VanEck Vectors Semiconductor ETF
ALTAR
Score™		 5.6% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 23.2x P/Sales
ratio		 5.6x
P/BV
ratio		 5.0x Div.
yield		 1.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
VanEck Vectors Semiconductor is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance results of the VanEck Vectors US Listed Semiconductor 25 Index.

FUND BASICS
Category US Equities
Fund Sponsor Van Eck Associates Corp
Website www.vaneck.com
Inception date Dec 20, 2011
Assets (mns) $2,127
Currency USD
Expense ratio 35 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian Bank of New York Mellon
Weighting Market Cap
Index replication n/a
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 25
Wgt avg mkt cap (mns) $121,833
Large cap (>$10bn) 98.4%
Mid cap ($2-10bn) 1.6%
Small cap (<$2bn) 0.0%
Developed mkts 88.7%
Emerging mkts 11.3%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR-SP ADR 11.4 %
INTEL CORP 9.3 %
NVIDIA CORP 8.5 %
ASML HOLDING NV-NY REG SHS 5.7 %
QUALCOMM INC 5.0 %
BROADCOM INC. 5.0 %
TEXAS INSTRUMENTS INC 4.9 %
LAM RESEARCH CORP 4.9 %
APPLIED MATERIALS INC 4.6 %
ANALOG DEVICES INC 4.5 %
Total 63.7 %

TOP COUNTRY EXPOSURE
UNITED STATES 74.9 %
TAIWAN 11.6 %
NETHERLANDS 9.5 %
SWITZERLAND 2.5 %
BERMUDA 1.7 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
8.1% 40.8% 24.8% -- 22.7%

Market Correlations
versus... Beta R-squared
S&P500 1.23 71%
MSCI EAFE 1.20 59%
MSCI Emg. Mkts. 0.98 62%

Technical Indicators
Recent close $153.36
30d moving avg. $147.60
Annualized volatility 24.7%
Short interest (ETF) 85.8%
Short interest (Underlying) 2.9%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 3,747
Turnover 27.0%
Bid/Ask (% of price) 0.01%
ADV underlying (mns) $27,231

