Kanish Chugh

And I think it was the Trump administration, if I'm not mistaken, Kanish, that

basically tried to squeeze China a bit with TSMC.

And now China's trying to build their own foundries to a similar standard.

But again, it's going to be very difficult.

It's going to take many years before we get to that.

yeah it's fascinating because obviously they've got to invest so much back into this and it's such an important part of our entire kind of society these days you know this conversation would not be possible without some of these innovations and to your point earlier on i was reflecting when you said that this industry has been around a long time it's going to be a bit nerdy of me but i remember the old terminator movie i think it involved um someone in a microchip factory and they were trying to stop

trying to stop basically the end of the world in the show.

And it was to try and stop someone who had the kind of the keys to the city in microchip land.

So that was fascinating.

So we've already talked about a couple of companies inside the semi ETF and inside the thematic.

Are you able to just draw on a couple of them that you think are really interesting and people should know about?

Yeah, what's interesting about the ETF, the semi ETF, is that you can have a company like ASML, which is from the Netherlands, and you can combine that with a company like Taiwan Semiconductor, and you can have US companies in there as well.

So you can kind of get that basket approach.

And that's why we love ETFs, right?

in general.

So if you're looking for this thematic, you kind of get them all in the basket, which is really interesting.

Tell us a little bit more about the ETF then and how it, I guess, well, not as much the ETF, but also the index.

What index does it follow?

How are companies screened?

I know that there's a cap on weightings.