A semiconductor module includes a base plate, a substrate on the base plate and carrying at least one semiconductor chip, a housing attached to the base plate and at least partially enclosing the substrate, and at least one terminal having one end which protrudes from the housing and another end which has a terminal foot attached on a terminal pad of the metallization by means of ultrasonic welding. The housing has a protective wall which encloses the terminal and divides an interior space of the housing into an unprotected region and a protected region. The protective wall is formed such that a gap is formed between the substrate and the protective wall. The gap is designed to carry a fluid flow such that particles produced during the ultrasonic welding of the terminal foot to the terminal pad are prevented from penetrating into the protected region from the unprotected region.