What you didn't elaborate on is that it's a poor investment thesis, so while the association is Nasdaq == tech, it's not entirely true, and it missing things if what you really want is tech. It also penalizes small floats less than S&P 500, enabling these shenanigans.

The NASDAQ is up 27% in the past 1 year. S&P 500 up 21%, DOW +20%.

So, it's doing pretty well!

Always a FTSE truther.