At a glance
SMHX charges 0.35% a year, above the 0.33% average of the 8 funds most like it (the 4th cheapest of 9). It has $297.0M in assets, the 9th largest of that group; it paid 0.02% of its price in distributions over the past 12 months, annual. Over the past year it returned +34.0% with distributions reinvested (S&P 500: +11.5%), 6th of those 9 funds. Its ten largest positions make up 71.8% of the fund, out of 22 in all.
The short version
VanEck Fabless Semiconductor ETF (SMHX) is an index fund that tracks the MarketVector US Listed Fabless Semiconductor Index. That index holds 22 US-listed chip designers that pay outside factories to make their chips. The fund is highly concentrated. As of June 30, 2026, NVIDIA and Broadcom made up about 33% of assets and the top 10 holdings about 72%. It charges 0.35% a year, the same as SMH and SOXX.
Price history
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SMHX +34.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| SMHX official prospectus, to Dec 31, 2025 | — | +30.23% | — | — | — | +35.57% |
| Market Vector US Listed Fabless Semiconductor Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +30.59% | — | — | — | +35.91% |
| MSCI ACWI Net TR Index (reflects no deduction for fees, expenses or taxes, except withholding taxes) index, same period | — | +22.34% | — | — | — | +17.62% |
| SMHX price data to Oct 27, 2026 | +46.2% | +34.0% | — | — | — | +45.5% |
- Over the year to Oct 27, 2026, SMHX returned +34.0%, 6th of 9 among similar funds.
- Its worst full calendar year was 2025 (+30.0%); its best was 2025 (+30.0%).
- The deepest fall in its price history was 38.5% (Jan 22, 2025 to Apr 8, 2025), recovered by Jul 10, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +46.2% | — |
| 2025 | +30.0% | +30.23% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.0100 |
What's inside
As of Jun 30, 2026, the fund held 22 securities; the ten largest made up 71.81% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 18.56% | |
| Broadcom Inc | 14.16% | |
| Astera Labs Inc | 6.11% | |
| Advanced Micro Devices Inc | 5.97% | |
| Marvell Technology Inc | 5.48% | |
| ARM Holdings PLC | 4.82% | |
| QUALCOMM Inc | 4.49% | |
| Lattice Semiconductor Corp | 4.09% | |
| Cadence Design Systems Inc | 4.08% | |
| Synopsys Inc | 4.05% | |
| Monolithic Power Systems Inc | 3.93% | |
| Silicon Motion Technology Corp | 3.81% | |
| SiTime Corp | 3.76% | |
| Rambus Inc | 3.71% | |
| Semtech Corp | 3.33% |
By country
United States 90.32%Cayman Islands 4.93%United Kingdom 4.82%By asset type
Stocks 100.08%By sector
Sectors of the companies held, for the 60.7% 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 $33.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +36.77%, +22.41%, +2.49%.
How it works
SMHX is a passive fund. It tries to match the MarketVector US Listed Fabless Semiconductor Index before fees, not beat it. The index is published by MarketVector Indexes GmbH, which is wholly owned by VanEck, the fund's adviser. To qualify, a company must be listed in the US, earn at least 50% of its revenue from semiconductors and be 'fabless.' A fabless company designs and sells chips but outsources most of the manufacturing. Makers of chipmaking equipment are left out, as are makers of materials used in visual displays. Members can be small, medium or large companies, and some may be based outside the US, including in emerging markets.
The fund invests at least 80% of its assets in index stocks and generally holds the whole index. The index is reconstituted twice a year, which means its membership is reviewed. It is rebalanced every quarter, which means the weights are reset. As of December 31, 2025, it held 22 stocks with market values from about $1.97 billion to $4.53 trillion. Portfolio turnover was 20%.
The fund is 'non-diversified.' That means it can put a large share of its money into a single company. As of June 30, 2026, NVIDIA was 18.6% of assets and Broadcom was 14.2%. The fund held only stocks, with no derivatives.
What it really costs
- SMHX charges 0.35% a year, versus an average of 0.33% 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 |
|---|---|---|---|---|
| SMHX | $36 | $113 | $197 | $443 |
In a retirement portfolio
It is a concentrated bet on 22 chip designers, so it fits better as a small add-on to a broad portfolio than as a foundation.
