Chip Stocks in Turmoil! This Semiconductor ETF Stands Out with Gains as Upstream Equipment Makers Become a Safe Haven

Driven by simultaneous capacity expansions at global foundries and tech giants, demand for semiconductor equipment continues to heat up. Although foreign brokerages generally remain bullish on the semiconductor sector, chip stocks have seen increased volatility since July, dragging down the performance of semiconductor-related ETFs listed in Taiwan.

According to CMoney data through July 16, among nine semiconductor ETFs, only the CTBC Upstream Semiconductor (00941-TW) posted a gain of 1.5% over the past week, while all others declined.

Looking at semiconductor ETFs focused on overseas markets, those tracking Japan have performed relatively well, with losses under 1%. The Cathay Philadelphia Semiconductor (00830-TW) fell 1.1%. Among Taiwan-focused semiconductor ETFs, CTBC Key Semiconductor (00891-TW) saw the smallest drop, down only 1.3%.

ASML, the global leader in lithography equipment, reported second-quarter profits exceeding market expectations and raised its full-year outlook—its second upward revision this year. ASML now forecasts full-year 2026 revenue between €43 billion and €45 billion, significantly above the previously expected €39.4 billion. The gross margin forecast, closely watched by the market, was also raised from 51%–54% to 54%–56%. This reflects not only sustained market demand but also significant improvements in product mix optimization and pricing power.

CTBC Upstream Semiconductor ETF portfolio manager Yeh Sung-Hsuan noted that in the semiconductor industry, strong demand with delayed revenue recognition is normal. With order visibility extending further into the future, the industry is expected to maintain growth momentum over the next two years. The key challenge now is not the existence of orders, but whether capacity can meet strong demand, so future focus will remain on companies' delivery and execution capabilities.

Moreover, ASML's management remains optimistic about order visibility through 2027–2028. Institutional investors point out that customer demand for equipment now spans the entire production chain—from front-end processes to back-end packaging—not just EUV tools. This broad-based demand continues to extend the outlook for the entire semiconductor equipment supply chain, reaffirming that the industry remains in an expansion phase.

Performance Overview of Taiwan-Listed Semiconductor-Themed ETFs

- Stock Code: 00941, Name: CTBC Upstream Semiconductor, Closing Price (7/16): 27.73, 1-Week Change: +1.50%, 1-Month Change: -2.90%, YTD: +59.60% - Stock Code: 00954, Name: CTBC Japan Semiconductor, Closing Price (7/16): 20.88, 1-Week Change: -0.70%, 1-Month Change: -0.70%, YTD: +71.90% - Stock Code: 00951, Name: Taishin Japan Semiconductor, Closing Price (7/16): 19.54, 1-Week Change: -0.80%, 1-Month Change: -0.80%, YTD: +72.20% - Stock Code: 00830, Name: Cathay Philadelphia Semiconductor, Closing Price (7/16): 89.05, 1-Week Change: -1.10%, 1-Month Change: -9.50%, YTD: +53.90% - Stock Code: 00891, Name: CTBC Key Semiconductor, Closing Price (7/16): 36.01, 1-Week Change: -1.30%, 1-Month Change: -1.70%, YTD: +80.40% - Stock Code: 00904, Name: Taishin Taiwan Semiconductor 30, Closing Price (7/16): 41, 1-Week Change: -2.70%, 1-Month Change: -3.30%, YTD: +76.30% - Stock Code: 00927, Name: Capital Securities Semiconductor Income, Closing Price (7/16): 38.7, 1-Week Change: -7.00%, 1-Month Change: -3.00%, YTD: +77.20% - Stock Code: 00911, Name:兆豐洲際半導体, Closing Price (7/16): 57.1, 1-Week Change: -7.10%, 1-Month Change: -14.50%, YTD: +72.40% - Stock Code: 00892, Name: Fubon Taiwan Semiconductor, Closing Price (7/16): 40.42, 1-Week Change: -8.80%, 1-Month Change: -10.20%, YTD: +84.70%

Source: CMoney, data as of 2026/7/16.