VanEck Semiconductor ETF (SMH)

Market Price (7/30/2026): $511.75

VanEck Semiconductor ETF (SMH)

Market Price (7/30/2026): $511.75

Key Takeaways

SMH has returned +40.0% YTD vs +7.3% for SPY; +72.7% over the past 12 months (SPY +15.8%). details →
Priced in gold, SMH has returned +54.4% over the past 3 years, vs +218.4% in dollars. details →
Over the past month, SMH has seen net inflows of +$4.45B (+6.3% of assets). details →
Risk-adjusted returns beat SPY: 3-year Sharpe ratio of 1.4 vs 1.0. details →
SMH's top 10 holdings represent 65% of the fund vs 37% for SPY — a more concentrated portfolio. details →

Last updated: 7/29/2026.

Price Chart

ETF Price
Price/Gold

Asset Allocation with SMH

Risk Tolerance:

ConservativeModerateAggressive

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

10Y Return (ann.)

+22.4%

Volatility

17.8%

Sharpe

1.07

YTD

+23.0%

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%	-4.8%	-14.1%	-20.2%	40.0%
Bond	BND	50.0%	-0.4%	-0.0%	-1.5%	-0.3%
Gold	GLD	10.0%	0.5%	-2.1%	0.7%	-6.4%
Commodity	DBC	2.5%	2.9%	-1.5%	10.8%	31.6%
Real Estate	VNQ	5.0%	-0.3%	1.7%	2.6%	16.0%
Bitcoin	BTCUSD	0.0%	-0.2%	-3.6%	6.0%	-27.2%
Cash	GOVT	7.5%	-0.4%	0.0%	-1.6%	-0.8%
Conservative Portfolio		100.0%	-1.3%	-3.7%	-5.5%	10.7%

	ETF	%	1D	1W	1M	YTD
Equity	SMH	55.0%	-4.8%	-14.1%	-20.2%	40.0%
Bond	BND	25.0%	-0.4%	-0.0%	-1.5%	-0.3%
Gold	GLD	7.0%	0.5%	-2.1%	0.7%	-6.4%
Commodity	DBC	4.0%	2.9%	-1.5%	10.8%	31.6%
Real Estate	VNQ	5.0%	-0.3%	1.7%	2.6%	16.0%
Bitcoin	BTCUSD	2.0%	-0.2%	-3.6%	6.0%	-27.2%
Cash	GOVT	2.0%	-0.4%	0.0%	-1.6%	-0.8%
Moderate Portfolio		100.0%	-2.6%	-8.0%	-10.8%	23.0%

	ETF	%	1D	1W	1M	YTD
Equity	SMH	80.0%	-4.8%	-14.1%	-20.2%	40.0%
Bond	BND	5.0%	-0.4%	-0.0%	-1.5%	-0.3%
Gold	GLD	3.0%	0.5%	-2.1%	0.7%	-6.4%
Commodity	DBC	2.2%	2.9%	-1.5%	10.8%	31.6%
Real Estate	VNQ	4.5%	-0.3%	1.7%	2.6%	16.0%
Bitcoin	BTCUSD	5.2%	-0.2%	-3.6%	6.0%	-27.2%
Cash	GOVT	0.0%	-0.4%	0.0%	-1.6%	-0.8%
Aggressive Portfolio		100.0%	-3.8%	-11.5%	-15.6%	31.8%

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	25.0%	33.8%	29.2%	1.06
Bond	BND	50.0%	1.4%	5.2%	-0.23
Gold	GLD	10.0%	11.3%	15.0%	0.61
Commodity	DBC	2.5%	7.1%	17.3%	0.30
Real Estate	VNQ	5.0%	5.1%	17.6%	0.22
Bitcoin	BTCUSD	0.0%	57.6%	76.3%	0.91
Cash	GOVT	7.5%	0.4%	4.9%	-0.45
Conservative Portfolio		100.0%	11.0%	9.9%	0.83

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	55.0%	33.8%	29.2%	1.06
Bond	BND	25.0%	1.4%	5.2%	-0.23
Gold	GLD	7.0%	11.3%	15.0%	0.61
Commodity	DBC	4.0%	7.1%	17.3%	0.30
Real Estate	VNQ	5.0%	5.1%	17.6%	0.22
Bitcoin	BTCUSD	2.0%	57.6%	76.3%	0.91
Cash	GOVT	2.0%	0.4%	4.9%	-0.45
Moderate Portfolio		100.0%	22.4%	17.8%	1.07

	ETF	%	Return	Volatility	Sharpe
Equity	SMH	80.0%	33.8%	29.2%	1.06
Bond	BND	5.0%	1.4%	5.2%	-0.23
Gold	GLD	3.0%	11.3%	15.0%	0.61
Commodity	DBC	2.2%	7.1%	17.3%	0.30
Real Estate	VNQ	4.5%	5.1%	17.6%	0.22
Bitcoin	BTCUSD	5.2%	57.6%	76.3%	0.91
Cash	GOVT	0.0%	0.4%	4.9%	-0.45
Aggressive Portfolio		100.0%	32.7%	25.1%	1.15

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

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

Valuation & Yield

	Forward [4,5]	Now	Historical (CYE & TTM)
	7/31/27	7/30/26	2025	2024	2023	2022	2021
Share Price CYE		$504.22	$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	8.15	12.88	10.91	9.51	7.75	4.53	7.52
P/E		43.11	46.27	41.73	35.77	18.94	29.75
P/E (Non-GAAP) [2]	19.37	30.14	31.81	28.48	20.09	18.99	31.69
P/FCF		47.42	45.23	45.85	44.55	25.64	34.22
Yields TTM
Earnings Yield	5.16%	2.32%	2.16%	2.40%	2.80%	5.28%	3.36%
Dividend Yield	0.22%	0.22%	0.31%	0.44%	0.60%	2.40%	1.04%
Total Yield (TY)	5.38%	2.54%	2.47%	2.84%	3.40%	7.68%	4.41%
Risk Premium [3]
Risk Free Rate (Rf)	4.61%	4.61%	4.18%	4.58%	3.88%	3.88%	1.52%
Risk Prem. (TY - Rf)	0.77%	-2.07%	-1.71%	-1.74%	-0.48%	3.80%	2.89%
Growth Rates [6]
Sales Growth	34.1%	13.9%	18.5%	8.1%	-6.1%	13.4%
Earnings Growth [7]	46.5%	35.7%	54.7%	-4.2%	-20.1%	7.3%

[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 2.32%, based on its 43.1x trailing P/E. With a 0.22% dividend yield, SMH is yielding 2.54% in total.

RISK

Compared to US Treasuries at 4.61%, SMH's total yield implies a -2.07% 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 5.38%, implying a 0.77% risk premium assuming stable Treasury rates.

