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SMH
+12.56 · +22.20%
£69.14 · LSE
VanEck Semiconductor UCITS ETF | Sector Equity Technology
VanEck Asset Management B.V. · Ireland
AUM:$2.1B
#– of – in Sector Equity Technology ETFs
ℹ️
Reward Rating
56
Good
82.35% 1Y return
ℹ️
Risk Rating
77
High
Risk Assessment
ℹ️

Educational tool only – Scores are based on historical data, holdings and expense metrics for informational purposes. This is not financial advice or a recommendation to buy or sell any security. Always conduct your own research or consult a qualified financial adviser.

Market Performance

📈 Up 82.3% over the past year, reflecting strong price momentum.

Cost Efficiency

💰 Ongoing charge of 0.35% — competitive for the exposure provided.

What is SMH?

VanEck Semiconductor UCITS ETF tracks Morningstar Gbl Tech NR USD, providing diversified exposure across 25 holdings. Its ongoing charge is 0.35%.

Performance Highlights

Investment Breakdown

Strong Recent Performance
SMH delivered 82.3% over the past year. Historical returns only — past performance is not indicative of future results.
Moderate Cost
Ongoing charge of 0.35%. Consider how fees compound over a long holding period.
Concentrated Holdings
Top 10 holdings account for 77.6% of the ETF — significant weight in a small number of names.

Openbook Analysis

Performance: Good (56)

The scoring profile reflects moderate historical performance, with a 82.3% 1-year return (historical). The ongoing charge of 0.35% should be considered against long-term return expectations. Risk indicators are high, reflecting meaningful price sensitivity (historical).

For informational and educational purposes only. Not financial advice. Past performance is not indicative of future results.

ETF Information
AUM$2.1B
Ongoing Charge0.35%
Dividend Yield0.00%
Holdings25
Inception DateDec 2020
DomicileIreland
Distribution–
IndexMorningstar Gbl Tech NR USD
ProviderVanEck Asset Management B.V.
Beta1.29
CategorySector Equity Technology
CurrencyUSD
Portfolio Impact

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6168
+7 points · better diversified
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Uses ISF.L (iShares FTSE 100 ETF)
Indicators

Performance Metrics

Historical returns

6M
+85.4%
1Y
+168.1%
3Y
+292.6%
5Y
+368.1%
OpenBook InsightIf you had invested £10,000 in SMH 5 years ago, it would have grown to £46,807 — a gain of £36,807.

Annual Returns

Calendar year performance

SMH delivered positive returns in 4 of the last 5 calendar years.
YearSMH
2026 YTD+73.3%
2025+49.3%
2024+28.6%
2023+75.6%
2022-35.2%
CAGR 4yr+21.6%
4/5 positive yearsAvg return: +38.3%Worst year: -35.2% (2022)

Technical Analysis Summary

Automated insights from historical price action and indicators

Technical Regime: POSITIVE
Trend Strength
100%
Positive
Volatility
42.0%
Very High
Momentum
+37.7%
30-day change
Support Level
89.66
Key floor
Key Insights
  • Price is currently trading above all key moving averages.
  • Momentum is upward with a 37.7% move over 30 days.
  • Elevated volatility indicates higher short-term price variability and risk.

Reward Rating Breakdown

Our reward rating analyses SMH's attractiveness using 4 weighted factors. Each factor is scored 0-100, then combined using the weights shown below. Past performance does not guarantee future results.

Overall Reward Rating
56
Good REWARD
Data Coverage: %
Factor Framework
Performance
Has the ETF delivered strong historical returns versus similar ETFs?
Cost Efficiency
Is the ETF cheap to own over long periods?
Income
Does it provide attractive and consistent distributions?
Diversification Quality
Does it spread exposure across holdings, sectors, and regions?

📈 Performance

Weight: 30%
79/100

Has the ETF delivered strong historical returns versus similar ETFs? Combines 1/3/5/10-year returns with the Sharpe ratio (risk-adjusted return).

