Tech traders pushed Apple (NasdaqGS: AAPL) shares lower on Monday but the sector bellwether’s slimmed-down allocation in the Nasdaq-100 Index means the decline didn’t weigh as heavily on a popular Nasdaq exchange traded fund (ETF).

Apple shares slipped to start the week following a recent run stoked by strong quarterly results.

The iPhone and iPad maker is still the largest stock holding in PowerShares QQQ (NasdaqGM: QQQ), but its weighting in the ETF has fallen to 12.3% from over 20% as a result of a special rebalancing of the Nasdaq-100. The ETF was fractionally lower in midday trade.

Last month, the Nasdaq gave a heads-up that it would rejigger the stock weightings in the ETF’s tracking index. The rally in Apple shares in recent years boosted the stock’s portion in the Nasdaq-100, which weights stocks by market capitalization. [Nasdaq Alters Index After Surge In Apple Shares.]

Several other large holdings in PowerShares QQQ have also seen their portfolio weightings change after the rebalance. Microsoft (NasdaqGS: MSFT) now accounts for 8.1%, Oracle (NasdaqGS: ORCL) represents 6.8%, Google (NadaqGS: GOOG) is 5.1% and Intel (NasdaqGS: INTC) is 4.7%.

PowerShares QQQ

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.