLogic (QUIK -5.7%). Chip IP provider CEVA (CEVA -3.8%) and specialty foundry TowerJazz (TSEM -5%) are also selling off.
    • Memory giant Micron reports after the bell.
    | Thu, Oct. 1, 2:01 PM | 26 Comments
  • Wed, Sep. 30, 1:33 PM
    • The Philadelphia Semi Index (SOXX +2.9%) is easily outpacing the Nasdaq's 1.5% gain after Mellanox announced it's buying network processor vendor EZchip for $811M, and Bloomberg reported Synaptics turned down a $110/share buyout offer from a Chinese investment group.
    • In addition, hard drive giant Western Digital has announced it's selling a 15% stake to a Chinese firm at a 32% premium to yesterday's close, news that has given a lift to memory giants Micron and SanDisk.
    • After surging over the prior two years with the help of an industry M&A wave, SOXX is still down 21% from a June peak of $101.80. A broader market selloff, a chip inventory correction, and China-related concerns have weighed.
    | Wed, Sep. 30, 1:33 PM | Comment!
  • Tue, Sep. 8, 3:25 PM
    • The Philadelphia Semi Index (SOXX +3.9%) has risen to its highest levels since mid-August on a day the Nasdaq is posting a 2.3% gain.
    • Likely helping out: Microchip (MCHP +8.4%), still often seen as an industry bellwether (though its commentary accompanying last fall's warning sparked criticism), has adjusted its FQ2 (calendar Q3) revenue and EPS guidance to $545M-$563M ($554M midpoint) and $0.60-$0.66 from a prior $$532M-$569M ($550.5M midpoint) and $0.58-$0.66. The outlook comes after many chipmakers (Microchip included) offered below-consensus calendar Q3 guidance amid an inventory correction, weak PC demand, and slowing Chinese smartphone growth.
    • Microchip's core ops are said to be tracking in-line with prior expectations, and recently-acquired Micrel's above expectations. The 8.6M shares issued in the Micrel deal have been repurchased.
    • Also: Various Taiwanese chipmakers and supply chain firms have reported August sales. Chip packaging/testing firms ASE (ASX +5.9%) and Siliconware (SPIL +4.1%) respectively reported sales were up 5.8% and 5.7% M/M, and up 9.5% and down 4.2% Y/Y.
    • Big gainers include Microchip peers NXP (NXPI +6.8%), Freescale (FSL +5.8%), Silicon Labs (SLAB +4.4%), and Cypress (CY +4.4%). Others include Avago (AVGO +5.8%), Xilinx (XLNX +5.7%), Cavium (CAVM +5.5%), Analog Devices (ADI +6.3%), Synaptics (SYNA +5.4%), Linear (LLTC +4.6%), Cirrus Logic (CRUS +4.7%), IDT (IDTI +4.6%), Sigma Designs (SIGM +4.9%), and chip equipment maker Axcelis (ACLS +8%).
    • SanDisk, ON Semi, and Silicon Motion are benefiting from upgrades/bullish coverage. Apple holds its iPhone event at 1PM ET tomorrow.
    | Tue, Sep. 8, 3:25 PM | 1 Comment
  • Mon, Aug. 24, 8:03 AM
    | Mon, Aug. 24, 8:03 AM | 45 Comments
  • Tue, Aug. 18, 2:23 PM
    • Having already felt the effects of a string of downbeat earnings reports, chip stocks are underperforming today amid a 0.5% drop for the Nasdaq. The Philadelphia Semi Index (SOXX -1.7%) is near its 2015 lows, and now down 9% YTD. Fresh Chinese macro fears - the Shanghai and Shenzhen exchanges both fell sharply overnight - could be playing a role.
    • Micron (MU -4.9%), 4 days removed from hosting its analyst day and 1 day removed from seeing a slew of analysts respond, is among the names down strongly. BofA/Merrill downgraded NAND flash rival SanDisk and NAND controller vendor Silicon Motion to Underperform this morning, which citing Micron and SK Hynix's capex plans - Hynix says it's thinking of spending $39B on fab investments.
    • Other major decliners that are tied to the industry include Skyworks (SWKS -5.3%), Qorvo (QRVO -3.6%), IDT (IDTI -6.3%), AppliedMicro (AMCC -4.3%), ChipMOS (IMOS -4.3%), Rambus (RMBS -3.8%), Silicon Labs (SLAB -3.1%), Semtech (SMTC -3.5%), MagnaChip (MX -4.4%), and Amkor (AMKR -3.6%).
    • Needless to say, multiples for many hard-hit names have come down considerably over the last two months.
    | Tue, Aug. 18, 2:23 PM | 29 Comments
  • Fri, Aug. 7, 12:12 PM
    • "We’re reducing ratings and/or price targets on Avago, Fairchild, Infineon, Intel, Micron, Texas Instruments and Xilinx owing to industry reports key China-based mobile and comm. infrastructure suppliers are pushing out orders," writes Drexel Hamilton's Rick Whittington. For now, Micron (NASDAQ:MU) is the only name in the group seeing a 2%+ decline. The Nasdaq is down 0.7%.
