VanEck Semiconductor ETF (SMH)

Market Price (10/11/2026): $603.81

VanEck Semiconductor ETF (SMH)

Market Price (10/11/2026): $603.81

Key Takeaways

SMH has returned +67.5% YTD vs +14.8% for SPY; +86.0% over the past 12 months (SPY +20.2%). details →
Priced in gold, SMH has returned +79.9% over the past 3 years, vs +303.9% in dollars. details →
Over the past month, SMH has seen net outflows of −$2.09B (−2.8% of assets). details →
SMH's +67.5% YTD is ahead of its typical pace — it averaged +20.7% at this point (October 10) over the past 5 years. details →
SMH's top 10 holdings represent 62% of the fund vs 39% for SPY — a more concentrated portfolio. details →

Last updated: 10/10/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with SMH

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+22.5%

Volatility

17.5%

Sharpe

1.09

YTD

+38.4%

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%	-0.6%	-4.3%	7.7%	67.5%
Bond	BND	50.0%	0.0%	0.4%	-1.1%	-2.3%
Gold	GLD	10.0%	1.6%	1.2%	-3.0%	-3.0%
Commodity	DBC	2.5%	0.2%	1.3%	-2.0%	47.4%
Real Estate	VNQ	5.0%	1.5%	1.3%	-2.9%	5.4%
Bitcoin	BTCUSD	0.0%	1.1%	-2.3%	7.8%	-5.7%
Cash	GOVT	7.5%	-0.0%	0.3%	-1.3%	-2.6%
Conservative Portfolio		100.0%	0.1%	-0.6%	0.8%	16.7%

	ETF	%	1D	1W	1M	YTD
Equity	SMH	55.0%	-0.6%	-4.3%	7.7%	67.5%
Bond	BND	25.0%	0.0%	0.4%	-1.1%	-2.3%
Gold	GLD	7.0%	1.6%	1.2%	-3.0%	-3.0%
Commodity	DBC	4.0%	0.2%	1.3%	-2.0%	47.4%
Real Estate	VNQ	5.0%	1.5%	1.3%	-2.9%	5.4%
Bitcoin	BTCUSD	2.0%	1.1%	-2.3%	7.8%	-5.7%
Cash	GOVT	2.0%	-0.0%	0.3%	-1.3%	-2.6%
Moderate Portfolio		100.0%	-0.1%	-2.1%	3.6%	38.4%

	ETF	%	1D	1W	1M	YTD
Equity	SMH	80.0%	-0.6%	-4.3%	7.7%	67.5%
Bond	BND	5.0%	0.0%	0.4%	-1.1%	-2.3%
Gold	GLD	3.0%	1.6%	1.2%	-3.0%	-3.0%
Commodity	DBC	2.2%	0.2%	1.3%	-2.0%	47.4%
Real Estate	VNQ	4.5%	1.5%	1.3%	-2.9%	5.4%
Bitcoin	BTCUSD	5.2%	1.1%	-2.3%	7.8%	-5.7%
Cash	GOVT	0.0%	-0.0%	0.3%	-1.3%	-2.6%
Aggressive Portfolio		100.0%	-0.3%	-3.4%	6.2%	54.8%

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	25.0%	34.7%	28.7%	1.08
Bond	BND	50.0%	1.1%	5.2%	-0.30
Gold	GLD	10.0%	11.8%	15.4%	0.61
Commodity	DBC	2.5%	8.2%	17.1%	0.38
Real Estate	VNQ	5.0%	4.5%	17.6%	0.17
Bitcoin	BTCUSD	0.0%	63.5%	76.0%	0.95
Cash	GOVT	7.5%	0.2%	4.9%	-0.51
Conservative Portfolio		100.0%	10.9%	9.8%	0.81

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	55.0%	34.7%	28.7%	1.08
Bond	BND	25.0%	1.1%	5.2%	-0.30
Gold	GLD	7.0%	11.8%	15.4%	0.61
Commodity	DBC	4.0%	8.2%	17.1%	0.38
Real Estate	VNQ	5.0%	4.5%	17.6%	0.17
Bitcoin	BTCUSD	2.0%	63.5%	76.0%	0.95
Cash	GOVT	2.0%	0.2%	4.9%	-0.51
Moderate Portfolio		100.0%	22.5%	17.5%	1.09

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	80.0%	34.7%	28.7%	1.08
Bond	BND	5.0%	1.1%	5.2%	-0.30
Gold	GLD	3.0%	11.8%	15.4%	0.61
Commodity	DBC	2.2%	8.2%	17.1%	0.38
Real Estate	VNQ	4.5%	4.5%	17.6%	0.17
Bitcoin	BTCUSD	5.2%	63.5%	76.0%	0.95
Cash	GOVT	0.0%	0.2%	4.9%	-0.51
Aggressive Portfolio		100.0%	33.1%	24.7%	1.18

