SMHD – MicroSectors -3× Shrt Semiconductor ETNs – ETF Investment Strategy | Morningstar

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Strategy

The investment seeks to provide three times leveraged inverse participation in the VettaFi Semiconductor Fund-Tracking Index (the “Index”) from one leverage reset day to the next, before taking into account fees and charges. The index is a total return index that tracks the performance of the VanEck® Semiconductor ETF (the “Reference Fund”). The index is designed to provide exposure to the performance of 25 of the largest and most liquid U.S. exchange-listed companies in the semiconductor industry through a single fund-tracking vehicle.

Ticker	Name	Share Class Type	Investment Status	Morningstar Rating for Funds Overall	Medalist Rating Overall	Inception Date	Total Net Assets for Share Class	Adjusted Expense Ratio	Fee Level Distribution	Minimum Initial Investment	1-Year Net Flow
SMHD	MicroSectors -3× Short Semiconductor ETNs	ETF	Open	—	—	Aug 3, 2026	$15.48M	0.000%	—	—	—

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