VanEck Semiconductor ETF (SMH)

Market Price (10/26/2026): $526.57

VanEck Semiconductor ETF (SMH)

Market Price (10/26/2026): $526.57

Key Takeaways

SMH has returned +46.4% YTD vs +12.0% for SPY; +50.6% over the past 12 months (SPY +13.1%). details →
Priced in gold, SMH has returned +90.9% over the past 3 years, vs +285.3% in dollars. details →
Over the past month, SMH has seen net inflows of +$1.02B (+1.4% of assets). details →
SMH's top 10 holdings represent 62% of the fund vs 39% for SPY — a more concentrated portfolio. details →
SMH trades 21% below its 52-week high. details →

Last updated: 10/24/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with SMH

Risk Tolerance:

ConservativeModerateAggressive

Moderate — 55% equity / 25% bonds / 20% alternatives

10Y Return (ann.)

+22.0%

Volatility

17.8%

Sharpe

1.06

YTD

+27.1%

Modeled with monthly rebalancing to target weights; 10-year figures are annualized from monthly returns. Illustrative only — past performance is not indicative of future results.

	ETF	%	1D	1W	1M	YTD
Equity	SMH	25.0%	0.7%	-2.3%	-12.2%	46.4%
Bond	BND	50.0%	-0.2%	0.5%	1.4%	-0.9%
Gold	GLD	10.0%	-0.6%	-4.0%	-6.4%	-7.5%
Commodity	DBC	2.5%	1.6%	1.1%	2.8%	52.5%
Real Estate	VNQ	5.0%	0.0%	1.0%	1.7%	7.7%
Bitcoin	BTCUSD	0.0%	-0.3%	-0.5%	-3.9%	-7.4%
Cash	GOVT	7.5%	-0.2%	0.5%	1.1%	-1.2%
Conservative Portfolio		100.0%	0.0%	-0.6%	-2.7%	12.0%

	ETF	%	1D	1W	1M	YTD
Equity	SMH	55.0%	0.7%	-2.3%	-12.2%	46.4%
Bond	BND	25.0%	-0.2%	0.5%	1.4%	-0.9%
Gold	GLD	7.0%	-0.6%	-4.0%	-6.4%	-7.5%
Commodity	DBC	4.0%	1.6%	1.1%	2.8%	52.5%
Real Estate	VNQ	5.0%	0.0%	1.0%	1.7%	7.7%
Bitcoin	BTCUSD	2.0%	-0.3%	-0.5%	-3.9%	-7.4%
Cash	GOVT	2.0%	-0.2%	0.5%	1.1%	-1.2%
Moderate Portfolio		100.0%	0.4%	-1.3%	-6.7%	27.1%

	ETF	%	1D	1W	1M	YTD
Equity	SMH	80.0%	0.7%	-2.3%	-12.2%	46.4%
Bond	BND	5.0%	-0.2%	0.5%	1.4%	-0.9%
Gold	GLD	3.0%	-0.6%	-4.0%	-6.4%	-7.5%
Commodity	DBC	2.2%	1.6%	1.1%	2.8%	52.5%
Real Estate	VNQ	4.5%	0.0%	1.0%	1.7%	7.7%
Bitcoin	BTCUSD	5.2%	-0.3%	-0.5%	-3.9%	-7.4%
Cash	GOVT	0.0%	-0.2%	0.5%	1.1%	-1.2%
Aggressive Portfolio		100.0%	0.6%	-1.9%	-10.0%	38.0%

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	25.0%	33.1%	29.2%	1.03
Bond	BND	50.0%	1.4%	5.2%	-0.26
Gold	GLD	10.0%	11.8%	15.5%	0.62
Commodity	DBC	2.5%	8.4%	17.3%	0.37
Real Estate	VNQ	5.0%	5.2%	17.6%	0.20
Bitcoin	BTCUSD	0.0%	62.4%	76.4%	0.96
Cash	GOVT	7.5%	0.4%	5.0%	-0.47
Conservative Portfolio		100.0%	10.8%	9.9%	0.81

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	55.0%	33.1%	29.2%	1.03
Bond	BND	25.0%	1.4%	5.2%	-0.26
Gold	GLD	7.0%	11.8%	15.5%	0.62
Commodity	DBC	4.0%	8.4%	17.3%	0.37
Real Estate	VNQ	5.0%	5.2%	17.6%	0.20
Bitcoin	BTCUSD	2.0%	62.4%	76.4%	0.96
Cash	GOVT	2.0%	0.4%	5.0%	-0.47
Moderate Portfolio		100.0%	22.0%	17.8%	1.06

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	80.0%	33.1%	29.2%	1.03
Bond	BND	5.0%	1.4%	5.2%	-0.26
Gold	GLD	3.0%	11.8%	15.5%	0.62
Commodity	DBC	2.2%	8.4%	17.3%	0.37
Real Estate	VNQ	4.5%	5.2%	17.6%	0.20
Bitcoin	BTCUSD	5.2%	62.4%	76.4%	0.96
Cash	GOVT	0.0%	0.4%	5.0%	-0.47
Aggressive Portfolio		100.0%	32.3%	25.1%	1.14

Figures are on an annualized basis, based on monthly return data for the last 10 years

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SMH	25.0%	-42.1%	-24.5%	-23.3%
Bond	BND	50.0%	-14.2%	-2.2%	1.3%
Gold	GLD	10.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.5%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	0.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	7.5%	-12.4%	4.4%	1.6%
Conservative Portfolio		100.0%	-20.3%	-10.2%	-5.5%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SMH	55.0%	-42.1%	-24.5%	-23.3%
Bond	BND	25.0%	-14.2%	-2.2%	1.3%
Gold	GLD	7.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	4.0%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	5.0%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	2.0%	-56.0%	-33.5%	-37.4%
Cash	GOVT	2.0%	-12.4%	4.4%	1.6%
Moderate Portfolio		100.0%	-29.3%	-18.1%	-14.1%

	ETF	%	Inflation Shock	Covid Pandemic	2018 Correction
Equity	SMH	80.0%	-42.1%	-24.5%	-23.3%
Bond	BND	5.0%	-14.2%	-2.2%	1.3%
Gold	GLD	3.0%	-7.7%	-6.3%	5.0%
Commodity	DBC	2.2%	20.5%	-23.7%	-17.5%
Real Estate	VNQ	4.5%	-29.8%	-41.6%	-11.1%
Bitcoin	BTCUSD	5.2%	-56.0%	-33.5%	-37.4%
Cash	GOVT	0.0%	-12.4%	4.4%	1.6%
Aggressive Portfolio		100.0%	-38.5%	-24.1%	-21.3%

The table shows the return of different asset classes during market crises - specifically during the period where the S&P fell and bottomed

Learn More →

Tailored Asset Allocation
[1] Personalized 5 Level Risk Tolerance Assessment
[2] Asset Allocation for My Risk Tolerance