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	10/11/26	2025	2024	2023	2022	2021
Share Price CYE		$603.33	$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	—	15.50	11.40	10.32	7.69	5.06	8.66
P/E		42.93	41.41	35.85	32.74	18.61	31.14
P/E (Non-GAAP) [2]	24.50	36.49	34.34	33.90	32.86	21.83	34.96
P/FCF		54.41	51.02	39.66	35.28	23.41	32.77
Yields TTM
Earnings Yield	4.08%	2.33%	2.41%	2.79%	3.05%	5.37%	3.21%
Dividend Yield	0.18%	0.18%	0.31%	0.44%	0.60%	2.40%	1.04%
Total Yield (TY)	4.26%	2.51%	2.72%	3.23%	3.66%	7.77%	4.26%
Risk Premium [3]
Risk Free Rate (Rf)	5.22%	5.22%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	-0.96%	-2.71%	-1.46%	-1.35%	-0.22%	3.89%	2.74%
Growth Rates [6]
Sales Growth	34.0%	23.9%	19.8%	9.2%	-5.5%	10.8%
Earnings Growth [7]	38.3%	65.4%	49.8%	0.3%	-17.3%	2.3%

[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 2.33%, based on its 42.9x trailing P/E. With a 0.18% dividend yield, SMH is yielding 2.51% in total.

RISK

Compared to US Treasuries at 5.22%, SMH's total yield implies a -2.71% 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 4.26%, implying a -0.96% risk premium assuming stable Treasury rates.

Top 20 Holdings for SMH

Total Weights
Top 5: 43.9% | Top 10: 67.1% | 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		79.83%	100.00%	100.00%	8.7	20.3	+34.0%	+38.3%
Top 20		76.45%	95.85%	98.43%	8.6	20.0	+34.5%	+38.4%
NVDA	NVIDIA	19.27%	18.01%	33.55%	8.9	16.2	+69.5%	+68.4%
TSM	Taiwan Semiconductor Manufacturing	9.16%	—	—	—	—	—	—
AMD	Advanced Micro Devices	5.52%	3.93%	1.79%	11.9	40.9	+76.6%	+113.3%
AVGO	Broadcom	5.01%	4.43%	5.56%	10.2	18.7	+64.5%	+65.0%
MU	Micron Technology	4.98%	9.77%	18.23%	4.1	5.7	+17.8%	+12.0%
INTC	Intel	4.73%	8.65%	—	7.5	50.8	+15.8%	+41.4%
AMAT	Applied Materials	4.73%	6.20%	5.45%	8.6	27.7	+36.3%	+39.9%
KLAC	KLA	4.59%	4.17%	4.35%	13.2	33.3	+20.1%	+21.6%
SKHY	SK hynix	4.55%	—	—	—	—	—	—
LRCX	Lam Research	4.51%	4.50%	4.12%	10.7	31.2	+19.9%	+23.4%
TXN	Texas Instruments	4.51%	5.80%	5.28%	10.6	28.7	+13.8%	+17.0%
MRVL	Marvell Technology	4.46%	2.92%	2.39%	14.0	41.2	+61.1%	+84.3%
ASML	ASML	4.39%	—	—	—	—	—	—
ADI	Analog Devices	4.07%	4.89%	4.26%	10.9	25.1	+22.1%	+26.9%
QCOM	Qualcomm	3.62%	14.73%	9.05%	4.1	17.0	+16.3%	+24.6%
CDNS	Cadence Design Systems	2.00%	2.07%	1.43%	13.7	37.4	+13.6%	+18.0%
SNPS	Synopsys	1.97%	3.26%	1.09%	8.9	32.8	+13.1%	+22.1%
TER	Teradyne	1.28%	1.55%	1.17%	10.4	36.0	+21.3%	+26.6%
MPWR	Monolithic Power Systems	1.18%	0.97%	0.70%	13.2	40.7	+28.9%	+28.5%
ARM	ARM	1.12%	—	—	—	—	—	—

[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 10/10	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
SMH	VanEck Semiconductor ETF	100.00%	603.33	0.0%	7.7%	67.5%	86.0%	303.9%	391.1%	1,878.0%
NVDA	NVIDIA	19.27%	229.28	0.0%	5.0%	23.2%	25.5%	391.3%	1,012.8%	13,968.8%
TSM	Taiwan Semiconductor Manufacturing	9.16%	453.31	0.0%	6.2%	50.3%	63.2%	412.7%	345.0%	1,720.9%
AMD	Advanced Micro Devices	5.52%	608.10	0.0%	20.8%	183.9%	183.0%	461.4%	480.9%	9,085.8%
AVGO	Broadcom	5.01%	361.54	0.0%	0.4%	5.0%	12.2%	327.0%	702.2%	2,625.0%
MU	Micron Technology	4.98%	1,029.00	0.0%	5.3%	260.7%	467.2%	1,379.5%	1,422.3%	6,188.7%
INTC	Intel	4.73%	104.70	0.0%	4.4%	183.7%	187.9%	188.6%	112.7%	248.0%
AMAT	Applied Materials	4.73%	507.03	0.0%	11.7%	98.0%	142.8%	265.1%	314.5%	1,869.7%
KLAC	KLA	4.59%	195.57	0.0%	10.4%	61.5%	100.1%	315.0%	531.3%	3,077.4%
SKHY	SK hynix	4.55%	169.03	0.0%	-10.2%
LRCX	Lam Research	4.51%	318.84	0.0%	7.1%	86.8%	143.8%	409.4%	507.1%	3,591.4%
TXN	Texas Instruments	4.51%	283.74	0.0%	9.6%	66.3%	69.5%	96.5%	69.1%	444.7%
MRVL	Marvell Technology	4.46%	275.28	0.0%	21.3%	224.5%	222.1%	403.4%	341.7%	2,179.2%
ASML	ASML	4.39%	1,780.34	0.0%	5.5%	67.2%	91.4%	201.1%	158.5%	1,805.0%
ADI	Analog Devices	4.07%	406.19	0.0%	12.4%	51.1%	82.5%	143.3%	163.0%	698.4%
QCOM	Qualcomm	3.62%	175.50	0.0%	-0.8%	4.2%	16.6%	68.3%	56.6%	248.1%
CDNS	Cadence Design Systems	2.00%	352.84	0.0%	23.8%	12.9%	7.9%	39.5%	136.0%	1,270.3%
SNPS	Synopsys	1.97%	509.99	0.0%	28.4%	8.6%	16.2%	3.0%	76.6%	753.4%
TER	Teradyne	1.28%	402.68	0.0%	8.8%	108.3%	205.5%	308.9%	280.0%	1,902.6%
MPWR	Monolithic Power Systems	1.18%	1,386.29	0.0%	17.1%	53.7%	54.3%	182.2%	212.0%	1,823.9%
ARM	ARM	1.12%	266.28	0.0%	4.8%	143.6%	72.0%	387.0%

