Must-Know ETFs For The iPhone 5 Launch

Those not living in a cave by now know that Apple

, the world's largest company by market value, will unveil the iPhone 5 on Wednesday. There is a lot riding on the newest generation of the wildly popular smartphone. J.P. Morgan economists Michael Feroli said sales of the new iPhone could jolt U.S. GDP by half a percent in

. Of course, the latest iPhone is expected to have a significant impact on shares of Apple, which are already trading within spitting distance of the all-time highs set last week. There is even speculation the new iPhone could

. Whether that forecast proves accurate remains to be seen, but what is not in doubt is that following ETFs could move following the debut of the iPhone 5.

As the ETF with the largest allocation to Apple, IYW has the potential to be

. IYW's Apple allocation now stands at almost 24.6 percent, putting it well ahead of rival ETFs such as the Technology Select Sector SPDR

. Qualcomm

, an Apple supplier, is another IYW top-10 holding with a weight of almost 4.2 percent. Proving that some ETFs do move in advance of Apple product debuts, IYW saw volume that was better than triple the daily average on Monday.

Considering it has an almost 16 percent weight to Apple, the Global X NASDAQ 500 ETF flies under the radar. However, it is not just that large weight to the tech juggernaut that makes QQQV worth a look come Wednesday. The Nasdaq takes its cues from Apple and with QQQV being home to nearly 500 Nasdaq stocks, this ETF is valid, if unheralded, iPhone play. QQQV is up nearly 24 percent year-to-date.

This one might come as a surprise to some folks, but there are good reasons to keep an eye on SOXS over the next few days. For starters, September is usually

. Intel

proved as much last week. Next, in the essence of caution, it cannot be automatically assumed that the iPhone 5 will lift the sails of all of Apple's suppliers. Worse yet, if Apple sells off following the phone's launch party, chip makers with ties to the phone could easily follow suit. Bottom line: SOXS is a worthy hedge on any possible iPhone disappointments.

The Guggenheim Russell Top 50 ETF makes the list not because of an excessive weight to Apple, though the stock is the fund's largest holding with an allocation of 9.7 percent. Rather, XLG makes the list for two other reasons. First, technology is the ETF's largest sector weight at almost 26.5 percent. Second, a potential post-debut sell-off could be a drag on the broader market, weighing large-caps of all stripes in the process. And that is all XLG is. Fifty large-cap blue-chips. For more on Apple and ETFs, click

.