ETF Evaluator:
MicroSectors -3× Shrt Semiconductor ETNs (SMHD)
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(as of Sep 04)
Best Performing in Trading--Inverse Equity Over the Last Year
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ETF Details
MicroSectors -3× Shrt Semiconductor ETNs Overview
MicroSectors -3× Shrt Semiconductor ETNs (SMHD) is a passively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). BMO Capital Markets launched the ETF in 2026.
The investment seeks to provide three times leveraged inverse participation in the VettaFi Semiconductor Fund-Tracking Index (the “Index”) from one leverage reset day to the next, before taking into account fees and charges.
The index is a total return index that tracks the performance of the VanEck® Semiconductor ETF (the “Reference Fund”). The index is designed to provide exposure to the performance of 25 of the largest and most liquid U.S. exchange-listed companies in the semiconductor industry through a single fund-tracking vehicle.
About MicroSectors -3× Shrt Semiconductor ETNs (SMHD)
There are 1 members of the management team with an average tenure of 0.08 years: Management Team (2026). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: VettaFi Semiconductor Fund-Trckng TR USD index with a weighting of -300%. MicroSectors -3× Shrt Semiconductor ETNs has 1 securities in its portfolio. The top 10 holdings constitute 100.0% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
MicroSectors -3× Shrt Semiconductor ETNs is part of the Other global asset class and is within the Miscellaneous ETF group. MicroSectors -3× Shrt Semiconductor ETNs has 15.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 84.2% There is 15.7% 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). MicroSectors -3× Shrt Semiconductor ETNs has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $22 million in total assets, which is below the $68 million average for the Trading--Inverse Equity 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.
SMHD 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 MicroSectors -3× Shrt Semiconductor ETNs expense ratio is above average compared to funds in the Trading--Inverse Equity category. MicroSectors -3× Shrt Semiconductor ETNs has an expense ratio of 0.70%, which is 39% 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. MicroSectors -3× Shrt Semiconductor ETNs has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 17% for the Trading--Inverse Equity category.
Recently, in the month of August 2026, MicroSectors -3× Shrt Semiconductor ETNs returned 0.0%, which earned it a grade of NA, as the Trading--Inverse Equity category had an average return of -14.4%. 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.
MicroSectors -3× Shrt Semiconductor ETNs has a trailing yield of 0.00%, which is below the 6.04% category average.
The fund normally distributes its income annually and its capital gains 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.
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SMHD Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SMHD Return (NAV) | na | na | na | na | na | na |
| SMHD Return (Price) | na | na | na | na | na | na |
| NAV +/- Price Return | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -14.4% | -8.4% | -34.7% | -31.6% | -23.6% | -29.9% |
| SMHD Grade (NAV) | na | na | na | na | na | na |
| +/- Category (NAV) | na | na | na | na | na | na |
| SMHD Tax-Cost Ratio | na | na | na | na | na | na |
SMHD Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMHD Return (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| SMHD Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Trading--Inverse Equity Avg | -33.4% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| SMHD Grade (NAV) | na | na | na | na | na | na | na | na | na | na | na |
| +/- Category | na | na | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 23 Mil |
| Share Class Assets: | $ 23 Mil |
| Turnover: | na |
| Expense Ratio: | 0.70% |
| Index Fund: | Yes |
| Index Tracked: | VettaFi Semiconductor Fund-Trckng TR USD |
| Index Weighting: | -300% |
| Leveraged: | Yes |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.1 years | |||
| Average Tenure: 0.1 years | |||
| Managers (Year): Team Management (2026) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 1 |
| % in Top 10 Holdings: | 100.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 15.7% |
Portfolio Allocation |
|
| Domestic Stock: | 84.2% |
| Foreign Stock: | 15.7% |
| 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: | Uncollateralized Debt Instrument |
| Fund Family: | BMO Capital Markets |
| Phone Number: | 877-369-5412 |
| Website: | |
| Inception Date: | August 3, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.70% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 1.14% |
