Semiconductor investors who believe that the space will experience further pains ahead could utilize an inverse ETF option to hedge their bets. For instance, the Direxion Daily Semiconductors Bear 3x Shares (NYSEArca: SOXS) acts like a leveraged inverse version of SOXX, providing a -3x or -300% performance of the PHLX Semiconductor Select Index.

Alternatively, bullish traders with a high conviction of a potential upside in the semiconductors space could also utilize the Direxion Daily Semiconductors Bull 3x Shares (NYSEArca: SOXL) to take the 300% performance of the PHLX Semiconductor Select Index.

Potential traders should be aware that while these products can generate outsized returns, there are considerable risks involved with utilize these types of products. [Do You Know How Your Leveraged ETFs Work?]

Market Vectors Semiconductor ETF

For more information on the semiconductors sector, visit our semiconductors category.

Max Chen contributed to this article.