Learn More →

Protect Wealth
[1] Defensive Portfolios
[2] Tax-Efficient Strategies

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	10/31/27	10/26/26	2025	2024	2023	2022	2021
Share Price CYE		$527.20	$360.13	$241.42	$173.56	$100.11	$150.61
Dividend/Share TTM		$1.10	$1.10	$1.07	$1.04	$2.40	$1.57
Valuation [1]
P/S	8.17	13.41	11.40	10.32	7.69	5.06	8.66
P/E		37.43	41.41	35.85	32.74	18.61	31.14
P/E (Non-GAAP) [2]	21.20	31.63	34.33	33.94	32.87	21.83	34.96
P/FCF		55.54	51.02	39.66	35.28	23.41	32.77
Yields TTM
Earnings Yield	4.72%	2.67%	2.41%	2.79%	3.05%	5.37%	3.21%
Dividend Yield	0.21%	0.21%	0.31%	0.44%	0.60%	2.40%	1.04%
Total Yield (TY)	4.93%	2.88%	2.72%	3.23%	3.66%	7.77%	4.26%
Risk Premium [3]
Risk Free Rate (Rf)	4.96%	4.96%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	-0.03%	-2.08%	-1.46%	-1.35%	-0.22%	3.89%	2.74%
Growth Rates [6]
Sales Growth	33.6%	24.6%	20.2%	9.5%	-5.2%	11.5%
Earnings Growth [7]	38.1%	65.0%	47.9%	2.7%	-16.0%	3.5%

[1] P/E uses the aggregate method over profitable constituents; P/FCF aggregates net free cash flow across all constituents (negative-FCF names reduce it); P/S uses all constituents. Ratios reflect current ETF holdings at current weights. P/FCF has no Forward column (no analyst FCF estimate).
[2] P/E (Non-GAAP) uses analyst consensus net income (adjusted basis) for all periods. The standard P/E row above uses GAAP net income.
[3] The premium above the risk free rate (US 10Y) offered by the investment. Negative premiums can indicate stretched valuations.
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Highlights

YIELD

SMH's earnings yield is 2.67%, based on its 37.4x trailing P/E. With a 0.21% dividend yield, SMH is yielding 2.88% in total.

RISK

Compared to US Treasuries at 4.96%, SMH's total yield implies a -2.08% risk premium. A negative risk premium means investors earn less than risk-free Treasuries — valuations are historically stretched, though expectations of falling interest rates or fast earnings growth can justify such levels.

FORWARD EXPECTATIONS

Based on analyst estimates, SMH's forward total yield is 4.93%, implying a -0.03% risk premium assuming stable Treasury rates.

Top 20 Holdings for SMH

Total Weights
Top 5: 45.9% | Top 10: 68.2% | Top 20: 95.7%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		80.42%	100.00%	100.00%	7.6	17.8	+33.6%	+38.1%
Top 20		78.06%	96.36%	98.72%	7.6	17.7	+34.0%	+38.1%
NVDA	NVIDIA	20.46%	18.12%	33.49%	8.2	14.9	+69.6%	+68.4%
TSM	Taiwan Semiconductor Manufacturing	9.42%	—	—	—	—	—	—
AVGO	Broadcom	5.48%	4.75%	5.92%	9.1	16.6	+64.4%	+65.3%
AMD	Advanced Micro Devices	5.42%	3.96%	1.79%	10.1	34.7	+76.1%	+114.4%
TXN	Texas Instruments	5.07%	5.67%	5.12%	10.1	25.6	+17.6%	+25.5%
MU	Micron Technology	4.57%	9.15%	16.95%	3.5	4.9	+17.0%	+12.9%
ASML	ASML	4.56%	—	—	—	—	—	—
ADI	Analog Devices	4.55%	4.95%	4.29%	10.4	24.0	+22.9%	+21.0%
KLAC	KLA	4.35%	4.63%	4.78%	9.8	24.8	+20.2%	+21.9%
MRVL	Marvell Technology	4.34%	2.99%	2.42%	11.6	37.5	+61.9%	+65.2%
AMAT	Applied Materials	4.19%	6.43%	5.61%	6.4	20.5	+21.8%	+26.2%
INTC	Intel	4.06%	7.78%	—	6.2	41.5	+16.3%	+43.0%
LRCX	Lam Research	4.01%	5.43%	5.10%	7.6	22.0	+20.7%	+25.3%
QCOM	Qualcomm	3.92%	13.85%	8.45%	4.1	17.0	+16.1%	+23.9%
SKHY	SK hynix	3.67%	—	—	—	—	—	—
SNPS	Synopsys	2.09%	3.57%	1.18%	7.5	27.7	+13.5%	+21.4%
CDNS	Cadence Design Systems	2.09%	2.10%	1.44%	12.3	33.5	+13.6%	+18.0%
MPWR	Monolithic Power Systems	1.20%	1.05%	0.75%	10.8	33.2	+29.8%	+29.2%
TER	Teradyne	1.15%	1.58%	1.18%	7.9	27.3	+22.1%	+28.0%
NXPI	NXP Semiconductors	1.10%	0.37%	0.24%	37.6	132.9	+12.1%	+19.1%

[1] Total and Top 20 rows are weighted aggregates across constituents.
[2] Forward P/S and P/E ratios use consensus sales and earnings for the 12 months ending 10/31/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 10/31/27.
[3] Forward Sales and Non-GAAP Earnings Growth are calculated as next fiscal year (FY2) consensus growth over current fiscal year (FY1) consensus. They are not derived from the forward P/S and P/E multiples shown.