Top 20 Holdings for SMH

Total Weights
Top 5: 47.5% | Top 10: 71.3% | Top 20: 96.3%

Ticker	Holding	ETF Weight	Sales Weight	Earnings Weight	Fwd P/S	Fwd P/E	Fwd Sales Growth	Fwd Earnings Growth
Total		83.56%	100.00%	100.00%	8.2	19.4	+34.1%	+46.5%
Top 20		80.89%	94.98%	98.55%	8.2	19.2	+35.0%	+46.9%
NVDA	NVIDIA	20.70%	17.53%	36.93%	9.7	17.5	+43.1%	+41.3%
TSM	Taiwan Semiconductor Manufacturing	9.16%	—	—	—	—	—	—
AVGO	Broadcom	6.20%	4.10%	5.33%	11.6	21.2	+65.2%	+66.7%
AMD	Advanced Micro Devices	5.93%	4.88%	2.19%	10.4	37.3	+58.1%	+90.3%
MU	Micron Technology	5.51%	5.94%	8.24%	3.5	5.1	+92.8%	+104.5%
ASML	ASML	5.16%	—	—	—	—	—	—
AMAT	Applied Materials	5.06%	6.54%	6.41%	8.5	28.0	+28.9%	+35.8%
KLAC	KLA	4.58%	4.15%	4.95%	12.3	32.8	+19.0%	+22.8%
TXN	Texas Instruments	4.52%	5.48%	5.70%	10.5	29.1	+13.7%	+13.6%
LRCX	Lam Research	4.44%	4.71%	4.87%	10.0	30.2	+18.1%	+23.8%
ADI	Analog Devices	4.33%	4.93%	4.29%	10.6	24.8	+16.0%	+15.5%
INTC	Intel	4.19%	8.81%	—	6.2	44.9	+14.6%	+32.8%
QCOM	Qualcomm	3.92%	16.19%	11.38%	3.7	14.3	+3.8%	-0.3%
MRVL	Marvell Technology	3.70%	3.45%	3.35%	10.2	31.3	+44.9%	+60.5%
CDNS	Cadence Design Systems	2.14%	2.11%	1.67%	13.4	37.3	+13.4%	+17.1%
SNPS	Synopsys	1.70%	3.18%	0.95%	6.8	26.5	+10.9%	+18.5%
MPWR	Monolithic Power Systems	1.39%	1.04%	0.80%	14.6	44.7	+22.9%	+26.8%
TER	Teradyne	1.31%	1.53%	1.15%	9.6	35.3	+24.0%	+32.3%
NXPI	NXP Semiconductors	1.28%	0.43%	0.32%	40.0	144.9	+11.4%	+19.0%
ARM	ARM	1.05%	—	—	—	—	—	—

[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 7/31/27. Individual constituent FY1 and FY2 consensus figures adjusted to align with 7/31/27.
[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 7/29	1D Rtn	1M Rtn	YTD Rtn	1Y Rtn	3Y Rtn	5Y Rtn	10Y Rtn
SMH	VanEck Semiconductor ETF	100.00%	504.22	-4.8%	-20.2%	40.0%	72.7%	218.4%	295.0%	1,669.4%
NVDA	NVIDIA	20.70%	190.01	-3.6%	-2.5%	2.0%	8.4%	307.2%	877.8%	13,474.1%
TSM	Taiwan Semiconductor Manufacturing	9.16%	374.67	-4.5%	-17.7%	23.9%	56.9%	287.5%	248.2%	1,594.0%
AVGO	Broadcom	6.20%	370.32	-2.8%	-0.6%	7.4%	25.4%	326.7%	738.0%	2,840.9%
AMD	Advanced Micro Devices	5.93%	429.56	-5.5%	-20.4%	100.6%	142.1%	280.3%	304.5%	6,161.8%
MU	Micron Technology	5.51%	739.00	-9.9%	-35.5%	159.1%	561.1%	949.5%	876.9%	5,415.6%
ASML	ASML	5.16%	1,550.69	-2.0%	-17.5%	45.6%	117.3%	121.8%	112.0%	1,452.7%
AMAT	Applied Materials	5.06%	436.45	-8.4%	-37.2%	70.3%	133.3%	194.4%	225.3%	1,751.4%
KLAC	KLA	4.58%	170.19	-10.8%	-38.9%	40.4%	87.0%	241.6%	414.2%	2,550.1%
TXN	Texas Instruments	4.52%	271.30	-2.1%	-5.0%	58.2%	45.7%	64.9%	63.1%	408.6%
LRCX	Lam Research	4.44%	252.35	-6.4%	-38.6%	47.7%	156.5%	259.4%	317.1%	3,118.8%
ADI	Analog Devices	4.33%	353.37	-3.4%	-9.8%	31.1%	55.2%	86.9%	129.7%	568.2%
INTC	Intel	4.19%	81.88	-5.1%	-37.8%	121.9%	301.2%	126.9%	66.6%	192.1%
QCOM	Qualcomm	3.92%	155.68	-4.4%	-17.5%	-8.1%	-1.9%	28.3%	15.8%	226.9%
MRVL	Marvell Technology	3.70%	163.40	-6.3%	-41.2%	92.6%	114.5%	154.1%	175.1%	1,396.5%
CDNS	Cadence Design Systems	2.14%	332.76	-3.5%	-10.7%	6.5%	-9.1%	42.1%	125.4%	1,283.6%
SNPS	Synopsys	1.70%	373.69	-2.6%	-16.4%	-20.4%	-41.2%	-17.1%	29.8%	590.0%
MPWR	Monolithic Power Systems	1.39%	1,248.76	-2.6%	-4.7%	38.3%	73.6%	134.1%	188.3%	1,763.5%
TER	Teradyne	1.31%	319.41	-0.4%	-31.0%	65.1%	253.6%	187.7%	156.5%	1,610.1%
NXPI	NXP Semiconductors	1.28%	240.98	-7.0%	-13.4%	12.0%	8.2%	13.9%	27.8%	225.3%
ARM	ARM	1.05%	224.89	-8.1%	-34.5%	105.7%	37.6%

