XLV
State Street Health Care Select Sector SPDR ETF
stock NYSE ETF

Semis have been incredible, but honestly I think a lot of people underestimate how cyclical the industry can be.
If you already have heavy exposure through SMH/SOXX/DRAM, I’d personally balance it with areas that behave differently from high-beta tech.
A few ideas:
* BRK.B for diversified cash-generating businesses and lower volatility
* AVUV / small value for factor diversification
* Healthcare ETFs like XLV or VHT
* Financials/industrials if you want sectors tied more to the real economy
* Maybe even some international exposure since semis are already heavily US-tech concentrated
I still like semis long term, but once a portfolio becomes too dependent on AI momentum, diversification starts mattering more than maximizing upside.

10 million id definitely have different accounts with different blocks for different purposes.
2 million in a long term growth focused account. Mainly etf like SPY, VTI, with some SMH, QQQ, IWM, XLF, XBI, XLV, ITA, IYT, IGV. I’d sell far OTM covered calls hoping they expire worthless and treating it like another dividend.
2 million in a income based account with Covered calls ETFs that generate a healthy dividend every month. SPYI, XYLD.
2 million in real estate
2 million in bonds, treasury, international and China based ETF
1 million in single blue chip stocks.
Half million cash used to buy Leveraged ETF during pull backs that have RSI at weekly oversold conditions. SOXL, TQQQ , TNA, SPXL.
Half million to gamble with call or put options.