ASMH vs SMH

ASMHBASML Holding NV ADRhedged

SMHAVanEck Semiconductor ETF

In short

ASMH Buy ASML through a plain US ADR and you own the euro too. ASMH pairs the ADR with a currency hedge contract, aiming at ASML's home-market total return instead of a dollar-translated one, for 0.19% a year.

SMH Chip exposure, undiluted. SMH tracks roughly 25 of the largest, most liquid US-listed semiconductor names (foreign chipmakers included) and trades like a household ticker in its category.

Stated mandate

ASMH The fund provides exposure to the individual international company ASML Holding through an ADRhedged ETF structure that combines the ADR with a currency contract intended to mitigate foreign-exchange risk.

SMH The Fund aims to track, before fees and expenses, the price and yield performance of the MVIS US Listed Semiconductor 25 Index.

Why people hold it

• ASMH Holds the ASML ADR alongside a euro hedge contract that is marked to market daily, so the target is the stock's local-market total return, not the ADR's currency-translated version.adrhedged.com
• 0.19% a year, below the 0.35% median for the semiconductor funds we track, with the currency hedge built into the wrapper rather than something you assemble yourself.
• It is a US-listed ETF, so the hedged exposure lands in an ordinary brokerage account. No foreign listing, no separate FX trade to place or roll.precidian.com
• Part of a whole ADRhedged lineup (Taiwan Semiconductor, Arm, STMicroelectronics, Sony and more), so the same hedged structure extends name by name across international blue chips.sec.gov

• SMH The index rule is simple: the 25 largest, most liquid US-listed chip stocks, each earning over half its revenue from semiconductors or semi equipment. No tech-adjacent filler.marketvector.com
• Depositary receipts count, so US-listed foreign chipmakers are in scope. That reaches parts of the supply chain a domestic-only screen leaves out.sec.gov
• Single-name weights are capped at 20%, so the giants of the industry carry real weight rather than being trimmed toward sector-average size.marketvector.com
• One of the most actively traded funds in its peer group, a multi-billion-dollar book, and VanEck has run it since 2011.

Worth knowing

• ASMH This is one company, not a chip basket. Cohort peers like SOXX and SMH spread across dozens of names; here everything rides on ASML.
• A hedge cuts both ways: a falling dollar no longer flatters your return the way it can with an unhedged ADR, and hedging carries its own costs and tracking slippage.adrhedged.com
• Launched in 2025, still small and lightly traded, which tends to mean wider spreads than the big semiconductor funds and a short record to judge.

• SMH Fees sit mid-pack: 0.35% matches the semiconductor cohort median but runs above SOXQ at 0.19% and CHPS at 0.15%.
• Roughly 25 names with a 20% cap is concentration by design: the largest holdings drive most of the fund's day-to-day movement.marketvector.com
• Built as a single-industry chip sleeve, not an income holding. Distributions come once or twice a year.

Full ASMH profile⁠

Full SMH profile⁠