SMH vs AIQ ETF comparison
SMH vs AIQ
SMH holds 25 of the largest U.S.-listed chip companies, weighted by size with Nvidia near a fifth of the fund, and AIQ holds about 90 companies that build or use artificial intelligence, from chip makers to software and internet platforms. They cover different themes. SMH is a semiconductor fund and AIQ is a artificial intelligence fund.
SMH follows the MVIS US Listed Semiconductor 25 Index, which weights 25 chip companies by market value, so the biggest companies dominate. AIQ follows an Indxx index of AI and big data companies with a cap on single names, so it is spread across many large technology companies. SMH charges 0.35% and AIQ charges 0.68%. This page lines up what each fund holds, how much they overlap, how each performed and what each costs, with the date next to every number.
SMH vs AIQ, the short answer
SMH and AIQ differ in what they hold and what they charge. They cover different themes. SMH is a semiconductor fund and AIQ is a artificial intelligence fund. SMH follows the MVIS US Listed Semiconductor 25 Index, which weights 25 chip companies by market value, so the biggest companies dominate. AIQ follows an Indxx index of AI and big data companies with a cap on single names, so it is spread across many large technology companies.
Expense ratios are 0.35% and 0.68%. NAV total returns, annualized (both to Sep 30, 2026): 1 year 86.89% vs 32.28%; 3 years 62.00% vs 34.47%; 5 years 37.37% vs 16.95%. Neither is better for everyone; the choice turns on which theme you want, how concentrated you are willing to be and what you already own.
Want the full picture of one fund before you compare? Read the complete guide for each fund: SMH guide and AIQ guide. Each guide covers fees, holdings, yield, returns and taxes.
SMH vs AIQ overlap, if you own both
SMH · ten largest holdings
As of Nov 9, 2026- 1Nvidia NVDA18.91%Only here
- 2Taiwan Semiconductor TSM9.83%Only here
- 3Texas Instruments TXN6.01%Only here
- 4Broadcom AVGO5.90%Only here
- 5Advanced Micro Devices AMD5.78%Both
- 6Analog Devices ADI5.03%Only here
- 7ASML Holding ASML4.66%Only here
- 8KLA KLAC4.40%Only here
- 9Qualcomm QCOM4.33%Only here
- 10Micron Technology MU4.22%Only here
Ten largest total 69.1%
AIQ · ten largest holdings
As of Nov 9, 2026- 1Microsoft MSFT4.28%Only here
- 2Palantir Technologies PLTR4.11%Only here
- 3Space Exploration Technologies SPCX3.60%Only here
- 4Tesla TSLA3.54%Only here
- 5Amazon AMZN3.42%Only here
- 6Apple AAPL3.27%Only here
- 7Meta Platforms META3.17%Only here
- 8Oracle ORCL2.99%Only here
- 9Advanced Micro Devices AMD2.82%Both
- 10Tencent Holdings 7002.81%Only here
Ten largest total 34.0%
Shared by both · 1 company
| Company | SMH weight | AIQ weight | Gap |
|---|---|---|---|
| Advanced Micro Devices AMD | 5.78% | 2.82% | +2.96 pts |
Only in SMH’s top ten: Nvidia, Taiwan Semiconductor, Texas Instruments, Broadcom, Analog Devices, ASML Holding, KLA, Qualcomm, Micron Technology. Only in AIQ’s top ten: Microsoft, Palantir Technologies, Space Exploration Technologies, Tesla, Amazon, Apple, Meta Platforms, Oracle, Tencent Holdings.
The twist
19.5% of the weight sits in stocks both funds hold (matched by ticker in issuer holdings dated Nov 9, 2026), and 1 stocks appear in both top-ten lists. The funds share only a small part of their weight, so owning both genuinely adds different companies.
SMH vs AIQ, one goal, which fund?
SMH vs AIQ, where the money goes
SMH · VanEck, Nov 9, 2026
AIQ · Global X, Nov 9, 2026
SMH vs AIQ returns compared over 1, 3, 5 and 10 years
SMH vs AIQ, what each fund costs a year
The data room
Every figure behind the SMH vs AIQ cards above, with its source, date and evidence grade. Open the issuer documents before relying on any number.
SMH vs AIQ key facts
Evidence grade: Issuer issuer page · Mixed issuer plus provider · 3rd party| Metric | SMH | AIQ | Grade and source |
|---|
Portfolio characteristics
| Metric | SMH | AIQ | Grade and source |
|---|
Net assets are dated Nov 9, 2026 for both funds (SMH $62.63B; AIQ $9.37B). Figures an issuer page does not show are left out or marked Not captured, not estimated.