    • Whittington, a long-time chip stock bull, argues "the chip industry has overbuilt and overstocked for a China OEM community that is struggling to work off inventories," and that OEMs such as Huawei, ZTE, and Xiaomi are pushing out orders. A slew of chipmakers have reported seeing high Chinese inventories this earnings season.
    • Nonetheless, Whittington thinks macro conditions in the U.S., Europe, Japan, Korea, and India remain healthy. He also notes the iPhone 6S and other major phone launches could absorb some excess inventory.
    • Regarding Micron, which Whittington upgraded to Buy just 10 days ago (in response to the 3D XPoint reveal), he reports seeing further DRAM spot price declines and reports of new contract price cuts in August, something which leads him to think PC demand remains soft. Micron rallied earlier this week on a report Samsung is slashing PC DRAM output and shifting capacity towards mobile DRAM, and has notified OEMs it won't be cutting prices in August.
    • Some of Whittington's concerns about chip demand/inventories have arguably been priced in: The Philadelphia Semi Index (NASDAQ:SOXX) is down 16% from a June peak of $101.80.
    | Fri, Aug. 7, 12:12 PM | 28 Comments
  • Wed, Jul. 22, 11:11 AM
    • The Philadelphia Semi Index (SOXX -3.2%) has fallen to its lowest levels since February after Apple, ARM, and Linear Technology posted their calendar Q2 reports yesterday afternoon.
    • Apple (down 4.8%) beat estimates, but offered soft guidance and reported slightly below-consensus iPhone sales. ARM (down 3.8%) reported roughly in-line Q2 results and a 26% Y/Y increase in ARM-based chip shipments, while stating it expects 2015 results to be in-line with expectations.
    • Linear (down 7.8%) missed FQ4 estimates and provided weak FQ1 guidance. Notably, the analog/mixed-signal chipmaker added it saw bookings slow "considerably" towards the end of Q2, with industrial and PC demand particularly weak. Bookings have improved in July, but Linear is still "preparing for a difficult [Q3]." The company expresses optimism the downturn will be short.
    • Apple suppliers are seeing big losses (previous). As are Linear peers Texas Instruments (TXN -3.7%), ON Semi (ON -5.1%), Maxim (MXIM -3.5%), IDT (IDTI -6.5%, Apple Watch supplier), InPhi (IPHI -4%), Exar (EXAR -4.2%), and Analog Devices (downgraded by Drexel Hamilton).
    • Other decliners include Micron (MU -4.2%, also an Apple supplier), Synaptics (SYNA -6.4%, ditto), STMicroelectronics (STM -6.2%, downgraded by Citi), Freescale (FSL -4.8%, following merger partner/Apple supplier NXP lower), Microchip (MCHP -4.6%), Cypress (CY -4.3%), Lattice (LSCC -3.9%), and Silicon Motion (SIMO -4.4%).
    • Qualcomm, TI, Cirrus Logic, SanDisk, and Xilinx report this afternoon.
    | Wed, Jul. 22, 11:11 AM | 3 Comments
  • Thu, Jul. 16, 2:45 PM
    • Chip stocks are missing out on a market rally (SOXX -0.2%) after Intel, TSMC, and Fairchild posted Q2 results. The Nasdaq is up 1.1%, and the S&P 0.7%.
    • Intel (down 0.2%) beat estimates - EPS benefited from a low tax rate - offered above-consensus guidance, cut its 2015 capex budget by $1B, and pushed out the ETA for its first 10nm CPUs to 2H17.
    • TSMC (up 0.8%) beat estimates and offered solid Q3 guidance, but also provided cautious industry commentary, and forecast global chip sales will rise only 3% in 2015. A strong dollar, weak PC sales, and slowing emerging markets smartphone growth have been weighing on industry growth.
    • Fairchild (FCS -10.4%) missed estimates and guided for Q3 revenue of $355M-$375M, below a $383.7M consensus. The analog chipmaker blames the Q2 miss on "some mobile and appliance customers, the wireless telecom sector as well as general market distribution."
    • Chip equipment stocks are especially hard-hit thanks to Intel's capex cut/10nm push-out, but various chip developers are also down. Notable decliners include Fairchild peers ON Semi (ON -2.3%), MagnaChip (MX -2.3%), Pericom (PSEM -3.4%), Silicon Labs (SLAB -2.1%), and Intersil (ISIL -2.4%).
    | Thu, Jul. 16, 2:45 PM | 3 Comments
  • Wed, Jul. 8, 11:37 AM
    • Chip stocks are underperforming as the Nasdaq registers a 1.2% decline. The Philadelphia Semi Index (SOXX -2.6%) is now down 13% from a June 1 peak of $101.80, and 4% YTD; it's still up 87% from a Nov. 2012 low of $47.58.
    • Plunging Chinese equity markets could be weighing on the group. With retail Chinese investors having set up brokerage accounts en masse over the last year, there are plenty of concerns about the reverse wealth effect of a crash. The Economist reccently downplayed those worries, noting a relatively modest 15% of Chinese household assets are invested in stocks.
