PSI vs SMH overlap - what they share and where they differ
PSI and SMH share 43.8% of their weight across 10 common positions, read from what each fund reported to the SEC.
Each week Ploutos reads the reported positions of the largest US equity ETFs and measures, pair by pair, the weight they share: for every stock both funds hold, the smaller of the two weights counts. Two funds tracking the same index land near 100%. A sector fund inside a broad index fund lands at roughly that sector's weight.
PSI and SMH
43.8%
10 shared positions
PSI
Invesco Semiconductors ETF
Reported positions cover 99% of the fund, 30 positions · Jul 31, 2026
Top 10: 49.4%·Holdings of PSI
SMH
VanEck Semiconductor ETF
Reported positions cover 100% of the fund, 25 positions · Jun 30, 2026
Top 10: 70.2%·Holdings of SMH
Reported positions cover PSI 99%, SMH 100% of each fund. An overlap cannot exceed the smaller coverage, so a low figure can mean little overlap or thin reporting.
SMH vs PSI side by side
PSIInvesco Semiconductors ETF
30
stock positions reported to the SEC
49.8% of its weight is in 20 names SMH does not hold
SMHVanEck Semiconductor ETF
25
stock positions reported to the SEC
42.6% of its weight is in 15 names PSI does not hold
Where each fund's weight sits
Largest sectors for both funds
The widest gap is Technology: SMH has 8.7 points more of it.
The figures side by side
| PSI | SMH | |
|---|---|---|
| Filing date | Jul 31, 2026 | Jun 30, 2026 |
| Stock positions reported | 30 | 25 |
| Weight of the ten largest | 49.4% | 70.2% |
| Largest position | AMAT 6.6% | NVDA 17.6% |
| Held alone | 20 positions, 49.8% | 15 positions, 42.6% |
| Covered by stock positions | 99% | 100% |
Holdings they share
| Stock | In PSI | In SMH | Counted |
|---|---|---|---|
| AMATApplied Materials, Inc. | 6.55% | 5.74% | 5.74% |
| AMDAdvanced Micro Devices, Inc. | 5.54% | 5.63% | 5.54% |
| NVDANVIDIA Corp. | 5.48% | 17.55% | 5.48% |
| MUMicron Technology, Inc. | 5.39% | 5.67% | 5.39% |
| KLACKLA Corp. | 5.33% | 5.57% | 5.33% |
| LRCXLam Research Corp. | 5.33% | 5.31% | 5.31% |
| INTCIntel Corp. | 4.28% | 5.15% | 4.28% |
| ADIAnalog Devices, Inc. | 5.13% | 4.00% | 4.00% |
| TERTeradyne, Inc. | 3.02% | 1.50% | 1.50% |
| MPWRMonolithic Power Systems, Inc. | 2.74% | 1.22% | 1.22% |
What each holds alone
The heaviest positions one fund reports and the other does not.
Only in PSI
Only in SMH
Questions people ask
Is PSI the same as SMH?
43.8% of their weight sits in the same 10 holdings. PSI also reports ICHR, COHU, UCTT, which the other does not. SMH also reports TSM, AVGO, ASML, which the other does not.
How is the overlap between PSI and SMH measured?
For every stock both funds report, the smaller of the two weights counts, and the sum is the overlap. The reported positions cover 99% of PSI and 100% of SMH, so the number cannot exceed the smaller coverage.
Which holds more, SMH or PSI?
PSI reports 30 stock positions and SMH reports 25. 49.8% of PSI's weight sits in names SMH does not hold, and 42.6% of SMH's weight in names PSI does not hold. The ten largest positions are 49.4% of PSI and 70.2% of SMH.
How do PSI and SMH differ by sector?
The widest gap is Technology: SMH has 8.7 points more of it. Sectors come from each holding's SIC code in its SEC record, summed by the weight the fund reports.
Where do the numbers come from?
From each fund's own N-PORT filing to the SEC, which lists every position and its weight. The comparison uses every equity position the fund reports; cash, futures and bonds are not counted, which is why a coverage figure sits next to every result. Holdings change between filings.
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Descriptive data from public SEC filings. Nothing on this page is a recommendation to buy, sell or hold any fund or stock, and holdings change between filings.