VanEck Semiconductor ETF(SMH)
AI Look-Through Summary
AI GeneratedThe VanEck Semiconductor ETF demonstrates a highly concentrated exposure within the technology sector, which accounts for 80.0% of its total assets under management. This heavy weighting indicates that the fund's performance is predominantly driven by semiconductor manufacturers and related equipment providers rather than diversified industrial or consumer staples. The concentration risk is further amplified by the top ten holdings alone representing a significant portion of the portfolio, with NVIDIA leading at 21.0%, followed closely by other major players like Broadcom and Micron. Such a structure suggests that market movements in these specific large-cap equities will have an outsized impact on the fund's overall volatility and returns compared to broader technology indices.
Geographically, while the provided data does not explicitly break down regional exposure, the composition of top holdings implies a heavy tilt toward U.S.-listed entities given the dominance of American semiconductor giants in the list. The presence of multiple high-weight positions from companies like AMD, Qualcomm, and Texas Instruments reinforces that the fund is primarily tracking the domestic chip industry cycle rather than global diversification across emerging markets or international developed economies. With assets under management exceeding $40 billion, this ETF possesses substantial liquidity, which can facilitate efficient trading but may also result in tighter bid-ask spreads compared to smaller niche funds.
Quantitatively, the fund exhibits low diversification within its stated sector due to the sheer number of top-tier holdings clustered at similar weight percentages above 5%. This clustering means that a downturn affecting just two or three of these specific stocks could materially alter the fund's trajectory more than in a broadly diversified semiconductor index. The lack of significant allocation outside the technology sector removes any potential hedging from other industries, leaving the instrument purely exposed to cyclical fluctuations in chip demand and supply chain dynamics without balancing sectors like healthcare or financial services to mitigate risk.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-21 22:57:05.490385+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The VanEck Semiconductor ETF demonstrates a high degree of alignment between its thematic designation and its underlying portfolio composition. The fund's top holdings are almost exclusively comprised of major semiconductor manufacturers, with the vast majority classified under the Technology sector, which directly supports the stated investment theme. Notably, there is no evidence of unrelated mega-cap stocks from non-semiconductor industries or broad-market names being used merely to stabilize returns; instead, the portfolio relies heavily on core players like NVIDIA and Broadcom that define the industry landscape. The presence of a few holdings marked as "N/A" in the provided data does not detract significantly from this coherence, as the overwhelming weight remains firmly within the semiconductor value chain.
Sector concentration analysis reveals a tightly focused exposure where Technology accounts for 80% of assets, consistent with an equity fund dedicated to a specific hardware sub-sector rather than a diversified technology conglomerate. The top-10 concentration ratio of 73.1% indicates that performance will be heavily influenced by the largest semiconductor entities in the basket, creating a distinct profile compared to broad market indices that typically dilute such exposure across various industries and company sizes. While this lack of diversification increases sensitivity to sector-specific downturns or regulatory changes affecting chipmakers, it also ensures that the fund remains genuinely differentiated as a pure-play vehicle for semiconductor growth rather than a broadly diversified technology proxy.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 10:01:51.641183+00
⚠️ Systemic Risk Synthesis
AI GeneratedThe newly disclosed risk factors from the top holdings of this semiconductor ETF highlight three converging macro-level threats that could materially impact industry-wide financial conditions. The most prominent shared exposure is regulatory pressure, as evidenced by NVDA's specific disclosures regarding climate change compliance and responsible AI usage regulations which explicitly warn of potential increases in operational costs and adverse impacts on competitive positioning. This aligns with a broader trend where data privacy requirements are cited across the sector as drivers that may further escalate expenses and constrain business operations. These environmental and regulatory headwinds suggest an external environment becoming increasingly costly for semiconductor manufacturers to navigate, potentially eroding margins if compliance measures require significant capital expenditure or operational restructuring.
The concentration of these risks within the fund's largest positions amplifies their systemic significance. With NVDA alone representing 21.0% of assets under management and facing explicit warnings on climate, cybersecurity, and AI regulation, a material adverse event in any single category could disproportionately weigh on the fund's overall performance. The fact that such broad regulatory and environmental risks are being flagged by the largest holding indicates a correlated downside scenario where macro-level policy shifts or enforcement actions could simultaneously affect multiple top-tier names rather than isolated entities. This clustering of risk factors suggests that the portfolio is highly sensitive to changes in government oversight regarding technology ethics, data privacy standards, and sustainability mandates, creating a potential vulnerability if these regulatory frameworks tighten unexpectedly.
