JEPQ vs SMH: how much do they really overlap?
JEPQ (JPMorgan Nasdaq Equity Premium Income ETF, tracking the Nasdaq-100 (active)) and SMH (VanEck Semiconductor ETF, tracking the MVIS US Listed Semiconductor 25) overlap by roughly 46% by weight. 4 of JEPQ's top 10 holdings also appear in SMH. A 50/50 blend of the two behaves like about 28 equally-weighted bets (diversification grade C). In short, the two funds share a meaningful core of the same megacaps, but each also brings real exposure the other lacks.
The same companies, in both funds
These 9 holdings appear in both JEPQ and SMH. The weight columns show how much of each fund each name represents.
| Holding | in JEPQ | in SMH |
|---|---|---|
| NVDA NVIDIA Corporation | 6.66% | 18.16% |
| MU Micron Technology, Inc. | 5.56% | 5.99% |
| AMD Advanced Micro Devices, Inc. | 3.85% | 5.44% |
| LRCX Lam Research Corporation | 2.88% | 5.00% |
| AVGO Broadcom Inc. | 2.15% | 5.49% |
| INTC Intel Corporation | 1.61% | 5.09% |
| MRVL Marvell Technology, Inc. | 1.37% | 4.49% |
| AMAT Applied Materials, Inc. | 1.31% | 5.35% |
| ASML ASML Holding N.V. | 1.13% | 4.89% |
Only in JEPQ
JPMorgan Nasdaq Equity Premium Income ETF — Nasdaq covered-call income. Its biggest holdings that SMH doesn’t have:
| AAPL Apple Inc. | 5.80% |
| GOOG Alphabet Inc. | 5.03% |
| MSFT Microsoft Corporation | 3.88% |
| AMZN Amazon.com, Inc. | 3.66% |
| TSLA Tesla, Inc. | 2.38% |
| META Meta Platforms, Inc. | 2.37% |
| STX Seagate Technology Holdings plc | 1.92% |
| WMT Walmart Inc. | 1.78% |
Only in SMH
VanEck Semiconductor ETF — semiconductors. Its biggest holdings that JEPQ doesn’t have:
| TSM Taiwan Semiconductor Manufacturing Company Limited | 9.04% |
| KLAC KLA Corporation | 4.94% |
| TXN Texas Instruments Incorporated | 4.29% |
| ADI Analog Devices, Inc. | 4.19% |
| QCOM QUALCOMM Incorporated | 4.12% |
| CDNS Cadence Design Systems, Inc. | 2.33% |
| SNPS Synopsys, Inc. | 1.96% |
| TER Teradyne, Inc. | 1.45% |
So — partly overlapping. Should you hold both?
JEPQ and SMH share a meaningful core of the same megacaps, but each also brings real exposure the other lacks. Held together they keep a shared megacap core but each still pulls in exposure the other lacks, so a 50/50 blend spreads to ~28 effective positions (grade C).
Holdings as of — JEPQ: Jun 30, 2026 (J.P. Morgan Asset Management); SMH: Jun 27, 2026 (VanEck). Refreshed monthly. Overlap is measured across each fund’s largest holdings (top 25); the diffuse long tail barely moves the math.
See this for YOUR whole portfolio, free →JEPQ vs SMH — FAQ
- How much do JEPQ and SMH overlap?
- JEPQ and SMH overlap by approximately 46% measured by portfolio weight — that is the share of the smaller fund's holdings (by weight) that also sit inside the other. 4 of JEPQ's 10 largest holdings are also held by SMH. They share 9 of their listed top holdings in total.
- Is it redundant to hold both JEPQ and SMH?
- Because they share a meaningful core of the same megacaps, but each also brings real exposure the other lacks, holding both is partly redundant: you double up on a shared core (NVDA) while each fund still adds distinct exposure. A 50/50 blend has an effective 28 positions and a C diversification grade.
- What does SMH hold that JEPQ doesn't?
- SMH's largest holdings that JEPQ doesn't hold include TSM, KLAC, TXN, ADI, QCOM. Its category is semiconductors, versus JEPQ's Nasdaq covered-call income.
- Which is more concentrated, JEPQ or SMH?
- JEPQ's top 10 holdings are 72% of its listed weight; SMH's are 69%. The more concentrated fund leans harder on its largest names.