One asset manager looking to get tech exposure without concentration in big tech names may be driving a record amount into a small fund.

The $566 million Direxion NASDAQ-100 Equal Weighted Index Shares (ticker QQQE) saw an influx of $165 million Tuesday, the biggest daily inflow in its 10-year history.

The fund holds equal weights of Nasdaq 100 stocks, meaning it has less exposure to the megacap technology stocks that have come under pressure as investors digest inflation reports and prepare for the Federal Reserve to start raising interest rates.

In contrast, the Invesco QQQ Trust Series 1 (QQQ), which tracks the regular Nasdaq 100 index, has large concentrations in big tech. It has about 30% allocated to its top three holdings -- Apple Inc., Microsoft Corp. and Amazon.com Inc.

The sudden influx into QQQE after tepid flows suggests the investment came from a model portfolio, according to Eric Balchunas, senior ETF analyst at Bloomberg Intelligence. Model portfolios are usually the first ones to move into an area, “and then if the trade starts working, if the models get it right, that’s when you tend to see retail come in.”

Investors in QQQE “want the exposure in the tech area, but they’re just nervous about how well big tech is going to do with the Fed tightening and interest rates moving up,” said Matt Maley, chief market strategist at Miller Tabak + Co.

The fund’s investors may also be betting on sharp rebounds in companies with smaller market capitalizations, Maley said. A lot of them are more oversold, and “if the market bounces back in a meaningful way, these smaller cap names are going to have a lot more upside potential.”

For now, though, there are still investors who are still moving money toward big tech. QQQ saw $3.2 billion in inflows Tuesday, the most since March last year. Fund managers have cut their ownership of big tech stocks, but that may be reason to be slightly more bullish on them, according to Morgan Stanley, as stocks with relatively low institutional ownership tend to gain over the next quarter.

This article is provided by Bloomberg News.