SMH concentrates on the semiconductor sector, delivering the highest one-year return in this entire batch at 93.3%. Its max drawdown of -18.1% — also the largest in this batch — reflects its high-risk, high-reward character.

Top holdings — Nvidia, TSMC, Broadcom — give it direct exposure to the AI chip theme. It's a narrower, more concentrated bet on semiconductors than broader tech ETFs like VGT or XLK, suiting investors with strong conviction in the chip cycle who can also tolerate the added volatility.