ETF · ETFs - Sector
SMH Implied Volatility, IV Rank & Options Chain
VanEck Semiconductor ETF (SMH) options data: IV rank, options chain, GEX and Greeks. Comprehensive options market data for VanEck Semiconductor ETF (SMH).
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SMH options trade with implied volatility typically in the 25% - 70% range, averaging 800K+ contracts in daily volume with excellent liquidity. Next earnings: N/A (ETF). Weekly options and LEAPS are available.
SMH live implied volatility
Refreshed every 15 minAs of 12:48 p.m. ET, Oct 27, 2026, SMH's 30-day implied volatility is 37.9%, placing its 1-year IV percentile at 43 — above 43% of the past year's daily IV readings, a middle range, neutral between selling and buying premium.
SMH live chain, Greeks and GEX
TerminalEvery figure above is reference data. The live SMH chain, its Greeks, the gamma profile and the flow tape update through the session inside the Terminal.
SMH options at a glance
- Daily volume
- 800K+ contracts
- IV range
- 25% - 70%
- Bid-ask spread
- $0.02 - $0.05 ATM
- Expirations
- Weekly, monthly, LEAPS
- Open interest
- 5M+ contracts
- Next earnings
- N/A (ETF)
About VanEck Semiconductor ETF (SMH)
SMH tracks the MVIS US Listed Semiconductor 25 Index, providing concentrated exposure to the largest U.S.-listed semiconductor companies. Top holdings include NVIDIA, Taiwan Semiconductor, Broadcom, AMD, and Qualcomm. The ETF has become a key vehicle for AI and chip sector exposure.
Company profile
- Sector
- ETF
- Industry
- Sector Fund
- Market cap
- $25B+ AUM
- Exchange
- NASDAQ
Key dates
- Next earnings
- N/A (ETF)
- Earnings frequency
- N/A
- Dividend schedule
- Quarterly
- Fiscal year end
- N/A
SMH is the most liquid semiconductor ETF and the primary vehicle for chip sector exposure. The AI boom has made SMH one of the most actively traded sector ETFs.
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Options analytics, live.
Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.
- Live chains and Greeks
- IV rank and percentile
- Expected move and GEX
- Screener and strategy P&L
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SMH options market overview
SMH options have exploded in popularity due to AI-driven semiconductor demand. The ETF's NVIDIA-heavy weighting creates significant options activity around chip earnings.
- Average daily volume
- 800K+ contracts
- Total open interest
- 5M+ contracts
- Put/call ratio
- 0.60 - 0.90 typical
- Typical ATM spread
- $0.02 - $0.05 ATM
- Weekly options
- Available
- LEAPS available
- Yes
Liquidity assessment: Excellent
SMH options have excellent liquidity, particularly since the AI boom began. Tight spreads and high volume make it efficient for sector exposure.
SMH implied volatility and IV rank
SMH implied volatility is among the highest of sector ETFs due to semiconductor cyclicality, AI demand uncertainty, and concentrated exposure to high-volatility names like NVIDIA.
Earnings impact
Chip earnings (January, April, July, October) create significant IV expansion. NVIDIA alone can move SMH 5%+ on earnings given its ~20% weighting.
The post-earnings volatility drop is known as IV crush. Holders of short SMH options should also understand early assignment risk around dividends and expiration.
Historical volatility vs IV
SMH IV tends to trade at a premium given the sector's cyclicality and AI-driven uncertainty.
Term structure
Often inverted around semiconductor earnings due to concentrated catalyst risk.
The smile, the term structure and the cone for SMH, on today's chain.
Open SMH in IV IntelligenceSMH gamma exposure (GEX)
Gamma Exposure (GEX) analysis for SMH shows semiconductor sector dealer positioning and potential support/resistance levels.
- Typical GEX profile. SMH gamma exposure is significant and concentrated around major strike levels. NVIDIA earnings can shift the gamma profile dramatically.
- Key levels. Major strikes form at $5 increments. Round numbers often have significant open interest concentration.
- Dealer hedging. SMH dealer hedging can amplify sector moves, particularly around earnings of heavily-weighted names.
Where the gamma sits on SMH right now, strike by strike.
