Beware, Nasdaq Buyers: You're Getting Apple

New highs for QQQQ, but watch out: you're buying Apple.

One of the most popular ETFs, the PowerShares QQQ Trust, or "QQQQ," which tracks the Nasdaq 100, is at the highest levels since January 2008.

That's the good news.

Here's the bad news: it is being badly distorted by Apple .

The stock is up 43 percent year to date, but it has a 20 percent weighting in the Nasdaq 100...far and away the largest weighting of any stock. More importantly, it accounts for two-thirds of the gains in the Nasdaq 100 this year.

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