SMH Vs. SMHX: Why The Next Phase Of The Semiconductor Cycle Looks Different

Core Insights - The VanEck Semiconductor ETF (SMH) has achieved returns of 35-40% since the initiation of a Buy recommendation, benefiting from a market recovery following the lows caused by tariffs in April 2025 [1] Group 1: Analyst Background - The analyst has over 20 years of experience in quantitative research, financial modeling, and risk management, focusing on equity valuation, market trends, and portfolio optimization [1] - Previous experience includes serving as Vice President at Barclays, leading teams in model validation, stress testing, and regulatory finance, which has developed expertise in both fundamental and technical analysis [1] - The analyst collaborates with a research partner to co-author investment research, combining strengths to provide high-quality, data-driven insights [1] Group 2: Research Focus - The research approach emphasizes rigorous risk management and a long-term perspective on value creation [1] - There is a particular interest in macroeconomic trends, corporate earnings, and financial statement analysis, aiming to deliver actionable ideas for investors [1]