At a glance
SMH charges 0.35% a year, below the 0.38% average of the 8 funds most like it (the 4th cheapest of 9). It has $77.20B in assets, the 2nd largest of that group; it paid 0.22% of its price in distributions over the past 12 months, annual. Over the past year it returned +40.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds; over three years it returned +52.2% a year. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 44.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 9 months after the lows. Its ten largest positions make up 70.2% of the fund, out of 25 in all.
The short version
VanEck Semiconductor ETF (SMH) is an index fund that owns the 25 US-listed semiconductor stocks in the MVIS US Listed Semiconductor 25 Index, giving focused exposure to chipmakers and chip-equipment makers. It is heavily concentrated: as of June 30, 2026, NVIDIA was about 17.5% of the fund and the top ten holdings were 70%. Its 0.35% annual expense ratio matches iShares Semiconductor ETF (SOXX) but is above Invesco's SOXQ at 0.19%.
Price history
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SMH +40.5% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMH official prospectus, to Dec 31, 2025 | — | +49.15% | — | +27.73% | +30.93% | — |
| MVIS US Listed Semiconductor 25 Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +49.48% | — | +27.94% | +31.04% | — |
| MSCI ACWI Net TR Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | +11.19% | +11.72% | — |
| SMH price data to Nov 2, 2026 | +41.1% | +40.5% | +52.2% | +30.2% | +32.4% | +11.2% |
- Over the year to Nov 2, 2026, SMH returned +40.5%, 6th of 9 among similar funds.
- Its 5-year annualized return was +30.2% and its 10-year +32.4%.
- In the 2020 COVID crash it fell 33.6% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2002 (-47.0%); its best was 2003 (+87.5%).
- The deepest fall in its price history was 84.1% (Jun 21, 2000 to Nov 20, 2008), recovered by Jan 27, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +41.1% | — |
| 2025 | +49.2% | +49.15% |
| 2024 | +39.1% | +39.10% |
| 2023 | +73.4% | +73.21% |
| 2022 | -33.5% | -33.46% |
| 2021 | +42.1% | +42.18% |
| 2020 | +55.5% | +55.30% |
| 2019 | +64.4% | +64.51% |
| 2018 | -9.0% | -8.98% |
| 2017 | +38.5% | +38.32% |
| 2016 | +35.1% | +35.39% |
| 2015 | -0.4% | — |
| 2014 | +30.2% | — |
| 2013 | +33.3% | — |
| 2012 | +10.7% | — |
| 2011 | +0.3% | — |
| 2010 | +18.5% | — |
| 2009 | +61.6% | — |
| 2008 | -44.9% | — |
| 2007 | +5.4% | — |
| 2006 | -7.4% | — |
| 2005 | +10.4% | — |
| 2004 | -19.4% | — |
| 2003 | +87.5% | — |
| 2002 | -47.0% | — |
| 2001 | -14.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 54.1% over that stretch · deepest drop along the way 59.4%, back to its old high 26.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.2% over that stretch · deepest drop along the way 33.6%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 44.4% over that stretch · deepest drop along the way 44.4%, back to its old high 9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.1000 | +2.8% |
| 2024 | $1.0700 | +2.9% |
| 2023 | $1.0400 | -13.3% |
| 2022 | $1.2000 | +52.9% |
| 2021 | $0.7850 | +4.7% |
| 2020 | $0.7500 | -29.2% |
| 2019 | $1.0600 | +29.3% |
| 2018 | $0.8200 | +17.1% |
| 2017 | $0.7000 | +311.8% |
| 2016 | $0.1700 | -70.2% |
| 2015 | $0.5700 | +81.0% |
| 2014 | $0.3150 | -4.5% |
| 2013 | $0.3300 | -50.4% |
| 2012 | $0.6654 | -34.3% |
| 2011 | $1.0135 | +323.5% |
| 2010 | $0.2393 | +15.7% |
| 2009 | $0.2069 | +5.8% |
| 2008 | $0.1956 | -78.3% |
| 2007 | $0.9033 | +579.7% |
| 2006 | $0.1329 | +53.8% |
| 2005 | $0.0864 | +244.2% |
| 2004 | $0.0251 | +58.9% |
| 2003 | $0.0158 | +43.6% |
| 2002 | $0.0110 | +19.6% |
