Volume in Apple ETFs Light Ahead of Earnings
With just over an hour left in Thursday's trading session, volume in ETFs with large weight to Apple (NASDAQ: AAPL) is suspiciously light ahead of the company's after-hours earnings report.
Volume in the iShares Dow Jones U.S. Technology Sector Index Fund (NYSE: IYW) has not even reached a third of the daily average of 183,220 shares. IYW allocates 24.1 percent of its weight to Apple, more than any other ETF.
The Technology Select Sector SPDR (NYSE: XLK), which features a 20.3 percent weight to Apple, appears unlikely to even reach half its average daily turnover of 8.22 million shares. The PowerShares QQQ (NASDAQ: QQQ), also known as the Nasdaq 100 tracking ETF, would need another 8.8 million shares to change hands just to reach its daily average of almost 34.5 million. QQQ has a weight of almost 19.4 percent to Apple.
The performance of the three ETFs today is mixed as XLK is down slightly while IYW and QQQ are fractionally higher.
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