The growing market domination of Big Tech companies is causing apprehension among investors, leading them to consider investing in equal-weight exchange-traded funds (ETFs), according to Todd Rosenbluth, the head of research at VettaFi.

Rosenbluth expressed concerns that a significant amount of money is concentrated in a small number of stocks within broader ETFs linked to the S&P 500 or Nasdaq 100. In an interview with CNBC's "ETF Edge," he highlighted two options for investors looking to decrease their exposure to the "Magnificent Seven" tech giants. The Invesco S&P 500 Equal Weight ETF and the Invesco S&P 500 Equal Weight Technology ETF provide the opportunity to spread investment risk across a broader range of companies.

Ben Slavin, global head of ETFs at BNY Mellon, noted that investments have been sluggish into the Big Tech group so far this year, with investors seemingly gravitating towards "less-loved" market sectors such as financials and certain parts of real estate. He observed that advisors have expressed a desire to explore alternative investment options due to concerns over the valuations of the Big Tech stocks.

Meanwhile, CNBC's Magnificent 7 Index, comprised of Apple, Alphabet, Meta, Microsoft, Amazon, Nvidia, and Tesla, experienced a boost of almost 6% on Friday. Over the past 52 weeks, the index has surged by an impressive 68%.

The increasing dominance of Big Tech companies has sparked a need for investors to diversify their portfolios and reduce concentration risk. With the uncertain performance of individual stocks in mind, equal-weight ETFs offer an alternative investment approach that provides exposure to companies beyond the well-known tech giants.

As investors await the earnings reports from the Magnificent Seven tech giants this week, market movements and investor sentiment will likely influence the investment landscape.