“The result is a more diversified performance contribution from the individual companies, and sectors that are in the index,” according to Direxion.

The Direxion NASDAQ-100 Equal Weighted Index Shares (NYSEArca: QQQE), which has $25.7 million in assets and a 0.35% expense ratio, maintains a relatively even distribution among component weightings, with its largest allocation in Illumina (NasdaqGS: ILMN) at 1.4%. Capitalization weightings include mega-caps 18.1%, large-caps 46.5% and mid-caps 35.5%.

Additionally, the First Trust NASDAQ-100 Equal Weighted Index Fund (NasdaqGS: QQEW), which has $497.4 million in assets and a 0.60% expense ratio, also follows an equal-weight methodology with the largest weight in Illumina at 1.6%. Capitalization weightings include mega-caps 17.6%, large-caps 46.7% and mid-caps 35.6%.

Comparing performances, the equal-weight methodology has been outperforming, with QQQE up 39.2% and QQEW up 38.3% over the past year. Over the past five-years, QQEW’s average annualized return was 27.4%, compared to QQQ’s 26.9%.

For more information on the Nasdaq-100, visit our Nasdaq category.

Max Chen contributed to this article.