SMH vs AIQ holdings and top ten
Click a tile · SMH: VanEck, Nov 9, 2026 · AIQ: Global X, Nov 9, 2026Tile area is proportional to weight.
| # | Holding | Weight |
|---|
| # | Holding | Weight |
|---|
Top ten sums: SMH 69.1% · AIQ 34.0%. 1 shared top-ten holdings. Weights change.
SMH vs AIQ sector exposure
SMH: Nov 9, 2026 · AIQ: Nov 9, 2026The sector mirror
Same funds, different lenses
Company size
SMH holds 25 stocks and AIQ holds 88. SMH reports a weighted average market cap of $1,542.6B. AIQ reports a weighted average market cap of $1,101.61B. Theme funds that weight by market value lean toward very large companies, while equal-weight designs give smaller companies more say.
What you actually own
SMH vs AIQ performance
Matched dates, both to Sep 30, 2026All rows come from the issuer pages and are dated Sep 30, 2026 for both funds, so they compare like for like. NAV returns include fees; market price and index returns are shown beside them where the issuer published them. “Since inception” starts in different years (SMH 2011, AIQ 2018). Past performance does not guarantee future results.
Growth of a hypothetical $10,000 · NAV total return, both to Sep 30, 2026
Both funds derived from issuer NAV total returns on matched dates (compounded). Fund expenses are already in NAV. Illustration, not a forecast.
SMH vs AIQ yield, dividends and dividend growth
Yield and distribution facts| Measure | SMH | AIQ |
|---|---|---|
| 30-day SEC yield | 0.23% | -0.07% |
| Trailing 12-month | 0.23% | Not captured |
| Paid, last 12 months | $1.105 | Not captured |
| Frequency | Annual | Semi-annual |
Theme funds like these pay little income. The 30-day SEC yield was 0.23% for SMH and -0.07% for AIQ, and a figure near zero or below means fund costs use up most of the dividends the stocks pay. These funds are held for growth, not yield. Gaps are marked Not captured. See what is dividend yield and yield vs total return.
SMH vs AIQ concentration and overlap
Ten largest positions · shared holdingsRank by rank, the ten largest holdings of each fund. Top five: SMH 46.4%, AIQ 18.9%. Top ten: SMH 69.1%, AIQ 34.0%.
SMH vs AIQ trading and liquidity
Issuer fund pages · Nov 9, 2026The issuers report 30-day median bid/ask spreads of 0.02% for SMH and 0.02% for AIQ. A spread of 0.05% is about $50 between the buy and sell price on $100,000, and smaller funds usually cost more to trade than larger ones. Funds with many foreign holdings can also trade at a premium or discount to NAV when overseas markets are closed. Use limit orders for large trades and avoid the first and last minutes of the session. See creation, redemption and trading.
SMH vs AIQ expense ratio and fees in dollars
As stated by each issuer| Balance | SMH (0.35%) | AIQ (0.68%) | Gap per year |
|---|---|---|---|
| $10,000 | $35 | $68 | $33 |
| $50,000 | $175 | $340 | $165 |
| $100,000 | $350 | $680 | $330 |
The expense ratio is taken from fund assets, not billed to you. Fees exclude the bid/ask spread, any premium or discount to NAV, brokerage commissions and taxes.
SMH vs AIQ, how each fund picks its stocks
Index approach, in plain languageSMH · MVIS US Listed Semiconductor 25 Index
SMH tracks the MVIS US Listed Semiconductor 25 Index. It holds 25 of the largest U.S.-listed chip companies, weighted by size with Nvidia near a fifth of the fund. It was launched in 2011, and the ten largest holdings total 69.1% of the fund. Index rules and rebalance dates are in the prospectus.
AIQ · Indxx Artificial Intelligence & Big Data Index
AIQ tracks the Indxx Artificial Intelligence & Big Data Index. It holds about 90 companies that build or use artificial intelligence, from chip makers to software and internet platforms. It was launched in 2018, and the ten largest holdings total 34.0% of the fund. Index rules and rebalance dates are in the prospectus.
Exact eligibility rules, caps and rebalance dates sit in each prospectus and index methodology; read them before relying on this summary.
SMH vs AIQ, why yield and returns differ
Sector mix explains much of the gapThey cover different themes. SMH is a semiconductor fund and AIQ is a artificial intelligence fund. SMH follows the MVIS US Listed Semiconductor 25 Index, which weights 25 chip companies by market value, so the biggest companies dominate. AIQ follows an Indxx index of AI and big data companies with a cap on single names, so it is spread across many large technology companies.
