With Nvidia (NVDA) set to report its closely watched Q1 FY27 earnings on Wednesday, May 20, investors are preparing for possible volatility across AI and semiconductor stocks. While buying NVDA stock directly ahead of a major earnings event can be risky, investors can still gain strong exposure to the chipmaker through diversified ETFs. Using the TipRanks ETF Comparison Tool, we identified three funds with significant Nvidia exposure that investors may want to watch ahead of earnings: the VanEck Semiconductor ETF (SMH), the Strive U.S. Semiconductor ETF (SHOC), and the Technology Select Sector SPDR Fund (XLK).
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VanEck Semiconductor ETF
The SMH ETF tracks the performance of the MVIS US Listed Semiconductor 25 Index. This index focuses on companies involved in semiconductor production and equipment. It provides exposure to both U.S. and internationally listed semiconductor companies. Importantly, Nvidia stock makes up 16.44% of the holdings in the SMH ETF.
Some of the top holdings in the SMH ETF include Taiwan Semiconductor (TSM), Intel (INTC), and Broadcom (AVGO). Further, the ETF has $65.56 billion in assets under management (AUM) and has an expense ratio of 0.35%. It is worth noting that the ETF has gained 126% over the past year.
Overall, the SMH ETF has a Strong Buy consensus rating. Of the 26 stocks held, 22 have Buys, and three have a Hold rating. At $587.40, the average SMH ETF price target implies a 5.58% upside potential.
Strive U.S. Semiconductor ETF
The SHOC ETF is a passively managed ETF that provides exposure to the U.S.-listed semiconductor sector. Investors should note that this ETF tracks the Bloomberg U.S. Listed Semiconductors Select Total Return Index. NVDA stock constitutes 18.83% of the holdings in the ETF.
Other holdings in the SHOC ETF also include Broadcom, Intel, and Advanced Micro Devices (AMD). Also, the ETF has $243.9 million in AUM and has an expense ratio of 0.4%. The ETF has gained 123% in 2025.
On TipRanks, SHOC has a Strong Buy consensus rating based on 28 Buys and three Holds assigned in the last three months. At $111.37, the average SHOC ETF price target implies 6% upside potential.
Technology Select Sector SPDR Fund
Another ETF investors may consider ahead of Nvidia’s (NVDA) earnings is the Technology Select Sector SPDR Fund (XLK). Unlike SMH and SHOC, XLK offers broader exposure to large U.S. technology companies while still holding a sizeable position in Nvidia stock. NVDA currently makes up 15.54% of the ETF’s holdings.
Some of the top holdings in XLK include Apple (AAPL), Microsoft (MSFT), and Micron Technology (MU). The ETF has about $117 billion in assets under management and carries a low expense ratio of 0.08%. XLK has gained over 50% during the past year.
Overall, XLK has a Strong Buy consensus rating. At $198.46, the average XLK ETF price target implies about 13% upside potential.
