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How much Nvidia exposure does SMH have?
SMH is the VanEck Semiconductor ETF. It seeks to replicate the MVIS US Listed Semiconductor 25 Index before fees and expenses. VanEck describes the benchmark as covering companies involved in semiconductor production and equipment, with an emphasis on large, liquid industry leaders. VanEck’s SMH fund page provides the fund and holdings information.
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On October 1, 2026, Nvidia represented 19.27% of SMH’s net assets, and the fund held 26 positions. Other large positions that day included Taiwan Semiconductor Manufacturing at 9.16%, Advanced Micro Devices at 5.52%, Broadcom at 5.01% and Micron at 4.98%. Those are dated portfolio weights, not fixed allocations.
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallVanEck’s September 30, 2026 fact sheet shows Nvidia at 19.37% and the top ten holdings together at 67.31%. The Nvidia figure differs slightly from the October 1 daily holdings because the dates differ. The top-ten figure adds important context: the concentration question is not only how much the fund owns of Nvidia, but how much of the portfolio sits in its ten largest holdings. See VanEck’s fund materials.
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Is PSI an equal-weight semiconductor ETF?
Not on the evidence established here. Invesco describes PSI as an index fund that seeks to track the Dynamic Semiconductor Intellidex Index. That description identifies its benchmark, but by itself does not establish a straightforward equal-weight methodology. Calling PSI “equal-weight” without verifying the index rules and current holdings risks promising a portfolio structure the source does not confirm. Invesco’s PSI page provides the issuer’s fund description.
Investors considering PSI for less exposure to the largest names should inspect its latest holdings and benchmark methodology, then compare the actual company weights with SMH on the same date. A different index name or design does not, on its own, guarantee lower Nvidia exposure, broader diversification, or a particular weighting pattern.
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What the verified SMH–PSI comparison shows
| Feature | SMH | PSI |
|---|---|---|
| Issuer and benchmark | VanEck; seeks to replicate the MVIS US Listed Semiconductor 25 Index before fees and expenses. The index emphasizes large, liquid semiconductor industry leaders. VanEck | Invesco; seeks to track the Dynamic Semiconductor Intellidex Index. The cited fund description does not establish simple equal weighting. Invesco |
| Nvidia weight and holdings count | 19.27% and 26 positions on October 1, 2026, according to VanEck. VanEck | Not stated in the cited Invesco fund description; check current holdings. Invesco |
| Top-ten concentration | 67.31% on September 30, 2026, according to VanEck’s fact sheet. VanEck | Not stated in the cited Invesco fund description; calculate from holdings for a matching date. Invesco |
| Expense ratio | 0.35% gross and net, as reported by VanEck on September 30, 2026. VanEck | Not established by the cited Invesco material in this comparison. Check the current fund page and prospectus. Invesco |
| Comparable performance | 68.93% year-to-date NAV total return through September 30, 2026, reported by VanEck. Past performance is not a guarantee of future results. VanEck | Not established for the same end date and return basis in the cited material. A like-for-like comparison requires PSI’s performance data for the same period and NAV or market-price basis. |
Why might an investor prefer a different weighting profile?
A person concerned about concentration may want to compare funds whose portfolio weights are determined differently. If a few large companies account for a substantial share of an ETF, their gains and losses can have an outsized effect on its return. A portfolio with lower weights in those companies could reduce that particular source of concentration, but it would also change which companies drive results. The actual trade-off depends on current holdings and index rules, not the “equal-weight” label alone.
That is a possible investor rationale, not evidence of a market-wide rotation. The issuer materials cited here describe fund design, holdings, fees and performance; they do not provide net flows showing investors switching from SMH into PSI. Without flow data, it is not accurate to present a broad rotation as an established event.
What to compare before choosing between them
- Holdings concentration: Compare Nvidia and top-ten weights using holdings from the same date. A single-stock weight and a top-ten total answer different questions.
- Index methodology: Read the benchmark rules and current portfolio for both funds. Confirm how weights are set and adjusted rather than assuming PSI is equal-weighted.
- Fees: Compare current expense ratios using issuer materials or prospectuses. The established SMH figure is 0.35% gross and net on September 30, 2026; a comparable current PSI figure was not established here.
- Performance: Match the end date, return basis (NAV or market price) and time horizon. Do not compare SMH’s reported year-to-date NAV return with a PSI figure from a different date or basis.
- Risks: Both are semiconductor-sector funds, so a different weighting method does not remove industry risk. VanEck lists risks for SMH that include semiconductor and information-technology concentration, foreign securities and emerging markets, issuer-specific events, liquidity, index tracking, and shares trading at a premium or discount to NAV. It also warns of substantial investment risk, including possible loss of principal. Review VanEck’s fund disclosures.
What the available performance figure does—and does not—tell you
VanEck reported SMH’s year-to-date NAV total return as 68.93% through September 30, 2026. That is a historical result for SMH, not a forecast, and it cannot establish whether SMH outperformed PSI without a PSI return measured through the same date on the same basis. VanEck explicitly cautions that past performance is not a guarantee of future results. See the fund’s performance disclosures.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Bottom line for a fund comparison
SMH’s Nvidia weight is material: VanEck reported 19.27% on October 1, 2026, with the top ten holdings totaling 67.31% the prior day. PSI offers a different benchmark, but the cited Invesco description does not prove it is equal-weighted, and the available issuer information does not establish a rotation from SMH to PSI. Before deciding whether either fund fits, verify PSI’s current holdings and methodology and compare both funds’ fees, risks and performance using matching dates and measures.
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