A share-buyback centric exchange traded fund could soon pick up Apple (NasdaqGS: AAPL) as the tech giant tries to limit the number of outstanding shares floating around the markets.

Apple is executing a $10 billion repurchase plan as a way to mitigate dilution from things like executive options, and Carl Icahn’s investment is pushing the tech company for a larger buyback plan, writes Bill Maurer for SeekingAlpha.

The more aggressive buyback schedule could allow the company to meet criteria for inclusion into the PowerShares Buyback Achievers (NYSEArca: PKW) – PKW only tracks U.S.-incorporated companies traded on the U.S. exchange with repurchases of at least 5% or more of its outstanding shares over the past year.

Between March and the end of June, Apple shares have declined a quarterly 3.37%. Apple is now expected to spend $42 billion over 10 quarters in repurchases. Consequently, by the end of March 2014, the tech company will meet the 5% share criteria for PKW, Maurer predicts.

However, to be included in PKW’s index, Apple will have to repurchases tens of billions of dollars in stock per year, which may be unsustainable down the road.

PKW’s top holdings include ConocoPhillips (NYSE: COP) 5.1%, Amgen (NasdaqGS: AMGN) 5.0%, Oracle (NYSE: ORCL) 5.0%, American International Group (NYSE: AIG) 4.4% and Time Warner (NYSE: TWX) 3.7%. [Buyback ETF Sitting on 30% Gain for the Year]