Alternative investment manager Direxion has launched an exchange-traded fund that provides investors with equal weighted exposure to the constituents of the NASDAQ-100 index.

The fund, called the Direxion NASDAQ-100 Equal Weighted Index Shares (Ticker: QQQE), is designed to provide investors with broader diversification and exposure to the holdings of this index, which Direxion says is over-weighted to a select number of companies and a heavy bias toward the technology sector. Moreover, larger companies in the index receive a higher weight than small companies, which can lead to a portfolio with an over concentration in a limited number of companies and industries.

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