ETF Evaluator:
VanEck Fabless Semiconductor ETF ()
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(as of Aug 26)
Best Performing in Technology Over the Last Year
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ETF Details
VanEck Fabless Semiconductor ETF Overview
VanEck Fabless Semiconductor ETF (SMHX) is a passively managed Sector Equity Technology exchange-traded fund (ETF). VanEck launched the ETF in 2024.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MarketVector™ U.S. Listed Fabless Semiconductor Index.
The fund normally invests at least 80% of its total assets in securities that comprise the fund’s benchmark index. The Fabless Index is composed of U.S.-listed common stocks of companies that derive at least 50% of their revenues from the semiconductor industry and operate as fabless semiconductor companies. The fund is non-diversified.
About VanEck Fabless Semiconductor ETF (SMHX)
There are 2 members of the management team with an average tenure of 1.93 years: Peter Liao (2024) 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 MarketVector US List Fab Smicndut PR USD index with a weighting of 100%. VanEck Fabless Semiconductor ETF has 23 securities in its portfolio. The top 10 holdings constitute 73.8% 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 Fabless Semiconductor ETF is part of the Equity global asset class and is within the Sector Equity ETF group. VanEck Fabless Semiconductor ETF has 4.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 95.3% There is 4.6% 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 Fabless Semiconductor ETF has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $249 million in total assets, which is below 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.
SMHX 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 Fabless Semiconductor ETF expense ratio is below average compared to funds in the Technology category. VanEck Fabless Semiconductor ETF has an expense ratio of 0.35%, which is 35% 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 Fabless Semiconductor ETF has a portfolio turnover rate of 20%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 39% for the Technology category.
Recently, in the month of July 2026, VanEck Fabless Semiconductor ETF returned -14.2%, which earned it a grade of D, as the Technology category had an average return of -9.8%. 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 Fabless Semiconductor ETF has a trailing yield of 0.02%, which is below the 0.45% 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.
VanEck Fabless Semiconductor ETF Grades
Year to date, the ETF has returned 44.2%, 22.9 percentage points better than the category, which translates into a grade of A. The fund has returned 61.1% over the past year (grade of A).
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SMHX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SMHX Return (NAV) | -14.2% | 7.7% | 61.1% | na | na | na |
| SMHX Return (Price) | -14.2% | 7.7% | 61.0% | na | na | na |
| NAV +/- Price Return | -0.018% | -0.015% | 0.036% | na | na | na |
| Technology Avg | -9.8% | 7.3% | 33.6% | 22.3% | 10.5% | 19.0% |
| SMHX Grade (NAV) | D | C | A | na | na | na |
| +/- Category (NAV) | -4.3% | 0.3% | 27.5% | na | na | na |
| SMHX Tax-Cost Ratio | na | na | 0.0% | na | na | na |
SMHX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SMHX Return (NAV) | 44.2% | 30.2% | na | na | na | na | na | na | na | na | na |
| SMHX Return (Price) | 44.2% | 30.0% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.000% | -0.008% | na | na | na | na | na | na | na | na | na |
| Technology Avg | 21.3% | 23.2% | 19.9% | 43.8% | -35.8% | 16.7% | 53.3% | 37.8% | -3.2% | 33.7% | 15.0% |
| SMHX Grade (NAV) | A | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 22.9% | 7.0% | 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: | 0.0% |
| Total Assets: | $ 249 Mil |
| Share Class Assets: | $ 249 Mil |
| Turnover: | 20.0% |
| 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: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Liao Peter (2024), Driscoll Griffin (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 23 |
| % in Top 10 Holdings: | 73.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 4.6% |
Portfolio Allocation |
|
| Domestic Stock: | 95.3% |
| Foreign Stock: | 4.6% |
| 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: | August 27, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.54% |