Performance for SMH Top Holdings

Ticker	Holding	Weight	Mkt Price 10/24	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
SMH	VanEck Semiconductor ETF	100.00%	527.20	0.0%	-12.2%	46.4%	50.6%	285.3%	304.7%	1,618.1%
NVDA	NVIDIA	20.46%	210.96	0.0%	-6.1%	13.4%	13.5%	406.5%	814.7%	11,816.6%
TSM	Taiwan Semiconductor Manufacturing	9.42%	418.51	0.0%	-7.2%	38.8%	43.4%	396.8%	298.6%	1,588.7%
AVGO	Broadcom	5.48%	321.68	0.0%	-8.2%	-6.5%	-8.5%	291.1%	573.1%	2,289.1%
AMD	Advanced Micro Devices	5.42%	516.79	0.0%	-17.9%	141.3%	104.3%	438.0%	322.4%	6,989.0%
TXN	Texas Instruments	5.07%	284.69	0.0%	5.2%	66.9%	72.7%	118.8%	63.8%	421.8%
MU	Micron Technology	4.57%	877.55	0.0%	-18.8%	207.7%	301.1%	1,232.4%	1,207.2%	5,002.4%
ASML	ASML	4.56%	1,571.80	0.0%	-8.7%	47.6%	53.1%	176.2%	109.0%	1,561.3%
ADI	Analog Devices	4.55%	391.07	0.0%	2.2%	45.5%	66.4%	156.5%	135.5%	641.4%
KLAC	KLA	4.35%	145.61	0.0%	-22.2%	20.3%	23.8%	227.9%	345.4%	2,165.5%
MRVL	Marvell Technology	4.34%	228.51	0.0%	-11.7%	169.4%	172.1%	384.6%	243.8%	1,727.0%
AMAT	Applied Materials	4.19%	377.24	0.0%	-20.5%	47.3%	65.8%	196.8%	189.6%	1,354.8%
INTC	Intel	4.06%	86.96	0.0%	-31.7%	135.7%	127.2%	169.3%	91.1%	207.3%
LRCX	Lam Research	4.01%	230.10	0.0%	-25.1%	34.8%	52.4%	304.4%	338.5%	2,586.0%
QCOM	Qualcomm	3.92%	175.91	0.0%	-9.4%	4.4%	6.3%	78.9%	48.7%	237.9%
SKHY	SK hynix	3.67%	137.02	0.0%	-26.5%
SNPS	Synopsys	2.09%	430.14	0.0%	1.2%	-8.4%	-7.3%	-5.5%	32.8%	634.5%
CDNS	Cadence Design Systems	2.09%	316.49	0.0%	-1.7%	1.3%	-8.3%	37.0%	89.1%	1,140.2%
MPWR	Monolithic Power Systems	1.20%	1,140.12	0.0%	-14.5%	26.4%	6.8%	191.5%	126.2%	1,459.3%
TER	Teradyne	1.15%	308.85	0.0%	-20.3%	59.8%	114.5%	255.1%	168.4%	1,379.5%
NXPI	NXP Semiconductors	1.10%	234.92	0.0%	2.1%	9.7%	9.1%	40.8%	28.6%	171.5%

Guidance Updates for SMH Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
ADI_8192026	ADI	Analog Devices	8/19/2026	Q4 2026 Revenue	4.30 Bil	10.3%	Higher NewNew Guidance Higher than Prior Actual of 3.90 Bil for Q3 2026
AMAT_8132026	AMAT	Applied Materials	8/13/2026	Q4 2026 Revenue	10.25 Bil	14.5%	Higher NewNew Guidance Higher than Prior Actual of 8.95 Bil for Q3 2026
AMD_8042026	AMD	Advanced Micro Devices	8/4/2026	Q3 2026 Revenue	13.00 Bil	16.1%	Higher NewNew Guidance Higher than Prior Actual of 11.20 Bil for Q2 2026
AVGO_9022026	AVGO	Broadcom	9/2/2026	Q4 2026 Revenue	34.80 Bil	18.4%	Higher NewNew Guidance Higher than Prior Actual of 29.40 Bil for Q3 2026
INTC_7232026	INTC	Intel	7/23/2026	Q3 2026 Revenue	16.30 Bil	14.0%	Higher NewNew Guidance Higher than Prior Actual of 14.30 Bil for Q2 2026
KLAC_7282026	KLAC	KLA	7/28/2026	Q1 2027 Revenue	4.00 Bil	11.9%	Higher NewNew Guidance Higher than Prior Actual of 3.58 Bil for Q4 2026
MPWR_7302026	MPWR	Monolithic Power Systems	7/30/2026	Q3 2026 Revenue	1.15 Bil	27.8%	Higher NewNew Guidance Higher than Prior Actual of 900.00 Mil for Q2 2026
MRVL_8272026	MRVL	Marvell Technology	8/27/2026	Q3 2027 Net Revenue	3.15 Bil	16.7%	Higher NewNew Guidance Higher than Prior Actual of 2.70 Bil for Q2 2027
MU_9302026	MU	Micron Technology	9/30/2026	Q1 2027 Revenue	61.50 Bil	23.0%	Higher NewNew Guidance Higher than Prior Actual of 50.00 Bil for Q4 2026
NVDA_8262026	NVDA	NVIDIA	8/26/2026	Q3 2027 Revenue	108.00 Bil	18.7%	Higher NewNew Guidance Higher than Prior Actual of 91.00 Bil for Q2 2027
NXPI_7282026	NXPI	NXP Semiconductors	7/28/2026	Q3 2026 Revenue	3.75 Bil	8.7%	Higher NewNew Guidance Higher than Prior Actual of 3.45 Bil for Q2 2026
QCOM_7292026	QCOM	Qualcomm	7/29/2026	Q4 2026 Revenue	10.10 Bil	5.2%	RaisedRaised Prior Guidance of 9.60 Bil for Q3 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SMH Return	42%	-34%	73%	39%	49%	45%	394%
Peers Return	20%	-4%	19%	5%	30%	32%	149%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	104%
Monthly Win Rates [3]
SMH Win Rate	83%	42%	67%	67%	67%	70%
Peers Win Rate	53%	50%	55%	53%	67%	60%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
SMH Max Drawdown	-16%	-45%	-14%	-25%	-33%	-25%
Peers Max Drawdown	-22%	-35%	-20%	-17%	-25%	-18%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: SOXX, IBB, XBI, ITA, XOP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/23/2026 (YTD)

Sharpe Ratios Compared

One measure of reward vs. risk is a Sharpe ratio. A higher ratio indicates better risk-adjusted returns. Most funds have Sharpe ratios < 1.0.

Ticker	1Y	3Y	5Y
SMH	1.69	1.38	0.95
Equity Top Results (3Y)
IALT	2.30	2.30	2.30
VLUE	2.18	1.44	0.76
SPMO	0.89	1.43	0.86
SMH	1.69	1.38	0.95
CGDV	1.03	1.35	0.89

Results as of 9302026.

Event	SMH	S&P 500
2025 US Tariff Shock
% Loss	-30.1%	-18.8%
% Gain to Breakeven	43.0%	23.1%
Time to Breakeven	63 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-24.8%	-7.8%
% Gain to Breakeven	33.0%	8.5%
Time to Breakeven	329 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-12.1%	-9.5%
% Gain to Breakeven	13.8%	10.5%
Time to Breakeven	15 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-45.1%	-24.5%
% Gain to Breakeven	82.3%	32.4%
Time to Breakeven	272 days	427 days
2020 COVID-19 Crash
% Loss	-33.6%	-33.7%
% Gain to Breakeven	50.7%	50.9%
Time to Breakeven	77 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.9%	-19.2%
% Gain to Breakeven	29.7%	23.8%
Time to Breakeven	63 days	105 days

Compare to SOXX, IBB, XBI, ITA, XOP

In The Past

VanEck Semiconductor ETF's stock fell -30.1% during the 2025 US Tariff Shock. Such a loss loss requires a 43.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

Event	SMH	S&P 500
2025 US Tariff Shock
% Loss	-30.1%	-18.8%
% Gain to Breakeven	43.0%	23.1%
Time to Breakeven	63 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-24.8%	-7.8%
% Gain to Breakeven	33.0%	8.5%
Time to Breakeven	329 days	18 days
2022 Inflation Shock & Fed Tightening
% Loss	-45.1%	-24.5%
% Gain to Breakeven	82.3%	32.4%
Time to Breakeven	272 days	427 days
2020 COVID-19 Crash
% Loss	-33.6%	-33.7%
% Gain to Breakeven	50.7%	50.9%
Time to Breakeven	77 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-22.9%	-19.2%
% Gain to Breakeven	29.7%	23.8%
Time to Breakeven	63 days	105 days
2008-2009 Global Financial Crisis
% Loss	-55.3%	-53.4%
% Gain to Breakeven	124.0%	114.4%
Time to Breakeven	741 days	1085 days

Compare to SOXX, IBB, XBI, ITA, XOP

In The Past

VanEck Semiconductor ETF's stock fell -30.1% during the 2025 US Tariff Shock. Such a loss loss requires a 43.0% gain to breakeven.

