Tema Launches First MLCC & Power Semiconductor ETF, Targeting AI Infrastructure Bottlenecks
Event summary
- Tema ETFs launched the first MLCC & Power Semiconductor ETF (PSOX) on August 17, 2026, targeting critical components for AI infrastructure.
- The ETF focuses on global leaders in MLCCs and power semiconductors, including suppliers in Korea, Taiwan, and Japan.
- MLCC demand is forecast to grow 5x by 2027, while power semiconductor content per rack could increase 11x due to 800V DC architectures.
- PSOX has an expense ratio of 0.75% and is listed on the Cboe BZX exchange.
The big picture
Tema ETFs' launch of PSOX capitalizes on the growing bottleneck of power components in AI infrastructure. As AI server power requirements rise, the ETF provides exposure to key suppliers that are otherwise difficult for U.S. investors to access directly. This move underscores the strategic importance of MLCCs and power semiconductors in the AI supply chain, positioning PSOX as a unique investment vehicle in this niche market.
What we're watching
- Demand Growth
- Whether MLCC demand will meet the projected 5x growth by 2027 and how this will impact the ETF's performance.
- Supply Chain Dynamics
- The pace at which power semiconductor content per rack increases due to 800V DC architectures and its effect on the ETF's holdings.
- Market Access
- How PSOX's focus on global suppliers in Korea, Taiwan, and Japan will affect its accessibility and performance for U.S. investors.
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