VanEck Semiconductor ETF (SMH)

Look-through valuation · Sector · Expense ratio 0.35 % · ISIN US92189F6768

SMH VanEck Semiconductor ETF SMH overvalued

Holdings vs fair value −67.4 % weighted average

Quality 70/100 avg alpha quality

Expense ratio 0.35 % per year (TER)

Fund size $ 65.1B yield 0.17 %

The look-through covers 94 % of the fund by weight (23 of 25 disclosed positions valued). Unresolved positions are left out, never estimated.

Price history (since 2000)

Monthly close since 2000. Price shows performance, the valuation verdict is in the look-through above.

Top holdings

Holding	Weight	vs fair value	Quality
NVIDIA Corporation NVDA	20.3 %	−54.4 %	68
Taiwan Semiconductor Manufacturing TSM	9.0 %	−49.7 %	79
Broadcom Inc AVGO	5.9 %	−78.8 %	67
Advanced Micro Devices Inc AMD	5.8 %	−78.9 %	72
Micron Technology Inc MU	5.3 %	−80.0 %	73
Applied Materials Inc AMAT	5.2 %	−75.3 %	75
ASML Holding NV ADR ASML	4.9 %	n/a	n/a
Texas Instruments Incorporated TXN	4.7 %	−79.3 %	70
KLA Corporation KLAC	4.7 %	−75.1 %	73
Lam Research Corp LRCX	4.6 %	−79.4 %	79
Intel Corporation INTC	4.4 %	−60.7 %	46
Analog Devices Inc ADI	4.3 %	−76.2 %	79
Qualcomm Incorporated QCOM	3.9 %	−40.9 %	72
Marvell Technology Group Ltd MRVL	3.8 %	−80.0 %	72
Cadence Design Systems Inc CDNS	2.4 %	−78.4 %	69
Synopsys Inc SNPS	1.9 %	−78.3 %	40
Monolithic Power Systems Inc MPWR	1.3 %	−80.0 %	69
STMicroelectronics NV ADR STM	1.3 %	n/a	n/a
NXP Semiconductors NV NXPI	1.3 %	−62.8 %	61
Teradyne Inc TER	1.2 %	−80.0 %	70
Astera Labs, Inc. ALAB	1.0 %	−83.0 %	64
Arm Holdings plc American Depositary Shares ARM	1.0 %	−76.7 %	64
Microchip Technology Inc MCHP	0.9 %	−73.5 %	59
ON Semiconductor Corporation ON	0.6 %	−62.3 %	61
Skyworks Solutions Inc SWKS	0.1 %	+50.3 %	57

Fair value and quality per position come from the same valuation as our stock pages. Showing the 25 largest of 25 disclosed positions. "n/a" means the position is not (yet) in our stock universe and does not enter the average.

How the look-through works

An ETF has no fair value of its own like a single stock. We build it bottom up: every holding has a fair value and a quality score on our pages. Weighted by portfolio share, that gives VanEck Semiconductor ETF an average of how cheap or expensive its companies currently sit versus fair value, and how high their average quality is.

As of: Jul 17, 2026

No investment advice, no buy or sell recommendation. The look-through is a computed summary of public fundamentals and is no substitute for your own research.