I recommend the Powershares Dynamic Semiconductors Portfolio ETF (PSI) for mid-term investment with a target price of $32. The Fund seeks to track the performance the Dynamic Semiconductors Intellidex Index, which evaluates companies based on a variety of investment criteria, including fundamental growth, stock valuation, investment timeliness and risk. The Fund’s top-10 holdings include Linear Technology (5.66%), NVIDIA (5.52%), Texas Instruments (5.09%), Lam Research (4.93%), Intel (4.89%), Xilinx (4.84%), Applied Materials (4.83%), Broadcom (4.83%), Advanced Micro Devices (3.37%) and Cirrus Logic (3.32%).The semiconductor space had a tough time in 2015 thanks to the struggling PC market. In 2016, however, the situation is improving. This sector drew investors’ attention lately as the major companies reported better-than-expected Q2 results.Semiconductor is the value-centric traditional tech area. As 1H16 was tangled in a web of global growth issues and risk-off trade sentiments, equity segments that offer more value had an advantage. Also, value-oriented trading should be in focus for the rest of the year thanks to the uncertainty over the Fed policy stance, US presidential election in November and the Brexit fallout. All these should keep value segments like semiconductors alive.As of now, earnings and valuation will decide on how the semiconductor space will behave ahead. The overall dynamics of the space is yet to recover as this tech sub-sector might see gains ahead on demand for its products in emerging technology applications like tablets and smartphones despite still-subdued PC shipments. The World Semiconductor Trade Statistics (WSTS) predicts that the global semiconductor market will decline 2.4% in 2016, before entering into the growth territory in 2017 and 2018. Optoelectronics, Sensors, and Analog ICs are still good areas in the broader semiconductor space, as per WSTS. So, it may be a good area for long-term investors as the worst seems to be over and the segment will likely turn around soon. Over the short term, solid earnings should keep it afloat.Powershares Dynamic Semiconductors Portfolio ETF showed strong performance YTD but, I believe, still has a potential for the further growth.