What are semiconductor ETFs?
Semiconductors are the chips inside phones, computers, cars and data-center servers. Semiconductor ETFs (exchange-traded funds, which are baskets of stocks that trade like a single share) own the companies that design chips, make them and build the equipment used to make them. The same names keep appearing. NVIDIA, Advanced Micro Devices (AMD), Micron Technology and Intel are each held by 9 of the 15 largest funds. Lam Research, Applied Materials, KLA and Marvell Technology appear in 8, Broadcom in 7 and Taiwan Semiconductor Manufacturing in 5.
The largest standard funds are index funds. They follow a published list of stocks rather than a manager's picks, but the lists differ. SMH tracks the MVIS US Listed Semiconductor 25 Index, with 70% of its money in its 10 largest holdings and 17.6% in NVIDIA alone. XSD spreads its money across 47 stocks, with 29% in its top 10 and less familiar names such as MaxLinear and Allegro MicroSystems at the top. Most of the group works differently: 21 of the 36 funds are leveraged or inverse. SOXL seeks three times a semiconductor index's daily move and SOXS three times the opposite. NVDL, AMDL and TSMX seek twice the daily move of NVIDIA, AMD or Taiwan Semiconductor. NVDY and CHPY are option-income funds whose main goal is current income.
Costs vary widely. The median expense ratio (the yearly fee) is 1% across the group but 0.55% among standard funds. Xtrackers' CHPS is the lowest at 0.15%. SOXQ charges 0.19%, SOXX 0.33% and SMH 0.35%. AMDL is the highest at 1.87%.
The money is concentrated: 88.5% of the roughly $172 billion in these funds sits in the five largest, SMH, SOXX, SOXL, NVDL and XSD. SMH alone holds about $77.2 billion.
Semiconductor ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 15 biggest semiconductor ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| NVIDIA Corp | 9 of 15 | 6.81% |
| Advanced Micro Devices Inc | 9 of 15 | 5.54% |
| Micron Technology Inc | 9 of 15 | 5.39% |
| Intel Corp | 9 of 15 | 4.28% |
| Marvell Technology Inc | 8 of 15 | 4.58% |
| Lam Research Corp | 8 of 15 | 4.25% |
| Applied Materials Inc | 8 of 15 | 4.21% |
| KLA Corp | 8 of 15 | 4.1% |
| Broadcom Inc | 7 of 15 | 5.88% |
| Analog Devices Inc | 7 of 15 | 3.45% |
| Texas Instruments Inc | 6 of 15 | 3.05% |
| Taiwan Semiconductor Manufacturing Co Ltd | 5 of 15 | 4.46% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest semiconductor ETFs, side by side
Swipe the table to see all 5 funds.
| SMH | SOXX | XSD | SOXQ | FTXL | |
|---|---|---|---|---|---|
| Net assets | $77.20B | $47.82B | $3.48B | $3.00B | $2.75B |
| Expense ratio | 0.35% | 0.33% | 0.35% | 0.19% | 0.6% |
| Holdings | 25 | 30 | 47 | 30 | 34 |
| In the 10 largest | 70.24% | 61.65% | 29.01% | 63.07% | 67.27% |
| Biggest holding | NVIDIA Corp (17.55%) | Micron Technology, Inc. (8.54%) | MaxLinear Inc (3.75%) | NVIDIA Corp. (14.08%) | Intel Corp (13.28%) |
| Yield | 0.22% | 0.09% | 0.16% | 0.32% | 0.07% |
| 1-year return | +40.5% | +48.5% | +37.4% | +60.9% | +81.9% |
| 3 years, a year | +52.2% | +44.1% | +41.8% | +53.6% | +54.2% |
| 5 years, a year | +30.2% | +23.7% | +18.5% | — | +28.3% |
| Worst drop, past year | -24.6% | -30.7% | -30.8% | -28.6% | -32.6% |
| Launched | 2000 | 2001 | 2006 | 2021 | 2016 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Nov 2, 2026.
Head to head
SMH vs SOXX
SMH tracks the MVIS US Listed Semiconductor 25 Index and puts 70% in its 10 largest holdings, led by NVIDIA at 17.6%. SOXX holds 30 stocks with 62% in its top 10. Its biggest stake, Micron, is 8.5%. About 74% of their assets overlap. SOXX charges 0.33% and SMH 0.35%. As of November 2, 2026, SOXX gained 48.5% over one year versus 40.5% for SMH, but its worst drop was deeper (30.7% versus 24.6%). SMH led over three and five years. SMH may suit investors comfortable with a large NVIDIA stake; SOXX, those who prefer weight spread more evenly.
