SMH is a concentrated, predominantly US-based ETF of mega-cap semiconductors companies. It only holds US-listed companies, which makes it easier to trade but limits its global scope. Nevertheless, it is surprisingly similar to our global benchmark. As expected, it overweights the US at the expense of Taiwan and excludes most other countries, but overlaps a lot with our benchmark. Like our benchmark, SMH allocates about 1/3 of its portfolio to Intel and Taiwan Semiconductor. Still, with only 25 holdings, SMH is a highly concentrated play on the market. One of the most liquid semiconductor ETFs on the market, SMH trades in large volumes with penny-wide spreads to match, and underlying liquidity is ideal for block traders. It’s also an Efficient fund, with a modest expense ratio and reliable tracking. It’s a strong play in the semiconductor space for those willing to accept the extra exposure to the US.