Guidance Updates for SMH Top Holdings

	Ticker	Company	Earnings Date	Guidance Metric	Midpoint Value	% Change	Guidance Change
ADI_5202026	ADI	Analog Devices	5/20/2026	Q3 2026 Revenue	3.90 Bil	11.4%	Higher NewNew Guidance Higher than Prior Actual of 3.50 Bil for Q2 2026
AMAT_5142026	AMAT	Applied Materials	5/14/2026	Q3 2026 Total Revenue	8.95 Bil	17.0%	Higher NewNew Guidance Higher than Prior Actual of 7.65 Bil for Q2 2026
AMD_5052026	AMD	Advanced Micro Devices	5/5/2026	Q2 2026 Revenue	11.20 Bil	14.3%	Higher NewNew Guidance Higher than Prior Actual of 9.80 Bil for Q1 2026
AVGO_6032026	AVGO	Broadcom	6/3/2026	Q3 2026 Revenue	29.40 Bil	33.6%	Higher NewNew Guidance Higher than Prior Actual of 22.00 Bil for Q2 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_4302026	MPWR	Monolithic Power Systems	4/30/2026	Q2 2026 Revenue	900.00 Mil	15.4%	Higher NewNew Guidance Higher than Prior Actual of 780.00 Mil for Q1 2026
MRVL_5272026	MRVL	Marvell Technology	5/27/2026	Q2 2027 Net Revenue	2.70 Bil	12.5%	Higher NewNew Guidance Higher than Prior Actual of 2.40 Bil for Q1 2027
MU_6242026	MU	Micron Technology	6/24/2026	Q4 2026 Revenue	50.00 Bil	49.3%	Higher NewNew Guidance Higher than Prior Actual of 33.50 Bil for Q3 2026
NVDA_5202026	NVDA	NVIDIA	5/20/2026	Q2 2027 Revenue	91.00 Bil	16.7%	Higher NewNew Guidance Higher than Prior Actual of 78.00 Bil for Q1 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
SNPS_5272026	SNPS	Synopsys	5/27/2026	Q3 2026 Revenue	2.44 Bil	8.2%	Higher NewNew Guidance Higher than Prior Actual of 2.25 Bil for Q2 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%	47%	400%
Peers Return	20%	-4%	19%	5%	30%	29%	144%
S&P 500 Return	27%	-19%	24%	23%	16%	9%	98%
Monthly Win Rates [3]
SMH Win Rate	83%	42%	67%	67%	67%	71%
Peers Win Rate	53%	50%	55%	53%	67%	71%
S&P 500 Win Rate	75%	42%	67%	75%	67%	43%
Max Drawdowns [4]
SMH Max Drawdown	-16%	-45%	-14%	-25%	-33%	-21%
Peers Max Drawdown	-22%	-35%	-20%	-17%	-25%	-16%
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 7/29/2026 (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	2.40	1.41	0.98
Equity Top Results (3Y)
NUSC	2.47	2.47	2.47
IALT	2.09	2.09	2.09
SPMO	1.67	1.65	0.98
VLUE	2.90	1.45	0.74
SMH	2.40	1.41	0.98

Results as of 6302026.

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 24 events since 1/1/2005 where the dip threshold of -5.0% within 60 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 Day Dip			SMH Subsequent Performance
Date	SMH	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			21%	32%	-13%	290
1272025	-6%	4%	74%	78%	-24%	367
8072024	-5%	-0%	43%	43%	-15%	370
9212023	-7%	-1%	71%	101%	-2%	293
1272022	-7%	-6%	-8%	12%	-33%	13
5102021	-8%	7%	-5%	37%	-5%	231
3092020	-7%	-12%	91%	113%	-16%	344
5282019	-5%	0%	48%	59%	-0%	267
10102018	-9%	-0%	30%	31%	-14%	287
4192018	-8%	-5%	20%	20%	-18%	364
2082018	-6%	0%	6%	19%	-13%	32
1112016	-6%	-3%	50%	52%	-7%	351
7082015	-6%	-2%	10%	14%	-13%	351
10102014	-9%	-2%	16%	33%	-1%	231
10222012	-5%	4%	34%	38%	-1%	364
5142012	-7%	-1%	20%	22%	-8%	361
6202011	-6%	-2%	6%	18%	-16%	280
6292010	-7%	-12%	28%	41%	-8%	317
3092009	-8%	-23%	71%	82%	0%	305
7072008	-6%	-8%	-26%	7%	-48%	38
10102007	-7%	1%	-43%	0%	-43%	7
3092006	-5%	1%	-3%	6%	-19%	42
10102005	-7%	-3%	-1%	16%	-16%	93
5032005	-5%	-3%	21%	30%	0%	253
1242005	-8%	4%	26%	35%	0%	352

[1] Dip event defined as first instance dip threshold is triggered within a 60-day time period.
[2] Analysis for period from 1/1/2005 to 7/29/2026

SMH had 15 events since 1/1/2005 where the dip threshold of -10% within 90 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 Day Dip			SMH Subsequent Performance
Date	SMH	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			21%	32%	-12%	287
3032025	-11%	0%	77%	92%	-19%	359
11142024	-12%	6%	37%	49%	-27%	349
10262023	-10%	-5%	84%	106%	0%	258
12162022	-11%	-8%	66%	66%	-7%	368
3112022	-11%	-8%	1%	15%	-30%	18
3122020	-12%	-18%	114%	137%	-7%	341
10102018	-13%	2%	30%	31%	-14%	287
7092015	-11%	-2%	14%	15%	-12%	350
6012012	-12%	-2%	30%	32%	-0%	350
8042011	-13%	-8%	17%	28%	-8%	235
8202010	-13%	-11%	7%	43%	-7%	265
9032008	-12%	-8%	-7%	0%	-45%	0
11082007	-11%	-3%	-42%	2%	-45%	32
5172006	-12%	-1%	7%	9%	-17%	357
4152005	-13%	-3%	21%	34%	0%	271

[1] Dip event defined as first instance dip threshold is triggered within a 90-day time period.
[2] Analysis for period from 1/1/2005 to 7/29/2026

SMH had 7 events since 1/1/2005 where the dip threshold of -20% within 180 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 Day Dip			SMH Subsequent Performance
Date	SMH	SPY	1Y	Peak Return	Max Drop	# Days to Peak
Median			49%	49%	-18%	363
3102025	-22%	3%	84%	99%	-16%	352
6132022	-22%	-15%	49%	49%	-18%	366
1032019	-21%	-8%	77%	80%	0%	364
2112016	-22%	-13%	66%	68%	0%	363
9092008	-21%	-15%	4%	4%	-43%	365
7032008	-20%	-17%	-24%	6%	-48%	42
1112008	-21%	-5%	-39%	19%	-47%	129

[1] Dip event defined as first instance dip threshold is triggered within a 180-day time period.
[2] Analysis for period from 1/1/2005 to 7/29/2026

