The hype and hoopla surrounding the launch of Apple Inc.’s (AAPL - Free Report) much-awaited iPhone X will finally end today at an event in Steve Jobs Theatre, CA. The occasion will mark the 10th anniversary year of the highly coveted smartphone.

Promising iPhone Features

The latest  leaks suggest that the new iPhone will feature a stunning new design and plenty of extras, which will give it a major upgrade over its predecessors. The smartphone will include 5.8-inch edge-to-edge OLED display for the first time with no home button, facial recognition software, augmented reality directions, new dual-lens camera, and wireless charging. It is strongly rumored to be called iPhone X.

Additionally, iPhone X is expected to be the company’s most expensive handset ever with an estimated cost of $1,000 in the United States and £1,000 or more in United Kingdom. History suggests that the new iPhone will be available for pre-order from Sep 15 and likely hit stores on Sep 22.

Launch of Other Products

Apart from this, the iPhone maker will likely unveil the upgrades to iPhone 7 and iPhone 7 Plus and call them iPhone 8 and iPhone 8 Plus. The company is also expected to release the third generation of the Apple Watch, which could come with LTE capabilities, and the new generation of Apple TV with 4K and HDR video support.

How Apple Shares Will React?

As per the report by RBC Capital Markets, the launch of the first revolutionary iPhone 4 and iPhone 4S in June 2010 led to an average gain of 20.5% and 48.4%, respectively, for 180 days while shares of AAPL was down an average 35.4% 180 days after the iPhone 5 launch. The launch of iPhone 6 and iPhone 7 again drove the 180-day stock price by an average of 27.2% and 22.2%, respectively.

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Based on the history and hype surrounding the 10th-anniversary iPhone, shares of Apple could suffer if the new iPhone X does not meet expectations. The stock saw no earnings estimate revision over the past 30 days for the current fiscal year while estimates have gone up by a nickel for the next fiscal year.

Apple currently has a Zacks Rank #3 (Hold) and belongs to a dismal Industry Rank in the bottom 6%. But Apple has a solid Value Style Score of B and a Momentum Style Score of B. According to the analysts compiled by Zacks, Apple has an average target price of $175.48 with about 78% of the analysts having a Strong Buy or a Buy rating ahead of the new iPhone launch. This indicates an 8.6% upside to the current price of AAPL.

ETFs in Focus

Given this, ETFs that are dominated by this tech titan will be in focus. Below, we have highlighted funds having Apple as their top firm with a double-digit allocation each:

iShares Dow Jones US Technology ETF (IYW - Free Report)

This ETF provides investors exposure to technology stocks with 18% allocation in Apple. The fund has AUM of $3.6 billion and charges 44 bps in fees and expenses. It has a Zacks ETF Rank #1 (Strong Buy) and has gained 25.1% so far this year.

Select Sector SPDR Technology ETF (XLK - Free Report)

This most popular technology ETF has $17.3 billion in AUM and charges 14 bps in fees per year from investors. AAPL makes up for roughly 15.5% of assets. It has a Zacks ETF Rank #2 (Buy) and added 22.6% in the same time frame.

MSCI Information Technology Index ETF (FTEC - Free Report)

With AUM of $1 billion, the product allocates 14.4% in Apple. The ETF has 0.08% in expense ratio and a Zacks ETF Rank of 2. It has gained 25.5% so far this year.

Vanguard Information Technology ETF (VGT - Free Report)

This fund manages about $14.4 billion in its asset base with 13.9% allocation in Apple. It has 0.10% in expense ratio and a Zacks ETF Rank #2. VGT is up 25.6% in the same time frame.

iShares Morningstar Large-Cap ETF (JKD - Free Report)

With AUM of $903.4 million and expense ratio of 0.20%, this ETF targets the large-cap segment of the broad U.S. stock market. Apple accounts for 14.3% share in the basket. The product is up 15% so far this year and has a Zacks ETF Rank #3 (Hold).

iShares Edge MSCI Multifactor Technology ETF (TCHF - Free Report)

This ETF targets companies that have the potential to outperform the broad U.S. technology sector. Apple accounts for 14.2% of the portfolio. TCHF charges 35 bps in fees per year and has attracted $3.6 million in its asset base since its debut 17 months ago. It has added 23.1% in the same time frame and carries a Zacks ETF Rank #2.

iShares Global Tech ETF (IXN - Free Report)

This product provides broad exposure to technology stocks from around the world with Apple accounting for 12.9% of assets. The ETF has amassed $1.4 billion in its asset base and charges 47 bps in annual fees. It has gained 29.7% in the year-to-date time frame.

PowerShares QQQ (QQQ - Free Report)

This ETF provides exposure to the largest domestic and international non-financial companies listed on the Nasdaq. Apple makes up for 12.2% allocation. QQQ is one of the largest and most-popular ETFs in the large-cap space with AUM of $53.3 billion. It charges investors 20 bps in annual fees and has surged 23.7% so far this year. The fund carries a Zacks ETF Rank #2.