Three-ETF Portfolio — April 2026

Serenity's Supply Chain Chokepoint Framework · Not financial advice · Verify prices before acting.

ETF 1 — CHOKEPOINT

Confirmed revenue · Institutional-quality · Defensible thesis

10 names60–70% allocation12–36 months

ETF 2 — ASYMMETRY

Pre-revenue or binary catalyst · Higher upside · Smaller positions

10 names20–25% allocation18–48 months

ETF 3 — RE-RATING

Defined catalyst · Multiple expansion event · Tactical positions

8 names10–15% allocation1–12 months

names shown

ETF 1 — Chokepoint

ETF 2 — Asymmetry

ETF 3 — Re-Rating

7.5

avg score

Score:9–10 highest conviction7–8 strong thesis5–6 speculative3–4 avoidST = 0–12m · MT = 1–3y · LT = 3y+

#↓	Ticker↕	Price	Mkt Cap↕	Score / 10↕	Horizon	Risk	ETF(s)
1	$TSEM Tower Semiconductor AI Photonics	~$187	~$21B	9.5 Highest conviction	MT	Medium	ETF 1	▼
2	$MTSI MACOM Technology AI Photonics + Defence	~$229	~$17B	9 Highest conviction	MT	Medium-Low	ETF 1	▼
3	$AAOI Applied Optoelectronics AI Photonics	~$104	~$8B	8.5 Strong thesis	ST–MT	Medium-High	ETF 1	▼
4	$LASR nLIGHT Defence Directed Energy	~$59	~$3.3B	8.5 Strong thesis	ST–MT	Medium	ETF 1	▼
5	$GFS GlobalFoundries AI Photonics	~$38	~$20B	8 Strong thesis	MT	Medium	ETF 1	▼
6	$AEHRTODAY Aehr Test Systems AI Test Equipment	~$38	~$1.1B	8.5 Strong thesis	ST	Medium	ETF 1ETF 3	▼
7	$RCAT Red Cat Holdings Defence Autonomous	~$12	~$1.1–1.5B	8 Strong thesis	MT	High	ETF 1ETF 3	▼
8	$RDW Redwire Corporation Space Infrastructure	~$9.73	~$700M	7.5 Strong thesis	MT	Medium-High	ETF 1ETF 3	▼
9	$FTC.L Filtronic Space + Defence	198p	£430M (~$540M)	8.5 Strong thesis	ST–MT	Medium	ETF 1ETF 3	▼
10	$PLAB Photronics Semiconductor Infrastructure	~$34	~$2B	7.5 Strong thesis	MT	Low	ETF 1	▼
11	$OXIG Oxford Instruments Quantum + Photonics	£25.25	£1.39B (~$1.75B)	8 Strong thesis	LT / MT	Low-Medium	ETF 2	▼
12	$AXTI AXT Inc AI Photonics	~$25–28	~$1.5–3.6B	7 Strong thesis	ST–MT	High	ETF 2	▼
13	$LWLG Lightwave Logic AI Photonics	~$7.66	~$1B	7.5 Strong thesis	MT	High	ETF 2ETF 3	▼
14	$SIVE Sivers Semiconductors AI Photonics + Space	~10 SEK	~$295M USD	7.5 Strong thesis	MT	High	ETF 2ETF 3	▼
15	$ENVX Enovix Defence + Batteries	~$4.95	~$1.1B	6.5 Speculative	MT–LT	High	ETF 2	▼
16	$ASPI ASP Isotopes Nuclear (HALEU)	~$4–5	~$350–680M	7.5 Strong thesis	MT	Very High	ETF 2ETF 3	▼
17	$ASTS AST SpaceMobile Space	~$15–20	~$8–12B	7 Strong thesis	MT–LT	High	ETF 2	▼
18	$TMC The Metals Company Critical Minerals	~$4.50	~$3–5B	5 Speculative	LT	Very High	ETF 2	▼
19	$POET POET Technologies AI Photonics	~$5.19	~$790M	6 Speculative	MT–LT	Very High	ETF 2	▼
20	$HGRAF HydroGraph Clean Power Advanced Materials	~$4.86	~$1.65B	4.5 Avoid	LT	Very High	ETF 2	▼
21	$VPG Vishay Precision Group Physical AI / Humanoid Robotics	~$44	~$400–500M	7.5 Strong thesis	MT	Medium	ETF 3	▼

Click any row to expand thesis, chokepoint role, and catalyst details. Click column headers to sort.

Critical Flags — April 4, 2026

$TSEMGFS Patent Lawsuit

GlobalFoundries filed 11 patent infringement claims against Tower (March 26, 2026). Unlikely to affect capacity commitments near-term, but adds litigation risk to the ETF 1 anchor position.

$AXTIMC Volatility Warning

AXT peaked at $3.6B MC in March 2026, up from $97M in January 2025. InP thesis remains valid but significant portion may already be priced. Treat as ETF 2 only with smaller sizing.

$AAOITariff Risk

Expanding production in Taiwan and Texas. Recent tariff escalation (April 2026 environment) may create supply chain headwinds. Monitor closely ahead of April 30 earnings.

All prices approximate as of April 3–4, 2026. Not financial advice. Verify current prices before acting on any position. Past performance of any thesis does not guarantee future results.