See live SMH GEXCommon SMH options strategies
These are strategies commonly used by traders on SMH options, based on typical market characteristics. This is not investment advice.
Key considerations for SMH options
- NVIDIA represents ~20% of SMH - NVDA earnings are the single biggest catalyst
- Semiconductor cycles are notoriously volatile - boom-bust patterns are common
- AI demand has transformed the sector but sustainability is uncertain
- China export restrictions and geopolitical tensions create ongoing risks
- Taiwan Semiconductor (TSMC) exposure adds geopolitical risk (Taiwan)
- Multiple chip earnings occur in the same week, creating concentrated volatility
SMH key events
Earnings months. N/A
- NVIDIA Earnings (Feb, May, Aug, Nov) - Highest impact
- Major Chip Earnings (Late Jan, Apr, Jul, Oct)
- China Export Restriction Updates (Variable)
- Semiconductor Industry Data (Monthly)
- Tech Conferences (CES January, etc.)
SMH options data by API, or in Claude
Every number on this page is one request away. The implied volatility API returns SMH's IV rank and percentile, the gamma exposure API its dealer positioning by strike, and the chain API every strike with Greeks. Connected to the ApexVol MCP server, Claude, Cursor or ChatGPT can ask for them in plain English.
curl -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
"https://apexvol.com/api/mcp/data/iv-rank/SMH"What is SMH's IV rank right now, and where is its gamma flip?
Claude calls get_iv_rank and get_gexTry GEX on SMH in the console, more prompts for SMH, or set the server up in Claude Desktop, Claude Code, Cursor or ChatGPT.
- Written by
- ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use. - Reviewed by
- Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.
Revised as market conditions and institutional data change. Last revised 2026-10-26. How we research →
Track this name's volatility weekly. The week's biggest IV movers and the expected earnings moves, straight from the data.
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Questions
Frequently asked
about SMH options.
How liquid are SMH options?
SMH options have excellent liquidity with average daily volume exceeding 800,000 contracts. At-the-money options have spreads of $0.02-0.05, and open interest exceeds 5 million contracts.
What is SMH's typical implied volatility?
SMH implied volatility typically ranges from 25% to 70%, among the highest of sector ETFs. Normal conditions see IV between 32-45%. IV spikes dramatically around NVIDIA earnings and chip sector catalysts.
How does NVIDIA affect SMH?
NVIDIA represents approximately 20% of SMH, making NVDA earnings the single biggest catalyst for the ETF. SMH can move 5%+ on NVIDIA earnings alone due to this concentration.
What is the semiconductor cycle?
Semiconductors are notoriously cyclical, with periods of oversupply and undersupply driving boom-bust patterns. The AI boom has created exceptional demand, but cycle risks remain.
What companies are in SMH?
SMH holds 25 U.S.-listed semiconductor companies including NVIDIA (~20%), Taiwan Semiconductor (~10%), Broadcom (~8%), AMD (~5%), Qualcomm, Intel, and other chip makers and equipment suppliers.
How do China export restrictions affect SMH?
U.S. restrictions on advanced chip exports to China directly impact SMH holdings, particularly NVIDIA. Announcements of new restrictions or workarounds can cause significant volatility.
Does SMH pay dividends?
Yes, SMH pays quarterly dividends, though the yield is modest as chip companies prioritize growth. Ex-dividend dates create early assignment risk for in-the-money calls.
Are LEAPS available for SMH?
Yes, SMH LEAPS are available with expirations extending 2+ years into the future. Given the sector's volatility, LEAPS premiums are expensive but offer long-term chip exposure.
What is SMH's gamma exposure (GEX)?
Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence SMH's intraday price action. SMH gamma exposure is significant and concentrated around major strike levels. NVIDIA earnings can shift the gamma profile dramatically. SMH dealer hedging can amplify sector moves, particularly around earnings of heavily-weighted names. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live SMH GEX levels and the gamma-flip point on ApexVol.
What is SMH's IV rank?
SMH's IV rank shows where SMH's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. SMH implied volatility typically ranges from 25% - 70%. Check SMH's live IV rank and percentile on ApexVol's IV analytics.
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