1Y Return
82.35%
Very Good
3Y Return
47.05%
Very Good
5Y Return
25.84%
Very Good
10Y Return
0.00%
Weak
Sharpe Ratio
—
No Data

Strong historical performance profile: 1-year return of 82.35%, 3-year annualised 47.05%, 5-year annualised 25.84%. Past performance is not indicative of future results.

💰 Cost Efficiency

Weight: 30%
80/100

Is the ETF cheap to own over long periods? Low ongoing charges compound into meaningful additional returns over a 10-year horizon.

Ongoing Charge
0.35%
Neutral
Net Expense Ratio
0.00%
Very Good
Annual Turnover
0.00%
Very Good
Tracking Difference
—
No Data

Low-cost and efficient structure: ongoing charge of 0.35%, net expense ratio of 0.00%, annual turnover of 0.0%.

💵 Income

Weight: 15%
15/100

Does the ETF provide attractive and consistent distributions? Combines the current yield with distribution frequency.

Distribution Yield
0.00%
Very Weak
Distribution Frequency
—
No Data

Low-income profile — better suited as a growth holding: distribution yield of 0.00%.

🌐 Diversification Quality

Weight: 25%
24/100

Does the ETF spread exposure across many holdings, sectors, and regions? Concentrated funds can be doing exactly what they're meant to do — treat the score as context, not a verdict.

Holdings
25
Very Weak
Top 10 Concentration
77.59%
Very Weak
Top Sector
Technology100.0%
Very Weak
Top Region
North America75.9%
Weak

Heavily concentrated — returns will be driven by a narrow slice of the market: 25 holdings, top 10 at 77.6%, Technology sector at 100.0%, North America at 75.9%.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Past performance is not indicative of future results.

Risk Rating Breakdown

Our risk rating analyses SMH using 4 weighted factors. A higher score indicates higher risk. This is a framework for understanding exposure — concentrated funds can still be doing exactly what they're meant to do.

Overall Risk Rating
77
High RISK
Data Coverage: 75%
Factor Framework
Holdings Concentration
How much of the fund sits in its largest positions? Few dominant names mean returns ride on those companies.
Market Exposure
Geographic, sector and cyclical dependencies. High single-country or single-sector weight increases macro sensitivity.
Volatility
Historical price movement, beta and drawdowns — how sharply the fund moves relative to the market.
Income Reliability
How dependable the distribution yield is — cyclical-sector dependency and unusually high yields can flag payout risk.

🎯 Holdings Concentration

Weight: 25%
72/100

How much of the fund sits in a small number of positions? If the top holdings dominate, returns will be driven by those specific companies rather than the broader index.

Top 10 Weight
77.59%
High Risk
Largest Holding
11.61%
Elevated
Number of Holdings
25
Elevated
HHI (weight²)
653
Lower Risk

Holdings-level concentration is high: top 10 holdings at 77.6%, largest single position at 11.61%, 25 total holdings.

🌍 Market Exposure

Weight: 25%
78/100

How dependent is the fund on a single country, sector or economic cycle? Heavy exposure to one market means a single macro event can drive most of the return.

Top Region
North America75.9%
Elevated
Top Sector
Technology100.0%
High Risk
Top 2 Sectors
100.00%
High Risk
Cyclical Sectors
0.00%
Low Risk

High market-exposure risk — returns closely track a narrow slice of the market: North America at 75.9%, Technology sector at 100.0%.

📊 Volatility

Weight: 35%
81/100

How sharply does the fund move day-to-day and how deep have its drawdowns been? High volatility means wider return outcomes over short horizons.

1Y Volatility
27.98%
Elevated
Beta
1.29
Elevated
Max Drawdown
—
No Data

High historical volatility — expect meaningful short-term swings: 1Y volatility of 27.98%, beta of 1.29 (historical).

💵 Income Reliability

Weight: 15%
Not applicable

This is an accumulating ETF. Distributions are reinvested inside the fund, so there's no dividend-reliability risk to assess. The 15% income weight is redistributed to the other three factors.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Risk scoring is model-based and past data does not guarantee future results.
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