ARKA-OSA
Arka OSAT Bottleneck
US-listed equity factor capturing the companies that assemble, package, and test chips after they are manufactured — the semiconductor industry's "backend," long treated as cheap commodity work. AI processors have changed that: they cannot ship without advanced packaging and rigorous testing, making backend capacity a strategic bottleneck. The factor holds the assembly & test houses, test specialists, and packaging-equipment makers best positioned to capture that re-rating.
View full analyticsInception (live)
2025-01-01
Universe
US-listed equities (semiconductor backend & test)
Holdings
25
Rebalance
Quarterly
Performance as of
2026-10-15
Holdings as of
2026-06-30
Performance
Cumulative return since inception · daily| Period | Factor | S&P 500 | Excess |
|---|---|---|---|
| 1M | -5.92% | +1.43% | -7.35% |
| 3M | -24.86% | +2.65% | -27.51% |
| YTD | +61.82% | +13.18% | +48.64% |
| 1Y | +106.63% | +16.54% | +90.08% |
| ITD | +181.46% | +32.01% | +149.45% |
Exposure
Latest rebalance · 2026-06-30Holdings
Browse weights by rebalance| Ticker | Sector | Sub-industry | Weight | Δ vs prev |
|---|---|---|---|---|
| AMKR | Information Technology | Semiconductors | 5.65% | -0.40 pp |
| ACMR | Information Technology | Semiconductor Materials & Equipment | 5.08% | -1.71 pp |
| KEYS | Information Technology | Electronic Equipment & Instruments | 4.67% | -0.15 pp |
| COHU | Information Technology | Semiconductor Materials & Equipment | 4.66% | +1.00 pp |
| TER | Information Technology | Semiconductor Materials & Equipment | 4.63% | -0.21 pp |
| TSM | Information Technology | Semiconductors | 4.53% | -0.67 pp |
| KLIC | Information Technology | Semiconductor Materials & Equipment | 4.30% | +0.06 pp |
| COHR | Information Technology | Electronic Components | 4.24% | -1.25 pp |
| LRCX | Information Technology | Semiconductor Materials & Equipment | 4.20% | -0.47 pp |
| SHMD | Information Technology | Semiconductor Materials & Equipment | 4.19% | -1.03 pp |
| ONTO | Information Technology | Semiconductor Materials & Equipment | 4.09% | -0.91 pp |
| AXTI | Information Technology | Semiconductor Materials & Equipment | 3.95% | -0.40 pp |
| GLW | Information Technology | Electronic Components | 3.90% | -0.54 pp |
| POET | Information Technology | Semiconductors | 3.84% | NEW |
| UMC | Information Technology | Semiconductors | 3.79% | NEW |
| FORM | Information Technology | Semiconductor Materials & Equipment | 3.77% | -0.21 pp |
| CAMT | Information Technology | Semiconductor Materials & Equipment | 3.62% | -1.12 pp |
| KLAC | Information Technology | Semiconductor Materials & Equipment | 3.60% | NEW |
| AEHR | Information Technology | Semiconductor Materials & Equipment | 3.44% | -1.94 pp |
| ASX | Information Technology | Semiconductors | 3.43% | NEW |
| FN | Information Technology | Electronic Manufacturing Services | 3.42% | -0.64 pp |
| NOK | Information Technology | Communications Equipment | 3.41% | -1.34 pp |
| LITE | Information Technology | Electronic Components | 3.34% | -1.14 pp |
| AMAT | Information Technology | Semiconductor Materials & Equipment | 3.16% | -0.76 pp |
| CLS | Information Technology | Electronic Manufacturing Services | 3.07% | -0.84 pp |
Risk Stats
Since inception · daily basisBeta vs S&P 500
2.10
Annualized volatility
54.7%
Sharpe ratio
1.34
Information ratio
1.23
Max drawdown
-35.4%
Tracking error vs SPY
45.6%