In ETF options trading, Technology Select Sector SPDR (NYSEArca: XLK) has attracted some interest in the May 30 calls, which is significant given Apple’s (NasdaqGS: AAPL) expected earnings tonight after the bell.

AAPL remains the largest holding in this index, at 13.00%, with IBM (NYSE: IBM), Microsoft (NasdaqGS: MSFT), and Google (NasdaqGS: GOOG) “gaining market share” if you will, in terms of index representation thanks to AAPL’s punch-drunk stock performance for the past 7 months.

Notably, MSFT stock has bounced nicely post earnings, and within shouting distance of a fresh 52 week high, and the stock now has a 8.06% weighting in the index, and is the number two holding.

Being a market capitalization weighted index (weightings are calculated by multiplying share price times shares outstanding), AAPL had a much more significant weighting (north of 19%) when the stock was in the $600s range, than where the stock is today.

MSFT stock spent much of the latter part of 2012 in free-fall, toiling in the $26 range. But the month of April has been kind to shareholders as the stock is closing in on $31 at the moment in a post earnings environment.

Most will recall such a time in the marketplace which feels like twenty years ago, where people would mention “Mister Softee” and just smile.

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