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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
OEF	iShares S&P 100 ETF	-5.2%	358.27	7292026	378.10	6012026	58
XLG	Invesco S&P 500 Top 50 ETF	-9.2%	58.64	7292026	64.59	6012026	58
MAGS	Roundhill Magnificent Seven ETF	-11.8%	62.56	7292026	70.94	5142026	76
QQQ	Invesco QQQ Trust, Series 1	-11.3%	661.73	7292026	746.16	6022026	57
QQQM	Invesco NASDAQ 100 ETF	-11.3%	272.51	7292026	307.23	6022026	57
ONEQ	Fidelity Nasdaq Composite Index ETF	-9.8%	96.26	7292026	106.70	6022026	57
QQEW	First Trust Nasdaq-100 Select Equal Weight ETF	-6.0%	152.08	7292026	161.85	6012026	58
SCHM	Schwab U.S. Mid-Cap ETF	-7.4%	34.14	7292026	36.87	6302026	29
SCHA	Schwab U.S. Small-Cap ETF	-9.1%	32.86	7292026	36.13	6302026	29
ESML	iShares ESG Aware MSCI USA Small-Cap ETF	-5.1%	53.05	7292026	55.93	6302026	29
VUG	Vanguard Growth ETF	-9.0%	82.07	7292026	90.19	6012026	58
IWF	iShares Russell 1000 Growth ETF	-11.4%	114.05	7292026	128.77	6012026	58
IVW	iShares S&P 500 Growth ETF	-8.7%	129.28	7292026	141.59	6012026	58
SCHG	Schwab U.S. Large-Cap Growth ETF	-5.8%	33.24	7292026	35.30	6012026	58
SPYG	State Street SPDR Portfolio S&P 500 Growth ETF	-8.7%	111.91	7292026	122.60	6012026	58
VONG	Vanguard Russell 1000 Growth ETF	-11.3%	117.42	7292026	132.35	6012026	58
MGK	Vanguard Mega Cap Growth ETF	-9.6%	83.11	7292026	91.97	6012026	58
IWP	iShares Russell Mid-Cap Growth ETF	-8.3%	134.32	7292026	146.41	6302026	29
VOT	Vanguard Mid-Cap Growth ETF	-5.2%	290.39	7292026	306.30	6302026	29
IJK	iShares S&P Mid-Cap 400 Growth ETF	-6.2%	110.26	7292026	117.50	6302026	29
MDYG	State Street SPDR S&P 400 Mid Cap Growth ETF	-6.0%	105.32	7292026	112.09	6302026	29
IWO	iShares Russell 2000 Growth ETF	-7.7%	363.70	7292026	393.96	6302026	29
VBK	Vanguard Small-Cap Growth ETF	-8.6%	334.14	7292026	365.70	6302026	29
VXUS	Vanguard Total International Stock ETF	-5.4%	82.39	7292026	87.06	6222026	37
VEU	Vanguard FTSE All-World Ex-US ETF	-5.4%	80.63	7292026	85.23	6222026	37
IXUS	iShares Core MSCI Total International Stock ETF	-6.0%	92.00	7292026	97.91	6022026	57
CWI	State Street SPDR MSCI ACWI ex-US ETF	-5.3%	39.13	7292026	41.33	6222026	37
CORO	iShares International Country Rotation Active ETF	-7.0%	34.72	7292026	37.32	6222026	37
SCHF	Schwab International Equity ETF	-5.5%	26.74	7292026	28.29	6222026	37
VSS	Vanguard FTSE All-World EX-US Small-Cap Index Fund	-8.7%	147.75	7292026	161.79	5112026	79
SCHC	Schwab International Small-Cap Equity ETF	-8.2%	47.32	7292026	51.54	3012026	150
IEMG	iShares Core MSCI Emerging Markets ETF	-13.8%	74.15	7292026	86.00	6222026	37
VWO	Vanguard FTSE Emerging Markets ETF	-7.1%	56.92	7292026	61.24	6222026	37
EEM	iShares MSCI Emerging Markets ETF	-14.2%	61.07	7292026	71.21	6222026	37
SPEM	State Street SPDR Portfolio Emerging Markets ETF	-7.5%	49.40	7292026	53.39	6022026	57
SCHE	Schwab Emerging Markets Equity ETF	-6.3%	34.88	7292026	37.24	6222026	37
FNDE	Schwab Fundamental Emerging Markets Equity ETF	-5.1%	40.17	7292026	42.35	6022026	57
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	-9.2%	33.88	7292026	37.30	6222026	37
EWY	iShares MSCI South Korea ETF	-34.2%	144.21	7292026	219.20	6212026	38
EWZ	iShares MSCI Brazil ETF	-15.0%	35.47	7292026	41.73	4142026	106
FXI	iShares China Large-Cap ETF	-11.4%	36.12	7292026	40.78	1292026	181
ILF	iShares Latin America 40 ETF	-10.0%	34.30	7292026	38.10	4142026	106
KWEB	KraneShares CSI China Internet ETF	-23.4%	27.80	7292026	36.29	1292026	181
JEPQ	J.P. Morgan Nasdaq Equity Premium Income ETF	-8.7%	56.14	7292026	61.46	6302026	29
QQQI	NEOS Nasdaq 100 High Income ETF	-9.5%	51.00	7292026	56.38	6022026	57
QYLD	Global X Funds Global X NASDAQ-100 Covered Call ETF	-6.7%	17.22	7292026	18.46	7122026	17
MTUM	iShares MSCI USA Momentum Factor ETF	-18.0%	283.11	7292026	345.22	6222026	37
SPHQ	Invesco S&P 500 Quality ETF	-7.6%	83.22	7292026	90.10	6302026	29
SPMO	Invesco S&P 500 Momentum ETF	-15.6%	136.37	7292026	161.66	6222026	37
VLUE	iShares MSCI USA Value Factor ETF	-8.0%	188.17	7292026	204.59	6252026	34
ARKK	ARK Innovation ETF	-15.6%	70.58	7292026	83.61	7062026	23
URA	Global X Uranium ETF	-39.3%	37.52	7292026	61.81	1282026	182
BOTZ	Global X Funds Global X Robotics & Artificial Intelligence ETF	-19.1%	33.68	7292026	41.63	5132026	77
ROBO	ROBO Global Robotics & Automation Index ETF	-16.1%	75.76	7292026	90.34	6022026	57
LIT	Global X Lithium & Battery Tech ETF	-27.2%	66.74	7292026	91.62	5112026	79
ICLN	iShares Global Clean Energy ETF	-29.0%	16.87	7292026	23.75	6022026	57
ARKQ	ARK Autonomous Technology & Robotics ETF	-23.8%	109.56	7292026	143.82	5282026	62
ARKW	ARK Next Generation Internet ETF	-12.6%	134.80	7292026	154.18	6012026	58
ARKX	ARK Space & Defense Innovation ETF	-21.8%	29.52	7292026	37.74	5282026	62