| 2001 | $0.0092 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 70.24% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 17.55% | |
| Taiwan Semiconductor Manufacturing Co Ltd | 9.29% | |
| Applied Materials Inc | 5.74% | |
| Micron Technology Inc | 5.67% | |
| Advanced Micro Devices Inc | 5.63% | |
| KLA Corp | 5.57% | |
| Lam Research Corp | 5.31% | |
| Broadcom Inc | 5.28% | |
| Intel Corp | 5.15% | |
| ASML Holding NV | 5.04% | |
| Marvell Technology Inc | 4.66% | |
| Texas Instruments Inc | 4.17% | |
| Analog Devices Inc | 4.00% | |
| QUALCOMM Inc | 3.74% | |
| Cadence Design Systems Inc | 2.15% |
By country
United States 82.05%Taiwan 9.29%Netherlands 7.45%United Kingdom 1.17%By asset type
Stocks 99.95%By sector
Sectors of the companies held, for the 78.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $4.52B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +32.20%, +18.16%, +9.66%.
How it works
SMH tries to match the MVIS US Listed Semiconductor 25 Index, before fees, rather than beat it. The index starts with the 50 largest US-listed semiconductor stocks by full market value. To be added, a company must earn at least 50% of its revenue from semiconductors, which covers chipmakers and makers of chip-making equipment. From that group, the 25 that rank highest on free-float market value (counting only shares readily available to trade) and three-month average trading volume make the index.
Foreign companies qualify if their shares or depositary receipts (US-listed certificates that represent a foreign company's shares) trade on a US exchange. That is how Taiwan Semiconductor and Netherlands-based ASML are included. As of June 30, 2026, they were about 9.3% and 5.0% of assets, NVIDIA was the largest holding at about 17.5%, and roughly 82% of assets were in US companies.
The fund keeps at least 80% of assets in index stocks and generally owns every index stock. It held no derivatives and essentially no cash as of June 30, 2026. Because it is passive, it does not retreat into cash or other defensive holdings when chip stocks fall. It is classified as non-diversified, so it can put more money in a single company than a diversified fund. Portfolio turnover was a low 12%.
What it really costs
- SMH charges 0.35% a year, versus an average of 0.38% for the similar funds below (4th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SMH | $36 | $113 | $197 | $443 |
In a retirement portfolio
SMH tracks the MVIS US Listed Semiconductor 25 Index, a concentrated basket of 25 chip stocks led by NVIDIA (17.5%) and Taiwan Semiconductor (9.3%) as of June 30, 2026, so it is a higher-risk add-on rather than a portfolio's foundation.
SMH adds exposure to 25 chip stocks, but its drops have been deep. It fell 59.4% in the 2008 financial crisis, 33.6% in the 2020 COVID crash and 44.4% in the 2022 bear market, recovering about 26, 2.5 and 9 months after each low. Its worst calendar year, 2002, lost 47%. Its deepest drop, 84.1% from June 2000 to November 2008, took until January 2017 to recover. Selling shares for spending in a bad year could lock in steep losses.
Income is minimal: the yield was 0.2% as of October 27, 2026, paid once a year. Its expense ratio (yearly fee) of 0.35%, per the prospectus filed January 27, 2026, is under the 0.38% average of similar funds. The SEC's standard example puts the first-year cost at $36 on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want an index fund of 25 chip stocks, led by NVIDIA and Taiwan Semiconductor, as a small slice of a broader portfolio.
- Long-term holders who can ride out steep drops, such as the 44.4% fall from January to October 2022, without needing to cash out.
