VanEck Semiconductor ETF(SMH)
AI Look-Through Summary
AI GeneratedThe VanEck Semiconductor ETF appears to be heavily concentrated in technology, with nearly 78% of its holdings allocated to this sector. The portfolio's weighted P/E ratio is significantly elevated at 45.6x, indicating that investors are willing to pay a premium for these companies' growth prospects. This valuation posture suggests that the fund may be more sensitive to changes in market sentiment and interest rates.
The top holdings reveal a significant concentration risk, with NVIDIA (NVDA) dominating the portfolio at nearly 20% of its assets. The presence of other large-cap technology names like AMD and Texas Instruments also contributes to this concentration. In comparison to the broader market, the fund's sector allocation is skewed towards technology, which may be favorable in a macro environment characterized by strong demand for semiconductor products and continued innovation in the field. However, a downturn in the tech sector or a recession could have a disproportionately negative impact on the fund's performance.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-12 07:54:24.828571+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 | — | 23 | 95.0% |
| SCHXSCHX | $61B | — | 22 | 81.5% |
| SCHBSchwab U.S. Broad Market ETF | $37B | — | 22 | 81.5% |
| ITOTiShares Core S&P Total U.S. Stock Market ETF | $80B | — | 21 | 81.4% |
| ACWIiShares MSCI ACWI ETF | $28B | — | 20 | 81.2% |
95% 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
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 79% 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 84% 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.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside SMH collectively pay out 35% 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 69% 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 154.3% over the last 12 months. The underlying weighted earnings growth of its constituents is +64.4%. The remaining +90.0% 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 78% 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, 70% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 30% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 82% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
HIGHNVDA at 19.6% contributes an estimated 47% of portfolio variance.SMH holds 26 stocks but behaves like an 12-stock portfolio due to weight concentration in the top holdings.
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 39/100. On average, 11.7% 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 51 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 | 19.64% | 31.4x | 4/9 |
| 2 | 874039100 | Taiwan Semiconductor Manufacturing Co Ltd | 11.84% | — | — |
| 3 | AVGO | Broadcom Inc Technology | 7.79% | 63.7x | 8/9 |
| 4 | USN070592100 | ASML Holding NV | 4.99% | 62.5x | 8/9 |
| 5 | KLAC | KLA Corp Technology | 4.74% | 71.9x | 8/9 |
| 6 | ADI | Analog Devices Inc Technology | 4.70% | 62.1x | 8/9 |
| 7 | AMD | Advanced Micro Devices Inc Technology | 4.68% | 169.4x | 7/9 |
| 8 | TXN | Texas Instruments Inc Technology | 4.61% | 51.6x | 7/9 |
| 9 | LRCX | Lam Research Corp Technology | 4.60% | 69.5x | 7/9 |
| 10 | AMAT | Applied Materials Inc Technology | 4.59% | 53.5x | 6/9 |
| 11 | INTC | Intel Corp Technology | 4.34% | — | 6/9 |
| 12 | MU | Micron Technology Inc Technology | 4.23% | 46.3x | 7/9 |
| 13 | QCOM | QUALCOMM Inc Technology | 4.09% | 22.8x | 6/9 |
| 14 | SNPS | Synopsys Inc Technology | 2.50% | 104.1x | 3/9 |
| 15 | CDNS | Cadence Design Systems Inc Technology | 2.43% | 90.2x | 7/9 |
Historical Holdings Snapshots
Browse how SMH’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-06-19
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 19.64% | 46,163,721 | $8.1B |
| 2 | 874039100 | 11.84% | 14,359,741 | $4.9B |
| 3 | AVGO | 7.79% | 10,321,660 | $3.2B |
| 4 | USN070592100 | 4.99% | 1,548,300 | $2.0B |
| 5 | KLAC | 4.74% | 1,318,928 | $1.9B |
| 6 | ADI | 4.70% | 6,053,116 | $1.9B |