NASA	Tema Space Innovators ETF	-51.0%	20.54	7292026	41.89	5272026	63
THRO	iShares U.S. Thematic Rotation Active ETF	-5.7%	41.23	7292026	43.71	6022026	57
XOVR	EntrepreneurShares Series Trust ERShares Private-Public Crossover ETF	-13.4%	18.47	7292026	21.34	7062026	23
AGIX	KraneShares Artificial Intelligence ETF	-18.9%	40.08	7292026	49.40	6012026	58
DRSK	Aptus Defined Risk ETF	-5.0%	28.18	7292026	29.67	6012026	58
GDE	WisdomTree Efficient Gold Plus Equity Strategy Fund	-14.9%	59.90	7292026	70.39	5112026	79
RAAX	VanEck Real Assets ETF	-9.1%	38.83	7292026	42.70	5112026	79
VGT	Vanguard Information Technology ETF	-13.9%	108.20	7292026	125.62	6022026	57
XLK	State Street Technology Select Sector SPDR ETF	-16.0%	166.57	7292026	198.21	6022026	57
XLE	State Street Energy Select Sector SPDR ETF	-6.3%	58.65	7292026	62.56	3292026	122
XLC	State Street Communication Services Select Sector SPDR ETF	-8.5%	109.51	7292026	119.70	2012026	178
XLY	State Street Consumer Discretionary Select Sector SPDR ETF	-8.6%	111.61	7292026	122.06	5282026	62
XLU	State Street Utilities Select Sector SPDR ETF	-5.3%	44.91	7292026	47.40	3012026	150
IYM	iShares U.S. Basic Materials ETF	-6.5%	176.75	7292026	189.08	3022026	149
FXN	First Trust Energy AlphaDEX Fund	-6.8%	21.61	7292026	23.18	3292026	122
SMH	VanEck Semiconductor ETF	-24.6%	504.22	7292026	668.91	6222026	37
SOXX	iShares Semiconductor ETF	-29.0%	465.00	7292026	655.01	6222026	37
XBI	State Street SPDR S&P Biotech ETF	-10.0%	147.91	7292026	164.28	7092026	20
ITA	iShares U.S. Aerospace & Defense ETF	-5.8%	236.26	7292026	250.78	7062026	23
XOP	State Street SPDR S&P Oil & Gas Exploration & Production ETF	-8.6%	172.04	7292026	188.18	3292026	122
IGV	iShares Expanded Tech-Software Sector ETF	-14.2%	92.37	7292026	107.70	6012026	58
IAI	iShares U.S. Broker-Dealers & Securities Exchanges ETF	-6.1%	184.37	7292026	196.32	7152026	14
MISL	First Trust Indxx Aerospace & Defense ETF	-16.2%	42.45	7292026	50.66	3022026	149
RING	iShares MSCI Global Gold Miners ETF	-36.2%	63.44	7292026	99.42	3012026	150
SOXQ	Invesco PHLX Semiconductor ETF	-28.6%	82.24	7292026	115.11	6222026	37
BWX	State Street SPDR Bloomberg International Treasury Bond ETF	-6.1%	21.50	7292026	22.90	2162026	163
IGOV	iShares International Treasury Bond ETF	-5.4%	40.68	7292026	42.99	3012026	150
TLT	iShares 20+ Year Treasury Bond ETF	-7.4%	82.85	7292026	89.48	3012026	150
VGLT	Vanguard Long-Term Treasury ETF	-6.4%	53.13	7292026	56.76	3012026	150
SPTL	State Street SPDR Portfolio Long Term Treasury ETF	-6.7%	25.26	7292026	27.09	3012026	150
TLH	iShares 10-20 Year Treasury Bond ETF	-6.1%	97.11	7292026	103.45	3012026	150
EDV	Vanguard World Funds Extended Duration ETF	-10.7%	60.21	7292026	67.42	3012026	150
SPLB	State Street SPDR Portfolio Long Term Corporate Bond ETF	-5.4%	21.42	7292026	22.65	2192026	160
IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	-5.2%	47.95	7292026	50.58	2172026	162
PDBC	Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF	-7.1%	17.57	7292026	18.91	5122026	78
DBC	Invesco DB Commodity Index Tracking Fund	-7.2%	29.42	7292026	31.69	5122026	78
COMT	iShares GSCI Commodity Dynamic Roll Strategy ETF	-10.2%	32.82	7292026	36.53	5192026	71
GSG	iShares GSCI Commodity	-5.8%	30.01	7292026	31.85	3182026	133
BCI	abrdn Bloomberg All Commodity Strategy K-1 Free ETF	-7.3%	24.03	7292026	25.91	5122026	78
FTGC	First Trust Global Tactical Commodity Strategy Fund	-5.1%	28.97	7292026	30.53	5122026	78
GLD	SPDR Gold Trust	-25.2%	371.08	7292026	495.90	1292026	181
IAU	iShares Gold Trust	-25.1%	76.04	7292026	101.57	1292026	181
GLDM	SPDR Gold MiniShares Trust	-25.1%	80.02	7292026	106.77	1292026	181
SGOL	ETFS Physical Swiss Gold Shares	-13.1%	44.66	7292026	51.41	1292026	181
BAR	Direxion Daily Gold Bull 3X Shares	-16.6%	44.34	7292026	53.16	1292026	181
SLV	iShares Silver Trust	-51.0%	51.77	7292026	105.60	1282026	182
SIVR	ETFS Physical Silver Shares Trust ETF	-24.8%	83.39	7292026	110.87	1282026	182
PPLT	ETFS Physical Platinum Shares	-40.5%	14.59	7292026	24.52	1282026	182
CPER	United States Copper Index Fund ETV	-13.9%	33.33	7292026	38.71	1292026	181
PALL	ETFS Physical Palladium Shares	-38.5%	22.88	7292026	37.18	1282026	182
USO	United States Oil Fund LP	-15.5%	129.31	7292026	152.96	5192026	71
UNG	United States Natural Gas Fund LP	-41.2%	9.93	7292026	16.90	2012026	178
BNO	United States Brent Oil Fund LP ETV	-7.1%	55.85	7292026	60.13	5042026	86
IBIT	iShares Bitcoin Trust ETF	-28.7%	36.00	7292026	50.51	1282026	182
FBTC	Fidelity Wise Origin Bitcoin Fund	-28.7%	55.29	7292026	77.55	1282026	182
GBTC	Grayscale Bitcoin Trust ETF	-11.0%	61.84	7292026	69.46	1282026	182
ETHA	iShares Ethereum Trust ETF	-37.4%	14.24	7292026	22.74	1282026	182

