Rivals to XLK include the iShares U.S. Technology ETF (NYSEArca: IYW). IYW hit a record high Wednesday and has one of the largest weights to Apple (approaching 19%) among all ETFs. The iShares U.S. Technology ETF reflects the performance of the Dow Jones U.S. Information Technology Index, which includes all tech sector picks in the Dow Jones U.S. Index. Due to the Dow Jones’ classification of information tech names, healthcare technology stocks may be included while payment technology stocks are excluded.
“We think tech continues to power up, because tech is dominant. It’s American/global dominance area, and there aren’t that many of those. And it tends to be a place where we keep seeing good revenue numbers and great margin numbers,” Wolff said in the CNBC interview.
For more information on the tech sector, visit our technology category.
Tom Lydon’s clients own shares of Apple, Facebook and Microsoft.