Over the past three years, XLK’s correlation to Apple is 0.588, according to State Street data. That is not incredibly, which highlights the fact that ETFs like XLK and IYW are being boosted by more than just Apple. For example, Microsoft, Intel (NasdaqGS: INTC) and Qualcomm (NasdaqGS: QCOM) combine for about 16% of the ETF’s weight. Microsoft and Intel are up an average of 25% this year.

The Fidelity MSCI Information Technology Index ETF (NYSEArca: FTEC) is not old, it debuted last October, but it too is a credible Apple ETF with a 14.4% weight to the stock. FTEC’s growth has been exponential. At the end of April, the ETF had $89 million in assets, but $75 million has come into the ETF since the start of the second quarter. The ETF had $167.6 million in assets at the end of June.

PowerShares QQQ

Tom Lydon’s clients own shares of Apple, Microsoft and QQQ.