ETF investors could also begin to shift away from top heavy, market capitalization-weighted index funds for ETF options that equally weight components, like the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSEArca: QQQE) and the First Trust NASDAQ-100 Equal Weighted Index Fund (NasdaqGS: QQEW).

Equal-weight ETFs do not feature the large allocations to tech titans such as Apple (NasdaqGS: AAPL) and Facebook that are found in traditional tech funds, meaning investors can experience less downside when the largest tech names retreat.

Alphabet and Facebook combine for 16.5% of XLK’s weight. Apple is the ETF’s largest holding with a weight of 14.2%.

Technology Select Sector SPDR

Tom Lydon’s clients own shares of Apple and Facebook.