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
LRCX_7292026	LRCX	Lam Research	7/29/2026	Q3 2026 Revenue	8.10 Bil	22.7%	Higher NewNew Guidance Higher than Prior Actual of 6.60 Bil for Q2 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
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
TXN_7222026	TXN	Texas Instruments	7/22/2026	Q3 2026 Revenue	5.90 Bil	13.5%	Higher NewNew Guidance Higher than Prior Actual of 5.20 Bil for Q2 2026

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
SMH Return	42%	-34%	73%	39%	49%	69%	473%
Peers Return	20%	-4%	19%	5%	30%	36%	156%
S&P 500 Return	27%	-19%	24%	23%	16%	13%	107%
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 10/9/2026 (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.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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%			-4%	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 10/10/2026

SMH had 15 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
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 10/10/2026

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 10/10/2026

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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
IJH	iShares Core S&P Mid-Cap ETF	-6.7%	73.43	10102026	78.67	8162026	55
MDY	State Street SPDR S&P MIDCAP 400 ETF Trust	-6.6%	669.87	10102026	716.91	8162026	55
SCHM	Schwab U.S. Mid-Cap ETF	-6.0%	34.65	10102026	36.87	6302026	102
IVOO	Vanguard S&P Mid-Cap 400 ETF	-6.3%	124.29	10102026	132.68	8162026	55
IJR	iShares Core S&P Small-Cap ETF	-8.6%	137.55	10102026	150.44	8162026	55
VB	Vanguard Small-Cap ETF	-6.1%	289.48	10102026	308.38	8162026	55
IWM	iShares Russell 2000 ETF	-8.6%	278.94	10102026	305.09	8162026	55
SCHA	Schwab U.S. Small-Cap ETF	-9.2%	32.79	10102026	36.13	6302026	102
VTWO	Vanguard Russell 2000 ETF	-8.3%	112.66	10102026	122.90	8162026	55
DFAS	Dimensional U.S. Small Cap ETF	-7.3%	78.35	10102026	84.48	8162026	55
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-6.9%	52.74	10102026	56.64	8162026	55
NUSC	Nuveen ESG Small-Cap ETF	-7.5%	49.27	10102026	53.27	8162026	55
AKRE	Akre Focus ETF	-11.4%	54.80	10102026	61.85	8302026	41
IJK	iShares S&P Mid-Cap 400 Growth ETF	-5.9%	112.03	10102026	119.11	8172026	54
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-6.0%	106.89	10102026	113.69	8172026	54
IWO	iShares Russell 2000 Growth ETF	-9.8%	356.78	10102026	395.65	8162026	55
VBK	Vanguard Small-Cap Growth ETF	-5.8%	344.74	10102026	365.91	8172026	54
IJT	iShares S&P Small-Cap 600 Growth ETF	-9.2%	162.60	10102026	179.07	8042026	67
SLYG	State Street SPDR S&P 600 Small Cap Growth ETF	-9.1%	108.57	10102026	119.50	8042026	67
IJJ	iShares S&P Mid-Cap 400 Value ETF	-7.5%	140.37	10102026	151.67	8162026	55
MDYV	State Street SPDR S&P 400 Mid Cap Value ETF	-7.5%	90.11	10102026	97.39	8162026	55
VBR	Vanguard Small-Cap Value ETF	-6.4%	234.43	10102026	250.56	8162026	55
AVUV	Avantis U.S. Small Cap Value ETF	-7.1%	119.64	10102026	128.74	8042026	67
IWN	iShares Russell 2000 Value ETF	-7.3%	210.87	10102026	227.43	8162026	55
IJS	iShares S&P Small-Cap 600 Value ETF	-8.2%	129.13	10102026	140.68	8162026	55
SLYV	State Street SPDR S&P 600 Small Cap Value ETF	-8.2%	103.00	10102026	112.22	8162026	55
VIOV	Vanguard S&P Small-Cap 600 Value ETF	-7.8%	110.86	10102026	120.28	8162026	55
EFV	iShares MSCI EAFE Value ETF	-5.9%	78.19	10102026	83.08	9032026	37
AVIV	Avantis International Large Cap Value ETF	-5.8%	79.00	10102026	83.89	8252026	46
VGK	Vanguard FTSE Europe ETF	-7.5%	86.03	10102026	92.96	8252026	46
IEMG	iShares Core MSCI Emerging Markets ETF	-5.3%	81.40	10102026	86.00	6222026	110
EEM	iShares MSCI Emerging Markets ETF	-6.2%	66.80	10102026	71.21	6222026	110
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-13.2%	32.38	10102026	37.30	6222026	110
EWY	iShares MSCI South Korea ETF	-19.1%	177.24	10102026	219.20	6212026	111
FXI	iShares China Large-Cap ETF	-10.5%	34.24	10102026	38.26	5132026	150
KWEB	KraneShares CSI China Internet ETF	-18.5%	24.93	10102026	30.59	5132026	150
SCHD	Schwab US Dividend Equity ETF	-6.2%	33.04	10102026	35.21	8242026	47
DVY	iShares Select Dividend ETF	-6.7%	154.36	10102026	165.50	8162026	55
SDY	State Street SPDR S&P Dividend ETF	-6.4%	149.04	10102026	159.18	8242026	47
NOBL	ProShares S&P 500 Dividend Aristocrats ETF	-6.8%	55.07	10102026	59.07	8242026	47
SCHY	Schwab International Dividend Equity ETF	-6.0%	31.75	10102026	33.78	8252026	46
COWZ	Pacer US Cash Cows 100 ETF	-5.4%	68.52	10102026	72.40	8302026	41
MTUM	iShares MSCI USA Momentum Factor ETF	-7.3%	320.00	10102026	345.22	6222026	110
FNDA	Schwab Fundamental U.S. Small Company ETF	-7.5%	35.62	10102026	38.52	8162026	55
SPMO	Invesco S&P 500 Momentum ETF	-6.5%	151.16	10102026	161.66	6222026	110
MOAT	VanEck Morningstar Wide Moat ETF	-5.6%	108.74	10102026	115.14	8272026	44
SPGP	Invesco S&P 500 GARP ETF	-5.2%	122.31	10102026	129.02	8132026	58
URA	Global X Uranium ETF	-33.2%	38.90	10102026	58.26	5062026	157
