Apple (NasdaqGS: AAPL), the largest U.S. company by market value, delivered its widely anticipated earnings report for the December quarter Tuesday, but investors decided to depart exchange traded funds with large weights to the iPhone maker prior to that news.

That includes the Technology Select Sector SPDR (NYSEArca: XLK) follows technology companies taken from the S&P 500 index. In addition to Apple, its largest holding, XLK features large allocations to Microsoft (NasdaqGS: MSFT), Facebook (NasdaqGS: FB) and Alphabet (NasdaqGS: GOOG).

“So far this month, $1.1 billion has left the largest exchange-traded fund tracking technology stocks. That puts January on pace for the biggest monthly outflow since October 2014. Short interest in the ETF also jumped last week to a four-month high, data compiled by Bloomberg and Markit Ltd. Show,” reports Joseph Ciolli for Bloomberg.

Investors have grown increasingly concerned over the company’s iPhone sales growth, especially with China experiencing an economic slowdown. ETF investors will also have to keep a close eye on AAPL as the company makes up double-digit weights in most broad tech-sector ETFs

Facebook (NasdaqGS: FB) is slated to reveal earnings after the close on Wednesday, January 27. Investors will get a glimpse into how the company’s Instagram acquisition is doing for its ad revenue business.

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