Apple shares have dipped under $500 per share as observers grow worried over cuts in iPhone production. [Apple Continues to Weigh on Tech Sector, Nasdaq-100 ETF]

In comparison, QQEW spreads out its weighting across its 101 holdings, with the largest component, Celgene Corp (NasadqGS: CELG), at 1.2%. Market-cap breakdown includes giant 15.8%, large 34.3% and medium 49.3%.

Investors who continue to believe in the growing power of the top market capitalization companies in the sector would want stick to a market-cap weighted ETF. However, if the top companies stumble or if the market environment favors smaller firms, an equal-weight ETF would also be a good alternative.

Other equal-weight tech related ETFs include the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSEArca: QQQE) and the Guggenheim S&P 500 Equal Weight Technology ETF (NYSEArca: RYT).

First Trust NASDAQ-100 Equal Weighted Index Fund

For more information on the tech sector, visit our technology category.

Max Chen contributed to this article.

Full disclosure: Tom Lydon’s clients own AAPL and QQQ.