VanEck Semiconductor ETF Surpasses Nvidia by Over Threefold in 2026

The VanEck Semiconductor ETF (NASDAQ:SMH) has outperformed Nvidia (NASDAQ:NVDA) in 2026, rising around 69% as of midday Sept. 30, while Nvidia shares increased about 23%. This means the fund returned roughly three times as much as its biggest position this year.

According to the source, Micron Technology (NASDAQ:MU), Advanced Micro Devices (NASDAQ:AMD), and Intel (NASDAQ:INTC) were the top holdings in the fund at the end of 2025, making up around 14% of the assets. Their combined gain accounted for almost half of the fund's overall return.

One key factor is that the fund tracks the MVIS US Listed Semiconductor 25 Index, which weights stocks by market value but caps any single stock at 20% when it rebalances quarterly. This limits Nvidia's weight in the fund to around 19%, even though it was previously as high as 24%. The fund's exposure to the whole industry, including cyclical areas, is part of its edge over investing directly in a single chipmaker like Nvidia.