SMH

The VanEck Semiconductor ETF SMH invests in equities of companies that design, manufacture or supply equipment for semiconductor chips, focusing on the semiconductor value chain. It holds the 25 most liquid United States listed semiconductor firms, tracking the MVIS US Listed Semiconductor 25 Index with a market cap weighting, and its holdings are dominated by United States issuers with additional exposure to firms in Taiwan, the Netherlands and other developed markets. The fund’s strategy is to provide concentrated exposure to the global semiconductor sector while maintaining a relatively small liquid portfolio. It may be suitable for investors who want a focused play on semiconductor demand and are comfortable with the sector’s cyclical and concentration risks as a complement to broader technology or growth allocations.