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-14.8%	35.48	10102026	41.63	5132026	150
ROBO	ROBO Global Robotics & Automation Index ETF	-10.1%	81.26	10102026	90.34	6022026	130
LIT	Global X Lithium & Battery Tech ETF	-23.9%	69.73	10102026	91.62	5112026	152
ICLN	iShares Global Clean Energy ETF	-27.2%	17.28	10102026	23.75	6022026	130
ARKQ	ARK Autonomous Technology & Robotics ETF	-14.1%	123.51	10102026	143.82	5282026	135
ARKX	ARK Space & Defense Innovation ETF	-14.7%	32.20	10102026	37.74	5282026	135
NASA	Tema Space Innovators ETF	-42.5%	24.10	10102026	41.89	5272026	136
DRSK	Aptus Defined Risk ETF	-7.2%	27.27	10102026	29.39	6012026	131
ALLW	SSGA Active Trust State Street Bridgewater All Weather ETF	-5.2%	28.86	10102026	30.44	8252026	46
YYY	Amplify CEF High Income ETF	-8.5%	10.40	10102026	11.37	8162026	55
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-8.7%	65.12	10102026	71.30	8252026	46
XLF	State Street Financial Select Sector SPDR ETF	-6.5%	54.73	10102026	58.56	9032026	37
XLI	State Street Industrial Select Sector SPDR ETF	-9.3%	169.25	10102026	186.51	8162026	55
XLC	State Street Communication Services Select Sector SPDR ETF	-7.1%	110.38	10102026	118.79	4192026	174
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-7.4%	112.85	10102026	121.82	5282026	135
XLU	State Street Utilities Select Sector SPDR ETF	-11.3%	41.41	10102026	46.66	4122026	181
XLB	State Street Materials Select Sector SPDR ETF	-7.9%	49.43	10102026	53.67	8262026	45
IYJ	iShares U.S. Industrials ETF	-7.7%	156.85	10102026	169.86	8042026	67
IYM	iShares U.S. Basic Materials ETF	-7.5%	181.78	10102026	196.45	8252026	46
SMH	VanEck Semiconductor ETF	-9.8%	603.33	10102026	668.91	6222026	110
SOXX	iShares Semiconductor ETF	-14.6%	559.40	10102026	655.01	6222026	110
XBI	State Street SPDR S&P Biotech ETF	-9.3%	153.77	10102026	169.55	8192026	52
ITA	iShares U.S. Aerospace & Defense ETF	-18.4%	206.65	10102026	253.22	8162026	55
IYT	iShares U.S. Transportation ETF	-11.0%	80.15	10102026	90.01	7162026	86
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-9.9%	178.49	10102026	198.06	9032026	37
KRE	State Street SPDR S&P Regional Banking ETF	-11.4%	69.01	10102026	77.93	8162026	55
MISL	First Trust Indxx Aerospace & Defense ETF	-14.1%	42.24	10102026	49.19	5282026	135
RING	iShares MSCI Global Gold Miners ETF	-16.2%	78.05	10102026	93.17	8252026	46
SOXQ	Invesco PHLX Semiconductor ETF	-14.1%	98.93	10102026	115.11	6222026	110
IGOV	iShares International Treasury Bond ETF	-6.0%	39.74	10102026	42.27	5102026	153
LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	-5.1%	102.41	10102026	107.93	6292026	103
TLT	iShares 20+ Year Treasury Bond ETF	-9.4%	77.98	10102026	86.10	6292026	103
VGLT	Vanguard Long-Term Treasury ETF	-8.6%	50.18	10102026	54.89	6292026	103
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-8.6%	23.88	10102026	26.13	6292026	103
TLH	iShares 10-20 Year Treasury Bond ETF	-7.6%	92.19	10102026	99.78	6292026	103
EDV	Vanguard World Funds Extended Duration ETF	-14.4%	55.25	10102026	64.54	6242026	108
VCLT	Vanguard Long-Term Corporate Bond ETF	-7.8%	68.69	10102026	74.47	6292026	103
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-7.9%	20.44	10102026	22.18	6292026	103
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-7.6%	45.77	10102026	49.56	6292026	103
MUB	iShares National Muni Bond ETF	-5.3%	101.08	10102026	106.69	7062026	96
VTEB	Vanguard Tax-Exempt Bond Index Fund	-5.6%	47.32	10102026	50.10	7062026	96
TFI	State Street SPDR Nuveen ICE Municipal Bond ETF	-5.6%	42.77	10102026	45.31	7052026	97
ITM	VanEck Intermediate Muni ETF	-5.2%	44.22	10102026	46.65	7062026	96
LMUB	iShares Long-Term National Muni Bond ETF	-8.4%	46.39	10102026	50.63	7052026	97
GLD	SPDR Gold Trust	-13.8%	384.58	10102026	445.93	4192026	174
IAU	iShares Gold Trust	-13.7%	78.87	10102026	91.34	4192026	174
GLDM	SPDR Gold MiniShares Trust	-13.6%	82.99	10102026	96.04	4192026	174
SLV	iShares Silver Trust	-31.0%	54.78	10102026	79.35	5132026	150
PPLT	ETFS Physical Platinum Shares	-22.0%	15.25	10102026	19.55	5132026	150
PALL	ETFS Physical Palladium Shares	-28.1%	20.77	10102026	28.89	4142026	179
USO	United States Oil Fund LP	-8.4%	148.20	10102026	161.86	9152026	25
UNG	United States Natural Gas Fund LP	-9.2%	11.01	10102026	12.12	6042026	128
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	10102026	60.13	5042026	159
VNQ	Vanguard Real Estate ETF	-9.4%	90.65	10102026	100.08	7282026	74
XLRE	State Street Real Estate Select Sector SPDR ETF	-9.6%	41.61	10102026	46.01	7282026	74
SCHH	Schwab U.S. REIT ETF	-10.6%	22.22	10102026	24.86	7262026	76
IYR	iShares U.S. Real Estate ETF	-10.4%	96.10	10102026	107.26	7282026	74
REET	iShares Global REIT ETF	-11.1%	25.69	10102026	28.89	7262026	76
USRT	iShares Core U.S. REIT ETF	-11.8%	61.55	10102026	69.82	7262026	76
IBIT	iShares Bitcoin Trust ETF	-5.0%	46.55	10102026	49.01	9212026	19
FBTC	Fidelity Wise Origin Bitcoin Fund	-5.0%	71.54	10102026	75.31	9212026	19
ETHA	iShares Ethereum Trust ETF	-7.4%	55.99	10102026	60.45	9282026	12