SOXX vs SOXQ
These two overlap the most of the large funds: 80.9% of their assets are in common. SOXQ tracks the PHLX Semiconductor Index, with 63% in its top 10 and NVIDIA at 14.1%. It costs 0.19% against 0.33% for SOXX, though SOXX is far larger, at $47.8 billion versus $3.0 billion. As of November 2, 2026, SOXQ returned 60.9% over one year versus 48.5%, with a smaller worst drop (28.6% versus 30.7%). SOXQ launched in 2021, so it lacks a five-year record. SOXQ may suit fee-focused investors; SOXX, those who value size and history.
SMH vs XSD
Both charge 0.35%, but only 26.6% of their assets overlap. SMH holds 25 stocks with 70% in its top 10 and NVIDIA at 17.6%. XSD holds 47 stocks with 29% in its top 10. Its biggest stake, MaxLinear, is 3.8%. As of November 2, 2026, SMH returned 40.5% over one year versus 37.4% for XSD, with a smaller worst drop (24.6% versus 30.8%). In the 2022 bear market, XSD fell 41.2% and SMH 44.4%. XSD may suit investors who want less riding on a few giants; SMH, those wanting more in the largest names.
How much do the largest semiconductor ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| SOXX and SOXQ | 80.9% | 27 | |
| SMH and SOXQ | 78.1% | 22 | |
| SMH and SOXX | 73.9% | 23 | |
| SOXX and FTXL | 70.1% | 23 | |
| SOXQ and FTXL | 64.4% | 24 | |
| SMH and FTXL | 59.1% | 19 | |
| SOXX and XSD | 36.4% | 18 | |
| XSD and FTXL | 34.7% | 20 | |
| XSD and SOXQ | 34.3% | 19 | |
| SMH and XSD | 26.6% | 15 |
From each fund’s full holdings in its latest N-PORT report.
How have semiconductor ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing semiconductor ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | FTXL First Trust Nasdaq Semiconductor ETF | $2.75B | 0.6% | -10.2% | +76.6% | +81.9% | +54.2% |
| 2 | CHPS Xtrackers Semiconductor Select Equity ETF | $89.6M | 0.15% | -11.3% | +70.0% | +75.7% | +55.7% |
| 3 | AMDY YieldMax AMD Option Income Strategy ETF | $382.8M | 1% | -9.6% | +112.8% | +67.9% | +36.1% |
| 4 | PSI Invesco Semiconductors ETF | $2.38B | 0.55% | -15.0% | +62.3% | +65.1% | +49.1% |
| 5 | SOXQ Invesco PHLX Semiconductor ETF | $3.00B | 0.19% | -9.3% | +62.5% | +60.9% | +53.6% |
| 6 | SOXX iShares Semiconductor ETF | $47.82B | 0.33% | -23.0% | +50.9% | +48.5% | +44.1% |
| 7 | SHOC Strive U.S. Semiconductor ETF | $278.1M | 0.4% | -9.0% | +48.1% | +48.0% | +50.2% |
| 8 | SMH VanEck Semiconductor ETF | $77.20B | 0.35% | -19.4% | +41.1% | +40.5% | +52.2% |
| 9 | TSMY YieldMax TSM Option Income Strategy ETF | $104.4M | 1.01% | -3.3% | +36.8% | +38.4% | — |
| 10 | XSD SPDR S&P Semiconductor ETF | $3.48B | 0.35% | -10.3% | +51.0% | +37.4% | +41.8% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How semiconductor ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| SMH | -54.1% | -31.2% | -44.4% |
| SOXX | -61.3% | -31.9% | -44.7% |
| XSD | not yet launched | not yet launched | -41.2% |
| SOXQ | not yet launched | not yet launched | not yet launched |
| FTXL | not yet launched | -33.3% | -43.1% |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives semiconductor ETFs?
