VanEck Semiconductor ETF Surges 64% in 2025 Without Apple
SMH has gained over 64% year to date and 111% in 12 months, all without holding a single share of Apple stock.
The VanEck Semiconductor ETF, trading under the ticker SMH, has delivered one of the standout performances in the ETF universe, surging 64.47% year to date through July 2 and more than doubling over the trailing 12 months with a 111.24% gain — and it accomplished that without owning a single share of Apple, one of the most widely held stocks in the world.
The fund's exclusion of Apple is not a portfolio manager's bet against the iPhone maker. According to the source, the absence is structural in nature, meaning the ETF's index methodology simply does not qualify Apple as a semiconductor company, regardless of how prominent or valuable the stock may be in the broader technology sector.
Read more Seagate, Semtech, Teradyne Stocks Rise on Chip Sector Rebound →
That distinction matters for investors who equate "tech ETF" with broad exposure to household names like Apple. SMH is built around the semiconductor supply chain — chipmakers, equipment manufacturers, and related firms — a far narrower slice of technology that has nonetheless produced explosive returns as artificial intelligence infrastructure spending drives insatiable demand for advanced chips.
The fund's performance underscores how a tightly focused, sector-specific strategy can dramatically outpace broader technology benchmarks when tailwinds align. Investors eyeing SMH should understand they are making a concentrated bet on semiconductor fundamentals, not a diversified technology play, which also means the downside risk in a chip-sector downturn is equally amplified.
Continue reading at Yahoo.