ETF Fund Flows

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

Net fund flows · as of 2026-10-09

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$13.0B), followed by Bond (+$8.5B), while Crypto (−$964M) and Commodity (−$169M) saw the largest outflows.
Within the mix, money rotated into Broad Sector (+$4.9B) and out of Thematic (−$2.4B).
Relative to fund size, CNEQ drew the largest inflow (+17.7% of AUM) and ARKK the largest outflow (−23.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$3.66B	+2.0%
2	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$2.65B	+0.3%
3	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$2.0B	+16.6%
4	MUB	iShares National Muni Bond ETF	Bond Municipal	+$1.54B	+3.2%
5	XLK	State Street Technology Select Sector SPDR ETF	Equity Broad Sector	+$1.31B	+1.0%
6	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	+$1.21B	+4.2%
7	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$1.07B	+0.9%
8	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$1.06B	+0.2%
9	XLC	State Street Communication Services Select Sector SPDR ETF	Equity Broad Sector	+$1.01B	+4.3%
10	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	+$927M	+1.8%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$604M	+17.7%
2	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$2.0B	+16.6%
3	ALAI	Alger AI Enablers & Adopters ETF	Other	+$174M	+12.7%
4	AIS	VistaShares Artificial Intelligence Supercycle ETF	Other	+$149M	+12.2%
5	CERY	State Street SPDR Bloomberg Enhanced Roll Yield Commodity Strategy No K-1 ETF	Other	+$77M	+6.9%
6	EWG	iShares MSCI Germany ETF	Other	+$98M	+6.8%
7	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$79M	+6.4%
8	USO	United States Oil Fund, LP	Commodity Energy	+$115M	+6.3%
9	HYD	VanEck High Yield Muni ETF	Other	+$247M	+6.3%
10	CGHM	Capital Group Municipal High-Income ETF	Other	+$215M	+6.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	ARKK	ARK Innovation ETF	Equity Thematic	-$2.25B	-23.9%
2	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$2.07B	-0.2%
3	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.12B	-5.7%
4	SMH this	VanEck Semiconductor ETF	Equity Industry Subsector	-$1.09B	-1.4%
5	VO	Vanguard Morningstar Mid-Cap ETF	Equity US Mid Cap Core	-$1.02B	-1.0%
6	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	-$984M	-0.1%
7	IYW	iShares U.S. Technology ETF	Other	-$815M	-3.1%
8	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$569M	-3.2%
9	DRAM	Roundhill Memory ETF	Other	-$544M	-2.2%
10	ETHA	iShares Ethereum Trust ETF	Crypto	-$455M	-5.1%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$61.1B), followed by Bond (+$32.6B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$26.5B) and out of Factor Smart Beta (−$4.3B).
Relative to fund size, VTES drew the largest inflow (+40.1% of AUM) and BKAG the largest outflow (−37.4%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$33.86B	+3.8%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$17.53B	+10.0%
3	IUSB	iShares Core Universal USD Bond ETF	Bond Core Plus Multisector	+$5.98B	+12.5%
4	MUB	iShares National Muni Bond ETF	Bond Municipal	+$5.84B	+12.7%
5	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+34.7%
6	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$5.5B	+0.8%
7	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$5.49B	+4.9%
8	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.99B	+39.2%
9	VTEB	Vanguard Tax-Exempt Bond ETF	Bond Municipal	+$4.91B	+10.5%
10	BIL	State Street SPDR Bloomberg 1-3 Month T-Bill ETF	Cash	+$4.03B	+8.4%