Chip companies ride demand cycles. When buyers of phones, PCs, cars and data-center servers order heavily, chipmakers run their factories near capacity and profits jump. When customers are sitting on too much inventory, orders dry up and earnings can fall quickly. Memory makers such as Micron are especially exposed because memory prices swing with supply. Equipment makers such as Applied Materials, Lam Research and KLA depend on how much chipmakers spend on new factories. Share prices also react to interest rates, because much of these companies' value rests on profits expected years ahead. They also react to export rules and trade disputes.
Those forces help explain why the funds have sometimes fallen much harder than the S&P 500, an index of large US companies, and sometimes not. In the 2008 financial crisis, SMH fell 54.1%, close to the S&P 500's 55.2%, while SOXX dropped 61.3%. In the 2020 COVID crash, SMH, SOXX and FTXL fell 31% to 33%, slightly less than the S&P 500's 33.7%. The 2022 bear market was different: SMH fell 44.4%, SOXX 44.7%, FTXL 43.1% and XSD 41.2%, against 24.5% for the S&P 500.
Semiconductor ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | CHPS Xtrackers Semiconductor Select Equity ETF | 0.15% | $15 a year | $89.6M |
| 2 | SOXQ Invesco PHLX Semiconductor ETF | 0.19% | $19 a year | $3.00B |
| 3 | SOXX iShares Semiconductor ETF | 0.33% | $33 a year | $47.82B |
| 4 | SMH VanEck Semiconductor ETF | 0.35% | $35 a year | $77.20B |
| 5 | XSD SPDR S&P Semiconductor ETF | 0.35% | $35 a year | $3.48B |
Ordinary funds with at least $10 million in net assets. The median ordinary semiconductor ETF charges 0.55% a year; leveraged and inverse funds usually charge more.
Do semiconductor ETFs pay dividends?
15 of the 15 ordinary semiconductor ETFs with a page here paid distributions over the last 12 months, with a median yield of 0.32%.
| Highest yields | Yield | Net assets |
|---|---|---|
| CHPY YieldMax Semiconductor Portfolio Option Incom… | 19.18% | $1.02B |
| SOXY YieldMax Target 12 Semiconductor Option Incom… | 4.44% | $64.0M |
| CHPS Xtrackers Semiconductor Select Equity ETF | 0.37% | $89.6M |
| SOXQ Invesco PHLX Semiconductor ETF | 0.32% | $3.00B |
| SMH VanEck Semiconductor ETF | 0.22% | $77.20B |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets. Some of these yields come from selling options, which gives up some of the gains.
How to choose a semiconductor ETF
- Yearly cost. Xtrackers' CHPS charges 0.15% and SOXQ 0.19%. SOXX costs 0.33%, SMH and XSD 0.35%, PSI 0.55% and FTXL 0.60%. CHPS is small, with about $90 million in assets.
- How much rides on the biggest names. SMH puts 70% in its 10 largest holdings, including 17.6% in NVIDIA, and FTXL puts 67% in its top 10. PSI holds 49% in its top 10. XSD, spread across 47 stocks, holds just 29%.
- Different indexes, different leaders. The standard funds follow different indexes, so their largest holdings differ. FTXL's Nasdaq US Smart Semiconductor Index puts Intel (13.3%) and Micron (12.1%) on top. SMH and SOXQ lead with NVIDIA, SOXX with Micron and PSI with Applied Materials.
- US-listed doesn't mean US-only. SMH's index uses US-listed shares, so it can hold Taiwan Semiconductor (9.3%). SOXQ holds ASML (4.7%), also based abroad. XSD draws from the semiconductor segment of a US total market index, led by names like MaxLinear and Allegro MicroSystems.
- Size and track record. SMH, launched in 2000, has about $77.2 billion in assets, and SOXX, launched in 2001, about $47.8 billion. SOXQ dates only from 2021, so it lacks a five-year record. Bigger, heavily traded funds tend to cost less to trade.
- Leveraged, inverse and income versions. SOXL seeks 3x a chip index's daily move and SOXS 3x the opposite. NVDL and AMDL seek 2x one stock's daily move. Daily resets make longer-term results stray from those multiples. NVDY and CHPY trade some upside for option income.
What are the risks of semiconductor ETFs?
- A handful of stocks dominate. NVIDIA, AMD, Micron and Intel each appear in 9 of the 15 largest funds, and SMH keeps 70% in its top 10. Owning two funds adds little variety: SOXX and SOXQ share 80.9% of their assets.
