$EFUND A SEMICON ETF(03486.HK) Historical positioning of this current pullback

**This is the 13th pullback since the start of the AI semiconductor rally (with the 9th being a major pullback exceeding 10%.).**

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## Situation of 03486.HK Itself

Since its listing (March 25, 2026) up to the high of 26.38 HKD on June 30, the ETF saw an increase of approximately 83%. Since then, it has dropped to 17.97 HKD, with a **drawdown of -31.9%**, which is larger than SOXX's 同期 drawdown of -23.1%. This indicates that the Asian semiconductor sector experienced greater volatility during this pullback—likely due to its portfolio structure (more biased towards cyclical elastic varieties such as equipment and packaging/testing) and the liquidity characteristics of the Hong Kong stock market.

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**Summary:** Counting from the start of the AI rally, this is the **13th pullback** and the **9th major pullback exceeding 10%** experienced by the global semiconductor sector. In terms of magnitude, the current -23.1% is second only to the -31.6% during the tariff shock in early 2025, making it the **second deepest** adjustment in this cycle of the AI semiconductor market. As an Asian semiconductor ETF, 03486.HK saw its decline further amplified to approximately -32%.