ETF Fund Flows

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

Net fund flows · as of 2026-07-28

Asset allocation rotation · Past week

Equity ETFs drew the largest net inflows (+$27.1B), followed by Cash (+$949M), while Crypto (−$551M) and Commodity (−$2M) saw the largest outflows.
Within the mix, money rotated into US Nasdaq Growth (+$8.6B) and out of Intermediate Corporate (−$1.5B).
Relative to fund size, IHE drew the largest inflow (+10.0% of AUM) and FTXL the largest outflow (−40.9%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$8.05B	+1.8%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$6.38B	+0.8%
3	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$3.36B	+0.3%
4	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$3.22B	+7.4%
5	SMH this	VanEck Semiconductor ETF	Equity Industry Subsector	+$1.91B	+2.9%
6	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	+$1.71B	+3.0%
7	DRAM	Roundhill Memory ETF	Other	+$1.02B	+4.1%
8	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$1.01B	+0.6%
9	IWM	iShares Russell 2000 ETF	Equity US Small Cap Core	+$854M	+1.1%
10	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$785M	+0.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	IHE	iShares U.S. Pharmaceuticals ETF	Other	+$162M	+10.0%
2	SOXQ	Invesco PHLX Semiconductor ETF	Equity Industry Subsector	+$216M	+8.5%
3	BKGI	BNY Mellon Global Infrastructure Income ETF	Other	+$91M	+7.4%
4	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$3.22B	+7.4%
5	IGLB	iShares 10+ Year Investment Grade Corporate Bond ETF	Bond Long Corporate	+$178M	+6.5%
6	BUG	Global X - Cybersecurity ETF	Other	+$84M	+6.4%
7	XLP	State Street Consumer Staples Select Sector SPDR ETF	Equity Broad Sector	+$769M	+5.3%
8	IGV	iShares Expanded Tech-Software Sector ETF	Equity Industry Subsector	+$579M	+4.6%
9	PHYL	PGIM Active High Yield Bond ETF	Other	+$62M	+4.6%
10	FLKR	Franklin FTSE South Korea ETF	Other	+$57M	+4.2%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$4.93B	-0.6%
2	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$1.57B	-4.7%
3	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$739M	-40.9%
4	IQMM	ProShares - GENIUS Money Market ETF	Other	-$726M	-4.0%
5	XLE	State Street Energy Select Sector SPDR ETF	Equity Broad Sector	-$656M	-1.7%
6	TLT	iShares 20+ Year Treasury Bond ETF	Bond Long Treasury	-$584M	-1.4%
7	IBIT	iShares Bitcoin Trust ETF	Crypto	-$485M	-1.0%
8	USHY	iShares Broad USD High Yield Corporate Bond ETF	Bond High Yield Corporate	-$425M	-1.5%
9	XLC	State Street Communication Services Select Sector SPDR ETF	Equity Broad Sector	-$384M	-1.8%
10	IWR	iShares Russell Mid-Cap ETF	Equity US Mid Cap Core	-$368M	-0.7%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$739M	-40.9%
2	KLMN		Other	-$341M	-14.9%
3	USO	United States Oil Fund, LP	Commodity Energy	-$190M	-8.4%
4	RING	iShares MSCI Global Gold Miners ETF	Equity Industry Subsector	-$160M	-7.5%
5	MAGS	Roundhill Magnificent Seven ETF	Equity US Large Concentrated	-$255M	-6.9%
6	OIH	VanEck Oil Services ETF	Other	-$136M	-6.9%
7	BGIG	Bahl & Gaynor Income Growth ETF	Other	-$134M	-6.1%
8	XHB	State Street SPDR S&P Homebuilders ETF	Other	-$93M	-5.8%
9	INDA	iShares MSCI India ETF	Other	-$326M	-5.0%
10	LQD	iShares iBoxx $ Investment Grade Corporate Bond ETF	Bond Intermediate Corporate	-$1.57B	-4.7%

Asset allocation rotation · Past month

Equity ETFs drew the largest net inflows (+$65.4B), followed by Bond (+$22.3B), while Crypto (−$556M) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$22.3B) and out of US Large Growth (−$7.1B).
Relative to fund size, DFAL drew the largest inflow (+49.8% of AUM) and FTXL the largest outflow (−36.1%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	+$21.94B	+2.2%
2	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$8.71B	+5.5%
3	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$8.32B	+18.1%
4	DRAM	Roundhill Memory ETF	Other	+$7.47B	+30.7%
5	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$7.43B	+0.9%
6	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$4.92B	+0.7%
7	SMH this	VanEck Semiconductor ETF	Equity Industry Subsector	+$4.45B	+6.3%
8	XLF	State Street Financial Select Sector SPDR ETF	Equity Broad Sector	+$4.14B	+7.6%
9	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$4.03B	+4.1%
10	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	+$3.68B	+13.5%

#	Ticker	Name	Type	Net flow	% of AUM
1	DFAL		Other	+$577M	+49.8%
2	ACYN	FT Vest Laddered Autocallable Barrier & Income ETF	Other	+$432M	+38.2%
3	FXL	First Trust Technology AlphaDEX Fund	Other	+$895M	+35.1%
4	IHE	iShares U.S. Pharmaceuticals ETF	Other	+$480M	+33.8%
5	DRAM	Roundhill Memory ETF	Other	+$7.47B	+30.7%
6	DFGP	Dimensional - Global Core Plus Fixed Income ETF	Other	+$820M	+24.7%
7	IXC	iShares Global Energy ETF	Other	+$561M	+21.9%
8	PJUL	Innovator U.S. Equity Power Buffer ETF	Other	+$244M	+21.7%
9	QTEC	First Trust NASDAQ-100-Technology Sector Index Fund	Other	+$1.0B	+21.6%
10	FLKR	Franklin FTSE South Korea ETF	Other	+$238M	+18.5%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	-$16.3B	-1.8%
2	VONG	Vanguard Russell 1000 Growth ETF	Equity US Large Growth	-$4.32B	-9.8%
3	VTWO	Vanguard Russell 2000 ETF	Equity US Small Cap Core	-$3.1B	-17.6%
4	VONV	Vanguard Russell 1000 Value ETF	Other	-$3.1B	-15.0%
5	IQMM	ProShares - GENIUS Money Market ETF	Other	-$3.05B	-15.4%
6	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$1.5B	-1.2%
7	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$1.34B	-13.9%
8	PVAL	Putnam Focused Large Cap Value ETF	Other	-$1.31B	-10.5%
9	SCZ	iShares MSCI EAFE Small-Cap ETF	Equity International Small Cap	-$1.28B	-9.4%
10	HYG	iShares iBoxx $ High Yield Corporate Bond ETF	Bond High Yield Corporate	-$1.19B	-7.2%

#	Ticker	Name	Type	Net flow	% of AUM
1	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$845M	-36.1%
2	PDP	Invesco Dorsey Wright Momentum ETF	Other	-$491M	-32.1%
3	VTWG	Vanguard Russell 2000 Growth ETF	Other	-$482M	-31.7%
4	QLTA	iShares Aaa - A Rated Corporate Bond ETF	Other	-$310M	-24.3%
5	KLMN		Other	-$566M	-24.3%
6	LCTU	iShares U.S. Carbon Transition Readiness Aware Active ETF	Other	-$278M	-22.7%
7	RECS	Columbia Research Enhanced Core ETF	Other	-$1.1B	-18.6%
8	DMXF	iShares ESG Advanced MSCI EAFE ETF	Other	-$218M	-18.1%
9	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$781M	-18.1%
10	VTWO	Vanguard Russell 2000 ETF	Equity US Small Cap Core	-$3.1B	-17.6%

Asset allocation rotation · Past 3 months

Equity ETFs drew the largest net inflows (+$213.6B), followed by Bond (+$70.4B), while Crypto (−$7.8B) and Commodity (−$5.8B) saw the largest outflows.
Within the mix, money rotated into US Large Cap Core (+$86.5B) and out of Gold (−$7.3B).
Relative to fund size, DRAM drew the largest inflow (+144.5% of AUM) and FXN the largest outflow (−62.1%).

