How should we position the three U.S. semiconductor ETFs: SOXX, SMH, and EUV? From a personal perspective: SOXX is the 'semiconductor full industry chain beta'; SMH is the 'AI semiconductor leader beta, with NVDA (18.4% weight)/TSM and other large-cap weights being heavier'; EUV is the 'advanced process equipment, lithography, materials, optical communication, advanced packaging/testing, and other upstream beta.'