SEMI vs TECH vs LNAS: Three Top ASX ETFs, Three Routes to the Same Return

Written by Christopher Hall, AdvDipFP | Authorised Representative, AFSL 526688 | Updated July 2026

The Global X Semiconductor ETF (SEMI), the Global X Global Technology ETF (TECH) and the Global X Ultra Long Nasdaq 100 Hedge Fund (LNAS) were the three best-performing ASX-listed ETFs over the quarter to 13 July 2026, returning +42.76%, +36.52% and +34.66% respectively (Iress). On paper they overlap heavily — the same AI-chip names sit near the top of all three. But the more useful observation is that each reached a similar number by a different route: SEMI through concentrated memory exposure, TECH through the broader AI-compute complex, and LNAS through leverage. And the shared mega-cap names most people would credit for the move — NVIDIA and Broadcom — barely rose over the period. The quarter belonged to memory.

What Each ETF Is Built to Do

The three funds are all technology-tilted, but structurally they are quite different:

• SEMI — global pure-play semiconductors. Tracks the Solactive Global Semiconductor 30 Index: roughly 30 of the world's largest chip designers, manufacturers and equipment makers across the US, Taiwan, Europe, Japan and Korea. Concentrated exposure to the semiconductor industry itself.

• TECH — moat-screened global technology. Tracks the Morningstar Developed Markets Technology Moat Focus Index: developed-market tech companies Morningstar judges to hold a durable competitive advantage at a reasonable valuation. Broader than chips — it spans semiconductors, hardware, software, networking and IT services.

• LNAS — a geared Nasdaq-100 position. Not a conventional ETF. It is a leveraged fund targeting 200%–275% of the Nasdaq-100's daily return (recently around 230%), obtained mainly through long E-mini Nasdaq-100 futures rather than physical shares. It has no stock-picked holdings; its economic exposure is the Nasdaq-100, magnified.

Side-by-Side Comparison

	SEMI	TECH	LNAS
Provider	Global X	Global X	Global X
Index tracked	Solactive Global Semiconductor 30	Morningstar DM Technology Moat Focus	Nasdaq-100 (geared 200–275%)
What it holds	~30 global pure-play chip stocks	Moat-screened global tech	Geared Nasdaq-100 futures (no stock holdings)
Structure	Physical index ETF	Physical index ETF	Geared managed fund (futures)
Management fee & costs (p.a.)	0.45%	0.45%	1.00%
Fund size	A$1.11B	A$342.9M	A$70.9M
Currency	Unhedged	Unhedged	Hedged
Inception (ASX)	Aug 2021	Apr 2017	Jul 2020
Quarterly total return	+42.76%	+36.52%	+34.66%

Quarterly total returns sourced from Iress, to 13 July 2026. Provider data (index, holdings, fees, fund size) as at 10 July 2026. Fees are management fees and costs per annum as published by the provider, and do not, on their own, indicate suitability.

The Shared Spine — and Why It Did Not Drive the Quarter

Comparing SEMI's and TECH's top-20 holdings against the Nasdaq-100 that LNAS gears into, four names sit in all three: NVIDIA, AMD, Broadcom and Marvell. That shared AI-compute spine is what makes the three funds look alike. But holding a stock and being driven by it are different things — and over this quarter, the two largest shared names went almost nowhere:

Company	SEMI	TECH	In LNAS (Nasdaq-100)	Quarterly move*
NVIDIA	7.29%	3.46%	12.30%	+0.8%
Broadcom	7.47%	3.59%	4.58%	−1.4%
AMD	9.30%	3.65%	2.19%	+65.5%
Marvell	2.23%	3.41%	0.50%	+50.6%
Micron (SEMI + LNAS)	11.72%	—	2.66%	+88.9%
SK Hynix (SEMI only)	8.62%	—	—	~+32%

Constituent price change from 29 April to 10 July 2026 (stockanalysis.com) — a window of roughly two-and-a-half months, slightly shorter than the funds' 90-day total-return period, so treat it as directional rather than exact. SK Hynix, a Korean-listed stock, is proxied by the quarterly total return of the iShares MSCI South Korea ETF (IKO) from Iress.

What Actually Led: Memory and the AI 'Number Twos'

The pattern in that table is the whole story. The mega-cap AI leaders — NVIDIA (+0.8%) and Broadcom (−1.4%) — were flat to down. The gains came from two other places:

• Memory. Micron rose roughly +89% over the period, and Korean memory (SK Hynix, proxied by IKO) added about +32%. Micron is SEMI's single largest holding at 11.72%, and SK Hynix is its third at 8.62% — together close to a fifth of the fund in the two biggest memory names.