#	Ticker	Name	Type	Net flow	% of AUM
1	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.28B	+40.1%
2	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.99B	+39.2%
3	CNEQ	Alger Concentrated Equity ETF	Other	+$1.13B	+35.8%
4	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$5.63B	+34.7%
5	BLCR	iShares Large Cap Core Active ETF	Other	+$2.76B	+30.5%
6	VSDM	Vanguard Municipal Bond Funds - Vanguard Short Duration Tax-Exempt Bond ETF	Other	+$299M	+27.3%
7	EWZ	iShares MSCI Brazil ETF	Equity Emerging Markets	+$2.29B	+26.4%
8	ZROZ	PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund	Other	+$445M	+25.8%
9	GGOV	iShares Global Government Bond USD Hedged Active ETF	Bond International	+$1.02B	+25.7%
10	VCRM	Vanguard Core Tax-Exempt Bond E	Other	+$470M	+23.7%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$25.51B	-2.4%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.37B	-25.8%
3	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.67B	-7.2%
4	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.27B	-8.5%
5	SMH this	VanEck Semiconductor ETF	Equity Industry Subsector	-$2.09B	-2.8%
6	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	-$1.97B	-4.1%
7	EWY	iShares MSCI South Korea ETF	Equity Emerging Markets	-$1.87B	-7.1%
8	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.9%
9	DRAM	Roundhill Memory ETF	Other	-$1.34B	-5.1%
10	IQMM	ProShares - GENIUS Money Market ETF	Other	-$1.11B	-5.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	BKAG	BNY Mellon Core Bond ETF	Other	-$900M	-37.4%
2	MTBA	Simplify MBS ETF	Other	-$367M	-30.5%
3	SCMB	Schwab Municipal Bond ETF	Other	-$924M	-29.3%
4	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$5.37B	-25.8%
5	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	-$875M	-19.4%
6	USO	United States Oil Fund, LP	Commodity Energy	-$329M	-16.9%
7	ARKB	ARK 21Shares Bitcoin ETF	Other	-$435M	-15.9%
8	CTA	Simplify Managed Futures Strategy ETF	Other	-$199M	-14.7%
9	EWW	iShares MSCI Mexico ETF	Other	-$229M	-14.6%
10	IWX	iShares Russell Top 200 Value ETF	Other	-$558M	-14.5%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$143.6B), followed by Bond (+$65.0B), with every major asset class in net inflows.
Within the mix, money rotated into US Large Cap Core (+$29.0B) and out of Intermediate Treasury (−$4.0B).
Relative to fund size, CNEQ drew the largest inflow (+150.7% of AUM) and FTXL the largest outflow (−70.7%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$27.09B	+2.6%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$18.68B	+11.0%
3	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$16.58B	+15.8%
4	VTI	Vanguard Morningstar Total Stock Market ETF	Equity US Total Market	+$16.15B	+2.3%
5	SCHD	Schwab U.S. Dividend Equity ETF	Equity Dividend Income	+$10.17B	+9.3%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	+$9.56B	+20.7%
7	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$8.34B	+1.7%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$8.06B	+7.8%
9	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$7.94B	+4.9%
10	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$7.94B	+1.0%

