As the U.S. presidential election approaches, no matter who wins, one key theme is expected to persist: the resurgence of U.S. manufacturing. Both Republicans and Democrats have proposed policies that would help boost domestic manufacturing through subsidies or tariffs. Investors are paying attention. Tema ETF operates the actively managed US Return ETF (ticker RSHO), aiming to capitalize on this trend. “The U.S. reshoring fund is built on the assumption that the world is not getting safer. Geopolitics is a problem. Trade wars, real wars. Supply chains are stretched and companies are deciding to move incremental capacity to the U.S. closer to customers,” Yuri Khodjamirian, chief investment officer of Tema ETFs, told CNBC's Pro Talks. According to Khodjamirian, one company at the forefront of this trend is Clean Harbors, a waste management company that specializes in hazardous waste. The stock is up 30% this year. As U.S. industrial production increases, demand for clean port services is also expected to grow. Earlier this year, the company launched a new “one-stop shop” to address PFAS (per- and polyfluoroalkyl substances, commonly known as forever chemicals) issues across North America. “They are one of the few companies that has solutions in this space,” Khodjamirian said, referring to the stock as a “low-profile” stock due to its mid-cap size. Another key player in the reshoring story is chipmaker TSMC, CLH 5Y series CIO said. TSMC, which has also benefited from rising demand for AI, has seen its sales rise by nearly 60% this year. The company has increased its investment in the United States to $65 billion and plans to build three semiconductor manufacturing plants in Arizona, benefiting from the US CHIPS Act. The company said it expects to create 6,000 “direct high-tech, high-paying jobs,” 20,000 construction jobs and tens of thousands of indirect supplier and consumer jobs. The first plant is expected to start production next year, with all three plants expected to be up and running by the end of the decade. “We think this is a big advantage for them,” said Khodjamirian, who is also a portfolio manager for the TEMA Monopoly and Oligopoly ETF. However, the fund manager warned that there could be challenges in hiring skilled labor due to a multi-year decline in U.S. semiconductor manufacturing. While TSMC stock may have more room to run, Khodjamirian advised investors to pay attention to the cyclical nature of the semiconductor industry. He advises investors to carefully consider their position size and timing. “As I said, from a 6- to 12-month perspective, this is a very cyclical stock. I think these stocks (chip stocks) all have upside, but at some point, they're going to be priced It starts in a down cycle much earlier than it materializes in the fundamentals,” he added. TSM 5Y Series Although TSMC holds less than 1% in the U.S. Return ETF, Clean Harbors is in the top 10 with an allocation of 4.71%.