- Big swings, even in standard funds. As of November 2, 2026, one-year volatility (how widely prices swing) ran from 41.1% for SMH to 53.5% for PSI. Over that year, SMH fell as much as 24.6% from a peak and PSI 37.6%.
- Deeper falls than the broad market. In the 2022 bear market, SMH, SOXX, FTXL and XSD fell between 41.2% and 44.7%, compared with 24.5% for the S&P 500. In the 2008 financial crisis, SOXX lost 61.3% against 55.2% for the S&P 500.
- Leveraged and inverse funds magnify losses. These funds reset daily, so results over longer periods can differ sharply from the stated multiple. In the year to November 2, 2026, SOXL's 42.8% gain trailed unleveraged SOXX's 48.5%, with a 77.3% drop along the way. SOXS lost 92.7%.
- Single-stock and option-income funds. NVDL seeks twice NVIDIA's daily move. It gained 1.8% in the year to November 2, 2026, but fell as much as 42.2% along the way. Option-income CHPY yielded 19.18%, yet its price fell 9.4% in 2026 through that date.
Leveraged and inverse semiconductor ETFs (2x and 3x)
These funds aim for a multiple, or the opposite, of one day’s return, and reset every day. Held for longer than a day, their results can drift far from that multiple, especially when prices swing. They are trading tools, not long-term holdings. Why leveraged ETFs decay →
| Fund | Daily aim | Net assets | 1-year return |
|---|---|---|---|
| SOXL Direxion Daily Semiconductor Bull 3x Shares | 3× | $19.44B | +42.8% |
| NVDL GraniteShares 2x Long NVDA Daily ETF | 2× | $4.05B | +1.8% |
| USD ProShares Ultra Semiconductors | 2× | $2.67B | +43.3% |
| AMDL GraniteShares 2x Long AMD Daily ETF | 2× | $1.66B | +161.0% |
| SOXS Direxion Daily Semiconductor Bear 3x Shares | −3× | $1.61B | -92.7% |
| TSMX Direxion Daily TSM Bull 2X Shares | 2× | $603.4M | +67.5% |
| NVDU Direxion Daily NVDA Bull 2X Shares | 2× | $521.4M | +2.2% |
| NVDX T-Rex 2X Long NVIDIA Daily Target ETF | 2× | $457.9M | -3.3% |
| AMUU Direxion Daily AMD Bull 2X Shares ETF | 2× | $82.0M | +164.7% |
| TSMU GraniteShares 2x Long TSM Daily ETF | 2× | $64.4M | +59.9% |
| NVD GraniteShares 2x Short NVDA Daily ETF | −2× | $60.7M | -45.7% |
| NVDG Leverage Shares 2X Long NVDA Daily ETF | 2× | $40.7M | -0.7% |
List of all semiconductor ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | SMH VanEck Semiconductor ETF | $77.20B | 0.35% | 0.22% | +41.1% | +40.5% | +30.2% |
| 2 | SOXX iShares Semiconductor ETF | $47.82B | 0.33% | 0.09% | +50.9% | +48.5% | +23.7% |
| 3 | SOXL Direxion Daily Semiconductor Bull 3x Shares Leveraged | $19.44B | 0.75% | 0.13% | +62.3% | +42.8% | +6.3% |
| 4 | NVDL GraniteShares 2x Long NVDA Daily ETF Leveraged | $4.05B | 1.64% | 0% | +12.2% | +1.8% | — |
| 5 | XSD SPDR S&P Semiconductor ETF | $3.48B | 0.35% | 0.16% | +51.0% | +37.4% | +18.5% |
| 6 | SOXQ Invesco PHLX Semiconductor ETF | $3.00B | 0.19% | 0.32% | +62.5% | +60.9% | — |
| 7 | FTXL First Trust Nasdaq Semiconductor ETF | $2.75B | 0.6% | 0.07% | +76.6% | +81.9% | +28.3% |
| 8 | USD ProShares Ultra Semiconductors Leveraged | $2.67B | 0.94% | 0.51% | +54.3% | +43.3% | +33.6% |
| 9 | PSI Invesco Semiconductors ETF | $2.38B | 0.55% | 0.02% | +62.3% | +65.1% | +24.5% |
| 10 | AMDL GraniteShares 2x Long AMD Daily ETF Leveraged | $1.66B | 1.87% | — | +311.3% | +161.0% | — |
Questions investors ask about semiconductor ETFs
What is the largest semiconductor ETF?
