저자: PeterPru · 외국인
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반도체 ETF SOXX, SMH, SOXQ를 비교. SMH는 엔비디아 비중 약 18%와 TSMC·ASML 포함으로 AI 인프라 집중 베팅, SOXX는 종목당 8.5% 상한으로 분산, SOXQ는 보수 0.19%로 가장 저렴. 2022년 SOXX 약 -45%, SMH -44% 낙폭 강조. 발언자는 SOXX를 매수했고 커버드콜 매도 목적으로 SOXX 옵션시장 유동성을 선호. 영상 후반은 ARC 옵션 세미나 홍보.
다듬은 글
So, I recently bought SOXX during the semiconductor stock market crash . Then I compared these three funds a little more carefully . And the Motley Fool published an article on August 14, literally 10 days ago, saying that SOXX is perhaps the hardest to justify as an investment of the three options.
Honestly, this is something to think about before deciding which semiconductor ETF is really worth your money. Three ETFs covering essentially the same sector, right? Semiconductor company stocks with very different structures. We have different costs and, of course, different concentrations. SMH is the VanEck Semiconductor ETF.
Expense ratio 0.35% , assets under management— $70 billion. The largest of the three by a wide margin and the most liquid. He holds 25 to 26 shares. Nvidia occupies approximately 18% of the portfolio. The five biggest assets: Nvidia, obviously, TSMC, Broadcom, Micron, AMD. Of course? This is approximately 43% of the fund.
Importantly, SMH includes TSMC and ASML, giving it a good international presence in the semiconductor space, not just American names. SOXX is the iShares Semiconductor ETF. Expense ratio 0.35% , assets under management 47 billion, 30 assets weighted by modified market cap, limiting the share of any one stock to 8.5 %.
This means that Nvidia's share is intentionally lower than SMH's, which is a broader, US-focused presence in semiconductor equipment companies. In 2026, SOXX outperformed SMH in year-to-date performance through June. 110+ percent vs. 86% in SMH because the broader chip presence outperformed the megacap-focused trading in that particular period.
SOXQ is an Invesco Semiconductor ETF. The expense ratio is 0.19% — almost half that of SOXX or SMH. The portfolio is largely the same as SOXX, according to Motley Fool analysis. Smaller fund, lower liquidity than both competitors. The dividend yield is 0.32%—slightly higher than others. From a cost perspective alone , this is the most efficient way to own the semiconductor sector through the SOXX methodology.
But here is a framework for choosing between them. Look, the semiconductor sector itself, right? You have AI data centers , high- bandwidth memory, advanced packaging, foundry capabilities, chip equipment. In my opinion, this is a perfectly legitimate long-term structural theme, at least for me. The performance indicators for 2023-2026 clearly confirm this.
Investors who owned any of these three participated in one of the strongest sector rallies in modern market history. But choosing between them is not a question of whether semiconductors belong in the portfolio. We know what the answer is. What version of impact on the semiconductor sector do you want?
Focus on mega-cap AI leaders, broad exposure to the US chipset market, or the cheapest version of that broad exposure? So, SMH is a concentrated bet on AI infrastructure, okay? SMH wins when the mega-capitalization AI chipset leaders win. Nvidia's 18% share means that a significant move by Nvidia is a significant move by SMH.
The inclusion of TSMC gives SMH something that SOXX doesn't have : access to a company that literally makes the most advanced chips on the planet. Over most multi-year periods, SMH has, you know, slightly outperformed SOXX, largely due to Nvidia's higher share and TSMC's exposure during the AI semiconductor boom of 2023-2026.
This is the most liquid of the three options, which is important if you're managing a position of any size or want to get those nice tight bid-ask spreads , okay? But here's the risk. Concentration works both ways. 43% in five stocks means that a mega-cap semiconductor exit will hit SMH harder than SOXX.
Taiwan's geopolitical risk through TSMC—that's honestly an issue worth thinking about because it doesn't exist in the US-centric SOXX structure, okay? Speaking of SOXX, it is wider, but at a price. SOXX offers 30 assets with limited weighting. No individual stock exceeds 8.5%. This means that Nvidia is undervalued relative to its market capitalization.
During the Nvidia-led rally , SOXX will lag behind SMH. In the broader semiconductor cycle, where mid-cap equipment companies and chipmakers are leading the way , SOXX could keep pace or break ahead, as it did through June 2026 . But the real problem with SOXX is that, at the same fee as SMH, it's a portfolio that's essentially available for half the cost of its "brother " SOXQ.