#	Ticker	Name	Type	Net flow	% of AUM
1	CNEQ	Alger Concentrated Equity ETF	Other	+$3.0B	+150.7%
2	VTES	Vanguard Short-Term Tax-Exempt Bond ETF	Other	+$1.8B	+77.1%
3	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$1.28B	+75.3%
4	FINA	Fidelity MSCI North American Subset Index ETF	Other	+$1.25B	+74.9% ⚠
5	BFLX	iShares Flexible Equity Active ETF	Other	+$1.41B	+68.5%
6	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$5.48B	+65.9%
7	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$843M	+57.4%
8	ARKK	ARK Innovation ETF	Equity Thematic	+$3.64B	+56.7% ⚠
9	ACWX	iShares MSCI ACWI ex U.S. ETF	Other	+$6.29B	+50.9%
10	XAGG	Morgan Stanley ETF Trust - Eaton Vance Strategic Income Opportunities ETF	Other	+$720M	+50.4%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$24.74B	-2.8%
2	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.84B	-27.6%
3	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$5.84B	-17.9%
4	IEF	iShares 7-10 Year Treasury Bond ETF	Bond Intermediate Treasury	-$3.5B	-8.1%
5	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$2.37B	-8.3%
6	MBB	iShares MBS ETF	Bond Mortgage Backed	-$2.02B	-5.2%
7	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	-$1.73B	-12.4%
8	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$1.57B	-1.2%
9	JNK	State Street SPDR Bloomberg High Yield Bond ETF	Bond High Yield Corporate	-$1.43B	-20.9%
10	EFG	iShares MSCI EAFE Growth ETF	Other	-$1.36B	-8.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$941M	-70.7%
2	USO	United States Oil Fund, LP	Commodity Energy	-$1.08B	-54.2%
3	SNXX	Tradr 2X Long SNDK Daily ETF	Other	-$727M	-38.9%
4	TAN	Invesco Solar ETF	Other	-$423M	-35.7%
5	XOVR	ERShares Private-Public Crossover ETF	Equity Thematic	-$609M	-34.3%
6	RSPN	Invesco S&P 500 Equal Weight Industrials ETF	Other	-$335M	-31.8%
7	MTBA	Simplify MBS ETF	Other	-$458M	-31.5%
8	MTUM	iShares MSCI USA Momentum Factor ETF	Equity Factor Smart Beta	-$6.84B	-27.6%
9	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$336M	-27.2%
10	BKAG	BNY Mellon Core Bond ETF	Other	-$563M	-25.0%

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

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
KLRA	Kailera Therapeutics	1.2	16.1%	-55.3%
FSLY	Fastly	4.6	15.9%	187.8%
NVAX	Novavax	2.1	15.8%	89.7%
CCI	Crown Castle	34.5	15.6%	-6.9%
DNA	Ginkgo Bioworks	0.8	14.6%	56.4%
MRNA	Moderna	89.5	14.2%	663.0%
ABSI	Absci	1.6	13.6%	191.1%
HUM	Humana	51.9	11.6%	69.9%
PRME	Prime Medicine	0.7	11.5%	15.0%
ATEX	Anterix	1.6	10.6%	287.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
GLIBK	Liberty Capital	0.8	-15.0%	-46.1%
GLIBA	Liberty Capital	0.8	-14.9%	-45.5%
ALHC	Alignment Healthcare	1.6	-13.4%	-61.8%
TMUS	T-Mobile US	160.7	-13.3%	-25.6%
PKE	Park Aerospace	0.6	-11.1%	25.8%
ASTS	AST SpaceMobile	15.2	-10.5%	-29.8%
T	AT&T	153.9	-9.8%	-6.5%
SHEN	Shenandoah Telecommunications	0.6	-9.7%	-10.0%
EOSE	Eos Energy Enterprises	0.9	-8.9%	-78.0%
VZ	Verizon Communications	173.6	-8.7%	9.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
PCRX	Pacira BioSciences	1.4	44.0%	40.3%
OPCH	Option Care Health	4.8	37.2%	-2.5%
PTC	PTC	22.3	35.0%	11.6%
PRME	Prime Medicine	0.7	33.9%	15.0%
PCVX	Vaxcyte	10.3	26.4%	54.7%
QDEL	QuidelOrtho	0.9	24.6%	-53.0%
RXO	RXO	4.9	24.4%	130.1%
PENG	Penguin Solutions	3.9	24.3%	290.0%
NVAX	Novavax	2.1	21.9%	89.7%
HPK	HighPeak Energy	1.2	21.7%	101.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
AVBP	ArriVent BioPharma	0.8	-40.8%	-16.8%
ALMR	Alamar Biosciences	1.5	-26.5%	14.9%
NUAI	New Era Energy & Digital	0.5	-25.4%	60.2%
SHAZ	SharonAI	0.7	-25.3%	-59.0%
ANGO	AngioDynamics	0.5	-23.8%	-10.3%
GLAS	Glass House Brands	0.4	-22.4%	-51.9%
EOSE	Eos Energy Enterprises	0.9	-21.5%	-78.0%
AEHR	Aehr Test Systems	2.7	-21.1%	319.2%
YSS	York Space Systems	0.9	-20.8%	-78.8%
AXTI	AXT	4.2	-20.3%	318.7%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
MYPS	PLAYSTUDIOS	0.5	740.5%	530.4%
KOD	Kodiak Sciences	6.3	203.8%	257.2%
DNA	Ginkgo Bioworks	0.8	91.7%	56.4%
PACB	Pacific Biosciences of California	0.7	83.5%	24.6%
GRAL	GRAIL	6.1	81.3%	64.2%
IOVA	Iovance Biotherapeutics	6.6	79.6%	435.5%
SECZ	Securitize	2.0	71.9%	12.4%
MRNA	Moderna	89.5	64.7%	663.0%
P	Everpure	51.4	64.2%	130.7%
PENG	Penguin Solutions	3.9	56.9%	290.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CTVA	Corteva	8.9	-84.3%	-80.1%
LQDA	Liquidia	2.4	-59.6%	-20.6%
XNDU	Xanadu Quantum Technologies	1.2	-56.6%	-66.1%
QURE	uniQure	1.5	-49.2%	-5.6%
EMAT	Evolution Metals & Technologies	1.0	-46.8%	-92.3%
GLAS	Glass House Brands	0.4	-46.6%	-51.9%
NKTR	Nektar Therapeutics	1.4	-41.7%	-2.6%
AVBP	ArriVent BioPharma	0.8	-41.7%	-16.8%
ALHC	Alignment Healthcare	1.6	-40.9%	-61.8%
ABR	Arbor Realty Trust	0.5	-40.3%	-59.2%

