The First Trust NASDAQ-100 Equal Weight Index Fund (QQEW) is an exchange-traded fund designed to replicate the holdings and weightings of the NASDAQ-100 Equal Weighted Index. Given how the S&P 500 Equal Weight (RSP) has knocked the socks off the market cap weighted S&P 500 Index (SPY), this might be interesting. A long/short combinations of QQQ and QQEW could be used to capture deflation/inflation of valuations in the NASDAQ.
The First Trust NASDAQ-100 Technology Index Fund (QTEC) is an exchange-traded fund designed to replicate the NASDAQ-100 Technology Sector Index: an equal weighted index based on only the technology stocks in the NASDAQ 100. This could in theory be combined with QQEW to create a synthetic NASDAQ 100 ex-Tech index.
More on the new funds in the press release.