• The AI 'number twos'. AMD (+65.5%) and Marvell (+50.6%) — the second-tier compute and custom-silicon names — ran hard while the front-line leaders stalled.

So the driver this quarter was not "AI" in the headline sense. It was a memory-led semiconductor re-rating that broadened past the mega-cap leaders — the kind of rotation within a theme that a simple sector label ("semiconductors") would miss. The same memory thread ran through the SEMI vs IKO vs ASIA comparison a fortnight earlier and the ASIA vs ASAO vs EAFZ comparison, where Korean memory sat at the centre of all three funds. Micron's re-rating was also the catalyst behind the VLUE single-ETF spotlight.

Why Three Different Funds Produced a Similar Return

The funds did not converge because their strategies converged — they took three different paths to a similar figure:

• SEMI won on memory concentration. With Micron at the top of the book and SK Hynix third, the fund carried the heaviest weight in exactly the stocks that led.

• TECH won on breadth. Its moat screen diluted the flat mega-cap leaders across a wider book, but heavy positions in AMD and Marvell — plus non-chip quality names — carried it to +36.52%.

• LNAS won on leverage. Its geared mandate is the tell: a ~+34.7% return on roughly 2.3× exposure implies the Nasdaq-100 itself returned only in the order of +15% over the quarter (before the costs and compounding effects of daily-rebalanced gearing). In other words, broad US big-tech was mediocre — the leverage, not stock selection, put LNAS in the top three. Because LNAS is geared and currency-hedged, its risk profile differs markedly from the two physical funds; for background on the hedging choice, see the hedged vs unhedged ETF guide.

When three funds with different structures all post leading returns and their overlap concentrates in one part of the market, that overlap marks where the momentum genuinely sits. This quarter, the concentration — and the movement — was in memory. The weekly ASX ETF rankings and leading themes are tracked on the ASX ETF Momentum Leaders page, and the same 90-day momentum lens applied to individual stocks is on the FMP Momentum Leaders board.

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Finer Market Points tracks momentum across both ASX stocks and ASX-listed ETFs each week. Members receive the underlying educational data early, ahead of the Gary Glover weekly session, through the FMP YouTube Membership.

Remember that past performance is no guarantee of future results, and all trading involves risk.

Frequently Asked Questions

What do SEMI, TECH and LNAS have in common?

All three are technology-tilted ASX ETFs that hold the same AI-compute names near the top — NVIDIA, AMD, Broadcom and Marvell appear in SEMI, in TECH, and inside the Nasdaq-100 that LNAS gears into. They led the ASX ETF board for the quarter to 13 July 2026 with total returns of +42.76%, +36.52% and +34.66% respectively (Iress).

Why did SEMI outperform TECH and LNAS this quarter?

SEMI carries the heaviest weight in memory. Micron, its largest holding at 11.72%, rose roughly 89% over the period and SK Hynix, its third-largest at 8.62%, added about 32%. Because memory led the quarter, the fund most concentrated in memory posted the highest return.

Did NVIDIA drive these ETFs' returns?

No. Over the quarter to mid-July 2026, NVIDIA was essentially flat (about +0.8%) and Broadcom fell slightly (about −1.4%). The gains came from memory (Micron, SK Hynix) and the second-tier AI-compute names (AMD, Marvell), not the mega-cap leaders. Constituent moves are from stockanalysis.com over 29 April to 10 July 2026.

What is LNAS and how is it different from SEMI and TECH?

LNAS is a geared fund targeting 200%–275% of the Nasdaq-100's daily return through futures, rather than a physical share portfolio. Its ~+34.7% quarter implies the Nasdaq-100 itself returned only around 15% — meaning leverage, not stock selection, drove its result. Gearing magnifies both gains and losses and behaves differently over longer holding periods.

How much do SEMI, TECH and LNAS cost?

As published by the provider, SEMI and TECH each charge management fees and costs of 0.45% per annum, and LNAS charges 1.00% per annum, reflecting its geared, actively managed structure. Fees are one factor among several and do not, on their own, indicate suitability.

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Sources

#	Source	Detail	Accessed
1	Iress	ASX ETF price and quarterly total return data; IKO quarterly return (SK Hynix proxy)	13 Jul 2026
2	Global X	SEMI, TECH and LNAS index, holdings, management fee, fund size, structure	10 Jul 2026
3	stockanalysis.com	Constituent closing prices (Micron, NVIDIA, AMD, Broadcom, Marvell), 29 Apr–10 Jul 2026	13 Jul 2026
4	Slickcharts	Nasdaq-100 constituent weightings (LNAS look-through exposure)	13 Jul 2026

Educational Disclaimer: This content is for educational purposes only and does not constitute financial advice. Past performance is no guarantee of future results. Consider your financial situation and seek professional advice before making investment decisions.

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