- Investors who value scale: about $77.2 billion in net assets as of June 30, 2026, and a 0.35% annual fee, under the 0.38% peer average.
Look elsewhere if
- Retirees who need income from their investments: the trailing 12-month yield was 0.21% as of October 30, 2026, paid once a year.
- Anyone wanting broad diversification: as of June 30, 2026, ten stocks made up 70% of the fund, and NVIDIA alone about 17.5%.
- Anyone who may need the money soon: SMH fell 84.1% from June 2000 to November 2008 and didn't recover until January 2017.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SMH this fund | — | 0.35% | $77.20B | +40.5% | +52.2% |
| SOXQ Invesco PHLX Semiconductor ETF | 78% | 0.19% | $3.00B | +60.9% | +53.6% |
| SOXX iShares Semiconductor ETF | 74% | 0.35% | $47.82B | +48.5% | +44.1% |
| FTXL First Trust Nasdaq Semiconductor ETF | 59% | 0.6% | $2.75B | +81.9% | +54.2% |
| CHPS Xtrackers Semiconductor Select Equity ETF | 57% | 0.15% | $107.1M | +75.7% | +55.7% |
| SEMI Columbia Select Technology ETF | 51% | 0.75% | $37.6M | +20.1% | +31.7% |
| XLK Technology Select Sector SPDR Fund | 51% | 0.08% | $123.91B | +20.1% | +4.0% |
| SMHX VanEck Fabless Semiconductor ETF | 44% | 0.35% | $297.0M | +34.0% | — |
Compared head to head: SMH vs SOXX · all comparisons →
Questions investors ask
Is SMH good for retirement?
SMH is a high-risk growth fund, so in a retirement portfolio it may fit better as a small slice than as a core holding. It holds only 25 chip stocks, so one industry drives results, and it pays little income, yielding 0.21% as of October 30, 2026. Its drops can be deep and long: it fell 44.4% from January to October 2022, and 84.1% from June 2000 to November 2008, not regaining that peak until January 2017.
What are SMH's top holdings?
As of June 30, 2026, NVIDIA was the largest holding at about 17.5%, followed by Taiwan Semiconductor at about 9.3%. Applied Materials, Micron, Advanced Micro Devices, KLA, Lam Research, Broadcom, Intel and ASML were each about 5% to 5.7%. Together, those ten made up about 70% of the fund. The fund held 25 stocks in all, with about 82% in US companies, 9.3% in Taiwan and 7.5% in the Netherlands.
SMH vs SOXX vs SOXQ: what's the difference?
All three focus on semiconductor stocks and share many holdings; the main differences are cost, size and mix. Invesco PHLX Semiconductor ETF (SOXQ) overlaps most with SMH, at 78% of holdings, and charges 0.19% a year versus SMH's 0.35%. iShares Semiconductor ETF (SOXX) overlaps 74% and also charges 0.35%. SMH is the largest of the three, at about $77.2 billion as of June 30, 2026. Through October 30, 2026, SMH trailed SOXX over one year (44.1% vs. 54.9%) but led over three years (56.6% vs. 48.6% a year).
Does SMH pay a dividend?
Yes, but very little. SMH pays a distribution once a year. Its trailing 12-month yield (income paid over the past year divided by the share price) was 0.21% as of October 30, 2026, based on about $1.10 per share in payouts. With a yield that low, almost all of its return depends on share-price changes, which can be large in either direction: the fund lost 33.46% in 2022 and gained 73.21% in 2023.
What is SMH's expense ratio?
SMH's expense ratio, the annual fee taken from fund assets, is 0.35%, according to its prospectus filed January 27, 2026. Under the SEC's standard example, a $10,000 investment earning 5% a year would incur total costs of about $36 over one year, $197 over five years and $443 over 10 years. The 0.35% is slightly below the 0.38% average for similar funds and matches SOXX, but SOXQ charges 0.19% and CHPS, a much smaller fund, 0.15%.