With the Nasdaq Composite residing near its highest levels since the height of the dot-com boom and having touched an all-time high last Friday, exchange traded funds with direct Nasdaq exposure are getting plenty of attention.

That includes the PowerShares QQQ (NasdaqGM: QQQ), the Nasdaq-100 (NDQ) tracking ETF, and equal-weight equivalents such as the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSEArca: QQQE) and the First Trust NASDAQ-100 Equal Weighted Index Fund (NasdaqGS: QQEW).

The Fidelity NASDAQ Composite Index ETF (NasdaqGM: ONEQ) deserves a place in the conversation. After all, ONEQ is the Nasdaq Composite tracking ETF. That means ONEQ offers a much deeper bench than Nasdaq-100 ETFs as the Fidelity offering is home to 1,924 stocks and does not exclude financial services names as do its Nasdaq-100 rivals. [Investors Miss out on Nasdaq Rally]

Until late 2012, ONEQ was Fidelity’s only ETF. That year, the Boston-based mutual fund giant introduced 10 sector ETFs and has since introduced three actively managed bond funds and a real estate investment trust ETF. [Fidelity Launches Sector ETFs]

As the Wall Street Journal notes, ONEQ came to market in 2003 as Fidelity’s first ETF, but even though ONEQ is home to a tidy $575 million in assets under management, that is well below the more than $40 billion investors have allocated to QQQ.

Investors have put new money to work in ONEQ this year. The ETF has seen 2015 inflows of $56.6 million this year as of April 23. Although the Nasdaq Composite is less heavy than its Nasdaq-100 counterpart QQQ, ONEQ does feature some large allocations to familiar tech names.

Subscribe to our free daily newsletters!
Please enter your email address to subscribe to ETF Trends' newsletters featuring latest news and educational events.