While specific company risks are inherent to individual business models, the sheer weight of NVDA at 21.0% means that any unique operational failure or legal challenge facing this single entity would have an outsized effect on the fund compared to smaller constituents like AMD or INTC which carry similar but lower weights. The interplay between high concentration in a few names and their shared exposure to emerging regulatory costs creates a complex risk profile where macro policy decisions can translate directly into portfolio volatility without immediate diversification benefits from other sectors.
Synthesized from constituent 10-K risk factor disclosures. Not investment advice. Updated: 2026-05-23 19:28:16.668824+00
🏢 Sector Analysis
AI GeneratedThe VanEck Semiconductor ETF exhibits an extremely concentrated profile, with 73.1% of assets allocated to its top ten holdings and a singular reliance on the semiconductor sub-sector within the broader technology umbrella. This narrow allocation reveals a distinct investment thesis centered entirely on exposure to chip manufacturing and design, rather than diversified technological innovation or software services. The dominance of NVIDIA at 21.0%, followed by Broadcom and Micron, indicates that the fund's performance is heavily tethered to specific mega-cap equities whose market movements will disproportionately dictate overall portfolio volatility. Such a structure suggests an aggressive strategy targeting high-beta growth drivers within the hardware space, effectively betting on continued expansion in computing power and memory demand while foregoing exposure to other tech sub-sectors like cybersecurity or cloud infrastructure providers not listed among the top holdings.
From a risk management perspective, this concentration creates significant idiosyncratic vulnerability; any adverse regulatory action, supply chain disruption, or earnings miss affecting even one of these heavyweights could materially impact the fund's net asset value more severely than in a broadly diversified peer. The absence of non-technology holdings further amplifies sector-specific beta, meaning the ETF will likely underperform during periods where capital rotates away from hard tech toward defensive sectors or financial services. While this approach offers potent upside potential if the semiconductor cycle remains robust, it simultaneously exposes investors to sharp drawdowns should market sentiment shift against hardware manufacturers. Ultimately, the fund functions less as a balanced technology proxy and more as a leveraged vehicle for pure-play chip exposure, requiring careful consideration of how well an investor's risk tolerance aligns with such extreme concentration in a cyclical industry.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-20 12:19:09.391166+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share SMH's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of SMH's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| SOXXiShares Semiconductor ETF | $21B | — | 21 | 94.0% |
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 23 | 83.8% |
| SCHXSCHX | $61B | — | 23 | 83.8% |
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 22 | 83.8% |
| URTHiShares MSCI World ETF | $7B | — | 19 | 83.2% |