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SMH Dip Buy History

SMH had 25 events since 1/1/2005 where the dip threshold of -5.0% within 60 trading days was triggered

32% median peak return within 1 year of dip event
290 days is the median time to peak return after a dip event
-13% median max drawdown within 1 year of dip event

60 Trading-Day Dip			SMH Subsequent Performance
Date	SMH	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			21%	32%	-13%	290
8/20/2026	-7%	2%			-7%	46
1/27/2025	-6%	4%	74%	78%	-24%	367
8/7/2024	-5%	0%	43%	43%	-15%	370
9/21/2023	-7%	-1%	71%	101%	-2%	293
1/27/2022	-7%	-6%	-8%	12%	-33%	13
5/10/2021	-8%	7%	-5%	37%	-5%	231
3/9/2020	-7%	-12%	91%	113%	-16%	344
5/28/2019	-5%	0%	48%	59%	0%	267
10/10/2018	-9%	0%	30%	31%	-14%	287
4/19/2018	-8%	-5%	20%	20%	-18%	364
2/8/2018	-6%	0%	6%	19%	-13%	32
1/11/2016	-6%	-3%	50%	52%	-7%	351
7/8/2015	-6%	-2%	10%	14%	-13%	351
10/10/2014	-9%	-2%	16%	33%	-1%	231
10/22/2012	-5%	4%	34%	38%	-1%	364
5/14/2012	-7%	-1%	20%	22%	-8%	361
6/20/2011	-6%	-2%	6%	18%	-16%	280
6/29/2010	-7%	-12%	28%	41%	-8%	317
3/9/2009	-8%	-23%	71%	82%	0%	305
7/7/2008	-6%	-8%	-26%	7%	-48%	38
10/10/2007	-7%	1%	-43%	0%	-43%	7
3/9/2006	-5%	1%	-3%	6%	-19%	42
10/10/2005	-7%	-3%	-1%	16%	-16%	93
5/3/2005	-5%	-3%	21%	30%	0%	253
1/24/2005	-8%	4%	26%	35%	0%	352

[1] Dip event: the stock fell more than 5.0% over 60 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/24/2026

SMH had 16 events since 1/1/2005 where the dip threshold of -10% within 90 trading days was triggered

32% median peak return within 1 year of dip event
287 days is the median time to peak return after a dip event
-12% median max drawdown within 1 year of dip event

90 Trading-Day Dip			SMH Subsequent Performance
Date	SMH	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			21%	32%	-12%	287
10/20/2026	-10%	5%			-4%	1
3/3/2025	-11%	0%	77%	92%	-19%	359
11/14/2024	-12%	6%	37%	49%	-27%	349
10/26/2023	-10%	-5%	84%	106%	0%	258
12/16/2022	-11%	-8%	66%	66%	-7%	368
3/11/2022	-11%	-8%	1%	15%	-30%	18
3/12/2020	-12%	-18%	114%	137%	-7%	341
10/10/2018	-13%	2%	30%	31%	-14%	287
7/9/2015	-11%	-2%	14%	15%	-12%	350
6/1/2012	-12%	-2%	30%	32%	0%	350
8/4/2011	-13%	-8%	17%	28%	-8%	235
8/20/2010	-13%	-11%	7%	43%	-7%	265
9/3/2008	-12%	-8%	-7%	0%	-45%	0
11/8/2007	-11%	-3%	-42%	2%	-45%	32
5/17/2006	-12%	-1%	7%	9%	-17%	357
4/15/2005	-13%	-3%	21%	34%	0%	271

[1] Dip event: the stock fell more than 10% over 90 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/24/2026

SMH had 7 events since 1/1/2005 where the dip threshold of -20% within 180 trading days was triggered

49% median peak return within 1 year of dip event
363 days is the median time to peak return after a dip event
-18% median max drawdown within 1 year of dip event

180 Trading-Day Dip			SMH Subsequent Performance
Date	SMH	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			49%	49%	-18%	363
3/10/2025	-22%	3%	84%	99%	-16%	352
6/13/2022	-22%	-15%	49%	49%	-18%	366
1/3/2019	-21%	-8%	77%	80%	0%	364
2/11/2016	-22%	-13%	66%	68%	0%	363
9/9/2008	-21%	-15%	4%	4%	-43%	365
7/3/2008	-20%	-17%	-24%	6%	-48%	42
1/11/2008	-21%	-5%	-39%	19%	-47%	129

[1] Dip event: the stock fell more than 20% over 180 trading days. A new event is counted only when it comes more than 30 calendar days after the previous one.
[2] Analysis for period from 1/1/2005 to 10/24/2026

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Current Dip Buy Opportunities Across ETFs

ETFs currently down 5% or more from trailing 6M peaks.

