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
35.4 B
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | Van Eck Associates Corp |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 20, 2011 |
| Assets (mns) | $35,432 |
| 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 | 18.8 % |
| TAIWAN SEMICONDUCTOR-SP ADR | 9.5 % |
| BROADCOM INC. | 8.2 % |
| ADVANCED MICRO DEVICES | 6.6 % |
| MICRON TECHNOLOGY INC | 5.9 % |
| INTEL CORP | 5.6 % |
| ASML HOLDING NV-NY REG SHS | 5.5 % |
| LAM RESEARCH CORP | 5.4 % |
| APPLIED MATERIALS INC | 5.3 % |
| KLA CORPORATION | 4.8 % |
Constituent Breakdown
| Number of holdings | 27 |
| Herfindahl-Hirschman Index | 798 |
| Wgt avg mkt cap (mns) | $1,312,166 |
| Large cap (>$10bn) | 99.6% |
| Mid cap ($2-10bn) | 0.4% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 90.3% |
| Emerging mkts. | 9.7% |
Country Exposure
 |
UNITED STATES | 83.1 % |
 |
TAIWAN | 9.5 % |
 |
NETHERLANDS | 6.8 % |
 |
SWITZERLAND | 0.6 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 49.9% | 50.2% | 61.6% | 56.6% | 32.9% | 29.6% | -- | 25.8% |
| Dividend Yield | 0.0% | 0.7% | 0.8% | 1.1% | 0.9% | 1.5% | -- | 1.7% |
| Total Returns | 49.9% | 50.9% | 62.5% | 57.7% | 33.8% | 31.1% | -- | 27.6% | Ann. Volatility | 39.2% | 37.4% | 35.9% | 34.5% | 34.9% | 31.9% | -- | 29.0% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.77 | 61% |
| MSCI EAFE | 0.85 | 18% |
| MSCI Emg Mkts | 0.74 | 16% |
Liquidity Measures
| Avg. volume (000) | 7,661 |
| ADV traded (mns) | $2,702 |
| Turnover | 7.6% |
| Avg. Bid/Ask (% of price) | 0.00% |
Technical Indicators
| Recent close | $352.76 |
| 30d moving avg. | $340.31 |
| Annualized volatility | 29.4% |
| Relative strength (RSI) | 66 |
| Short interest | 9.8% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| SHOC | Strive U.S. Semiconductor ETF Strive U.S. Semiconductor ETF | 81.5% | +5 bp | +3.1% |
| SOXQ | Invesco PHLX Semiconductor ETF | 76.6% | -16 bp | +3.7% |
| SOXX | iShares Semiconductor ETF | 72.6% | 0 bp | +3.9% |
| CHPX | Global X AI Semiconductor & Quantum ETF | 62.2% | +15 bp | +3.0% |
| FTXL | First Trust Nasdaq Semiconductor ETF | 59.4% | +25 bp | +4.6% |
| IQM | Franklin Intelligent Machines ETF | 43.6% | +15 bp | +1.9% |
| XLK | Technology Select Sector SPDR Fund | 39.4% | -27 bp | +4.2% |
| QTEC | First Trust NASDAQ-100 Technology Sector Index Fund | 39.1% | +22 bp | +3.9% |
| FTEC | Fidelity MSCI Information Technology Index ETF | 39.1% | -27 bp | +3.8% |
| PSI | Invesco Semiconductors ETF | 38.8% | +22 bp | +3.4% |
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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 11/5/2025
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
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 Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
SMH
3.5%
Cat. Avg
5.7%
ALTAR Score™ Calculation
Category Overview
There are 995 funds in the US Equity category, with an average ALTAR Score™
of 5.7% and a standard deviation of
2.4%. SMH's ALTAR Score™ is approximately
0.9 standard deviations
below
the category average. This places SMH in the 18th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
SMHSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Passive US Equity ETFs |
| # of ETFs | 217 |
| Avg. Expense Ratio | 31.1 bp |
| Std. Deviation | 25.2 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 | 0.4 | 35.4 |
| Peer Avg. | 31.1 | 10.5 | 41.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .