Nvidia (NVDA -2.09%) has become one of the most popular stocks in the market, and for good reason. Its artificial-intelligence semiconductor chips are flying off the shelves as companies across the globe do whatever it takes not to get left behind in the rush toward developing cutting-edge AI applications. Its sales and profits have soared, and its stock price has followed, making Nvidia one of just three stocks ever to have had a market cap above the $3 trillion mark.

Many investors liked to use exchange-traded funds in order to get some diversity in their portfolios. Yet what many ETF investors have found lately is that the more Nvidia stock their funds hold, the better their returns. If Nvidia is your favorite stock -- or you just want to invest in a fund that has an outsized amount of the technology giant's shares -- then these three ETFs could have exactly what you're looking for in an investment.

1. VanEck Semiconductor ETF

Nvidia is the largest semiconductor stock in the market, and that makes it the largest holding of the VanEck Semiconductor ETF (SMH -1.01%). The VanEck fund follows a fairly standard methodology for choosing its holdings, selecting companies in the semiconductor space and then weighting its positions in each company by its market capitalization.

You'll find over two dozen semiconductor stocks among the VanEck ETF's holdings. But Nvidia dominates the list, making up over 20% of assets as of late June. Taiwan Semiconductor Manufacturing (NYSE: TSM) and Broadcom (NASDAQ: AVGO) are also large holdings, and the top 10 stocks in the fund make up over 70% of its total value. A 0.35% expense ratio isn't rock-bottom cheap, but it's not an unreasonable amount to pay for fund targeting a particular industry group, and a 68% total return over the past year is nothing to sneeze at.

2. Vanguard Information Technology ETF

By far the largest entry on this list is the Vanguard Information Technology ETF (VGT -1.56%). This fund has a broader scope than the VanEck Semiconductor ETF, including not just semiconductor stocks but also a wider swath of the technology industry. You'll find software, hardware, and cloud-focused companies on the list alongside chipmakers.

The Vanguard ETF has more than 300 stocks in its portfolio, but Nvidia makes up 14% of the fund's $80 billion in assets. That doesn't even make Nvidia the fund's top holding, though, as both Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) weigh in with even higher allocations. Those three stocks alone compose half the ETF's assets, making the fund highly concentrated. Yet with a 29% return over the past year and an expense ratio of just 0.10%, Vanguard's product has given investors impressive results.

3. GraniteShares 2x Long NVDA Daily ETF

Nvidia's strong performance has spawned numerous leveraged ETFs seeking to profit from its success, and GraniteShares 2x Long NVDA Daily ETF (NVDL -4.04%) is the largest. With roughly $4 billion in assets, GraniteShares holds two assets: cash and swap contracts tied to Nvidia stock that give it outsized exposure to the moves in the chipmaker's share price.

If Nvidia's stock rises 5% on a given day, the GraniteShares ETF's investments are geared to target a 10% gain for that day. However, the same is true on the downside: if Nvidia's falls 5% in a day, investors can expect a 10% drop for the GraniteShares fund.

That exposure doesn't come cheap, as the fund's net operating expense ratio comes to 1.15% per year. With the share price having more than quadrupled over the past year, though, bold investors have defied the odds against holding these short-term-oriented leveraged ETFs for the long run.

The best way invest in Nvidia

If exposure to Nvidia is what you want, the easiest way to get it is just to buy the stock. The fact that even some of the largest exchange-traded funds in the market have so much exposure to Nvidia speaks not to their savvy in selecting investments but rather to the flaws in their respective methodologies. If you're seeking an ETF with true diversification, you have to look hard to make sure you're not actually getting concentrated exposure to the high-flying chip stock.