Largest inflows

#	Ticker	Name	Type	Net flow	% of AUM
1	IVV	iShares Core S&P 500 ETF	Equity US Large Cap Core	+$44.56B	+5.2%
2	SPY	State Street SPDR S&P 500 ETF	Equity US Large Cap Core	+$35.51B	+4.6%
3	DRAM	Roundhill Memory ETF	Other	+$24.36B	+144.5%
4	SPYM	State Street SPDR Portfolio S&P 500 ETF	Equity US Large Cap Core	+$19.7B	+13.2%
5	SGOV	iShares 0-3 Month Treasury Bond ETF	Cash	+$15.12B	+15.9%
6	SOXX	iShares Semiconductor ETF	Equity Industry Subsector	+$13.77B	+32.7%
7	VTI	Vanguard Total Stock Market ETF	Equity US Total Market	+$13.36B	+2.0%
8	QQQM	Invesco NASDAQ 100 ETF	Equity US Nasdaq Growth	+$12.66B	+13.0%
9	QQQ	Invesco QQQ Trust, Series 1	Equity US Nasdaq Growth	+$12.49B	+2.6%
10	BND	Vanguard Total Bond Market ETF	Bond US Aggregate Core	+$9.69B	+6.1%

#	Ticker	Name	Type	Net flow	% of AUM
1	DRAM	Roundhill Memory ETF	Other	+$24.36B	+144.5%
2	NASA	Tema Space Innovators ETF	Equity Thematic	+$1.72B	+129.3%
3	ARKQ	ARK Autonomous Technology & Robotics ETF	Equity Thematic	+$2.29B	+105.8% ⚠
4	SNXX	Tradr 2X Long SNDK Daily ETF	Other	+$1.79B	+67.8% ⚠
5	FXL	First Trust Technology AlphaDEX Fund	Other	+$980M	+57.6%
6	CORO	iShares International Country Rotation Active ETF	Equity International Broad	+$4.18B	+56.4%
7	FLKR	Franklin FTSE South Korea ETF	Other	+$621M	+55.5%
8	IALT	iShares Systematic Alternatives Active ETF	Equity Asset Allocation	+$2.4B	+52.6% ⚠
9	DFAL		Other	+$577M	+49.9%
10	CHPY	YieldMax Semiconductor Portfolio Option Income ETF	Other	+$507M	+47.6%

Largest outflows

#	Ticker	Name	Type	Net flow	% of AUM
1	VOO	Vanguard S&P 500 ETF	Equity US Large Cap Core	-$14.43B	-1.5%
2	QUAL	iShares MSCI USA Quality Factor ETF	Equity Factor Smart Beta	-$6.44B	-13.9%
3	IBIT	iShares Bitcoin Trust ETF	Crypto	-$5.18B	-10.6%
4	IQMM	ProShares - GENIUS Money Market ETF	Other	-$5.16B	-24.3%
5	GLD	SPDR Gold Shares	Commodity Gold	-$4.84B	-3.4%
6	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.8B	-38.3%
7	IAU	iShares Gold Trust	Commodity Gold	-$2.63B	-4.0%
8	IWF	iShares Russell 1000 Growth ETF	Equity US Large Growth	-$2.33B	-1.8% ⚠
9	EFV	iShares MSCI EAFE Value ETF	Equity International Developed Broad	-$2.2B	-8.0%
10	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.19B	-33.6%

#	Ticker	Name	Type	Net flow	% of AUM
1	FXN	First Trust Energy AlphaDEX Fund	Equity Broad Sector	-$732M	-62.1%
2	EEMA	iShares MSCI Emerging Markets Asia ETF	Other	-$509M	-39.3%
3	VLUE	iShares MSCI USA Value Factor ETF	Equity Factor Smart Beta	-$4.8B	-38.3%
4	FTXL	First Trust Nasdaq Semiconductor ETF	Other	-$913M	-38.1%
5	THRO	iShares U.S. Thematic Rotation Active ETF	Equity Thematic	-$2.19B	-33.6%
6	IYM	iShares U.S. Basic Materials ETF	Equity Broad Sector	-$420M	-30.1%
7	FXI	iShares China Large-Cap ETF	Equity Emerging Markets	-$1.58B	-30.0%
8	BUYW	Main BuyWrite ETF	Other	-$340M	-27.8%
9	AKRE	Akre Focus ETF	Equity US Large Growth	-$1.44B	-25.3%
10	IQMM	ProShares - GENIUS Money Market ETF	Other	-$5.16B	-24.3%

Largest ETF fund flows across ~2566 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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Tax-Efficient Strategies