According to the Motley Fool's August 14th conclusion, SOXX has, you know, probably the toughest investment case of the three, okay? SOXQ is the cheapest way to have a broader impact on semiconductors. SOXQ at 0.19%—it's the most cost- effective way to own semiconductor assets, uh, got it? This is without any questions.
Same portfolio structure as SOXX, almost half the expense ratio. The trade-off is: fewer assets under management, lower liquidity, and wider bid-ask spreads in the options chain, which matters if, like me, you plan to sell covered calls on this position. For a pure semiconductor allocation under a buy-and- hold strategy without a futures strategy with options, SOXQ is clearly a financially superior version of SOXX.
But for investors looking to sell covered call options on their semiconductor positions, the tighter bid-ask spreads in SOXX and the larger SMH options market, at least for me, justify the commission. Now on this channel we talk a lot about generating income from our portfolios. Okay, I don't have enough time to cover everything, but I definitely want you to attend the full Arc Option Strategy seminar.
The link will be below. At the end, you'll get my 15 favorite stocks under $30 , my two premium calculators, and my complete trading journal template. You will also learn about our 100 Contracts Club. We have already sent eight of these incredible special awards to our Options Traders School participants , and we are also donating 40 Bibles for each of them to those in need.
So you will definitely want to attend this seminar. I'll leave it as the first link in the description of today's video . Let's talk about 2022, because we need to remember it. One figure applies equally to all three and deserves special attention. In 2022, SOXX fell by about 45%. SMH—by 44%. These are not the funds that will protect you during a period of reduced risk appetite.
No, no, no. Investors, you should expect a 40-50% drawdown during a semiconductor bear market, okay? The long-term bullish forecast is very convincing, is n't it? Volatility —you can't ignore it. This is documented, okay? But here's the results table for them, right? The most concentrated and best indicator in AI bull markets is, of course, SMH.
The largest assets under management, the narrowest option spreads, including TSMC and ASML, are the choice for investors who want maximum exposure to Nvidia and megacap AI companies with, you know, global supply chain reach. The broadest coverage of US semiconductors is SOXX, right? It performs better in cycles where smaller- cap semiconductors and equipment manufacturing companies lead.
But the fee argument is hard to ignore when SOXQ offers the same coverage for almost half the price. So make this decision yourself. The cheapest is obviously SOXQ, the same methodology as SOXX , with a commission of 0.19%. Best for buy-and-hold investors who don't need the deep liquidity of options on this position, according to, you know, this Motley Fool article.
By excluding SOXX from the solution, the real comparison is made between SMH and SOXQ. One wins through concentration , the other through cost. Oddly enough, I bought SOXX on the recent dip . It is now about 20% below its June 2026 highs, at about $520 per share when I take this shot. Now let's compare in more detail, shall we?
I would like to acknowledge that SOXQ offers essentially the same coverage for half the management cost, as we talked about, of course. My motivation for choosing SOXX over SOXQ is the options. The options market on SOXX is more established. If I want to sell and plan to sell my covered call options on my position.
But the case for SMH, with its TSMC influence and apparently higher Nvidia concentration, is certainly compelling as a pure AI infrastructure investment. I didn't buy SMH mainly because I already have a significant stake in Nasdaq. You know, I buy a lot of QQQ, and SOXX is a broader exposure to semiconductors.
This added a little more diversification to this theme for me, instead of just doubling down on this mega-cap concentration. As always, I have a few questions for you in the comments. We always have great discussions there. I appreciate each and every one of you. Question one: knowing that SMH includes TSMC and ASML, while SOXX remains US-focused, does the international influence on the semiconductor supply chain make SMH more attractive to you, or do you not care?
Question two: If SOXQ offers essentially the same portfolio as SOXX but with a lower expense ratio, is there a reason in your opinion to own SOXX over SOXQ, other than the liquidity of the options market? Let us know below in the comments section. Also , be sure to attend the full ARC Options Strategy Seminar.
You will like it. You'll get my 15 favorite stocks under $30 , my two premium calculators, my complete trading journal template, and learn about our mission—sending out these personalized " 100 Contract Gold Club" rewards when you reach 100 contracts using the ARC Strategy Method. I'll leave this link first in the description of today's video. Guys, remember: sell options, collect premiums, repeat. See you tomorrow.
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