SMHX launched on August 27, 2024, so it has no record from the 2008, 2020 or 2022 market downturns. Its short history still shows how much it can swing. It fell 38.5% between January 22 and April 8, 2025. It got back to its old high by July 10, 2025, about three months later. Its worst quarter, which ended March 31, 2025, lost 20.11%. Its only full calendar year, 2025, returned about 30%. Drops this deep can hurt anyone who has to sell shares during a slump. The fund pays almost no income. Its trailing yield was 0.02% as of October 27, 2026, paid once a year, so cash would mostly have to come from selling shares. It costs 0.35% a year, or about $36 in the first year on $10,000 under the SEC's standard example. Past results don't predict future returns, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a targeted position in chip designers such as NVIDIA, Broadcom and AMD, without chip-equipment makers.
- Those adding a small satellite holding beside broad funds who can accept drops like the 38.5% fall in early 2025.
- Growth-focused investors who don't need income, since the yield was 0.02% as of October 27, 2026, paid once a year.
Look elsewhere if
- Anyone who needs steady value or regular income. Volatility was 41.7% over the year to October 27, 2026.
- Investors who want broad diversification. The top 10 holdings were about 72% of assets as of June 30, 2026.
- Cost-focused investors. SOXQ charges 0.19%, and the broad tech funds VGT and FTEC charge under 0.10%, compared with 0.35% for SMHX.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SMHX this fund | — | 0.35% | $297.0M | +34.0% | — |
| SMH VanEck Semiconductor ETF | 44% | 0.35% | $77.20B | +40.5% | +52.2% |
| SOXQ Invesco PHLX Semiconductor ETF | 42% | 0.19% | $3.00B | +60.9% | +53.6% |
| XSD SPDR S&P Semiconductor ETF | 35% | 0.35% | $3.48B | +37.4% | +41.8% |
| SOXX iShares Semiconductor ETF | 34% | 0.35% | $47.82B | +48.5% | +44.1% |
| TRFK Pacer Data and Digital Revolution ETF | 32% | 0.6% | $954.5M | +26.8% | +46.8% |
| FTXL First Trust Nasdaq Semiconductor ETF | 30% | 0.6% | $2.75B | +81.9% | +54.2% |
| VGT Vanguard Information Technology ETF | 28% | 0.09% | $170.66B | +19.7% | +33.3% |
Questions investors ask
What does SMHX invest in?
SMHX invests in US-listed fabless chip companies. These firms design chips but outsource most of the manufacturing, and each must earn at least half its revenue from semiconductors. As of June 30, 2026, the fund held 22 stocks. The largest were NVIDIA (18.6%), Broadcom (14.2%), Astera Labs (6.1%), Advanced Micro Devices (6.0%) and Marvell Technology (5.5%). Cadence Design Systems and Synopsys were each about 4%. About 90% of assets were in US companies.
What's the difference between SMHX and SMH?
Both are VanEck funds that charge 0.35% a year. SMHX holds only fabless chip designers. SMH, the VanEck Semiconductor ETF, is a broader semiconductor fund, and about 44% of their holdings overlapped. SMH is much bigger, with about $77.2 billion in net assets compared with about $297 million for SMHX as of June 30, 2026. SMH returned 44.1% over one year as of October 30, 2026. SMHX returned 34% over one year as of October 27, 2026.
Does SMHX pay dividends?
Yes, but very little. SMHX pays a distribution once a year. Its trailing 12-month yield was 0.02% as of October 27, 2026, or about $0.01 per share. The fund is built for price growth, not income. Anyone who needs cash from it would mostly have to sell shares, and that can hurt after a sharp drop.
How has SMHX performed since launch?
SMHX returned 30.23% in 2025, its first full calendar year, according to its prospectus. From its August 27, 2024 launch through December 31, 2025, it returned an average of 35.57% a year. That was close to its index's 35.91% and well ahead of the MSCI ACWI Index's 17.62%. Based on price, it gained 46.2% in 2026 through October 27. A record of about two years is short and covers a strong stretch for chip stocks.
Is SMHX a risky ETF?
Yes, more than a broad stock fund. Its volatility, a measure of how widely returns swing, was 41.7% over the year to October 27, 2026. Its one-year beta was 2.49, which means it tended to move about two and a half times as much as the market. It fell 38.5% between January 22 and April 8, 2025. It is also non-diversified: NVIDIA and Broadcom made up about 33% of assets as of June 30, 2026.