VanEck Semiconductor ETF

VanEck Semiconductor ETF (SMH) is a passively managed fund issued by VanEck, tracking the MVIS US Listed Semiconductor 25 Index — a benchmark of the 25 largest and most liquid U.S.-listed semiconductor companies. SMH is the densest public-fund lens onto the Physical AI semiconductor layer, with more than a dozen mapped companies at weight. In the PXS map, SMH (alongside SOXX) is the primary public expression of the compute-and-sensing foundation of the Physical AI universe — the chips that make embodied intelligence possible. Coverage is limited to direct, issuer-reported positions in already-mapped companies, not the complete portfolio, and this is a research map rather than a recommendation. SMH is most useful for reading where a concentrated large-cap semiconductor index places weight across the mapped compute names. Its largest mapped positions are NVIDIA (19.6%), AMD (5.58%), Broadcom (5.39%), and Micron (4.79%), a concentrated bet on the mapped compute leaders that anchor the Physical AI semiconductor layer.