ProShares just dropped something new for traders who want a double dose of the Nasdaq-100—but without all the weight on the biggest names. The ProShares Ultra QQQ Equal Weight ETF (EQQQ) is the first and only ETF, according to the issuer, that aims to deliver 2x the daily performance of the Nasdaq-100 Equal Weighted Index.

Here's the twist: the regular Nasdaq-100 is basically a mega-cap tech party. Apple, Microsoft, Nvidia—they dominate. But the equal-weight version gives every single stock in the index the same slice of the pie, rebalancing every quarter. That means smaller companies get a much bigger say in how the index moves. It's a way to bet on the whole Nasdaq-100 without hitching your wagon entirely to the biggest names.

EQQQ expands ProShares' lineup of leveraged and inverse ETFs, which now totals about $85 billion in assets. The fund charges an expense ratio of 0.95%. ProShares and its affiliate ProFunds manage more than $112 billion overall.

Equal-weight strategies have been gaining traction as the Nasdaq-100's concentration in a handful of mega-cap tech stocks has become harder to ignore. By giving every stock equal billing, the index offers broader exposure, letting smaller members punch above their weight.

EQQQ joins a family of Nasdaq-focused leveraged and inverse ETFs from ProShares, including the popular ProShares UltraPro QQQ (TQQQ), ProShares Ultra QQQ (QLD), ProShares Short QQQ (PSQ), ProShares UltraShort QQQ (QID), and ProShares UltraPro Short QQQ (SQQQ).

So if you've ever looked at the Nasdaq-100 and thought, "I like the idea, but I wish it weren't so top-heavy—and I want double the daily action," EQQQ might be your kind of ETF.