Amundi Semiconductor ETF: Why It’s a 23% NVIDIA Bet

With no single-stock cap, the Amundi MSCI Semiconductors ETF lets NVIDIA’s full market weight dominate the portfolio. We compare it to the capped VanEck rival and explain who should consider this concentrated ride.

The Amundi ETF’s Unfiltered NVIDIA Exposure

The Amundi MSCI Semiconductors UCITS ETF Acc (LU1900066033) is one of the cheapest globally diversified semiconductor funds, charging 0.35% per year. It tracks the MSCI ACWI Semiconductors & Semiconductor Equipment Filtered Index, which spans large and mid-sized chip companies across 23 developed and 24 emerging markets, with an ESG screen. The fund physically replicates its index and reinvests dividends.

The most striking feature is NVIDIA’s 22.40% weighting, far ahead of second-place Taiwan Semiconductor Manufacturing at 13.03% and Broadcom at 11.89%. That’s because the underlying index lets the market-cap weight of the biggest stocks run freely, while the competing VanEck Semiconductor UCITS ETF caps any single stock at 10%. In VanEck’s fund, NVIDIA is artificially held back and Micron Technology currently sits in the top spot due to recent price momentum.

The fund delivered 71.8% in 2023, 66.1% in 2024 and 32.7% in 2025, riding the global AI infrastructure boom. But 2022 brought a 33.1% loss as post-pandemic demand for memory chips cooled and rising US interest rates hit richly valued tech names. With a five-year volatility of around 32% and a maximum drawdown of 54.5% since its 2019 launch, this is a highly cyclical, concentrated bet.

Index Rules, Concentration and the Real Risk-Profile

Why the VanEck ETF Shows a Different Leader

The VanEck Semiconductor UCITS ETF tracks a different index that imposes a 10% single-stock cap. Because NVIDIA’s real market capitalisation is by far the largest in the sector, the cap dilutes its influence and pushes up weights of other stocks that have recently outperformed. The Amundi fund’s index simply reflects market-cap reality, giving investors a purer expression of the sector’s current winner. If you believe NVIDIA will keep driving chip-industry returns, this methodology lets that conviction flow directly into your portfolio.

Almost Two-Thirds US, With Taiwan as the Wildcard

Geographically, 64.7% of the fund is US-listed, 16.2% Taiwan (virtually all TSMC), 5.9% South Korea (entirely SK Hynix) and 5.6% Netherlands (almost entirely ASML). The US dominance harnesses American chip-design leadership in AI, but also ties the fund to US monetary policy and export-control decisions that can shake the industry. Meanwhile, critical manufacturing exposure remains concentrated in Taiwan and South Korea, meaning geopolitical tension around the Taiwan Strait directly hits the fund’s second-largest position.

What the 32% Volatility and 54% Drawdown Really Mean

A constant three-to-five-year volatility of approximately 32% is exceptionally high even for a thematic equity ETF. It reflects the outsized influence of a handful of highly volatile tech stocks and the sector’s boom-and-bust rhythm. The maximum loss since inception of 54.5% shows that the same forces that recently produced triple-digit gains can reverse violently. The fund’s historical pattern – a 33% drop in 2022 followed by years of AI-driven profits – illustrates how quickly sentiment can turn when the cycle shifts from under-supply to overcapacity.

Who This NVIDIA-Heavy Semiconductor ETF Actually Suits

Only for investors who explicitly believe NVIDIA will remain the sector’s dominant driver. The 22.4% single-stock weight means your portfolio’s semiconductor bet is essentially a leveraged bet on NVIDIA’s fortunes. If you think the AI capex cycle has room to run, the fund’s unconstrained construction gives you maximum exposure to that view.
Suitable solely as a speculative satellite holding, not a core allocation. With 80% of assets in the top ten names and a maximum drawdown of 54%, this ETF cannot replace a diversified equity fund. It’s a high-octane add-on for investors who can stomach losing half their investment in a downturn without altering their financial plan.
Consider the cost parity with alternatives before switching. At 0.35% the fund matches the VanEck and iShares semiconductor ETFs. The real differentiator is the uncapped NVIDIA weight – not the fee. If you want a more balanced semiconductor basket with a cap, the VanEck product is a direct alternative for the same price.