Because each index sets its own rules, the funds hold different stocks at different weights, and that explains most of the gap in returns. A fund that puts more weight in its largest companies will follow those companies closely, while an evenly weighted fund behaves more like an average of many smaller ones. Fees matter less than holdings over short periods and more over long ones.
How to decide between SMH and AIQ
A step-by-step frameworkStart with what separates them: They cover different themes. SMH is a semiconductor fund and AIQ is a artificial intelligence fund. SMH follows the MVIS US Listed Semiconductor 25 Index, which weights 25 chip companies by market value, so the biggest companies dominate.
AIQ follows an Indxx index of AI and big data companies with a cap on single names, so it is spread across many large technology companies. Then check what you already own: the funds overlap by 19.5%, so holding both is a real decision about how much of each theme you want.
- Step 1 · Theme: SMH is a semiconductor fund and AIQ is a artificial intelligence fund.
- Step 2 · Concentration: the ten largest holdings are 69.1% of SMH and 34.0% of AIQ.
- Step 3 · Cost: SMH 0.35% vs AIQ 0.68%.
- Step 4 · Overlap with your core: large technology companies also sit in S&P 500 and Nasdaq-100 funds, so use the Diversification Calculator against what you own.
Size the position against your whole portfolio. Theme funds are volatile, so they usually play a small, deliberate role beside a core fund.
SMH vs AIQ for Canadian investors
Currency, withholding tax and account typeSMH and AIQ are U.S.-listed and trade in U.S. dollars, so buying them from a Canadian account usually involves converting Canadian dollars, which adds a cost on entry and exit. A move in the U.S. dollar also changes your return in Canadian dollars.
Dividends from U.S.-listed funds are generally subject to U.S. withholding tax for Canadian holders, with treatment that depends on the account type. These funds pay little income, so the effect is small, but confirm the rules for your account with a tax professional. This is general education, not tax advice.
Risks of SMH and AIQ
What can go wrongShared risks
- Theme funds are concentrated in one industry or idea, so they can fall much further than the broad market.
- Valuations in technology themes can be high, and prices can drop sharply when growth expectations change.
- Returns can differ widely from one period to the next; a strong year often follows or precedes a weak one.
- Neither fund pays meaningful income, so the return depends on price.
Fund-specific risks
- SMH: ten largest holdings total 69.1% of the fund (Nov 9, 2026); 25 stocks.
- AIQ: ten largest holdings total 34.0% of the fund (Nov 9, 2026); 88 stocks.
- SMH: Nvidia alone is close to 19% of the fund, so one company drives a large share of the result. AIQ: overlaps with broad technology funds because it holds the same large technology companies.
- Both: the funds track indexes with their own rules, so holdings change at each rebalance.
SMH vs AIQ taxes and account placement
General education, not tax adviceBoth funds hold stocks and are taxed like other equity ETFs. Distributions are small, and gains are taxed when you sell, at rates that depend on how long you held the shares and on your own situation. Funds with foreign holdings may pay some foreign tax inside the fund.
For Canadian account types and withholding tax, see the Canadian section above. Confirm the rules for your account with a tax professional, and read how to build an ETF portfolio.
Other ETFs people compare
For context, not recommendationsInvestors comparing SMH and AIQ often also look at the other thematic funds in this group: SMH, SOXX, BOTZ, ROBO, AIQ and SKYY. See the other thematic ETFs comparisons, the broader growth and tech ETFs and the ETF research hub.
SMH vs AIQ drawdown arithmetic
What a decline means in dollarsRecovery gain = decline ÷ (1 − decline). The scenarios use illustrative declines of 10%, 20% and 30% so you can see what a drop does to each fund. They are a rough guide to a bad year, not a worst-case figure. See the Position Size Calculator.
Tools to compare SMH vs AIQ
Static weights from this pageIgnores taxes, spreads and holdings differences. ETF Fee Calculator.
Check shared exposure with the Diversification Calculator.
SMH vs AIQ, which fits which job
Characteristics, not recommendationsSMH may suit investors who want…
Concentrated exposure to the largest chip companies.
Strengths
- Lower fee: 0.35% against 0.68%
- Led in 3 of 3 return windows (both to Sep 30, 2026)
- 25 holdings
- Exchange-traded and priced all day
Watch points
- Heavier top ten: 69.1% against 34.0%
- Narrow theme exposure
- Not a complete portfolio
AIQ may suit investors who want…
A wide AI basket across chips, software and platforms.
