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SMH is a concentrated semiconductor-sector ETF, not a broad-market fund. VanEck reported 26 holdings on October 6, 2026; Nvidia alone made up 19.52% of net assets, while the top ten holdings represented 67.31% at September 30. Because the supplied official figures are from 2026, they do not establish what SMH held in 2025.
What SMH holds
VanEck reported the following largest positions on its daily holdings page as of October 6, 2026. These weights are a dated snapshot and can change with market prices and portfolio adjustments.
| Holding | Ticker | Weight on October 6, 2026 |
|---|---|---|
| Nvidia | NVDA | 19.52% |
| Taiwan Semiconductor Manufacturing | TSM | 9.40% |
| Advanced Micro Devices | AMD | 5.68% |
| Broadcom | AVGO | 5.35% |
| Marvell Technology | MRVL | 4.67% |
| Texas Instruments | TXN | 4.65% |
| Micron Technology | MU | 4.64% |
| Applied Materials | AMAT | 4.63% |
| KLA | KLAC | 4.42% |
| ASML | ASML | 4.35% |
The ten positions together accounted for about 67% of the portfolio in the September 30, 2026 fact sheet (67.31%). The slight difference between that month-end concentration figure and a sum of daily weights is a reminder to compare holdings only when their dates and calculation bases match. The fact sheet’s own top-holdings snapshot lists Nvidia at 19.37% and TSM at 9.24%.
The fund’s 26 positions span different parts of the semiconductor business chain, including chip designers, manufacturers and foundries, memory suppliers, and equipment makers. They do not share identical drivers: demand cycles, capital spending, export controls, and supply disruptions can affect business models differently. A company’s inclusion in a semiconductor ETF does not make its risks interchangeable with another holding’s.
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VanEck says SMH seeks to replicate, before fees and expenses, the price and yield performance of the MVIS US Listed Semiconductor 25 Index. The index is intended to track companies involved in semiconductor production and equipment. SMH is therefore a passive sector fund: its stated aim is to follow its benchmark, not to select stocks in an effort to outperform it.
A February 1, 2023 SEC-filed summary prospectus describes an approach that normally invests at least 80% of assets in benchmark securities and selects from U.S.-exchange-listed semiconductor companies. It describes an initial revenue eligibility test and a selection process involving market capitalization, free-float market capitalization, and trading volume. That filing is not verified as the current prospectus, and the index methodology may have changed; check the latest prospectus and index materials before relying on those specific mechanics.
How concentrated is SMH?
Company concentration
At September 30, 2026, the top ten holdings represented 67.31% of net assets. Nvidia’s 19.52% weight in the October 6 daily snapshot means one company had a much larger influence than any other single position. If a leading holding falls sharply, the fund can feel that move even when other holdings perform differently.
Sector and country exposure
The September 30 fact sheet classified 95.5% of the portfolio in Information Technology. Its country table listed the United States at 78.78%, Taiwan Region at 9.24%, the Netherlands at 5.48%, and South Korea at 4.40%. These country classifications describe portfolio exposure; they should not be read as a map of where all underlying manufacturing capacity is located.
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VanEck’s September 30, 2026 fact sheet lists a 0.35% net expense ratio. This is the fund’s operating expense measure, not a complete estimate of the cost of buying and holding shares: brokerage charges, bid-ask spreads, taxes, and tracking differences can also matter.
The same fact sheet reports a 0.15% 30-day SEC yield, a standardized recent-period yield measure. It is not the fund’s trailing 12-month return and does not promise a particular future distribution or total return.
For context only, the September 30, 2026 fact sheet reports 86.89% one-year NAV total return and 34.41% annualized ten-year NAV total return through that date. Those are backward-looking results for the stated periods, not forecasts; the fact sheet warns that past performance does not guarantee future results.
Risks investors should weigh
- Industry and issuer concentration: Semiconductor demand, pricing, and capital-spending cycles can move together, while large positions can give a few companies outsized influence.
- Foreign-market and currency exposure: SMH includes non-U.S. securities and can be affected by currency movements, emerging-market risks, and other conditions outside the United States.
- Tracking difference: Fund expenses, trading, liquidity, legal restrictions, rebalancing, cash holdings, and foreign-market timing can cause returns to differ from the index.
- ETF trading price: SMH shares can trade above or below net asset value (NAV), and bid-ask spreads and liquidity conditions affect transaction costs.
- No defensive shift: The 2023 SEC-filed summary prospectus says the fund does not take temporary defensive positions inconsistent with its objective. It warns that shareholders should be prepared for high volatility and potentially significant losses; consult the latest prospectus for current risk language.
How to evaluate SMH for your portfolio
Start with the exposure you actually want. A semiconductor ETF concentrates exposure in one industry, so it is different from a diversified U.S. or global stock fund. Before investing, consider whether the concentration, foreign exposure, and possibility of substantial losses fit your time horizon and ability to tolerate volatility.
If comparing SMH with another semiconductor ETF, compare like with like rather than ranking recent returns alone:
- Benchmark and constituent-selection rules
- Largest holding and top-ten portfolio weights
- Exposure across designers, foundries, memory suppliers, and equipment makers
- Country and currency exposure
- Expense ratio alongside trading spread and other transaction costs
- Portfolio turnover and tracking difference over matching periods
Confirm the current holdings, fees, and prospectus directly before making a decision. VanEck notes that holdings may vary and are not recommendations to buy or sell any security.
Quick Recap
Sources and date context
- VanEck SMH daily holdings — holdings snapshot dated October 6, 2026.
- VanEck SMH fact sheet and fund information — official fact sheet dated September 30, 2026.
- SEC-filed VanEck summary prospectus — dated February 1, 2023; useful for disclosure context, but not verified as the latest prospectus.
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