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The VanEck Semiconductor ETF (SMH) is an exchange-traded fund designed to provide exposure to the semiconductor industry, bringing together companies involved in the design, manufacturing, and supply of chips and related equipment. The fund is managed by VanEck and trades under the ticker SMH on NYSE Arca.
SMH is classified as a sector-focused equity ETF. Its objective is to track, before fees and expenses, the performance of an index composed of semiconductor-related companies.
The fund follows a passive management approach, seeking to replicate the composition and methodology of its benchmark index, reflecting the dynamics of the semiconductor segment within the technology sector.
SMH tracks the MVIS US Listed Semiconductor 25 Index, which is composed of U.S.-listed companies operating across the global semiconductor value chain. The index is weighted by float-adjusted market capitalization and is periodically reviewed and rebalanced to maintain alignment with its methodology.
Diversification and sector exposure
Semiconductor manufacturers.
Chip design and development companies.
Providers of equipment and technologies for the semiconductor industry.
Structure and costs
SMH shares trade on the secondary market, with prices influenced by supply and demand as well as the valuation of the underlying holdings. The fund uses the creation and redemption mechanism carried out by authorized participants, helping align market prices with net asset value.
SMH charges a management fee, does not charge a performance fee, and may distribute income derived from dividends paid by the companies held in the portfolio.
History and evolution of the ETF
SMH was launched in 2011, during a period of growing interest in thematic investment vehicles providing concentrated exposure to the semiconductor industry.
Over time, the ETF has been widely used as a thematic exposure tool to the chip sector, reflecting technological innovation and investment cycles within the industry.
Between 2020 and 2024, SMH’s performance dynamics were closely linked to shifts in the technology sector, rising global demand for semiconductors, and the volatility typical of an industry sensitive to economic cycles and technological advances.
