A Nasdaq-100 ETF traded even Wednesday as declines in shares of Adobe (NasdaqGS: ADBE) and Research in Motion (NasdaqGS: RIMM) were offset elsewhere in the portfolio.

PowerShares QQQ (NasdaqGM: QQQ), a $22 billion exchange traded fund, was little changed as investors marked time before the Federal Reserve decision.

RIM shares were down 1% on reports the company is cutting its outlook for production of the PlayBook tablet.

Also Wednesday, Adobe shares dropped 6% following its quarterly earnings report on worries over its European business.

Adobe reported a “decent” fiscal second quarter with Japan “much better than initially guided, but some incremental weakness in Europe,” Jefferies analysts said in a note.

Both stocks are components of the Nasdaq-100, which has rallied back above its 200-day moving average. [Will Small-Cap ETFs Hold?]

The bounce has punished ETFs that bet against the tech-heavy benchmark. [Shorting QQQ]