| 7 | AMD | 4.68% | 9,433,536 | $1.9B |
| 8 | TXN | 4.61% | 9,726,033 | $1.9B |
| 9 | LRCX | 4.60% | 8,828,365 | $1.9B |
| 10 | AMAT | 4.59% | 5,503,937 | $1.9B |
| 11 | INTC | 4.34% | 40,272,256 | $1.8B |
| 12 | MU | 4.23% | 5,127,760 | $1.7B |
| 13 | QCOM | 4.09% | 13,012,602 | $1.7B |
| 14 | SNPS | 2.50% | 2,585,403 | $1.0B |
| 15 | CDNS | 2.43% | 3,588,783 | $997.2M |
2026-06-18
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 19.64% | 46,163,721 | $8.1B |
| 2 | 874039100 | 11.84% | 14,359,741 | $4.9B |
| 3 | AVGO | 7.79% | 10,321,660 | $3.2B |
| 4 | USN070592100 | 4.99% | 1,548,300 | $2.0B |
| 5 | KLAC | 4.74% | 1,318,928 | $1.9B |
| 6 | ADI | 4.70% | 6,053,116 | $1.9B |
| 7 | AMD | 4.68% | 9,433,536 | $1.9B |
| 8 | TXN | 4.61% | 9,726,033 | $1.9B |
| 9 | LRCX | 4.60% | 8,828,365 | $1.9B |
| 10 | AMAT | 4.59% | 5,503,937 | $1.9B |
| 11 | INTC | 4.34% | 40,272,256 | $1.8B |
| 12 | MU | 4.23% | 5,127,760 | $1.7B |
| 13 | QCOM | 4.09% | 13,012,602 | $1.7B |
| 14 | SNPS | 2.50% | 2,585,403 | $1.0B |
| 15 | CDNS | 2.43% | 3,588,783 | $997.2M |
2026-06-17
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 19.64% | 46,163,721 | $8.1B |
| 2 | 874039100 | 11.84% | 14,359,741 | $4.9B |
| 3 | AVGO | 7.79% | 10,321,660 | $3.2B |
| 4 | USN070592100 | 4.99% | 1,548,300 | $2.0B |
| 5 | KLAC | 4.74% | 1,318,928 | $1.9B |
| 6 | ADI | 4.70% | 6,053,116 | $1.9B |
| 7 | AMD | 4.68% | 9,433,536 | $1.9B |
| 8 | TXN | 4.61% | 9,726,033 | $1.9B |
| 9 | LRCX | 4.60% | 8,828,365 | $1.9B |
| 10 | AMAT | 4.59% | 5,503,937 | $1.9B |
| 11 | INTC | 4.34% | 40,272,256 | $1.8B |
| 12 | MU | 4.23% | 5,127,760 | $1.7B |
| 13 | QCOM | 4.09% | 13,012,602 | $1.7B |
| 14 | SNPS | 2.50% | 2,585,403 | $1.0B |
| 15 | CDNS | 2.43% | 3,588,783 | $997.2M |
2026-06-16
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 19.64% | 46,163,721 | $8.1B |
| 2 | 874039100 | 11.84% | 14,359,741 | $4.9B |
| 3 | AVGO | 7.79% | 10,321,660 | $3.2B |
| 4 | USN070592100 | 4.99% | 1,548,300 | $2.0B |
| 5 | KLAC | 4.74% | 1,318,928 | $1.9B |
| 6 | ADI | 4.70% | 6,053,116 | $1.9B |
| 7 | AMD | 4.68% | 9,433,536 | $1.9B |
| 8 | TXN | 4.61% | 9,726,033 | $1.9B |
| 9 | LRCX | 4.60% | 8,828,365 | $1.9B |
| 10 | AMAT | 4.59% | 5,503,937 | $1.9B |
| 11 | INTC | 4.34% | 40,272,256 | $1.8B |
| 12 | MU | 4.23% | 5,127,760 | $1.7B |
| 13 | QCOM | 4.09% | 13,012,602 | $1.7B |
| 14 | SNPS | 2.50% | 2,585,403 | $1.0B |
| 15 | CDNS | 2.43% | 3,588,783 | $997.2M |
2026-06-15
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 19.64% | 46,163,721 | $8.1B |
| 2 | 874039100 | 11.84% | 14,359,741 | $4.9B |
| 3 | AVGO | 7.79% | 10,321,660 | $3.2B |
| 4 | USN070592100 | 4.99% | 1,548,300 | $2.0B |
| 5 | KLAC | 4.74% | 1,318,928 | $1.9B |
| 6 | ADI | 4.70% | 6,053,116 | $1.9B |
| 7 | AMD | 4.68% | 9,433,536 | $1.9B |
| 8 | TXN | 4.61% | 9,726,033 | $1.9B |
| 9 | LRCX | 4.60% | 8,828,365 | $1.9B |
| 10 | AMAT | 4.59% | 5,503,937 | $1.9B |
| 11 | INTC | 4.34% | 40,272,256 | $1.8B |
| 12 | MU | 4.23% | 5,127,760 | $1.7B |
| 13 | QCOM | 4.09% | 13,012,602 | $1.7B |
| 14 | SNPS | 2.50% | 2,585,403 | $1.0B |
| 15 | CDNS | 2.43% | 3,588,783 | $997.2M |
2026-06-14
15 holdings · 89.8% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | NVDA | 19.64% | 46,163,721 | $8.1B |
| 2 | 874039100 | 11.84% | 14,359,741 | $4.9B |
| 3 | AVGO | 7.79% | 10,321,660 | $3.2B |
| 4 | USN070592100 | 4.99% | 1,548,300 | $2.0B |
| 5 | KLAC | 4.74% | 1,318,928 | $1.9B |
| 6 | ADI | 4.70% | 6,053,116 | $1.9B |
| 7 | AMD | 4.68% | 9,433,536 | $1.9B |
| 8 | TXN | 4.61% | 9,726,033 | $1.9B |
| 9 | LRCX | 4.60% | 8,828,365 | $1.9B |
| 10 | AMAT | 4.59% | 5,503,937 | $1.9B |
| 11 | INTC | 4.34% | 40,272,256 | $1.8B |
| 12 | MU | 4.23% | 5,127,760 | $1.7B |
| 13 | QCOM | 4.09% | 13,012,602 | $1.7B |
| 14 | SNPS | 2.50% | 2,585,403 | $1.0B |
| 15 | CDNS | 2.43% | 3,588,783 | $997.2M |
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 ($41.03B) 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: 2026-06-18.
SecuritiesDB is for informational purposes only. Not investment advice.