Ticker	Name	Dip %	Mkt Price	Price Date	Peak Price	Peak Date	# Days
MAGS	Roundhill Magnificent Seven ETF	-5.7%	70.07	10242026	74.30	10132026	11
QQQ	Invesco QQQ Trust, Series 1	-7.3%	704.40	10242026	759.66	10062026	18
QQQM	Invesco NASDAQ 100 ETF	-7.3%	290.06	10242026	312.76	10062026	18
ONEQ	Fidelity Nasdaq Composite Index ETF	-6.0%	102.26	10242026	108.77	10062026	18
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-7.3%	154.76	10242026	167.03	8132026	72
IJH	iShares Core S&P Mid-Cap ETF	-8.0%	72.37	10242026	78.67	8162026	69
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-7.9%	660.16	10242026	716.91	8162026	69
SCHM	Schwab U.S. Mid-Cap ETF	-6.3%	34.54	10242026	36.87	6302026	116
IVOO	Vanguard S&P Mid-Cap 400 ETF	-7.7%	122.53	10242026	132.68	8162026	69
IJR	iShares Core S&P Small-Cap ETF	-8.1%	138.22	10242026	150.44	8162026	69
VB	Vanguard Small-Cap ETF	-6.9%	287.22	10242026	308.38	8162026	69
IWM	iShares Russell 2000 ETF	-9.6%	275.75	10242026	305.09	8162026	69
SCHA	Schwab U.S. Small-Cap ETF	-10.0%	32.53	10242026	36.13	6302026	116
VTWO	Vanguard Russell 2000 ETF	-9.4%	111.37	10242026	122.90	8162026	69
DFAS	Dimensional U.S. Small Cap ETF	-7.0%	78.58	10242026	84.48	8162026	69
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-7.0%	52.69	10242026	56.64	8162026	69
NUSC	Nuveen ESG Small-Cap ETF	-6.9%	49.57	10242026	53.27	8162026	69
VUG	Vanguard Growth ETF	-6.3%	86.76	10242026	92.64	10062026	18
IWF	iShares Russell 1000 Growth ETF	-7.4%	119.61	10242026	129.19	10062026	18
IVW	iShares S&P 500 Growth ETF	-6.6%	136.48	10242026	146.12	10062026	18
SCHG	Schwab U.S. Large-Cap Growth ETF	-5.7%	34.82	10242026	36.93	10062026	18
SPYG	State Street SPDR Portfolio S&P 500 Growth ETF	-6.6%	118.16	10242026	126.50	10062026	18
VONG	Vanguard Russell 1000 Growth ETF	-7.4%	123.16	10242026	133.00	10062026	18
MGK	Vanguard Mega Cap Growth ETF	-6.7%	88.78	10242026	95.11	10062026	18
IWP	iShares Russell Mid-Cap Growth ETF	-10.1%	132.81	10242026	147.70	8172026	68
VOT	Vanguard Mid-Cap Growth ETF	-8.4%	287.14	10242026	313.61	8162026	69
IJK	iShares S&P Mid-Cap 400 Growth ETF	-10.3%	106.79	10242026	119.11	8172026	68
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-10.4%	101.84	10242026	113.69	8172026	68
IWO	iShares Russell 2000 Growth ETF	-12.7%	345.42	10242026	395.65	8162026	69
VBK	Vanguard Small-Cap Growth ETF	-10.5%	327.49	10242026	365.91	8172026	68
IJT	iShares S&P Small-Cap 600 Growth ETF	-10.0%	161.18	10242026	179.07	8042026	81
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-10.0%	107.59	10242026	119.50	8042026	81
IJJ	iShares S&P Mid-Cap 400 Value ETF	-5.6%	143.20	10242026	151.67	8162026	69
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-5.5%	92.06	10242026	97.39	8162026	69
AVUV	Avantis U.S. Small Cap Value ETF	-5.2%	122.06	10242026	128.74	8042026	81
IWN	iShares Russell 2000 Value ETF	-6.3%	213.00	10242026	227.43	8162026	69
IJS	iShares S&P Small-Cap 600 Value ETF	-6.6%	131.44	10242026	140.68	8162026	69
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-6.6%	104.79	10242026	112.22	8162026	69
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-6.1%	112.93	10242026	120.28	8162026	69
VXUS	Vanguard Total International Stock ETF	-6.7%	82.53	10242026	88.41	9072026	47
VEU	Vanguard FTSE All-World Ex-US ETF	-6.4%	80.70	10242026	86.21	9072026	47
IXUS	iShares Core MSCI Total International Stock ETF	-6.4%	92.43	10242026	98.71	9072026	47
CWI	State Street SPDR MSCI ACWI ex-US ETF	-6.4%	39.23	10242026	41.90	9072026	47
CORO	iShares International Country Rotation Active ETF	-6.0%	35.28	10242026	37.54	9072026	47
VEA	Vanguard FTSE Developed Markets ETF	-6.2%	69.05	10242026	73.61	8252026	60
IEFA	iShares Core MSCI EAFE ETF	-5.7%	95.68	10242026	101.41	8252026	60
EFA	iShares MSCI EAFE ETF	-5.7%	102.63	10242026	108.81	8252026	60
SCHF	Schwab International Equity ETF	-6.3%	26.79	10242026	28.59	8252026	60
EFV	iShares MSCI EAFE Value ETF	-5.1%	78.84	10242026	83.08	9032026	51
AVIV	Avantis International Large Cap Value ETF	-5.7%	79.14	10242026	83.89	8252026	60
VGK	Vanguard FTSE Europe ETF	-7.2%	86.25	10242026	92.96	8252026	60
SCZ	iShares MSCI EAFE Small-Cap ETF	-5.8%	82.45	10242026	87.57	9072026	47
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-7.5%	149.35	10242026	161.49	5112026	166
SCHC	Schwab International Small-Cap Equity ETF	-7.6%	47.90	10242026	51.86	8272026	58
FNDC	Schwab Fundamental International Small Equity ETF	-5.2%	48.97	10242026	51.66	9072026	47
IEMG	iShares Core MSCI Emerging Markets ETF	-11.9%	75.74	10242026	86.00	6222026	124
VWO	Vanguard FTSE Emerging Markets ETF	-7.3%	56.84	10242026	61.32	9072026	47
EEM	iShares MSCI Emerging Markets ETF	-12.9%	62.01	10242026	71.21	6222026	124
SPEM	State Street SPDR Portfolio Emerging Markets ETF	-7.0%	49.67	10242026	53.41	9072026	47
SCHE	Schwab Emerging Markets Equity ETF	-7.0%	34.96	10242026	37.58	9072026	47
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-17.6%	30.74	10242026	37.30	6222026	124
EWY	iShares MSCI South Korea ETF	-31.0%	151.26	10242026	219.20	6212026	125
FXI	iShares China Large-Cap ETF	-15.6%	32.31	10242026	38.26	5132026	164
KWEB	KraneShares CSI China Internet ETF	-24.4%	23.14	10242026	30.59	5132026	164
CGDV	Capital Group Dividend Value ETF	-5.8%	48.45	10242026	51.44	8132026	72
QQQI	NEOS Nasdaq 100 High Income ETF	-6.1%	52.59	10242026	56.00	10062026	18
