How to choose technology QDII funds? A comparison of four products: Invesco Great Wall, Harvest, Guofu, and Huatai-PineBridge. Understand the overseas technology investment pathways in one article.

AI Q&A · Why Does the Spread of AI Computing Power Demand Lead to Fund Holding Adjustments?

Produced by | Company Research Office

By | Zhang Yang

In the past month, U.S., Japanese, and Korean stocks have repeatedly hit record highs, and the net asset values of some QDII funds have risen accordingly.

But among QDII funds that also invest in overseas technology, their underlying investment targets may be completely different.

As of the end of Q1 2026, based on the top holdings of four funds—Invesco Great Wall Global Semiconductor Chips ETF, Harvest Global Industries Upgrade, GF Asia Opportunities, and Huatai-PineBridge China-Korea Semiconductor ETF—these four funds just happen to represent four different overseas technology investment paths.

Some are acting as “carriers” for global semiconductor ETFs; some dive into a mix of A-shares and U.S. stocks; some are betting on the supply chains of Japan, Korea, and Taiwan; and others are placing their bets on Samsung, SK Hynix, and China’s mainland equipment chain.

Even though they are all going overseas, their paths barely overlap.

Invesco Great Wall Semiconductor ETF: A FOF of U.S., China, and Japan Semiconductor ETFs

If you absolutely have to label the Invesco Great Wall Semiconductor ETF, the most accurate way to describe it is—an ETF FOF for semiconductors.

As of March 31, 2026, its top eight holdings together accounted for 94.33% of the fund’s net asset value. That means the vast majority of this fund’s assets are invested in semiconductor-related ETFs.

Among them, four U.S. semiconductor ETFs—Invesco Semiconductor ETF, Invesco PHLX Semiconductor ETF, iShares Philadelphia Stock Exchange Semiconductor ETF, and VanEck Semiconductor ETF—together accounted for about 72.97% of the fund’s net asset value, with each holding around 19%, nearly “equal-weight allocation.”

In addition, the chip ETFs under Invesco, Huaxia, and Cathay (Guotai) together accounted for about 19.80%, with each around 7%. The fund also holds one position—a Global X Japan Semiconductor ETF (2243.T)—with an allocation of less than 2%.

From its holdings, the Invesco Great Wall Global Semiconductor Chips ETF is not an active fund that directly picks stocks to bet on Nvidia, Broadcom, TSMC, or AMD. Instead, it is a global semiconductor allocation tool built through multiple semiconductor ETFs. It does not buy a single company; it buys the entire semiconductor sector.

For this fund, investors do not need to judge whether the fund manager likes Nvidia more than Broadcom, or whether TSMC or ASML is more resilient. If you believe in the global semiconductor cycle, and believe AI computing power demand will continue to drive chips, equipment, storage, advanced processes, and semiconductor capital expenditures, then you can purchase a basket of U.S./China/Japan semiconductor ETFs in one go through this fund.

Although this fund appears to achieve investment diversification through ETFs, the largest holdings of the U.S. semiconductor ETFs are very likely to be dominated by semiconductor leaders such as Nvidia, Broadcom, AMD, TSMC, ASML, Applied Materials, and Micron, among others.

When the global semiconductor industry is in an upcycle, this fund’s high purity in semiconductors will amplify returns. But if U.S. semiconductor stocks enter a valuation pullback, expectations for AI capital expenditures cool down, or the semiconductor cycle peaks temporarily, then its net asset value will inevitably retreat as well.

Harvest Global Industries Upgrade: An A-shares + U.S. stocks “mixed active portfolio”

Compared with the “passive” Invesco Great Wall, Harvest Global Industries Upgrade follows a “active management + global stock selection” approach.

As of the end of Q1 2026, the top ten holdings of Harvest Global Industries Upgrade accounted for 40.15% of the fund’s net asset value in total, including Broadcom, Micron Technology, Marvell Technology, Yuanjie Technology, Nvidia, ASML, Cambrrian, KLA, TSMC, and AMD. This portfolio effectively strings together key links across the AI computing power chain.

Broadcom and Marvell correspond to ASICs, networking chips, and interconnect solutions in AI data centers; Nvidia and AMD correspond to GPU chips; Micron Technology corresponds to the HBM and storage cycle; ASML, KLA, and TSMC correspond to advanced processes and semiconductor equipment; Cambrrian and Yuanjie Technology represent domestically produced AI chips and the optical communication/optical chip direction.

This is not simply buying technology stocks—it is buying the industry chain expansion of AI computing power, from chips to equipment, from overseas leading players to domestic substitution, and from GPUs to networking and storage.

In addition, during the first quarter, Harvest Global Industries Upgrade clearly reduced its holdings in Nvidia and TSMC. Nvidia decreased by 31.58% relative to the prior period, and TSMC decreased by 18.92%. At the same time, Broadcom increased by 36.84%, Marvell Technology increased by 23.36%, AMD increased by 16.67%, Cambrrian increased by 71.69%, and Yuanjie Technology increased by 10.74%.

