SMH Fees and Costs — VanEck Semiconductor ETF
Data updated: 2026-08-26
The net expense ratio is 0.35%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.3M in broker commissions, 0.0136% of average net assets, and portfolio turnover was 12%.
SMH Fees and Expenses
Annual operating expenses and sales charges of SMH. Prospectus, as of February 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.35% |
| Fee waiver | — |
| Net expense ratio | 0.35% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SMH Costs Over Time
On $10,000 invested in SMH, assuming 5% a year before costs, total costs come to $230 over 5 years, cutting the return by 0.38% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.35%) | $37 | $115 | $202 |
| Trading costs (broker commissions) | $1 | $4 | $8 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $38 | $126 | $230 |
| Value after costs | $10,462 | $11,450 | $12,532 |
| Impact on return, per year | 0.38% | 0.38% | 0.38% |
SMH Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0136%
- Total broker commissions: $3.3M
- Bought from dealers (principal trades, not a cost): $70.1B
- Portfolio turnover (prospectus): 12%
- Securities on loan, average value: $37.7M
- Net income from securities lending: $131K (0.001% of average net assets)
SMH Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $3.2M | 97.02% |
| Goldman Sachs & Co. LLC | $81K | 2.50% |
| Robert W. Baird & Co. Incorporated | $16K | 0.48% |
SMH Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corporation | $70.1B | 100.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.