Nvidia's stock has been skyrocketing this year, but at a whopping 220 times earnings, it's also incredibly expensive.

There are many other artificial intelligence (AI) stocks to choose from that may provide better value. Investing in an exchange-traded fund (ETF) can give you a great way to gain exposure to AI without having to worry about picking the best stocks involved in AI.

One ETF that should be on your radar right now is the iShares Robotics and Artificial Intelligence Multisector ETF (IRBO 1.98%).

The ETF is diverse and generated market-beating returns this year

Year to date, this ETF has risen 25% in value, nearly doubling the S&P 500's 13% gain. And although AI is a key reason the market has been doing so well this year, the fund is about more than just tech.

One of the risks with buying AI stocks is that investors might be tempted to simply buy up high-flying tech names that have become overvalued. But this ETF offers much more diversification because it contains more than 110 holdings. It focuses on stocks that are involved with both AI and robotics.

And while tech accounts for 55% of the stocks, communications (18%), industrials (14%), and consumer discretionary (10%) also make up sizable portions of the fund.

There's also no stock that makes up 2% of the ETF's total weight. That's important for risk-averse investors because that means the fund isn't heavily reliant on a single stock; the ETF will give investors a more balanced approach when it comes to AI. Nvidia is one of the ETF's holdings, but it's not even one of the top 10 stocks and it accounts for less than 1% of the ETF's weight. 

Investors shouldn't limit their exposure to just tech

AI and robotics will impact many industries and it's important for investors to look beyond strictly tech stocks. Intuitive Surgical (NASDAQ: ISRG), for instance, is a company that makes robotic-assisted surgical systems, which can transform the healthcare industry. Intuitive's sales have doubled in five years, and there's more growth ahead for the business given demand for its da Vinci devices remains strong. 

Another example is fuboTV (NYSE: FUBO), which in 2021 acquired AI company Edisn.ai, hoping to enhance and diversify its offerings.

While fuboTV is primarily a streaming specialist, it plans to use AI to help track objects, including logos, actors, and brands. That could assist it with providing more effective ads and make it possible for viewers to buy things they see on their screens.

Both fuboTV and Intuitive Surgical are included within the ETF's holdings. While Nvidia and other tech stocks may be obvious investment opportunities in AI's growth, there are many others with potentially even more upside in the long run.

The fund is a great option for novice AI investors

If you're not sure which businesses and stocks have exposure to AI, going with the Robotics and Artificial Intelligence Multisector ETF can save you a lot of time and spare you doing all that digging. Not only are there big names like Amazon and Alphabet within the fund, but investors also benefit from other, lesser-known investments that offer some attractive upside.

The ETF's expense ratio is just under 0.5%, which means that on a $1,000 investment, you're paying less than $5 in fees. There are cheaper ETFs out there, but given the potential turnover in a fund that focuses on AI, a bit of a premium may very well be justifiable. 

With strong diversification and excellent stocks in this fund, the Robotics and Artificial Intelligence Multisector ETF can be a great investment to buy and hold for the long run.