##  [# Nvidia ETFs Rally as Chip Giant Hits Record Valuation](/sections/data-dive/nvidia-etfs-rally-chip-giant-hits-record-valuation) 

 

# Nvidia ETFs Rally as Chip Giant Hits Record Valuation

 

 

\- SMH holds a 20.5% Nvidia allocation with $27.1B in assets.  
\- SHOC allocates 23.2% to Nvidia using a revenue-adjusted weighting.  
\- Flow patterns have diverged with SMH gaining $1.7B and SEMI seeing outflows.



 

 

 

 

 [![DJ](/sites/default/files/styles/author_image_icon/public/2024-07/5.png?itok=LA-jevm_)](/authors/dj-shaw) 

[By DJ Shaw ](/authors/dj-shaw)

 Jul 08, 2025

 Edited by: David Tony

 

 

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[Semiconductor](/topics/semiconductors)-focused ETFs holding [Nvidia Corp. (NVDA)](/stock/nvda) posted strong monthly gains as the chip giant hit a record $3.92 trillion intraday market valuation, with three ETFs showing varying exposure levels and investor flows.

The [**VanEck Semiconductor ETF (SMH)**](/smh) holds $27.1 billion in assets under management with a 20.5% allocation to the Santa Clara-based company, according to FactSet data. SMH posted a 12.2% gain over the past month and attracted $859.3 million in net inflows during that period.

The rally comes as Nvidia attempted to surpass [Apple Inc.'s (AAPL)](/stock/aapl) previous closing record of $3.915 trillion set in December 2024, according to [Reuters](https://www.reuters.com/business/nvidia-set-become-worlds-most-valuable-company-history-2025-07-03/).

Wall Street's enthusiasm for artificial intelligence technology has driven massive demand for Nvidia's high-end processors, with the company's market value increasing nearly eight-fold since 2021, Reuters reported.

## SMH, SEMI &amp; SHOC Take Different Approaches

With 655 ETFs holding Nvidia stock, three funds demonstrate varying approaches to semiconductor exposure, from concentrated chip-focused strategies to broader technology themes that could affect how investors capture the AI boom's returns.

SMH tracks a market-cap-weighted index of 25 large U.S.-listed semiconductor companies, according to FactSet. The fund requires companies to derive 50% of revenues from semiconductor production or equipment manufacturing. [Taiwan Semiconductor Manufacturing Co. (TSM)](/stock/tsm) represents the second-largest holding at 11.2%, followed by [Broadcom Inc. (AVGO)](/stock/avgo) at 9%.

The [**Columbia Semiconductor and Technology ETF (SEMI)**](/semi) takes an active management approach with $25 million in assets and an 18.3% Nvidia weighting. SEMI posted a 7.4% monthly gain but experienced net outflows of $14.4 million over three months, according to FactSet data. The fund maintains a broader technology focus beyond pure semiconductors, including [Microsoft Corp. (MSFT)](/stock/msft) at 11.1% and Apple at 8.8%.

 
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## Concentration Strategies Differ

The [**Strive U.S. Semiconductor ETF (SHOC)**](/shoc) allocates 23.2% of its $103.2 million portfolio to Nvidia. SHOC gained 11.7% over the past month and attracted $9.5 million in net inflows, according to FactSet. The fund uses a revenue-adjusted market capitalization weighting for 30 semiconductor companies.

SHOC's methodology assigns companies a “Revenue Score” based on semiconductor exposure and a “Theme Score” for competitive positioning. Broadcom represents the second-largest holding at 17.8%, creating a more concentrated approach than SMH's diversified structure.

The three funds show mixed performance patterns over longer periods. SMH delivered a 56.9% three-month return compared to SEMI's 43.1% and SHOC's 58.5%, according to FactSet data. Year-to-date returns are closer, with SMH and SHOC both posting gains above 17% while SEMI has recorded a 9.3% increase.

[![SMHvsSEMIvsSHOC](/sites/default/files/inline-images/SEMIvsSMHvsSHOC.png)](https://www.etf.com/tools/etf-comparison/SEMI-vs-SMH-vs-SHOC)*Source: Factset*

Flow patterns also diverged among the funds despite shared exposure to Nvidia's rally. SMH attracted $1.7 billion in three-month net inflows, while SEMI experienced outflows of $14.4 million and SHOC gained inflows of $10 million over the same period, according to FactSet.



 

 

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 Related Topics  [Data Dive](http://www.etf.com/topics/data-dive) 

 [Semiconductors](http://www.etf.com/topics/semiconductors) 

 [Technology](http://www.etf.com/topics/technology) 

 [Artificial Intelligence](http://www.etf.com/topics/artificial-intelligence) 

 [Columbia](http://www.etf.com/topics/columbia)