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the VanEck Vectors Semiconductor ETF ETF based on the alternatives' overlap in portfolio holdings with SMH. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: SMH Expense: 35 bp ALTAR Score™: 5.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH SMH
Ticker Fund
Name		 Overlap1
vs SMH
(%)		 Expense
ratio
(bp)		 Savings
vs SMH
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs SMH
(%)
SOXX iShares PHLX Semiconductor ETF 79.5 46 -11 5.4 -0.2
FTXL First Trust Nasdaq Semiconductor ETF 49.3 60 -25 5.0 -0.5
PSI Invesco Dynamic Semiconductors ETF 47.8 58 -23 4.9 -0.7
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 43.0 57 -22 5.0 -0.6
XSD SPDR S&P Semiconductor ETF 38.9 35 0 4.1 -1.4
XNTK SPDR NYSE Technology ETF 32.7 35 0 3.7 -1.9
TDIV First Trust NASDAQ Technology Dividend Index Fund 31.6 50 -15 5.9 +0.3
JHMT John Hancock Multifactor Technology ETF 29.8 40 -5 5.0 -0.6
FIVG Defiance Next Gen Connectivity ETF 26.5 30 5 4.9 -0.7
BUL Pacer US Cash Cows Growth ETF 26.2 60 -25 6.2 +0.7
DRIV Global X Autonomous & Electric Vehicles ETF 25.9 68 -33 5.6 +0.1
QTUM Defiance Quantum ETF 24.7 40 -5 5.8 +0.2
RYT Invesco S&P 500 Equal Weight Technology ETF 24.4 40 -5 6.7 +1.2
IDRV iShares Self-driving EV & Tech ETF 24.3 47 -12 7.2 +1.6
TDV ProShares S&P Technology Dividend Aristocrats ETF 23.9 45 -10 4.8 -0.8
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 19.8 70 -35 7.9 +2.4
KOIN Innovation Shares NextGen Protocol ETF 19.7 95 -60 4.4 -1.2
NXTG First Trust Indxx NextG ETF 19.3 70 -35 6.2 +0.7
MOTO SmartETFs Smart Transportation & Technology ETF 19.2 68 -33 7.9 +2.3
IYW iShares U.S. Technology ETF 18.8 42 -7 4.0 -1.5
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 18.1 59 -24 4.2 -1.4
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 18.1 35 0 4.4 -1.1
XLK Technology Select Sector SPDR Fund 17.8 13 22 4.8 -0.8
VLUE iShares Edge MSCI USA Value Factor ETF 17.1 15 20 11.5 +5.9
FTEC Fidelity MSCI Information Technology Index ETF 16.4 8 27 4.6 -1.0
VGT Vanguard Information Technology Index Fund 16.2 10 25 4.6 -1.0
GDAT Goldman Sachs Motif Data-Driven World Etf 15.2 50 -15 5.0 -0.6
LRNZ TrueMark Technology, AI & Deep Learning ETF 14.7 68 -33 0.8 -4.7
IXN iShares Global Tech ETF 14.3 46 -11 4.5 -1.0
AIQ Global X Future Analytics Tech ETF 14.3 68 -33 3.9 -1.6
EKAR Innovation Shares NextGen Vehicles & Technology ETF 13.9 95 -60 8.6 +3.1
IGM iShares Expanded Tech Sector ETF 13.8 46 -11 3.8 -1.7
TECB iShares US Tech Breakthrough Multisector ETF 13.6 40 -5 4.0 -1.5
FXL First Trust Technology AlphaDEX Fund 13.6 61 -26 3.2 -2.4
FFTY Innovator IBD 50 ETF 13.5 80 -45 3.5 -2.0
VSL Volshares Large Capital ETF 13.2 65 -30 6.9 +1.3
PEXL Pacer US Export Leaders ETF 13.0 60 -25 6.1 +0.5
RNDV US Equity Dividend Select ETF 13.0 50 -15 7.7 +2.2
NUSI Nationwide Risk-Managed Income ETF 13.0 68 -33 3.5 -2.1
QYLD Global X NASDAQ 100 Covered Call ETF 12.9 60 -25 3.5 -2.1
RNLC Large Cap US Equity Select ETF 12.8 60 -25 6.2 +0.7
RPG Invesco S&P 500 Pure Growth ETF 12.7 35 0 4.4 -1.1
QQQ Invesco QQQ Trust 12.7 20 15 3.9 -1.7
IQM Franklin Intelligent Machines ETF 12.4 50 -15 2.1 -3.5
LEGR First Trust Index Digital Transaction & Process Technology E 12.3 65 -30 7.3 +1.7
VEGN US Vegan Climate ETF 12.2 60 -25 5.2 -0.3
SPHQ Invesco S&P 500 Quality ETF 11.9 15 20 4.7 -0.9
ESPO VanEck Vectors Video Gaming & eSports ETF 11.9 55 -20 2.7 -2.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 11.4 18 17 5.9 +0.3
SNSR Global X Internet of Things Thematic ETF 10.8 68 -33 4.6 -1.0
QGRO American Century STOXX U.S. Quality Growth ETF 10.5 29 6 3.2 -2.4
