The SPDR S&P 500 Buyback ETF (NYSEArca: SPYB), which debuted in February, is trading slightly lower today. SPYBtracks the S&P 500 Buyback Index, which “provides exposure to the 100 constituent companies in the S&P 500 with the highest buyback ratio in the last 12 months. The buyback ratio is defined as the ratio of the total cash put towards buybacks in the trailing year and the market capitalization of the company as of a reference date,” according to a statement issued by SSgA.

Apple is SPYB’s eighth-largest holding, but the fund is an equal weight ETF and none of its holdings command a weight north of 1.14%. [New Buyback ETF Debuts]

From August 2012 through March 2015, Apple repurchased $80 billion of its own stock, according to the company’s statement.

PowerShares Buyback Achievers Portfolio

Tom Lydon’s clients own shares of Apple.

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