SMH, the VanEck Semiconductor ETF, is the largest, with about $77.2 billion in assets. It tracks the MVIS US Listed Semiconductor 25 Index, and its biggest holding is NVIDIA, at 17.6%. Next come iShares' SOXX, at about $47.8 billion, and Direxion's 3x leveraged SOXL, at about $19.4 billion. Together with NVDL and XSD, those five funds hold 88.5% of the roughly $172 billion in semiconductor ETFs.
Which semiconductor ETF has the lowest expense ratio?
Xtrackers Semiconductor Select Equity ETF (CHPS) has the lowest expense ratio, 0.15%, but it is small, with about $90 million in assets. The expense ratio is the yearly fee taken from fund assets. Among larger funds, Invesco's SOXQ charges 0.19% and iShares' SOXX 0.33%. VanEck's SMH and State Street's XSD charge 0.35% each. Leveraged and option-income funds cost far more, up to 1.87% for AMDL.
SMH vs SOXX: what's the difference?
The biggest difference is concentration. SMH holds 25 stocks, with 70% in its top 10 and 17.6% in NVIDIA. SOXX holds 30, with 62% in its top 10, led by Micron at 8.5%. About 74% of their assets overlap, and fees are close: 0.33% for SOXX and 0.35% for SMH. As of November 2, 2026, SOXX returned 48.5% over one year and SMH 40.5%. SMH fell less at its worst (24.6% versus 30.7%).
Do semiconductor ETFs pay dividends?
Yes, but most pay very little. The median yield was 0.32%. The two largest funds yielded 0.22% (SMH) and 0.09% (SOXX). The exceptions are option-income funds: YieldMax's CHPY yielded 19.18% and its SOXY 4.44%. Those payouts come mainly from option strategies rather than company dividends. CHPY's share price fell 9.4% in 2026 through November 2, so a high yield doesn't mean the investment grew.
Which semiconductor ETF has the most Nvidia?
Among standard funds, SMH has the largest NVIDIA stake, at 17.6% of assets, followed by SOXQ at 14.1%. The 2x leveraged USD lists 20%. NVIDIA appears in 9 of the 15 largest semiconductor ETFs, at a median weight of 6.8%, and SOXX holds 6.8%. For a single-stock bet, NVDL and NVDU seek twice NVIDIA's daily move. NVDY is an option-income fund built on NVIDIA.
How many semiconductor ETFs are there?
There are 36 US-listed semiconductor ETFs. Of these, 21 are leveraged or inverse funds built for short-term trading. The other 15 include standard index funds such as SMH, SOXX, SOXQ, XSD, FTXL and PSI, plus option-income funds such as NVDY and CHPY. Many of the leveraged funds follow a single company: NVIDIA, AMD or Taiwan Semiconductor.
What is a 3x semiconductor ETF?
A 3x semiconductor ETF, such as Direxion's SOXL, seeks three times a chip index's move for a single day. SOXS seeks three times the opposite. ProShares' USD aims for 2x, and NVDL, AMDL and TSMX seek 2x the daily move of one stock. Direxion says SOXL and SOXS don't seek their targets beyond one trading day. That makes them trading tools, because results over months can stray far from the multiple. In the year to November 2, 2026, SOXL fell as much as 77.3% at one point, and SOXS lost 92.7%.
Semiconductor ETF vs S&P 500: how do they compare in a downturn?
Sometimes they fell much harder, sometimes about the same. In the 2022 bear market, SMH dropped 44.4% and SOXX 44.7%, against 24.5% for the S&P 500. In the 2008 financial crisis, SMH's 54.1% fall was close to the S&P 500's 55.2%, though SOXX lost 61.3%. In the 2020 COVID crash, SMH fell 31.2% and SOXX 31.9%, slightly less than the index's 33.7%. Because they own just one industry, these funds lack the S&P 500's spread across sectors.
Is there a Vanguard, Fidelity or Schwab semiconductor ETF?
No. None of the three offers a semiconductor ETF. The largest semiconductor ETFs come from VanEck (SMH), iShares (SOXX) and SPDR (State Street) (XSD), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts. For a broader fund, VGT (Vanguard Information Technology ETF) and FTEC (Fidelity MSCI Information Technology Index ETF) are covered in our technology ETF guide.
