Apple (NasdaqGS: AAPL), a major holding in technology exchange traded funds, is down more than 3% this week. If you’re shy about Apple’s dominant effect on an investment portfolio, equal-weight tech ETFs provide a more balanced approach to the sector.

Apple shares were down 1.6% Thursday and dropped 4.6% over the past week, trading down to $630 per share from their all-time high of just over $705 per share last month. With a market capitalization of $591.3 billion, the single company stock is one the largest holdings in market-cap weighted tech sector ETFs:

  • iShares Dow Jones US Technology (NYSEArca: IYW): Apple is 24.1%.
  • Vanguard Information Technology Index Fund (NYSEArca: VGT): Apple is 20.4%.
  • Select Sector SPDR Technology (NYSEArca: XLK): Apple is 20.4%.
  • PowerShares QQQ ETF (NYSEArca: QQQ): Apple is 19.6%.

Investors, though, can protect themselves from the potential Apple effect on tech ETF through funds that adhere to an equal weight methodology:

  • Guggenheim S&P Equal Weight Technology ETF (NYSEArca: RYT): Apple is 1.4%.
  • First Trust NASDAQ-100 Equal Weighted Index Fund ETF (NYSEArca: QQEW): Apple is 1.0%.
  • First Trust Nasdaq-100 Tech Index (NYSEArca: QTEC): Apple is 2.2%.
  • Direxion NASDAQ-100 Equal Wtd Idx Shrs ETF (NYSEArca: QQQE): Apple is 0.9%.

Since holdings are more or less evenly spread out, the tech sector ETFs provides a heavier emphasis on mid- and small-cap stocks. The Nasdaq-100 equal weight ETFs provides equal exposure to the 100 large-cap growth firms listed on the Nasdaq. [Chart of the Day: Apple and Tech ETFs]

For more information on the tech sector, visit our technology category.

Max Chen contributed to this article.

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