VanEck Semiconductor ETF (SMH) perpetual market

SMH is the VanEck Semiconductor ETF, an exchange-traded fund that tracks an index of the largest companies in the semiconductor industry. Rather than a single stock, it bundles chip designers, manufacturers and equipment makers into one instrument, giving concentrated exposure to the sector that supplies the processors and memory behind computing, smartphones, data centers and artificial intelligence. Its holdings are weighted toward the biggest names, so it is heavily influenced by leading chipmakers and foundries, and it has become one of the most popular ways to trade the semiconductor cycle. Because chips are both highly cyclical and central to the AI boom, SMH tends to be more volatile than the broad market, rising sharply on strong demand and expansion and falling hard during downturns. It is widely used by investors who want a single position on the fortunes of the entire semiconductor supply chain.