Overview
Concentrated semiconductor industry ETF. 25 holdings with heavy NVIDIA and TSMC weighting. The go-to vehicle for AI chip cycle exposure. Tracks the MVIS US Listed Semiconductor 25 Index.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| NVDA | NVIDIA Corp. | 20.4% |
| TSM | Taiwan Semiconductor | 13.8% |
| AVGO | Broadcom Inc. | 7.8% |
| ASML | ASML Holding | 4.8% |
| AMD | Advanced Micro Dev. | 4.4% |
| AMAT | Applied Materials | 4.2% |
| TXN | Texas Instruments | 4.0% |
| LRCX | Lam Research | 3.8% |
| MU | Micron Technology | 3.6% |
| KLAC | KLA Corporation | 3.4% |
Fund Details
Investment Thesis
SMH is the definitive semiconductor sector ETF, concentrating on the 25 largest US-listed semiconductor companies with a methodology that includes global chip leaders like TSMC and ASML. The 25-stock concentrated portfolio gives NVIDIA and TSMC outsized influence, making SMH effectively the highest-conviction AI hardware and semiconductor cycle expression available in ETF format. Semiconductor stocks historically deliver 2-3x the broader market return during technology up-cycles while experiencing equally amplified drawdowns.
Who It's For
Investors making a high-conviction bet on the AI hardware buildout cycle and semiconductor industry growth. SMH suits those who want concentrated semiconductor exposure beyond what they get in broad technology ETFs. The NVIDIA and TSMC concentration makes returns highly dependent on AI infrastructure spending and advanced chip manufacturing demand. Best held as a sector satellite rather than a core position given extreme concentration.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $60.82 | -- |
| 2017 | $84.18 | +38.4% |
| 2018 | $80.42 | -4.5% |
| 2019 | $118.42 | +47.3% |
| 2020 | $162.82 | +37.5% |
| 2021 | $202.42 | +24.3% |
| 2022 | $168.82 | -16.6% |
| 2023 | $158.42 | -6.2% |
| 2024 | $225.42 | +42.3% |
| 2025 | $267.75 | +18.8% |
| Year | Yield |
|---|---|
| 2016 | 0.72% |
| 2017 | 0.62% |
| 2018 | 0.72% |
| 2019 | 0.62% |
| 2020 | 0.52% |
| 2021 | 0.48% |
| 2022 | 0.62% |
| 2023 | 0.58% |
| 2024 | 0.62% |
| 2025 | 0.68% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $4B | -- |
| 2017 | $6B | +50.0% |
| 2018 | $5B | -16.7% |
| 2019 | $8B | +60.0% |
| 2020 | $12B | +50.0% |
| 2021 | $16B | +33.3% |
| 2022 | $10B | -37.5% |
| 2023 | $14B | +40.0% |
| 2024 | $22B | +57.1% |
| 2025 | $22B | 0.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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