US Listed Semiconductor 25 Index and PHLX SOX Semiconductor Sector Index have an overlap of 77% when comparing constituents. These two comparative indexes have performed similarly over the past ten years, largely due to an abundance of companies in the sectors that allow for a similar investing strategy while diversifying a minority of holdings. Legacy Theme: Oil Services Exhibit Similar Performance 7/14/2006 – 3/31/2021 Source: Morningstar Direct as of 3/31/2021. Legacy Theme: Semiconductors Exhibit Similar Performance 12/22/2009 – 3/31/2021 Source: Morningstar Direct as of 3/31/2021. Newer Thematic Strategies Demonstrate Less Overlap and Correlation Newer themes such as clean energy and robotics have a much more varied approach to strategies with performance widely diverging based on the focus of their holdings. Clean energy indexes have overlap ranging from 10-25%, and the positive outlier in the peer group (MAC Global Solar Energy Index) has differentiated itself with a pure-play approach to solar energy, in particular. Robotics and artificial intelligence funds have followed a similar trend, with an overlap of just 6-25% across funds and varying performance records.