Another ETF Getting Some Apple Love

Apple’s (NasdaqGS: AAPL) renaissance, the one that has taken the iPhone maker to all-time highs on consecutive days this week, is benefiting plenty of exchange traded funds.

In addition to familiar Apple beneficiaries, such as the Technology Select Sector SPDR (NYSEArca: XLK) and the PowerShares QQQ (NasdaqGM: QQQ), another ETF that belongs in the conversation is the iShares North American Tech ETF (NYSEArca: IGM). [Apple’s Surge Sends Cash to ETFs]

IGM lacks the hefty allocation to Apple that the aforementioned funds feature, so it may not be accurate to describe the fund as a true “Apple ETF.” However, at nearly 8.8%, Apple is IGM’s largest holding and its weight to the largest U.S. company by market value has been enough to send IGM higher by 10.1% over the past three months, a period in which Apple has gained 16.4%.

Although it does not sport a double-digit allocation to Apple, a trait that may not be far off if the stock continues its market capitalization expansion, IGM has enough of an Apple weight to have joined the iPad maker in the new all-time high club and gain some new assets along the way. IGM has added $14.5 million in new assets this quarter, bringing its total to $744.4 million as of Aug. 19. [Rally Brings Investors Back to Apple ETFs]

IGM is up 11.2% this year, a gain that has been nurtured by other components in addition to Apple. For example, the ETF sports an 8.5% weight to Microsoft (NasdaqGS: MSFT), a good thing this year as shares of the largest software company are up 21.1%.

A combined weight of 17.3% to Apple and Microsoft means IGM allocates a tidy portion of its weight to two of the most cash-rich U.S. companies. A recent SEC filing revealed Apple has $164.4 billion in cash and cash equivalents while Microsoft had $63.1 billion in cash on hand at the end of the second quarter.

Google (NasdqGS: GOOGL), 8.4% of IGM’s weight, had $59 billion in cash and short-term investments as of mid-May.