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	Category	1D Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	7.3%	87.0%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	3.4%	36.8%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	3.0%	32.6%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	2.9%	31.6%
FXN	First Trust Energy AlphaDEX Fund	Equity	2.2%	31.7%
COMT	iShares GSCI Commodity Dynamic Roll S...	Commodity	2.0%	31.8%
XLE	State Street Energy Select Sector SPD...	Equity	1.9%	32.0%
HGER	Harbor Commodity All-Weather Strategy...	Commodity	1.9%	29.9%
KWEB	KraneShares CSI China Internet ETF	Equity	1.8%	-18.4%
BCI	abrdn Bloomberg All Commodity Strateg...	Commodity	1.6%	23.0%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-6.4%	-18.4%
SOXX	iShares Semiconductor ETF	Equity	-5.4%	54.5%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-5.3%	47.6%
SMH	VanEck Semiconductor ETF	Equity	-4.8%	40.0%
EWY	iShares MSCI South Korea ETF	Equity	-4.8%	48.3%
MISL	First Trust Indxx Aerospace & Defense...	Equity	-3.9%	-0.8%
URA	Global X Uranium ETF	Equity	-3.7%	-12.2%
ITA	iShares U.S. Aerospace & Defense ETF	Equity	-3.6%	10.1%
ARKQ	ARK Autonomous Technology & Robotics ETF	Equity	-3.5%	-4.4%
ARKX	ARK Space & Defense Innovation ETF	Equity	-3.4%	-15.4%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
AKRE	Akre Focus ETF	Equity	9.3%	-10.4%
COWZ	Pacer US Cash Cows 100 ETF	Equity	5.4%	13.1%
KWEB	KraneShares CSI China Internet ETF	Equity	5.1%	-18.4%
FXI	iShares China Large-Cap ETF	Equity	4.9%	-5.7%
XLV	State Street Health Care Select Secto...	Equity	4.3%	7.8%
VHT	Vanguard Health Care ETF	Equity	3.8%	8.9%
IGV	iShares Expanded Tech-Software Sector...	Equity	3.8%	-12.6%
XLP	State Street Consumer Staples Select ...	Equity	3.5%	13.1%
NOBL	ProShares S&P 500 Dividend Aristocrat...	Equity	3.2%	12.4%
SCHD	Schwab US Dividend Equity ETF	Equity	2.8%	24.4%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
SOXX	iShares Semiconductor ETF	Equity	-16.3%	54.5%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-15.8%	47.6%
EWY	iShares MSCI South Korea ETF	Equity	-15.4%	48.3%
SMH	VanEck Semiconductor ETF	Equity	-14.1%	40.0%
NASA	Tema Space Innovators ETF	Equity	-11.7%	-18.4%
MTUM	iShares MSCI USA Momentum Factor ETF	Equity	-9.9%	13.2%
SPMO	Invesco S&P 500 Momentum ETF	Equity	-9.1%	14.6%
ICLN	iShares Global Clean Energy ETF	Equity	-9.0%	2.7%
URA	Global X Uranium ETF	Equity	-8.4%	-12.2%
ARKQ	ARK Autonomous Technology & Robotics ETF	Equity	-8.0%	-4.4%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	20.8%	87.0%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	16.3%	-36.5%
KWEB	KraneShares CSI China Internet ETF	Equity	14.4%	-18.4%
FXI	iShares China Large-Cap ETF	Equity	13.9%	-5.7%
HGER	Harbor Commodity All-Weather Strategy...	Commodity	11.4%	29.9%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	10.9%	32.6%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	10.8%	31.6%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	10.7%	36.8%
AKRE	Akre Focus ETF	Equity	10.5%	-10.4%
XLE	State Street Energy Select Sector SPD...	Equity	9.5%	32.0%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-29.6%	-18.4%
EWY	iShares MSCI South Korea ETF	Equity	-27.0%	48.3%
SOXX	iShares Semiconductor ETF	Equity	-24.3%	54.5%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-23.7%	47.6%
SMH	VanEck Semiconductor ETF	Equity	-20.2%	40.0%
MTUM	iShares MSCI USA Momentum Factor ETF	Equity	-15.7%	13.2%
ICLN	iShares Global Clean Energy ETF	Equity	-15.1%	2.7%
ARKQ	ARK Autonomous Technology & Robotics ETF	Equity	-14.7%	-4.4%
URA	Global X Uranium ETF	Equity	-14.6%	-12.2%
SPMO	Invesco S&P 500 Momentum ETF	Equity	-14.0%	14.6%

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)	67.0	43.0	9.3	10.3	14.2	3.6	12.2
Expense Ratio	0.35%	0.34%	0.44%	0.35%	0.38%	0.35%	0.35%
10-D Avg Volume (Mil)	10.98	9.82	1.55	9.00	0.80	3.60	6.30
Latest Day Volume (Mil)	17.21	14.02	1.03	8.91	-	3.25	8.91
Holdings Count	26	30	248	155	49	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	561.09	527.01	188.17	152.22	240.16	175.63	-
Premium/Discount	-10.1%	-11.8%	0.2%	-2.8%	-1.6%	-2.0%	-2.4%
Distribution Yield	0.2%	0.3%	0.2%	0.4%	0.0%	1.9%	0.3%
Sales Yield	7.8%	8.0%	12.5%	8.7%	29.6%	113.4%	10.6%
Earnings Yield	2.3%	2.0%	2.3%	1.0%	2.6%	5.6%	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)	12.9x	12.4x	8.0x	11.5x	3.4x	0.9x	9.7x
P/E (TTM)	43.1x	50.8x	43.2x	97.9x	38.9x	17.9x	43.1x
P/FCF (TTM)	47.4x	54.1x	503.3x	-	40.6x	28.4x	47.4x
Forward P/E	-	-	-	63.4x	32.4x	10.3x	32.4x
Forward P/S	-	-	-	9.0x	3.1x	0.8x	3.1x

Risk

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
Volatility (1Y)	38.0%	43.7%	20.3%	26.7%	22.5%	28.5%	27.6%
Volatility (3Y)	36.5%	38.9%	20.3%	27.5%	19.9%	27.9%	27.7%
Volatility (5Y)	36.3%	38.0%	22.1%	32.3%	20.2%	33.5%	32.9%
Beta (1Y)	2.31	2.51	0.78	1.03	1.00	-0.21	1.01
Beta (3Y)	1.96	2.04	0.81	1.03	0.85	0.68	0.94
Beta (5Y)	1.75	1.80	0.86	1.16	0.81	0.86	1.01
Sharpe Ratio (1Y)	1.64	1.69	1.79	2.15	0.91	1.16	1.66
Sharpe Ratio (3Y)	1.28	1.07	0.73	0.84	1.31	0.48	0.95
Sharpe Ratio (5Y)	0.95	0.81	0.24	0.24	0.92	0.66	0.73
Max Drawdown (1Y)	-24.6%	-29.0%	-9.6%	-10.0%	-15.8%	-18.7%	-17.3%
Max Drawdown (3Y)	-35.7%	-41.4%	-24.9%	-33.0%	-15.8%	-35.0%	-34.0%
Max Drawdown (5Y)	-45.3%	-45.8%	-39.8%	-54.0%	-18.7%	-35.0%	-42.6%

Returns

	SMH	SOXX	IBB	XBI	ITA	XOP	Median
Name	VanEck Sem.	iShares Se.	iShares Bi.	State Stre.	iShares U..	State Stre.
1M Return	-20.2%	-24.3%	-0.7%	-6.6%	-1.2%	10.7%	-3.9%
3M Return	2.6%	6.0%	12.3%	12.8%	9.3%	0.2%	7.6%
6M Return	23.8%	32.5%	6.7%	15.1%	-0.3%	27.6%	19.4%
YTD Return	40.0%	54.5%	11.8%	21.3%	10.1%	36.8%	29.1%
1Y Return	73.6%	90.0%	40.9%	71.5%	19.8%	33.8%	56.2%
2Y Return	110.8%	104.8%	30.1%	49.9%	75.8%	25.9%	62.9%
3Y Return	232.1%	178.6%	46.9%	78.3%	106.3%	32.9%	92.3%

Short Interest

Short Interest: As Of Date	7152026
Short Interest: Shares Quantity	16.2 Mil
Short Interest: % Change Since 6302026	-5.9%
Average Daily Volume	11.0 Mil
Days-to-Cover Short Interest	1.5 days

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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VanEck Semiconductor ETF (SMH)

Market Price (7/30/2026): $511.75

VanEck Semiconductor ETF (SMH)

Market Price (7/30/2026): $511.75

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

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Profile

Fundamentals

Valuation

Risk

Returns

Short Interest

Returns Analyses

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