The fund manager did not continue to concentrate AI trading on global consensus assets such as Nvidia and TSMC. Instead, they expanded into other segments of the AI computing power chain.

Harvest Global Industries Upgrade is more suitable for investors who are willing to pay for active management and want one fund to invest in both China and U.S. tech leaders.

GF Asia Opportunities: Shifting the perspective to the Asian tech supply chain

If the primary battleground of the first two funds is still across the ocean, GF Asia Opportunities moves the overall perspective to Asia.

As of March 31, 2026, the top ten holdings of GF Asia Opportunities accounted for 41.92% of the fund’s net asset value in total. The core holdings include TSMC, Samsung Electronics, Alibaba-W, SK Hynix, Joyy, MediaTek, Delta Electronics, ZhiBang Technology, Yifei Electronics, and LG New Energy.

Looking at the top holdings, GF Asia Opportunities is not a purely semiconductor fund. It buys not only hardware assets such as TSMC, Samsung, and SK Hynix, but also internet platform assets such as Alibaba and Joyy. The former represents the AI hardware supply chain; the latter represents the valuation repair of China’s internet sector, AI applications, cloud computing, and the recovery of the platform economy.

In the first quarter, TSMC accounted for about 10.37% of the fund’s net asset value, making it the largest holding. Samsung Electronics and SK Hynix were also significantly increased, indicating that the fund manager clearly favored the Korea storage cycle.

Besides Korean and Taiwanese semiconductors, GF Asia Opportunities also bought into AI server hardware supply chain companies such as Delta Electronics, ZhiBang Technology, and Yifei Electronics.

What’s even more interesting is that it also allocated to China’s internet and platform assets. Alibaba-W accounted for 5.03% of the fund’s net asset value, up 370.76% from the prior period; Joyy accounted for 3.00% of the fund’s net asset value, up 479.54% from the prior period.

Overall, GF Asia Opportunities is suitable for investors who believe that Asia will continue to benefit from three main themes—AI hardware, local internet platform businesses, and power batteries—but who do not want to put their entire position on U.S. stocks.

Huatai-PineBridge China-Korea Semiconductor ETF: Korea’s two storage giants + China’s equipment chain

Among the four funds, the Huatai-PineBridge China-Korea Semiconductor ETF has the most distinct regional and industry orientation.

As of the end of Q1 2026, its top ten holdings together accounted for 68.06% of the fund’s net asset value, with a concentration significantly higher than Harvest Global Industries Upgrade and GF Asia Opportunities.

The top two holdings are Samsung Electronics and SK Hynix, which together reach 34.37%. The first-layer source of returns for this ETF is very clear—that is the Korea storage cycle.

At the same time, it also holds key Chinese semiconductor companies such as Cambrrian, Hindsight Information, SMIC, GigaDevice, Zhaoyi Innovation, RANKE Technology, and Inve Micro-Company, among others.

The structure of the Huatai-PineBridge China-Korea Semiconductor ETF can be summarized as: Korea buys storage and the HBM upcycle; China buys domestic substitution and AI computing power resilience.

Compared with GF Asia Opportunities, the Huatai-PineBridge China-Korea Semiconductor ETF is narrower, with almost all core assets centered on semiconductors from China and Korea. This narrowness is both an advantage and a risk.

The advantage is very high thematic purity. As long as Korea’s storage and China’s semiconductor sectors enter a synchronized uptrend, its upside sensitivity will be obvious.

The risk is that the top two holdings are too heavily weighted. If the storage cycle represented by Samsung Electronics and SK Hynix falls, or if expectations for the HBM upcycle are disproven, the fund’s net asset value will be directly impacted. Meanwhile, the China semiconductor portion itself has large volatility. If assets such as Cambrrian, SMIC, and Hindsight Information decline, they will further amplify overall portfolio volatility.

The Huatai-PineBridge China-Korea Semiconductor ETF is suitable for investors who clearly favor the Korea storage cycle and domestic semiconductor substitution in China, while requiring that investors can tolerate the risks of a narrow sector focus, high sensitivity, and high volatility.

Summary

When investors choose overseas technology QDII funds, the most important thing to pay attention to is not which fund is rising faster, but to ask yourself what you actually want to buy: global semiconductor industry beta, the expansion of the AI computing power chain, the Asian tech supply chain, or the China-Korea semiconductor cycle?

Once you think this through, the positioning of the four funds above becomes clear.

Invesco Great Wall Semiconductor ETF: A packaged global semiconductor ETF, passive + diversified, easy and worry-free;

Harvest Global Industries Upgrade: A mix of A-shares + U.S. tech, active management, and emphasis on the manager’s stock selection;

GF Asia Opportunities: An “all-in-one” basket across Asia’s multiple industries, betting on local new-economy trends and hardware upgrades;

Huatai-PineBridge China-Korea Semiconductor ETF: Pure China-Korea semiconductors—most aggressive on offense, but also with the largest swings.

There are no absolute winners or losers among these four DQII funds—only different degrees of fit. For investors, the most reasonable choice is not “which one is the strongest,” but “which one aligns better with your risk preferences and your view of the industry.”