94% of SMH's portfolio by weight is also held by SOXX. When SOXX receives inflows, it mechanically buys these shared stocks — dragging SMH's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofSMH's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 82% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 86% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside SMH collectively pay out 34% of their Free Cash Flow to maintain the current yield. This leaves a substantial cash buffer, making dividend cuts unlikely even in a downturn. Based on 71% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietarySMH is up 154.9% over the last 12 months. The underlying weighted earnings growth of its constituents is +64.3%. The remaining +90.6% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 81% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of SMH's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of SMH's analyzed weight, 71% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 29% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 85% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
CRITICALNVDA at 21.0% has captured SMH's portfolio. The top 3 holdings (40%) dominate the fund's variance — the remaining 23 stocks provide minimal diversification.SMH effectively behaves like a 12-stock portfolio, not a 26-stock one.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
SMH has a Passive Crowding Score of 37/100. On average, 11.1% of the market capitalization of SMH's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 52 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | NVDA | NVIDIA Corp Technology | 21.05% | 32.4x | 4/9 |
| 2 | 874039100 | Taiwan Semiconductor Manufacturing Co Ltd | 10.47% | — | — |
| 3 | AVGO | Broadcom Inc Technology | 8.43% | 86.9x | 8/9 |
| 4 | MU | Micron Technology Inc Technology | 5.05% | 45.9x | 7/9 |
| 5 | AMD | Advanced Micro Devices Inc Technology | 5.02% | 172.6x | 7/9 |
| 6 | USN070592100 | ASML Holding NV | 4.96% | 53.8x | 8/9 |
| 7 | LRCX | Lam Research Corp Technology | 4.75% | 60.3x | 7/9 |
| 8 | KLAC | KLA Corp Technology | 4.58% | 54.3x | 8/9 |
| 9 | TXN | Texas Instruments Inc Technology | 4.46% | 52.3x | 7/9 |
| 10 | QCOM | QUALCOMM Inc Technology | 4.38% | 27.0x | 6/9 |
| 11 | AMAT | Applied Materials Inc Technology | 4.36% | 42.4x | 6/9 |
| 12 | ADI | Analog Devices Inc Technology | 4.27% | 61.8x | 8/9 |
| 13 | INTC | Intel Corp Technology | 4.22% | — | 6/9 |
| 14 | SNPS | Synopsys Inc Technology | 2.95% | 108.6x | 3/9 |
| 15 | CDNS | Cadence Design Systems Inc Technology | 2.67% | 87.8x | 7/9 |
Historical Holdings Snapshots
Browse how SMH’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 91.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 21.05% | 42,062,280 | $7.8B |
| 2 | 874039100 | 10.47% | 12,837,668 | $3.9B |
| 3 | AVGO | 8.43% | 9,077,488 | $3.1B |
| 4 | MU | 5.05% | 6,595,481 | $1.9B |
| 5 | AMD | 5.02% | 8,727,985 | $1.9B |
| 6 | USN070592100 | 4.96% | 1,726,549 | $1.8B |
| 7 | LRCX | 4.75% | 10,336,957 | $1.8B |
| 8 | KLAC | 4.58% | 1,403,900 | $1.7B |
| 9 | TXN | 4.46% | 9,573,928 | $1.7B |
| 10 | QCOM | 4.38% | 9,545,548 | $1.6B |
| 11 | AMAT | 4.36% | 6,321,269 | $1.6B |
| 12 | ADI | 4.27% | 5,869,879 | $1.6B |
| 13 | INTC | 4.22% | 42,650,702 | $1.6B |
| 14 | SNPS | 2.95% | 2,336,690 | $1.1B |
| 15 | CDNS | 2.67% | 3,182,514 | $994.8M |
2026-05-23
15 holdings · 91.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 21.05% | 42,062,280 | $7.8B |
| 2 | 874039100 | 10.47% | 12,837,668 | $3.9B |
| 3 | AVGO | 8.43% | 9,077,488 | $3.1B |
| 4 | MU | 5.05% | 6,595,481 | $1.9B |
| 5 | AMD | 5.02% | 8,727,985 | $1.9B |
| 6 | USN070592100 | 4.96% | 1,726,549 | $1.8B |
| 7 | LRCX | 4.75% | 10,336,957 | $1.8B |
| 8 | KLAC | 4.58% | 1,403,900 | $1.7B |
| 9 | TXN | 4.46% | 9,573,928 | $1.7B |
| 10 | QCOM | 4.38% | 9,545,548 | $1.6B |
| 11 | AMAT | 4.36% | 6,321,269 | $1.6B |
| 12 | ADI | 4.27% | 5,869,879 | $1.6B |
| 13 | INTC | 4.22% | 42,650,702 | $1.6B |
| 14 | SNPS | 2.95% | 2,336,690 | $1.1B |
| 15 | CDNS | 2.67% | 3,182,514 | $994.8M |