RYLD	Global X Russell 2000 Covered Call ETF	-6.0%	15.18	10242026	16.16	8272026	58
MTUM	iShares MSCI USA Momentum Factor ETF	-16.2%	289.45	10242026	345.22	6222026	124
SPHQ	Invesco S&P 500 Quality ETF	-7.9%	83.00	10242026	90.10	6302026	116
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.4%	35.67	10242026	38.52	8162026	69
SPMO	Invesco S&P 500 Momentum ETF	-14.2%	138.66	10242026	161.66	6222026	124
VLUE	iShares MSCI USA Value Factor ETF	-6.0%	193.20	10242026	205.51	9072026	47
SPGP	Invesco S&P 500 GARP ETF	-5.4%	122.08	10242026	129.02	8132026	72
ARKK	ARK Innovation ETF	-11.6%	81.99	10242026	92.78	10052026	19
URA	Global X Uranium ETF	-41.5%	34.11	10242026	58.26	5062026	171
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-20.7%	33.02	10242026	41.63	5132026	164
ROBO	ROBO Global Robotics & Automation Index ETF	-17.2%	74.80	10242026	90.34	6022026	144
LIT	Global X Lithium & Battery Tech ETF	-33.8%	60.68	10242026	91.62	5112026	166
ICLN	iShares Global Clean Energy ETF	-32.5%	16.02	10242026	23.75	6022026	144
ARKQ	ARK Autonomous Technology & Robotics ETF	-22.1%	112.01	10242026	143.82	5282026	149
ARKW	ARK Next Generation Internet ETF	-7.4%	154.89	10242026	167.33	10062026	18
ARKX	ARK Space & Defense Innovation ETF	-20.9%	29.84	10242026	37.74	5282026	149
NASA	Tema Space Innovators ETF	-51.3%	20.39	10242026	41.89	5272026	150
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-7.4%	20.77	10242026	22.43	10052026	19
AGIX	KraneShares Artificial Intelligence ETF	-12.9%	43.19	10242026	49.56	10062026	18
CGBL	Capital Group Core Balanced ETF	-5.2%	36.57	10242026	38.57	8132026	72
DRSK	Aptus Defined Risk ETF	-7.5%	27.18	10242026	29.39	6012026	145
PCEF	Invesco CEF Income Composite ETF	-6.7%	18.99	10242026	20.35	8132026	72
YYY	Amplify CEF High Income ETF	-10.3%	10.20	10242026	11.37	8162026	69
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-14.3%	61.10	10242026	71.30	8252026	60
RAAX	VanEck Real Assets ETF	-7.0%	39.73	10242026	42.70	5112026	166
VGT	Vanguard Information Technology ETF	-8.2%	119.17	10242026	129.80	10062026	18
XLK	State Street Technology Select Sector SPDR ETF	-9.3%	183.23	10242026	202.00	10062026	18
XLI	State Street Industrial Select Sector SPDR ETF	-11.7%	164.62	10242026	186.51	8162026	69
XLC	State Street Communication Services Select Sector SPDR ETF	-9.9%	105.51	10242026	117.08	5072026	170
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-7.2%	113.10	10242026	121.82	5282026	149
XLU	State Street Utilities Select Sector SPDR ETF	-8.6%	42.56	10242026	46.55	4302026	177
IYJ	iShares U.S. Industrials ETF	-8.6%	155.20	10242026	169.86	8042026	81
IYM	iShares U.S. Basic Materials ETF	-9.1%	178.54	10242026	196.45	8252026	60
SMH	VanEck Semiconductor ETF	-21.2%	527.20	10242026	668.91	6222026	124
SOXX	iShares Semiconductor ETF	-27.0%	478.20	10242026	655.01	6222026	124
XBI	State Street SPDR S&P Biotech ETF	-11.8%	149.54	10242026	169.55	8192026	66
ITA	iShares U.S. Aerospace & Defense ETF	-20.1%	202.23	10242026	253.22	8162026	69
IYT	iShares U.S. Transportation ETF	-10.9%	80.18	10242026	90.01	7162026	100
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-10.5%	177.26	10242026	198.06	9032026	51
KRE	State Street SPDR S&P Regional Banking ETF	-7.0%	72.46	10242026	77.93	8162026	69
MISL	First Trust Indxx Aerospace & Defense ETF	-17.1%	40.77	10242026	49.19	5282026	149
RING	iShares MSCI Global Gold Miners ETF	-25.3%	69.60	10242026	93.17	8252026	60
SOXQ	Invesco PHLX Semiconductor ETF	-26.3%	84.82	10242026	115.11	6222026	124
TLT	iShares 20+ Year Treasury Bond ETF	-5.5%	81.34	10242026	86.10	6292026	117
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-5.1%	24.81	10242026	26.13	6292026	117
EDV	Vanguard World Funds Extended Duration ETF	-8.6%	59.02	10242026	64.54	6242026	122
VCLT	Vanguard Long-Term Corporate Bond ETF	-5.5%	70.37	10242026	74.47	6292026	117
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-5.7%	20.93	10242026	22.18	6292026	117
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-5.5%	46.84	10242026	49.56	6292026	117
LMUB	iShares Long-Term National Muni Bond ETF	-5.3%	47.92	10242026	50.63	7052026	111
GLD	SPDR Gold Trust	-15.7%	366.61	10242026	434.65	5112026	166
IAU	iShares Gold Trust	-15.6%	75.15	10242026	89.06	5112026	166
GLDM	SPDR Gold MiniShares Trust	-15.5%	79.13	10242026	93.69	5112026	166
SLV	iShares Silver Trust	-38.6%	48.72	10242026	79.35	5132026	164
PPLT	ETFS Physical Platinum Shares	-28.1%	14.05	10242026	19.55	5132026	164
PALL	ETFS Physical Palladium Shares	-32.3%	18.94	10242026	27.96	5062026	171
UNG	United States Natural Gas Fund LP	-21.0%	9.58	10242026	12.12	6042026	142
VNQ	Vanguard Real Estate ETF	-7.4%	92.69	10242026	100.08	7282026	88
XLRE	State Street Real Estate Select Sector SPDR ETF	-7.5%	42.57	10242026	46.01	7282026	88
SCHH	Schwab U.S. REIT ETF	-8.3%	22.79	10242026	24.86	7262026	90
IYR	iShares U.S. Real Estate ETF	-8.3%	98.40	10242026	107.26	7282026	88
REET	iShares Global REIT ETF	-9.5%	26.14	10242026	28.89	7262026	90
USRT	iShares Core U.S. REIT ETF	-9.7%	63.07	10242026	69.82	7262026	90
IBIT	iShares Bitcoin Trust ETF	-6.2%	45.96	10242026	49.01	9212026	33
FBTC	Fidelity Wise Origin Bitcoin Fund	-6.2%	70.61	10242026	75.31	9212026	33
ETHA	iShares Ethereum Trust ETF	-10.5%	54.08	10242026	60.45	9282026	26

