Assets › concentrated
VanEck Semiconductor (SMH)
Clears the 12% forward-return floor — eligible for optimizer by default.
Fwd expected return 15.0%
Annualised volatility 32.0%
Sleeve concentrated
Risk notes
CONCENTRATED (~25-30 chips, top-heavy NVDA/TSMC). Highest-conviction AI/HPC bet. Highest forward-return potential AND highest drawdown — cyclical semis can fall 40-50%+ in a downturn. NOT value (high P/E) — user opted into concentration. Foreign-asset tax.
Primary source →