SMH
VanEck Semiconductor ETF
VanEck Vectors Semiconductor is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance results of the VanEck Vectors US Listed Semiconductor 25 Index.
US
EQUITY
Passive
MANAGEMENT STYLE
35 bp
EXPENSES
$20.7 B
ASSETS UNDER MGMT
Fund Basics
Fund sponsor | Van Eck Associates Corp |
Category | US |
Asset class | Equity |
Website | link... |
Inception date | Dec 20, 2011 |
Assets (mns) | $20,662 |
Expense ratio | 35 bp |
Currency | USD |
Sector Breakdown
Fund Structure
Regulation | Open-Ended Fund |
Distributions | Annually |
Taxation | 1099 |
Stock selection | Market Cap |
Weighting | Market Cap |
Holdings Transparency | Full |
Derivatives-based | No |
Options available | Yes |
Currency hedged | No |
Fund of funds | No |
Top 10 Holdings
Complete list +
NVIDIA CORP | 20.0 % |
TAIWAN SEMICONDUCTOR-SP ADR | 13.1 % |
BROADCOM INC. | 8.0 % |
ADVANCED MICRO DEVICES | 5.0 % |
INTEL CORP | 4.9 % |
TEXAS INSTRUMENTS INC | 4.8 % |
ASML HOLDING NV-NY REG SHS | 4.4 % |
APPLIED MATERIALS INC | 4.2 % |
QUALCOMM INC | 4.1 % |
LAM RESEARCH CORP | 4.1 % |
Constituent Breakdown
Number of holdings | 27 |
Herfindahl-Hirschman Index | 847 |
Wgt avg mkt cap (mns) | $310,423 |
Large cap (>$10bn) | 99.7% |
Mid cap ($2-10bn) | 0.3% |
Small cap (<$2bn) | 0.0% |
Developed mkts. | 87.0% |
Emerging mkts. | 13.0% |
Country Exposure
UNITED STATES | 79.3 % | |
TAIWAN | 13.1 % | |
NETHERLANDS | 6.5 % | |
SWITZERLAND | 1.1 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | 40.4% | 62.3% | 10.8% | -1.4% | 18.4% | 18.6% | 19.7% | Volatility | 30.4% | 26.9% | 32.5% | 33.2% | 35.2% | 29.6% | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 1.63 | 49% |
MSCI EAFE | 1.75 | 52% |
MSCI Emg Mkts | 1.38 | 33% |
Liquidity Measures
Avg. volume (000) | 8,241 |
Turnover | 9.4% |
Avg. Bid/Ask (% of price) | 0.01% |
ADV of underlying (mns) | $82,616 |
Technical Indicators
Recent close | $236.56 |
30d moving avg. | $265.43 |
Annualized volatility | 42.2% |
Relative strength (RSI) | 67 |
Short interest (ETF) | 12.3% |
Short interest (underlying) | 2.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
Ticker | Fund Name | Overlap vs. SMH |
Expenses vs. SMH |
ALTAR Score™ vs. SMH |
---|---|---|---|---|
SHOC | Strive U.S. Semiconductor ETF Strive U.S. Semiconductor ETF | 75.9% | +5 bp | 0.0% |
SOXQ | Invesco PHLX Semiconductor ETF | 72.9% | -16 bp | +0.1% |
SOXX | iShares Semiconductor ETF | 70.8% | 0 bp | +0.8% |
FTXL | First Trust Nasdaq Semiconductor ETF | 53.6% | +25 bp | +1.3% |
IQM | Franklin Intelligent Machines ETF | 43.4% | +15 bp | -1.2% |
XLK | Technology Select Sector SPDR Fund | 43.0% | -26 bp | +0.3% |
PSI | Invesco Semiconductors ETF | 42.5% | +22 bp | -0.2% |
WUGI | AXS Esoterica NextG Economy ETF | 41.3% | +40 bp | -1.9% |
XNTK | SPDR NYSE Technology ETF | 40.6% | 0 bp | -0.6% |
QTEC | First Trust NASDAQ-100 Technology Sector Index Fund | 37.9% | +22 bp | -0.6% |
Risk and Returns: SMH vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2023 | 2024E | Fwd Est | 2025E | |
Price-to-sales | --x | --x | --x | --x |
Price-to-earnings | --x | --x | --x | --x |
Price-to-cash flow | --x | --x | --x | --x |
Price-to-growth | --x | --x | --x | --x |
Price-to-book value | --x | --x | --x | --x |
Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
SMH
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
SMH
4.7%
Cat. Avg
5.7%
Fund Category: US
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | 4.7% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
Category Overview
There are 899 funds in the US category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. SMH's ALTAR Score™ is approximately
0.4 standard deviations
below
the category average. This places SMH in the 34th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
SMH
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
Peer Group | Passive US Equity ETFs |
# of ETFs | 192 |
Avg. Expense Ratio | 31.0 bp |
Std. Deviation | 25.7 bp |
SMH (35 bp) Percentile rank | 56 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
SMH | 35.0 | 0.9 | 35.9 |
Peer Avg. | 29.8 | 6.8 | 36.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .