ETF Evaluator:
VanEck Semiconductor ETF (SMH)
Follow This ETF
(as of Jul 31)
Best Performing in Technology Over the Last Year
| 213.0% | Invesco Semiconductors ETF (PSI) |
| 203.0% | VistaShares Artfcl Intlgc Supercycle ETF (AIS) |
| 197.3% | First Trust Nasdaq Semiconductor ETF (FTXL) |
| 196.0% | Xtrackers Semiconductor Select Eq ETF (CHPS) |
| 169.6% | iShares Semiconductor ETF (SOXX) |
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Risk
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ETF Details
VanEck Semiconductor ETF Overview
VanEck Semiconductor ETF (SMH) is a passively managed Sector Equity Technology exchange-traded fund (ETF). VanEck launched the ETF in 2011.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVIS® US Listed Semiconductor 25 Index.
The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index includes common stocks and depositary receipts of U.S. exchange-listed companies in the semiconductor industry. Such companies may include medium-capitalization companies and foreign companies that are listed on a U.S. exchange. The fund is non-diversified.
About VanEck Semiconductor ETF (SMH)
There are 2 members of the management team with an average tenure of 8.48 years: Peter Liao (2011) and Griffin Driscoll (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and MVIS US Listed Semiconductor 25 NR USD index with a weighting of 100%. VanEck Semiconductor ETF has 26 securities in its portfolio. The top 10 holdings constitute 69.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
VanEck Semiconductor ETF is part of the Equity global asset class and is within the Sector Equity ETF group. VanEck Semiconductor ETF has 15.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.5% There is 15.5% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). VanEck Semiconductor ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $77 billion in total assets, which is above the $3 billion average for the Technology category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SMH Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The VanEck Semiconductor ETF expense ratio is below average compared to funds in the Technology category. VanEck Semiconductor ETF has an expense ratio of 0.35%, which is 34% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. VanEck Semiconductor ETF has a portfolio turnover rate of 12%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 36% for the Technology category.
Recently, in the month of June 2026, VanEck Semiconductor ETF returned 9.7%, which earned it a grade of A, as the Technology category had an average return of 0.0%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
VanEck Semiconductor ETF has a trailing yield of 0.17%, which is below the 0.49% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
VanEck Semiconductor ETF Grades
Year to date, the ETF has returned 82.3%, 47.1 percentage points better than the category, which translates into a grade of A. The fund has returned 136.1% over the past year (grade of A), 63.5% over the past three years (grade of A) and 38.9% per year over the past five years (grade of A) and 38.1% per year over the past 10 years (grade of A).
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SMH Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SMH Return (NAV) | 9.7% | 71.3% | 136.1% | 63.5% | 38.9% | 38.1% |
| SMH Return (Price) | 9.5% | 71.1% | 135.9% | 63.4% | 38.8% | 38.1% |
| NAV +/- Price Return | 0.151% | 0.228% | 0.173% | 0.010% | 0.046% | 0.011% |
| Technology Avg | 0.0% | 40.3% | 52.2% | 27.7% | 12.4% | 21.0% |
| SMH Grade (NAV) | A | A | A | A | A | A |
| +/- Category (NAV) | 9.6% | 31.0% | 83.9% | 35.7% | 26.5% | 17.2% |
| SMH Tax-Cost Ratio | na | na | 0.1% | 0.2% | 0.3% | 0.4% |
SMH Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMH Return (NAV) | 82.3% | 49.2% | 39.1% | 73.2% | -33.5% | 42.2% | 55.3% | 64.5% | -8.9% | 38.3% | 35.4% |
| SMH Return (Price) | 82.1% | 49.2% | 39.1% | 73.4% | -33.5% | 42.1% | 55.5% | 64.4% | -9.0% | 38.4% | 35.5% |
| NAV +/- Price Ret | -0.002% | 0.000% | -0.001% | 0.002% | 0.001% | -0.002% | 0.004% | -0.1% | 1.0% | 0.4% | 0.4% |
| Technology Avg | 35.2% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| SMH Grade (NAV) | A | A | A | A | C | A | B | A | D | B | A |
| +/- Category | 47.1% | 26.0% | 19.2% | 29.5% | 2.3% | 25.5% | 2.0% | 26.7% | -5.8% | 4.6% | 20.4% |
| Risk Measures | |
| Beta: | 1.98 |
| R-Squared: | 67% |
| Standard Deviation: | 30.7% |
| Category Risk Index: | 1.20 |
| Category Risk Rating: | High |
| Total Risk Index: | 2.52 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.2% |
| Total Assets: | $ 77,198 Mil |
| Share Class Assets: | $ 77,198 Mil |
| Turnover: | 12.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | Yes |
| Index Tracked: | MSCI ACWI NR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 14.5 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Liao Peter (2011), Driscoll Griffin (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 26 |
| % in Top 10 Holdings: | 69.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 15.5% |
Portfolio Allocation |
|
| Domestic Stock: | 84.5% |
| Foreign Stock: | 15.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | VanEck |
| Phone Number: | 800-826-2333 |
| Website: | www.marketvectorsetfs.com |
| Inception Date: | December 20, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.53% |