QMOM Alpha Architect U.S. Quantitative Momentum ETF 10.4 49 -14 2.2 -3.4
DDIV First Trust Dorsey Wright Momentum & Dividend ETF 10.3 60 -25 5.4 -0.1
XT iShares Exponential Technologies ETF 10.3 47 -12 5.1 -0.4
JVAL JPMorgan U.S. Value Factor ETF 10.2 12 23 8.8 +3.3
RDVY First Trust Rising Dividend Achievers ETF 10.2 50 -15 8.0 +2.5
XKST SPDR Kensho Smart Mobility ETF 10.1 45 -10 5.3 -0.2
BOUT Innovator IBD Breakout Opportunities ETF 10.1 84 -49 3.2 -2.3
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 10.0 19 16 5.7 +0.1
PWB Invesco Dynamic Large Cap Growth ETF 9.7 55 -20 3.4 -2.2
BLCN Reality Shares Nasdaq NextGen Economy ETF 9.6 68 -33 4.2 -1.4
THNQ ROBO Global Artificial Intelligence ETF 9.5 68 -33 1.9 -3.7
SCHD Schwab U.S. Dividend Equity ETF 9.4 6 29 8.3 +2.7
EQRR ProShares Equities for Rising Rates ETF 9.4 35 0 6.1 +0.6
SPMO Invesco S&P 500 Momentum ETF 9.3 13 22 4.4 -1.1
IETC iShares Evolved U.S. Technology ETF 9.3 18 17 3.8 -1.7
FRDM Freedom 100 Emerging Markets ETF 9.2 49 -14 7.0 +1.4
MTUM iShares Edge MSCI USA Momentum Factor ETF 9.2 15 20 4.2 -1.4
RFDA RiverFront Dynamic US Dividend Advantage ETF 9.2 52 -17 5.1 -0.5
ONEQ Fidelity Nasdaq Composite Index Tracking Stock 9.1 21 14 3.0 -2.6
LRGF iShares Edge MSCI Multifactor USA ETF 9.1 20 15 7.4 +1.9
DSTL Distillate US Fundamental Stability & Value ETF 9.1 39 -4 6.6 +1.0
SPHB Invesco S&P 500 High Beta ETF 9.0 25 10 9.6 +4.0
LVHB Innovator Lunt Low Vol/High Beta Tactical ETF 9.0 49 -14 9.4 +3.8
ARKQ Ark Industrial Innovation ETF 9.0 75 -40 0.7 -4.9
GMAN Goldman Sachs Motif Manufacturing Revolution ETF 9.0 50 -15 4.1 -1.5
PWV Invesco Dynamic Large Cap Value ETF 8.6 55 -20 8.9 +3.3
FTC First Trust Large Cap Growth AlphaDEX Fund 8.5 61 -26 2.9 -2.6
BOTZ Global X Robotics & Artificial Intelligence ETF 8.5 68 -33 2.9 -2.7
DURA VanEck Vectors Morningstar Durable Dividend ETF 8.5 29 6 7.2 +1.7
CHGX Change Finance U.S. Large Cap Fossil Fuel Free ETF 8.2 49 -14 5.2 -0.3
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 8.1 49 -14 4.1 -1.4
ETHO Etho Climate Leadership U.S. ETF 8.1 47 -12 4.4 -1.2
LOUP Innovator Loup Frontier Tech ETF 8.0 70 -35 4.0 -1.6
MIDF iShares Edge MSCI Multifactor USA Mid-Cap ETF 8.0 25 10 7.9 +2.4
HLAL Wahed FTSE USA Shariah ETF 7.9 50 -15 4.7 -0.9
ACWF iShares FactorSelect MSCI Global ETF 7.8 35 0 8.1 +2.5
QDYN FlexShares Quality Dividend Dynamic Index Fund 7.8 37 -2 6.3 +0.7
NULG Nuveen ESG Large-Cap Growth ETF 7.8 35 0 3.6 -2.0
IRBO iShares Robotics & Artificial Intelligence ETF 7.7 47 -12 2.7 -2.8
JQUA JPMorgan U.S. Quality Factor ETF 7.7 12 23 5.3 -0.3
DWEQ AdvisorShares Dorsey Wright Alpha Equal Weight ETF 7.6 99 -64 2.3 -3.2
BIBL Inspire ETF 7.6 35 0 4.9 -0.7
DGRW WisdomTree U.S. Quality Dividend Growth Fund 7.5 28 7 6.5 +1.0
AMOM Qraft AI-Enhanced U.S. Large Cap Momentum ETF 7.5 75 -40 2.1 -3.5
FLQL Franklin LibertyQ U.S. Equity ETF 7.4 15 20 6.3 +0.8
ROBO Robo Global Robotics & Automation Index ETF 7.4 95 -60 3.6 -2.0
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 7.4 65 -30 3.8 -1.7
JMOM JPMorgan U.S. Momentum Factor ETF 7.3 12 23 3.9 -1.7
JKE iShares Morningstar Large-Cap Growth ETF 7.2 25 10 2.9 -2.7

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2019 2020E 2021E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 VanEck Vectors Semiconductor ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 26.7 %
Divided by: Fwd. P/BV 4.5 x
Less: Expense ratio 35 bp
Equals: ALTAR Score 5.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.48 CATEGORY
AVERAGE		 1.52
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.