2026-05-22
15 holdings · 91.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 21.05% | 42,062,280 | $7.8B |
| 2 | 874039100 | 10.47% | 12,837,668 | $3.9B |
| 3 | AVGO | 8.43% | 9,077,488 | $3.1B |
| 4 | MU | 5.05% | 6,595,481 | $1.9B |
| 5 | AMD | 5.02% | 8,727,985 | $1.9B |
| 6 | USN070592100 | 4.96% | 1,726,549 | $1.8B |
| 7 | LRCX | 4.75% | 10,336,957 | $1.8B |
| 8 | KLAC | 4.58% | 1,403,900 | $1.7B |
| 9 | TXN | 4.46% | 9,573,928 | $1.7B |
| 10 | QCOM | 4.38% | 9,545,548 | $1.6B |
| 11 | AMAT | 4.36% | 6,321,269 | $1.6B |
| 12 | ADI | 4.27% | 5,869,879 | $1.6B |
| 13 | INTC | 4.22% | 42,650,702 | $1.6B |
| 14 | SNPS | 2.95% | 2,336,690 | $1.1B |
| 15 | CDNS | 2.67% | 3,182,514 | $994.8M |
2026-05-21
15 holdings · 91.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 21.05% | 42,062,280 | $7.8B |
| 2 | 874039100 | 10.47% | 12,837,668 | $3.9B |
| 3 | AVGO | 8.43% | 9,077,488 | $3.1B |
| 4 | MU | 5.05% | 6,595,481 | $1.9B |
| 5 | AMD | 5.02% | 8,727,985 | $1.9B |
| 6 | USN070592100 | 4.96% | 1,726,549 | $1.8B |
| 7 | LRCX | 4.75% | 10,336,957 | $1.8B |
| 8 | KLAC | 4.58% | 1,403,900 | $1.7B |
| 9 | TXN | 4.46% | 9,573,928 | $1.7B |
| 10 | QCOM | 4.38% | 9,545,548 | $1.6B |
| 11 | AMAT | 4.36% | 6,321,269 | $1.6B |
| 12 | ADI | 4.27% | 5,869,879 | $1.6B |
| 13 | INTC | 4.22% | 42,650,702 | $1.6B |
| 14 | SNPS | 2.95% | 2,336,690 | $1.1B |
| 15 | CDNS | 2.67% | 3,182,514 | $994.8M |
2026-05-20
15 holdings · 91.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 21.05% | 42,062,280 | $7.8B |
| 2 | 874039100 | 10.47% | 12,837,668 | $3.9B |
| 3 | AVGO | 8.43% | 9,077,488 | $3.1B |
| 4 | MU | 5.05% | 6,595,481 | $1.9B |
| 5 | AMD | 5.02% | 8,727,985 | $1.9B |
| 6 | USN070592100 | 4.96% | 1,726,549 | $1.8B |
| 7 | LRCX | 4.75% | 10,336,957 | $1.8B |
| 8 | KLAC | 4.58% | 1,403,900 | $1.7B |
| 9 | TXN | 4.46% | 9,573,928 | $1.7B |
| 10 | QCOM | 4.38% | 9,545,548 | $1.6B |
| 11 | AMAT | 4.36% | 6,321,269 | $1.6B |
| 12 | ADI | 4.27% | 5,869,879 | $1.6B |
| 13 | INTC | 4.22% | 42,650,702 | $1.6B |
| 14 | SNPS | 2.95% | 2,336,690 | $1.1B |
| 15 | CDNS | 2.67% | 3,182,514 | $994.8M |
2026-05-19
15 holdings · 91.6% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 21.05% | 42,062,280 | $7.8B |
| 2 | 874039100 | 10.47% | 12,837,668 | $3.9B |
| 3 | AVGO | 8.43% | 9,077,488 | $3.1B |
| 4 | MU | 5.05% | 6,595,481 | $1.9B |
| 5 | AMD | 5.02% | 8,727,985 | $1.9B |
| 6 | USN070592100 | 4.96% | 1,726,549 | $1.8B |
| 7 | LRCX | 4.75% | 10,336,957 | $1.8B |
| 8 | KLAC | 4.58% | 1,403,900 | $1.7B |
| 9 | TXN | 4.46% | 9,573,928 | $1.7B |
| 10 | QCOM | 4.38% | 9,545,548 | $1.6B |
| 11 | AMAT | 4.36% | 6,321,269 | $1.6B |
| 12 | ADI | 4.27% | 5,869,879 | $1.6B |
| 13 | INTC | 4.22% | 42,650,702 | $1.6B |
| 14 | SNPS | 2.95% | 2,336,690 | $1.1B |
| 15 | CDNS | 2.67% | 3,182,514 | $994.8M |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
What Drove SMH Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price of SMH is trading below its 50-day moving average but above the 200-day moving average, suggesting a potential consolidation phase within an ongoing upward trend. With the RSI at 44.9, it indicates that the security currently has neither overbought nor oversold conditions, placing it in relatively balanced territory from a momentum perspective.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How SMH’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
AUM & Capital Flow Tracker
Estimated assets under management derived from SEC filings and daily price movements — tracks how the fund's value evolves over time.
Estimated AUM derived from the latest SEC N-PORT filing TNA ($37.28B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.