FSELX focuses on companies in the semiconductor sector, key for tech innovation and global supply chains. The fund invests ≥80% in related stocks, including manufacturers and equipment suppliers, critical for electronics and computing. It's sensitive to market trends, R&D advances, and international trade policies. From a macro view, it's exposed to industry cycles, tech demand, and geopolitical risks impacting the semiconductor industry. Effective Dec 2025, it may use derivatives for market exposure.