Two ETFs Offer AMD Exposure for 2026 Without Owning AMD

Two ETFs, SMH and IGPT, provide meaningful AMD exposure without owning the stock. SMH is a large semiconductor ETF (0.35% expense) with about $53.6B AUM and roughly 19.6% returns over the last three months, offering ~5.5% upside based on targets. IGPT focuses on AI‑driven software and includes AMD along with names like Intel, Alphabet, and Meta, with about $792.7M AUM, 0.56% expense, ~14% three‑month return, and ~9.9% upside. AMD momentum is supported by catalysts like the MI450 AI accelerator, Intel’s sector lift, and the tightening HBM3E memory market.