Tema ETFs has launched the Tema MLCC & PowerSemi ETF (PSOX), positioning the fund as the first ETF focused specifically on the global multi-layer ceramic capacitor (MLCC) and power semiconductor industries.
The new Tema MLCC & PowerSemi ETF (PSOX) targets companies expected to benefit from the growing demand for power management and conversion technologies as AI infrastructure expands worldwide.
MLCCs play a critical role in regulating and stabilizing power within electronic systems, while power semiconductors are responsible for converting and controlling electricity. Both technologies are becoming increasingly important as AI data centers face rapidly rising power requirements.
According to the company, demand for MLCCs is expected to increase fivefold by 2027. At the same time, the transition toward 800V DC architectures could push the amount of power semiconductor content per AI server rack to more than 11 times current levels.
PSOX is designed to provide exposure to global companies positioned to benefit from these trends through a single investment vehicle. The portfolio includes key suppliers across South Korea, Taiwan and Japan, giving U.S. investors access to companies that can otherwise be difficult to reach directly.
Targeting the Power Infrastructure Behind AI
The launch reflects a broader shift in the AI infrastructure market. While much of the attention around AI has focused on GPUs, processors and networking, the increasing power density of AI data centers is creating demand for the components that manage, regulate and convert that electricity.
MLCCs and power semiconductors sit at the heart of this infrastructure, making their manufacturers an increasingly important part of the AI hardware supply chain.
Tema says PSOX is built around this opportunity, bringing together companies that could benefit from the expansion of AI data centers and the evolution of their power architectures.
Tema Expands Semiconductor Investment Strategy
PSOX also extends Tema’s exclusive partnership with SemiAnalysis, combining Tema’s active investment expertise with SemiAnalysis’ research capabilities in semiconductors and AI infrastructure.
Tema’s exclusive partnership with SemiAnalysis
The partnership provides the foundation for an investment approach focused on identifying companies and technologies that could play a critical role as AI infrastructure scales.
With power consumption emerging as one of the key challenges facing next-generation AI data centers, the launch of PSOX highlights growing investor interest in the less visible components powering the AI boom.
Leadership Comment
“Power is becoming a defining constraint on AI infrastructure, creating opportunities across a highly specialized global supply chain,” said Yuri Khodjamirian, CFA, Chief Investment Officer of Tema ETFs. “PSOX offers investors the first MLCC and power semiconductor ETF designed to access global leaders in the space that can otherwise be difficult to own.”
Fund Facts: Tema MLCC & PowerSemi ETF
| Ticker | PSOX |
| Exchange | Cboe BZX |
| CUSIP | 87975E735 |
| Expense Ratio | 0.75% |
| Listing Date | Aug 17, 2026 |
Top 10 Holdings
| INFINEON TECHNOLOGIES AG | 11.24% |
| YAGEO CORP | 10.48% |
| DELTA ELECTRONICS INC | 10.41% |
| MURATA MANUFACTURING CO LTD | 10.30% |
| TAIYO YUDEN CO LTD | 9.38% |
| BLOOM ENERGY CORP | 5.15% |
| MONOLITHIC POWER SYSTEMS INC | 5.10% |
| SAMSUNG ELECTRO-MECHANICS CO LTD | 5.08% |
| NAVITAS SEMICONDUCTOR CORP | 5.00% |
| HOLY STONE ENTERPRISE CO LTD | 4.21% |
Sources
1 SemiAnalysis, 2026
2 Mirae Asset Securities, June 2026.
