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SMH has a substantial Nvidia weighting, but the available evidence does not establish that semiconductor investors are broadly moving from SMH to PSI—or that PSI is a straightforward equal-weight fund. The defensible comparison is between SMH’s large-company-focused benchmark and PSI’s different index, the Dynamic Semiconductor Intellidex Index. An investor considering either fund should compare current holdings, index rules, fees, and matching-period returns rather than assume a market-wide rotation.
Is SMH heavily weighted in Nvidia?
Yes. VanEck’s daily holdings showed Nvidia at 19.27% of SMH net assets on October 1, 2026, when the fund held 26 positions. The same holdings report listed Taiwan Semiconductor Manufacturing at 9.16%, Advanced Micro Devices at 5.52%, Broadcom at 5.01%, and Micron at 4.98%. Those figures are dated snapshots; holdings and weights change. VanEck’s holdings page provides the fund’s current position data.
A broader concentration measure shows that Nvidia is not the only major position to consider. VanEck’s September 30, 2026 fact sheet put Nvidia at 19.37% and the fund’s ten largest holdings together at 67.31%. The Nvidia figure differs slightly from the October 1 daily figure because the dates differ. VanEck’s fund overview and fact sheet report the dated portfolio information.
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SMH: an index emphasizing large, liquid industry leaders
SMH seeks to track the MVIS US Listed Semiconductor 25 Index before fees and expenses. VanEck describes the index as covering companies involved in semiconductor production and equipment, with an emphasis on large, liquid industry leaders. That design helps explain why a few prominent companies can account for a large share of the portfolio. The name refers to a 25-stock index, while the October 1, 2026 daily fund holdings showed 26 positions; the index name and the fund’s position count are not interchangeable.
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PSI: a different benchmark, not established here as equal-weighted
Invesco describes PSI as an index fund seeking to track the Dynamic Semiconductor Intellidex Index. That is a different benchmark from SMH’s. The available official description does not establish a simple equal-weight construction, so calling PSI “equal-weight” without checking the index methodology and current holdings would overstate what is known. For an investor comparing concentration, the practical check is PSI’s latest holdings and the benchmark’s published weighting rules. Invesco’s PSI page describes the fund and its benchmark.
Is there evidence investors are rotating from SMH to PSI?
The official fund information cited here documents fund design, holdings, fees, and risk; it does not establish net flows from SMH into PSI or a broad investor switch. A person might prefer an alternative index if they want a different distribution of semiconductor-company exposure, but that is a possible investor rationale—not proof of measured market behavior. Establishing an actual rotation would require comparable, dated fund-flow data.
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How to compare SMH and PSI before choosing
| Comparison point | SMH | PSI |
|---|---|---|
| Benchmark and approach | Seeks to track the MVIS US Listed Semiconductor 25 Index, which VanEck says emphasizes large, liquid industry leaders. | Seeks to track the Dynamic Semiconductor Intellidex Index, according to Invesco; a simple equal-weight approach is not established by the available description. |
| Dated concentration information | Nvidia was 19.27% of net assets with 26 positions on October 1, 2026; the top ten were 67.31% on September 30, 2026. VanEck holdings and fact sheet. | Comparable dated Nvidia and top-ten weights are not stated in the Invesco fund description cited here. Invesco PSI page. |
| Expense ratio | 0.35% gross and net, reported by VanEck on September 30, 2026. VanEck fact sheet. | Not stated in the Invesco source cited here. Check the current fund documents for the comparable figure. |
| Comparable performance | VanEck reported a 68.93% year-to-date NAV total return through September 30, 2026. Past performance is not a guarantee of future results. VanEck fact sheet. | A PSI return for the same end date and on the same NAV basis is not established here, so these figures do not show which fund performed better. |
For a useful comparison, line up the same reporting date and measurement basis: holdings against holdings, expense ratios against expense ratios, and returns over identical periods using NAV or market price consistently. Check whether any fee waiver applies and read the current prospectuses. A single SMH return cannot support a performance ranking without a matching PSI figure.
What different weightings can—and cannot—change
A fund with a different weighting profile can change which individual companies contribute most to returns. It does not remove semiconductor-industry exposure: both funds focus on that sector, whose performance can be affected by company-specific developments, foreign securities, emerging markets, and liquidity. VanEck also identifies index-tracking risk and the possibility that SMH shares trade above or below net asset value. Its fact sheet warns that investing involves substantial risk, including possible loss of principal. VanEck’s risk disclosures describe these risks.
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Fund shares are not the same as owning each underlying security directly. Invesco notes that PSI shares are not individually redeemable and that its fund information is not personalized investment advice; investors should consult a financial professional as appropriate. Invesco’s PSI page.
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