ETF Fund Flows

Largest fund inflows and outflows across ETFs, with the asset-allocation rotation they imply.

Net fund flows · as of 2026-10-23

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$8.9B), followed by Bond (+$8.8B), while Commodity (−$2.0B) and Cash (−$1.9B) saw the largest outflows.
Within the mix, money rotated into Industry Subsector (+$8.4B) and out of Gold (−$2.2B).
Relative to fund size, ALAI drew the largest inflow (+32.0% of AUM) and IYK the largest outflow (−19.2%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$6.43B	+14.5%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$5.45B	+0.5%
3	SMH this	VanEck Semiconductor ETF	Equity Industry Subsector	+$1.98B	+3.0%
4	MUB	iShares National Muni Bond ETF	Bond Municipal	+$1.64B	+3.1%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$1.4B	+4.8%
6	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	+$1.37B	+3.3%
7	CNEQ	Alger Concentrated Equity ETF	Other	+$1.17B	+18.7%
8	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$993M	+0.1%
9	EMXC	iShares MSCI Emerging Markets ex China ETF	Other	+$986M	+3.8%
10	SPTI	State Street SPDR Portfolio Intermediate Term Treasury ETF	Bond Intermediate Treasury	+$979M	+9.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	ALAI	Alger AI Enablers & Adopters ETF	Other	+$775M	+32.0%
2	CNEQ	Alger Concentrated Equity ETF	Other	+$1.17B	+18.7%
3	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$6.43B	+14.5%
4	IWX	iShares Russell Top 200 Value ETF	Other	+$486M	+12.5%
5	FLKR	Franklin FTSE South Korea ETF	Other	+$170M	+9.7%
6	SPTI	State Street SPDR Portfolio Intermediate Term Treasury ETF	Bond Intermediate Treasury	+$979M	+9.0%
7	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$120M	+8.3%
8	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$146M	+6.8%
9	KBWB	Invesco KBW Bank ETF	Other	+$418M	+6.6%
10	VSDB	Vanguard Short Duration Bond ETF	Other	+$75M	+6.6%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$5.15B	-0.6%
2	GLD	SPDR Gold Shares	Commodity Gold	-$2.3B	-1.6%
3	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	-$2.16B	-0.4%
4	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	-$1.8B	-2.4%
5	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$1.58B	-3.0%
6	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$1.55B	-0.2%
7	BIL	State Street SPDR Bloomberg 1-3 Month T-Bill ETF	Cash	-$1.45B	-2.8%
8	SHV	iShares Trust iShares 0-1 Year Treasury Bond ETF	Cash	-$1.24B	-5.3%
9	TCAF	T. Rowe Capital Appreciation Equity ETF	Other	-$780M	-9.6%
10	XLU	State Street Utilities Select Sector SPDR ETF	Equity Broad Sector	-$759M	-3.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	IYK	iShares U.S. Consumer Staples ETF	Other	-$261M	-19.2%
2	TCAF	T. Rowe Capital Appreciation Equity ETF	Other	-$780M	-9.6%
3	ZROZ	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	Other	-$176M	-9.0%
4	DBMF	iMGP DBi Managed Futures Strategy ETF	Other	-$471M	-8.7%
5	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$93M	-7.2%
6	LIT	Global X - Lithium & Battery Tech ETF	Equity Thematic	-$81M	-6.3%
7	PFFD	Global X - U.S. Preferred ETF	Other	-$116M	-6.2%
8	ARKG	ARK Genomic Revolution ETF	Other	-$124M	-6.1%
9	USO	United States Oil Fund, LP	Commodity Energy	-$112M	-6.0%
10	FCOM	Fidelity MSCI Communication Services Index ETF	Other	-$86M	-5.3%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$58.4B), followed by Bond (+$37.7B), while Commodity (−$1.3B) and Crypto (−$689M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$12.4B) and out of Mortgage Backed (−$1.8B).
Relative to fund size, CNEQ drew the largest inflow (+108.4% of AUM) and MTBA the largest outflow (−30.3%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$9.12B	+5.0%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$8.3B	+0.8%
3	MUB	iShares National Muni Bond ETF	Bond Municipal	+$7.15B	+14.6%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$5.83B	+0.8%
5	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$5.32B	+4.6%
6	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$4.39B	+8.8%
7	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$4.15B	+8.9%
8	CNEQ	Alger Concentrated Equity ETF	Other	+$4.13B	+108.4%
9	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$4.01B	+31.6%
10	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$3.68B	+3.3%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$4.13B	+108.4%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$1.29B	+91.1%
3	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$742M	+32.3%
4	TAFM	Alliance Bernstein - AB Tax-Aware Intermediate Municipal ETF	Other	+$332M	+32.1%
5	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$4.01B	+31.6%
6	VTEI	Vanguard Intermediate-Term Tax-Exempt Bond ETF	Other	+$519M	+29.3%
7	ARKK	ARK Innovation ETF	Equity Thematic	+$2.12B	+29.2% ⚠
8	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$360M	+28.5%
9	FLRT	Pacer Aristotle Pacific Floating Rate High Income ETF	Other	+$273M	+26.9%
10	AIS	VistaShares Artificial Intelligence Supercycle ETF	Other	+$270M	+24.8%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$6.09B	-0.7%
2	DRAM	Roundhill Memory ETF	Other	-$2.42B	-10.0%
3	GLD	SPDR Gold Shares	Commodity Gold	-$1.93B	-1.4%
4	MBB	iShares MBS ETF	Bond Mortgage Backed	-$1.87B	-5.3%
5	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.79B	-9.4%
6	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$1.53B	-3.0%
7	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$1.1B	-5.4%
8	IJR	iShares Core S&P Small-Cap ETF	Equity US Small Cap Core	-$969M	-0.9%
9	TCAF	T. Rowe Capital Appreciation Equity ETF	Other	-$946M	-10.7%
10	ETHA	iShares Ethereum Trust ETF	Crypto	-$930M	-10.7% ⚠

#	Ticker	Name	Type	Net flow	% of AUM
1	MTBA	Simplify MBS ETF	Other	-$304M	-30.3%
2	AGIX	KraneShares Public-Private AI & Technology ETF	Equity Thematic	-$326M	-28.8%
3	USO	United States Oil Fund, LP	Commodity Energy	-$462M	-25.0%
4	EUFN	iShares MSCI Europe Financials ETF	Other	-$765M	-21.4%
5	CQQQ	Invesco China Technology ETF	Other	-$376M	-15.5%
6	EWS	iShares MSCI Singapore ETF	Other	-$197M	-14.9%
7	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$778M	-13.5%
8	CTA	Simplify Managed Futures Strategy ETF	Other	-$177M	-13.1%
9	BKLN	Invesco Senior Loan ETF	Other	-$823M	-13.1%
10	EWP	iShares MSCI Spain ETF	Other	-$290M	-12.6%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$162.0B), followed by Bond (+$72.2B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$34.0B) and out of Intermediate Treasury (−$2.0B).
Relative to fund size, CNEQ drew the largest inflow (+237.8% of AUM) and FTXL the largest outflow (−76.6%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$32.58B	+3.1%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$18.18B	+10.6%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$17.21B	+15.8%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.27B	+2.4%
5	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$11.25B	+2.3%
6	MUB	iShares National Muni Bond ETF	Bond Municipal	+$9.89B	+21.6%
7	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$9.79B	+8.9%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.36B	+8.0%
9	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$7.6B	+17.3%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$7.6B	+4.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$6.28B	+237.8%
2	ALAI	Alger AI Enablers & Adopters ETF	Other	+$2.09B	+166.8%
3	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.4B	+82.4%
4	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.92B	+73.3%
5	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.88B	+69.9%
6	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.31B	+68.1%
7	ARKK	ARK Innovation ETF	Equity Thematic	+$3.71B	+57.9% ⚠
8	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$865M	+54.6%
9	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.67B	+53.3%
10	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$1.01B	+53.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$16.54B	-1.9%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.59B	-27.2%
3	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	-$4.27B	-7.8%
4	DRAM	Roundhill Memory ETF	Other	-$3.8B	-15.0%
5	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$3.07B	-10.3%
6	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$2.84B	-6.8%
7	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.67B	-6.9%
8	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.46B	-8.6%
9	EMB	iShares J.P. Morgan USD Emerging Markets Bond ETF	Other	-$1.4B	-9.7%
10	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.31B	-8.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$994M	-76.6%
2	USO	United States Oil Fund, LP	Commodity Energy	-$791M	-41.7%
3	MTBA	Simplify MBS ETF	Other	-$558M	-39.3%
4	TAN	Invesco Solar ETF	Other	-$366M	-36.4%
5	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$530M	-33.8%
6	BKAG	BNY Mellon Core Bond ETF	Other	-$648M	-28.9%
7	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.59B	-27.2%
8	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$476M	-26.7%
9	CTA	Simplify Managed Futures Strategy ETF	Other	-$370M	-24.2%
10	EWW	iShares MSCI Mexico ETF	Other	-$358M	-20.7%

