SEMI invests in US equity securities, such as common and preferred stocks, as well as convertible securities, of technology and technology-related companies. Investment exposure may span sectors like information technology, communications services, consumer discretionary, financials, healthcare, media, consumer electronics, semiconductors, internet commerce, advertising, environmental, aerospace, and defense industries, all of which use technology to drive innovation or enhance business operations. Holdings may include companies of any size. The fund may also gain exposure to foreign companies through depositary receipts. Overall, the fund will hold between 30 and 50 securities, though this number may vary depending on market conditions.