ETFs To Play/Avoid On The Shocking Steve Jobs News

It has been and will be said hundreds, if not thousands, of times in the coming days that Apple (Nasdaq: AAPL) has lost a legend with the departure of Steve Jobs as CEO. Perhaps no company in the history of corporate America has been so intimately linked to the aura and persona of its CEO as Apple has been to Jobs.To be sure, there will be some near-term for some of the ETFs on this list. That could also make someof them value plays in the not-too-distant future if Apple can prove and investors believe that the loss of Jobs does not mean the loss of demand for iPads, iPhones, iMacs, etc.With that, these ETFs will certainly be in play in the coming days. Technology Select Sector SPDR (NYSE: XLK):Beyond the obvious PowerShares QQQ (Nasdaq: QQQ), XLK is one of the most liquid ETFs with large Apple exposure, in this case almost 15%. XLK has been ruthlessly been battered in the past month and if the Apple news is enough to make XLK violate support at $22.75, the ETF could be in for another 10% of downside. Protect XLK or play downside with the Direxion Daily Technology Bear 3X Shares (NYSE: TYP).iShares S&P Global Technology Sector Index Fund (NYSE: IXN):Apple accounts for over 13% of IXN's weight and even if everything was perfect Apple, IXN's Google (Nasdaq: GOOG) and Cisco (Nasdaq: CSCO) exposure would be problematic. The global exposure here is also an issue because with IXN, that means Taiwan, home to several Apple suppliers.Protect IXN or play downside with the ProShares UltraShort Technology (NYSE: REW).One for value players to roll the dice on:The iShares Morningstar Large Growth Index Fund (NYSE: JKE) devotes nearly 11.4% of its weight to Apple, but with over 100 stocks in its lineup, including top-10 allocations to Schlumberger (NYSE: SLB) and Amazon (Nasdaq: AMZN), JKE could be one ETF to keep an eye on. JKE's short is actually showing decent risk/reward here.Certainly Avoid:The ProShares Ultra Technology (NYSE: ROM), which is a double leveraged play on the tech sector. Apple accounts for over 10% of this ETF's weight and as if that wasn't bad enough, ROM's chart is just pitiful. The aforementioned REW is the better near-term bet if you must dance with a leveraged play.