Largest ETF fund flows across ~2648 funds (min AUM $100M). Net creations/redemptions; leveraged & inverse ETFs excluded. A ⚠ marks a day excluded as a suspected data error.

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About SMH

Holdings Count: 26
Expense Ratio: 0.35%
Inception Date: 2011-12-20

VanEck Semiconductor ETF
The VanEck Semiconductor ETF (SMH) strives to mirror, as closely as feasible, the price and yield performance of the MVIS US Listed Semiconductor 25 Index (MVSMHTR), prior to the assessment of any fees or expenses. This underlying index is designed to reflect the comprehensive performance of businesses engaged in the manufacturing of semiconductors and related equipment.
Asset Class: Equity | ETF Website

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Buying The SMH Dip Requires A Strong Stomach	07/25/2026
2	Nvidia's Upbeat Forecast Lifts SMH's Earnings Outlook	06/24/2026
3	Inside SMH: The Few Stocks Driving Your Semiconductor Returns	06/24/2026

	Title
0	ARTICLES

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Peer Comparisons

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Profile

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
Asset Class	Equity	Equity	Equity	Equity	Equity	Equity	-
AUM ($ Bil)	65.7	40.7	10.5	9.9	12.0	4.3	11.2
Expense Ratio	0.35%	0.33%	0.44%	0.35%	0.37%	0.35%	0.35%
10-D Avg Volume (Mil)	9.39	8.83	1.61	9.13	0.72	3.21	6.02
Latest Day Volume (Mil)	18.39	14.67	1.76	11.75	-	2.43	11.75
Holdings Count	26	30	243	165	50	51	50
Inception Date	12/20/2011	7/10/2001	2/5/2001	1/31/2006	5/1/2006	6/19/2006	-

Fundamentals

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
Net Asset Value	539.75	502	204.03	144.25	207.68	200.32	502.00
Premium/Discount	-2.3%	-4.7%	1.8%	3.7%	-2.6%	0.7%	-0.8%
Distribution Yield	0.2%	0.3%	0.2%	0.4%	0.0%	1.5%	0.3%
Sales Yield	8.3%	8.8%	12.0%	9.9%	34.4%	108.4%	10.9%
Earnings Yield	2.9%	2.5%	1.8%	1.5%	3.2%	7.2%	2.7%

Valuation

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
P/S (TTM)	12.0x	11.3x	8.3x	10.1x	2.9x	0.9x	9.2x
P/E (TTM)	34.8x	39.4x	55.6x	67.8x	31.3x	13.9x	37.1x
P/FCF (TTM)	41.5x	45.2x	120.7x	-	37.8x	16.9x	41.5x
Forward P/E	-	-	-	48.0x	25.5x	9.6x	25.5x
Forward P/S	-	-	-	7.9x	2.6x	0.8x	2.6x

Risk

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
Volatility (1Y)	40.0%	46.4%	22.7%	29.0%	23.0%	28.8%	28.9%
Volatility (3Y)	37.3%	40.1%	21.4%	28.2%	20.1%	28.2%	28.2%
Volatility (5Y)	36.9%	38.9%	22.4%	32.5%	20.3%	32.9%	32.7%
Beta (1Y)	2.40	2.64	0.81	1.10	0.99	-0.50	1.05
Beta (3Y)	1.99	2.08	0.82	1.05	0.85	0.64	0.95
Beta (5Y)	1.77	1.83	0.86	1.16	0.81	0.82	1.01
Sharpe Ratio (1Y)	1.31	1.36	1.44	1.30	-0.06	1.86	1.34
Sharpe Ratio (3Y)	1.35	1.14	0.98	1.07	1.15	0.54	1.10
Sharpe Ratio (5Y)	0.95	0.80	0.37	0.27	0.76	0.63	0.69
Max Drawdown (1Y)	-24.6%	-29.0%	-9.6%	-14.9%	-20.1%	-18.5%	-19.3%
Max Drawdown (3Y)	-35.7%	-41.4%	-24.9%	-33.0%	-20.1%	-35.0%	-34.0%
Max Drawdown (5Y)	-45.3%	-45.8%	-35.7%	-53.2%	-20.1%	-35.0%	-40.5%

Returns

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
1M Return	-12.2%	-15.5%	-0.7%	-4.2%	-4.9%	9.6%	-4.6%
3M Return	-3.9%	-7.4%	10.3%	-0.7%	-17.1%	19.3%	-2.3%
6M Return	4.1%	3.6%	22.4%	12.2%	-6.2%	20.6%	8.1%
YTD Return	46.4%	59.0%	23.2%	22.6%	-5.7%	61.2%	34.8%
1Y Return	56.2%	68.7%	35.2%	39.8%	-3.8%	64.1%	48.0%
2Y Return	111.2%	110.5%	42.9%	50.4%	32.0%	55.8%	53.1%
3Y Return	267.7%	209.5%	75.0%	119.5%	88.7%	40.8%	104.1%

Short Interest

Short Interest: As Of Date	9302026
Short Interest: Shares Quantity	11.6 Mil
Short Interest: % Change Since 9152026	-6.0%
Average Daily Volume	6.1 Mil
Days-to-Cover Short Interest	1.9 days

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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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VanEck Semiconductor ETF (SMH)

Market Price (10/26/2026): $526.57

VanEck Semiconductor ETF (SMH)

Market Price (10/26/2026): $526.57

Key Takeaways

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Performance for SMH Top Holdings

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