Active exchange-traded funds in Taiwan experienced modest net outflows as managers reallocated investments within the AI supply chain, moving from testing hardware to power and thermal management sectors, signalling rapid rotation despite ongoing AI market confidence.
Taiwan’s active exchange-traded funds came under mild selling pressure on 21 September, with net outflows of about NT$500 million as managers shifted money within the artificial intelligence supply chain rather than abandoning the theme altogether. The clearest pattern was a rotation away from AI servers, testing equipment and substrates towards power supplies, thermal management, packaging and high-speed CCL materials.
The most striking move came from Fuhwa Future 50, which made a sharp portfolio switch. According to the data, the fund bought Delta Electronics aggressively while cutting Hongjing just as heavily, a pairing that suggests a deliberate move from AI testing hardware towards power and cooling exposure. In market-value terms, the two trades were almost offsetting, reinforcing the view that this was a reshuffle rather than a broad increase in risk.
Unified Taiwan Stock Growth also showed significant selling, with net outflows of around NT$1.1 billion. Its reductions were concentrated in Wei Ying, South Electronics and Qin Cheng, alongside a cut in Wang Xi. That mix points to pressure on AI server-related names, as well as on substrate and peripheral supply-chain holdings.
Unified Upgrade 50 took a different approach inside the semiconductor testing segment. The fund reduced positions in Chroma ATE and Powertech Technology, while adding to King Yuan Electronics. Because all three are linked to testing, the trading looks more like a reweighting within the same industry than a move away from the sector itself. In other words, the active managers were choosing between names and niches, not simply buying or selling technology stocks as a block.
Elsewhere, the activity was more contained. Cathay Tech Innovation added to MediaTek and did not record any offsetting sales, while Cathay Taiwan Strong Bull showed no change. Taken together, the day’s flows underline a defining feature of active ETFs: they can react quickly to shifts in sentiment and chain positioning, even when the broader AI trade remains intact. One name to watch is CCL supplier Taiyo, which after being heavily sold the previous week returned to the buy list on 21 September, a reminder that these rotations can change rapidly.
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