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Which ETFs have the highest NVIDIA weighting?

AlphaOS investment intelligence · Research and education only — not investment advice · Updated Sep 27, 2026

Stock research: NVDA investment intelligence

Direct answer

The ETFs with the highest NVIDIA weightings are predominantly single-stock and leveraged funds, followed by semiconductor-focused thematic ETFs. NVDL (GraniteShares 2x Long NVDA Daily ETF) and NVDU (Direxion Daily NVDA Bull 2X Shares) offer 2x leveraged NVIDIA exposure, making NVDA their sole underlying. Among diversified ETFs, SOXX (iShares Semiconductor ETF) holds approximately 8-9% in NVDA, SMH (VanEck Semiconductor ETF) holds roughly 20-25% in NVDA as its top holding, and SOXQ (Invesco PHLX Semiconductor ETF) carries a similar range. Broad tech ETFs like QQQ [research note] approximately 6-8% and XLK approximately 5-7%. SMH consistently ranks as the highest-weighted diversified ETF for NVDA exposure among mainstream products.

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Key Takeaways

  • SMH (VanEck Semiconductor ETF) typically allocates 20-25% to NVDA, making it the highest-weighted mainstream diversified ETF for NVIDIA exposure
  • SOXX (iShares Semiconductor ETF) holds approximately 8-9% in NVDA, weighted by modified market cap within the semiconductor sector
  • Leveraged single-stock ETFs NVDL (2x) and NVDU (2x) are entirely NVDA-linked, though they track daily returns rather than holding shares directly
  • QQQ (Invesco Nasdaq-100 ETF) holds approximately 6-8% in NVDA, reflecting its Nasdaq-100 index weight
  • XLK (Technology Select Sector SPDR) holds roughly 5-7% in NVDA, constrained by concentration rules in S&P sector methodology
  • SOXQ (Invesco PHLX Semiconductor ETF) and PSI (Invesco Dynamic Semiconductors ETF) also carry significant NVDA positions within the semiconductor theme
  • NVDA's weighting in these ETFs has grown substantially since 2023 as its market cap surpassed $1 trillion, forcing index rebalances upward

Evidence & Analysis

  • SMH uses a modified market-cap weighting methodology that allows top holdings to exceed 20%; NVDA has been its #1 holding since late 2023
  • SOXX follows the ICE Semiconductor Index, which applies a modified equal-weight cap, limiting any single stock to roughly 8-10% at rebalance
  • QQQ tracks the Nasdaq-100, where NVDA's weighting has risen from under 4% in early 2023 to approximately 6-8% following the AI-driven market cap surge
  • Leveraged ETFs NVDL and NVDU use swap agreements to deliver 2x daily performance of NVDA stock, not direct equity ownership
  • S&P sector ETFs like XLK apply concentration limits under investment company rules, capping individual names when market cap thresholds are breached, which constrains NVDA weighting

Key Companies

NVDA

NVIDIA Corporation

Primary beneficiary — GPU market leader with ~80% data center AI accelerator share

SMH

VanEck Semiconductor ETF

Highest NVDA weighting among diversified ETFs at approximately 20-25%

SOXX

iShares Semiconductor ETF

Major semiconductor ETF with approximately 8-9% NVDA allocation

NVDL

GraniteShares 2x Long NVDA Daily ETF

Single-stock leveraged ETF providing 2x daily NVDA exposure

QQQ

Invesco Nasdaq-100 ETF

Broad tech ETF with approximately 6-8% NVDA weighting by Nasdaq-100 index rules

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