Strengths
- Flatter top ten: 34.0% against 69.1%
- 88 holdings
- Exchange-traded and priced all day
Watch points
- Higher fee: 0.68% against 0.35%
- Led in 0 of 3 return windows (both to Sep 30, 2026)
- Narrow theme exposure
- Not a complete portfolio
SMH vs AIQ investor scenarios
Characteristics that fit, not recommendationsSMH vs AIQ key terms
Plain-language definitions
SMH vs AIQ, frequently asked questions
Answers use the figures and dates shown aboveIs SMH or AIQ better?
In the SMH vs AIQ question, neither is better for everyone. SMH and AIQ differ in what they hold and what they charge. They cover different themes. SMH is a semiconductor fund and AIQ is a artificial intelligence fund. SMH follows the MVIS US Listed Semiconductor 25 Index, which weights 25 chip companies by market value, so the biggest companies dominate.
AIQ follows an Indxx index of AI and big data companies with a cap on single names, so it is spread across many large technology companies. Expense ratios are 0.35% and 0.68%. NAV total returns, annualized (both to Sep 30, 2026): 1 year 86.89% vs 32.28%; 3 years 62.00% vs 34.47%; 5 years 37.37% vs 16.95%. Neither is better for everyone; the choice turns on which theme you want, how concentrated you are willing to be and what you already own.
SMH vs AIQ, what are the expense ratios?
SMH charges 0.35% and AIQ charges 0.68%, which is $35 and $68 a year per $10,000.
SMH vs AIQ, how much do the funds overlap?
On SMH vs AIQ, about 19.5% of the weight is held by both funds, matched by ticker in issuer holdings dated Nov 9, 2026. 11 stocks are held by both, and 1 appear in both top-ten lists.
SMH vs AIQ, what does each ETF track?
SMH tracks the MVIS US Listed Semiconductor 25 Index. AIQ tracks the Indxx Artificial Intelligence & Big Data Index.
SMH vs AIQ, what are the top holdings?
SMH (Nov 9, 2026): Nvidia 18.91%, Taiwan Semiconductor 9.83%, Texas Instruments 6.01%, Broadcom 5.9%, Advanced Micro Devices 5.78%. AIQ (Nov 9, 2026): Microsoft 4.28%, Palantir Technologies 4.11%, Space Exploration Technologies 3.6%, Tesla 3.54%, Amazon 3.42%.
SMH vs AIQ, which has performed better?
NAV total returns, annualized (both to Sep 30, 2026): 1 year 86.89% vs 32.28%; 3 years 62.00% vs 34.47%; 5 years 37.37% vs 16.95%. Past performance does not guarantee future results.
SMH vs AIQ, can I own both?
On SMH vs AIQ, you can. They overlap by about 19.5%. The funds share only a small part of their weight, so owning both genuinely adds different companies.
SMH vs AIQ, do the funds pay dividends?
On SMH vs AIQ, only small amounts. The 30-day SEC yield was 0.23% for SMH and -0.07% for AIQ, so income is not the reason to hold either fund.
SMH vs AIQ, how concentrated are the funds?
The ten largest holdings are 69.1% of SMH and 34.0% of AIQ. The largest single holding is Nvidia at 18.91% in SMH and Microsoft at 4.28% in AIQ.
SMH vs AIQ, are they suitable for Canadian investors?
On SMH vs AIQ, both are U.S.-listed and trade in U.S. dollars, so Canadians face currency conversion costs and U.S. withholding tax on the small dividends. Treatment differs across TFSA, RRSP and taxable accounts. This is general education, not tax advice.
SMH vs AIQ documents and sources
Open the issuer documents before relying on any figureSMH · VanEck
AIQ · Global X
Third-party sources
VanEck SMH fund page · Global X AIQ fund page.
Methodology and limits
- SMH figures come from the VanEck fund page and AIQ figures from the Global X fund page.
- Dates are shown beside each figure; the issuer documents are linked below.
- Holdings overlap is the sum of the smaller weight of each ticker held by both funds, using each issuer’s full holdings list (Nov 9, 2026). Cash and futures are left out.
- Industry groups on this page are assigned by this site from each stock’s main business, using one scheme for every fund, so they will not match an issuer’s own sector table.
- Figures an issuer page does not show are marked Not captured, and nothing was filled from memory or from another fund.
- Growth of $10,000 is derived from annualized NAV total returns on matched dates; dollar values are approximate.
Educational research, not personalized investment, tax or legal advice, and not a recommendation to buy or sell any fund. Investing involves risk, including loss of principal. Past performance does not guarantee future results. Calculators are hypothetical illustrations. Fund data are provided as published by the sources named and may differ from current figures.