Peer Comparisons

Peers to compare with:

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)	77.5	48.8	10.5	10.1	12.1	4.0	11.3
Expense Ratio	0.35%	0.33%	0.44%	0.35%	0.37%	0.35%	0.35%
10-D Avg Volume (Mil)	9.70	9.20	1.56	8.88	0.74	3.33	6.11
Latest Day Volume (Mil)	7.33	6.88	2.09	8.73	-	2.26	6.88
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	634.04	588.84	205.24	154.41	207.74	184.90	-
Premium/Discount	-4.8%	-5.0%	0.6%	-0.4%	-0.5%	3.6%	-0.5%
Distribution Yield	0.2%	0.3%	0.2%	0.4%	0.0%	1.6%	0.2%
Sales Yield	7.3%	7.7%	12.0%	9.3%	33.9%	112.8%	10.6%
Earnings Yield	2.5%	2.2%	1.8%	1.3%	3.1%	7.5%	2.3%

Valuation

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
P/S (TTM)	13.7x	13.1x	8.4x	10.7x	3.0x	0.9x	9.5x
P/E (TTM)	40.0x	46.2x	56.1x	74.4x	32.7x	13.3x	43.1x
P/FCF (TTM)	47.8x	52.8x	138.1x	-	36.5x	16.1x	47.8x
Forward P/E	-	-	-	48.0x	26.2x	9.8x	26.2x
Forward P/S	-	-	-	8.2x	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)	39.8%	46.2%	22.1%	28.5%	23.3%	29.3%	28.9%
Volatility (3Y)	37.0%	39.8%	21.2%	28.1%	20.2%	28.2%	28.2%
Volatility (5Y)	36.8%	38.7%	22.3%	32.4%	20.3%	32.9%	32.6%
Beta (1Y)	2.35	2.58	0.79	1.05	1.02	-0.33	1.04
Beta (3Y)	1.98	2.06	0.82	1.04	0.86	0.65	0.95
Beta (5Y)	1.77	1.82	0.86	1.16	0.81	0.82	1.01
Sharpe Ratio (1Y)	1.60	1.65	1.50	1.48	-0.05	1.42	1.49
Sharpe Ratio (3Y)	1.48	1.27	0.97	1.08	1.27	0.62	1.18
Sharpe Ratio (5Y)	1.04	0.90	0.36	0.29	0.79	0.63	0.71
Max Drawdown (1Y)	-24.6%	-29.0%	-9.6%	-11.9%	-19.6%	-18.5%	-19.0%
Max Drawdown (3Y)	-35.7%	-41.4%	-24.9%	-33.0%	-19.6%	-35.0%	-34.0%
Max Drawdown (5Y)	-45.3%	-45.8%	-35.7%	-53.2%	-19.6%	-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	7.7%	8.1%	1.9%	-1.9%	-5.3%	-2.0%	-0.0%
3M Return	3.0%	1.0%	8.9%	-1.0%	-12.1%	15.9%	2.0%
6M Return	38.1%	44.8%	21.9%	18.8%	-9.9%	14.2%	20.4%
YTD Return	67.5%	86.0%	22.5%	26.1%	-3.6%	53.0%	39.6%
1Y Return	74.9%	92.4%	36.1%	46.3%	-3.8%	45.3%	45.8%
2Y Return	145.3%	144.4%	44.1%	58.3%	37.6%	41.7%	51.2%
3Y Return	321.2%	261.1%	73.0%	121.2%	103.5%	49.5%	112.4%

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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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
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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 (10/11/2026): $603.81

VanEck Semiconductor ETF (SMH)

Market Price (10/11/2026): $603.81

Key Takeaways

Price Chart

Asset Allocation with SMH

Valuation & Yield

Top 20 Holdings for SMH

Performance for SMH Top Holdings

Guidance Updates for SMH Top Holdings

Return vs. Risk

Price Returns Compared

Sharpe Ratios Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

SMH Dip Buy History

Current Dip Buy Opportunities Across ETFs

ETF Fund Flows

Asset allocation rotation · Past week

Asset allocation rotation · Past month

Asset allocation rotation · Past 3 months

Set Alerts and Notifications

Stay Informed

Trade & Investment Ideas

Wealth

Alert Me Periodically

Inform Me Once

About SMH

Latest Trefis Analyses

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

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Peer Comparisons

Profile

Fundamentals

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Risk

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Short Interest

Returns Analyses

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