    • Major decliners among chip developers include Skyworks (SWKS -4.9%), Qorvo (QRVO -5.6%), InvenSense (INVN -5.6%), NXP (NXPI -4.7%), Freescale (FSL -4%), MoSys (MOSY -9.4%), AppliedMicro (AMCC -5.1%), Cavium (CAVM -3.8%), and Silicon Motion (SIMO -6.4%). SIMO also fell yesterday after favorably adjusting its Q2 sales guidance. Skyworks and Qorvo sold off yesterday morning before rebounding in afternoon trading.
    • Other names tied to the industry that are seeing heavy selling pressure include ARM (ARMH -4%), TowerJazz (TSEM -5.1%), UMC (UMC -4.4%), Veeco (VECO -4.3%), and Axcelis (ACLS -4.6%).
    | Wed, Jul. 8, 11:37 AM | 6 Comments
  • Fri, Jun. 26, 2:48 PM
    • Chip stocks are seeing outsized losses (SOXX -2.6%) amid a 0.8% drop for the Nasdaq following DRAM/NAND flash giant Micron's FQ3 miss and weak FQ4 guidance - the numbers were blamed on a mixture of soft PC demand, associated DRAM price pressure, and a manufacturing process transition. Some analysts have argued Micron's issues are at least partly company-specific and/or that PC and DRAM demand will improve in 2H15.
    • The Philadelphia Semi Index is now down 7% from a June 1 peak of $101.80. It's still up 2% YTD, and (thanks partly to an industry M&A wave) roughly 2x from its fall 2012 lows.
    • In addition to PC-exposed Intel and AMD, chip stocks sporting large declines include Qorvo (QRVO -4.9%), Sigma Designs (SIGM -5.7%), MoSys (MOSY -7.9%), Anadigics (ANAD -10.8%), Silicon Motion (SIMO -6.5%), Inphi (IPHI -5.3%), PMC-Sierra (PMCS -3.8%), ON Semi (ON -4.2%), AppliedMicro (AMCC -3.7%), and Vimicro (VIMC -5.3%).
    | Fri, Jun. 26, 2:48 PM | 15 Comments
  • Wed, May 27, 3:00 PM
    • Chip stocks are posting outsized gains (SOXX +4%) amid a 1.3% increase for the Nasdaq after the WSJ reported Avago and Broadcom are in advanced merger talks, sparking hopes for further M&A.
    • A Broadcom/Avago deal would be worth ~$67B at current valuations, easily making it the largest in the chip industry's breathless consolidation wave. It would also touch markets ranging from smartphones to set-tops to servers to switches/routers.
    • Notable gainers include Avago RF chip peers Skyworks (SWKS +4.3%), Qorvo (QRVO +3.2%), and Anadigics (ANAD +4.9%). Others include Micron (MU +3.8%), SanDisk (SNDK +4.3%), NXP (NXPI +3.5%), Silicon Motion (SIMO +8.3%), Cirrus Logic (CRUS +4.8%), STMicroelectronics, (STM +3.4%), Synaptics (SYNA +3.4%), Atmel (ATML +2.8%), Cavium (CAVM +4.5%), Intersil (ISIL +4.6%), Semtech (SMTC +3.9%), ON Semi (ON +3.8%), Microsemi (MSCC +4.4%), and IDT (IDTI +4.2%).
    • Non-chipmakers tied to the industry are also doing well. Standouts include ARM (ARMH +4.4%), Amkor (AMKR +4.6%), ASML (ASML +3.1%), and Rambus (RMBS +3.3%).
    | Wed, May 27, 3:00 PM | 41 Comments
  • Mon, May 18, 2:10 PM
    • Many chip stocks are turning in healthy gains amid a 0.7% gain for the Nasdaq after the NY Post reported Altera (up 6.2%) has resumed buyout talks with Intel.
    • Also possibly helping: China's big-3 carriers have announced major data tariff cuts. Brean has argued the cuts are a positive for RF chipmakers Skyworks (SWKS +5.7%), Qorvo (QRVO +4.2%), and Avago (AVGO +1.9%); the companies benefit from rising 4G phone sales.
    • Aside from the aforementioned companies, today's gainers include Synaptics (SYNA +4.8%), Himax (HIMX +2.3%), and Silicon Motion (SIMO +2.3%), each of whom also has Chinese mobile exposure. Other winners include Atmel (ATML +3.7%), Microsemi (MSCC +2.6%), InPhi (IPHI +2%), Intersil (ISIL +2.5%), Silicon Labs (SLAB +2.5%), IDT (IDTI +2.3%), and MaxLinear (MXL +3.5%).
    | Mon, May 18, 2:10 PM | 1 Comment
SOXS Description
The Direxion Daily Semiconductor Bear 3x Shares seeks daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the PHLX Semiconductor Sector Index ("Semiconductor Index"). There is no guarantee the fund will meet its stated investment objective.
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Sector: Technology
Country: United States
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