After the closing bell on Tuesday, Apple Inc. (AAPL - Analyst Report) disappointed investors’ with fiscal first-quarter results. Though the technology giant beat our estimates on earnings, it missed on revenues and reported the slowest-ever sales for iPhone, suggesting that the company’s period of exponential growth may be ending.

Apple Results in Focus

Earnings per share came in at $3.28, which comfortably surpassed the Zacks Consensus Estimate of $3.24 and improved from the year-ago earnings of $3.06. Apple has now surpassed earnings expectations for 11 quarters in a row. Revenues rose 1.7% year over year to $75.87 billion, but were well below of our estimated $76.41 billion.

Revenue growth has slowed despite impressive sales from Apple Watch and Apple TV that set records in the quarter (see: all the Technology ETFs here).

iPhone sales edged up 0.4% year over year again to a record 74.8 million, representing the slowest growth since the iPhone was introduced in 2007 and missed analysts’ expectation of 75.46 million iPhones. As the Chinese market is showing signs of persistent weakness, it seems that the company is not able to maintain its era of explosive growth. This is especially true as sales in China, including Hong Kong and Taiwan, rose 14% year over year to $18.37 billion in the first quarter compared with 84% growth seen in the prior quarter. Meanwhile, both iPad and Mac sales were down 21% and 3%, respectively.

As a result, the ubiquitous gadget-maker foresees revenues in the range of $50–$53 billion for the ongoing second quarter, the midpoint of which is much below the current Zacks Consensus Estimate of $55.4 billion and marks an 11% decline annually. This represents the first quarterly drop in more than a decade, signaling an end to its recent period of hyper growth and saturation of the smartphone market.

Based on slow iPhone growth and future growth concerns, shares of AAPL fell 2.6% in after-market hours. Apple currently has a Zacks Rank #3 (Hold) with a top Value Style Score of ‘A’ and a solid Growth Style score of ‘B’.

ETFs in Focus

Given this, several ETFs having the largest allocation to this tech titan are in focus for the coming days and investors should closely monitor these funds. For them, we have highlighted four ETFs having double-digit exposure to Apple (read: Want a Better Taste of Apple? Pick ETFs Instead of Stock):  
 
iShares Dow Jones US Technology ETF (IYW - ETF report)

This ETF tracks the Dow Jones US Technology Index, giving investors exposure to 146 technology stocks. The fund has AUM of $2.4 billion while charging 44 bps in fees and expenses. Volume is good as it exchanges nearly 260,000 shares in hand a day. Apple occupies the top position in the basket with 17.3% of assets. More than half of the portfolio is allocated to software and services while technology hardware and equipment accounts for 30.7% share. The fund has a Zacks ETF Rank of 1 or ‘Strong Buy’ rating with a Medium risk outlook.

Select Sector SPDR Technology ETF (XLK - ETF report)

This most popular technology ETF follows the Technology Select Sector Index and has more than $11.6 billion in AUM. This fund trades in heavy volume of roughly 12.2 million shares and charges 14 bps in fees per year from investors. In total, the fund holds about 76 securities in its basket. Of these firms, AAPL takes the top spot, making up roughly 14.3% of the assets. In terms of industrial exposure, the fund is widely spread across software, Internet software & services, hardware storage & peripherals, IT services, semiconductors, and diversified telecom services that make up for a double-digit allocation each. It has a Zacks ETF Rank of 1 with a Medium risk outlook (read: Market Stings? 6 Techniques for a Winning ETF Portfolio).
 
Vanguard Information Technology ETF (VGT - ETF report)

This fund manages about $7.5 billion in its asset base and provides exposure to a large basket of 386 technology stocks by tracking the MSCI US Investable Market Information Technology 25/50 Index. The ETF has 0.10% in expense ratio while volume is good at nearly 382,000 shares. Here again, AAPL is the top firm with 13.7% allocation. The product is well spread out across a number of sectors with Internet software & services, hardware & storage, system software, data processing & outsourced services, and semiconductors each accounting for a double-digit allocation. It has a Zacks ETF Rank of 1 with a Medium risk outlook.

MSCI Information Technology Index ETF (FTEC - ETF report)

This fund provides exposure to a large basket of 395 technology stocks with AUM of $368.5 million. This is done by tracking the MSCI USA IMI Information Technology Index. Here too, AAPL is the top firm with 14.2% allocation. From a sector perspective, the product is widely diversified across software, Internet software & services, IT services, technology hardware storage & peripherals, and semiconductors & semiconductor equipment with double-digit exposure each. The ETF has 0.12% in expense ratio while volume is good at 205,000 shares a day. It has a Zacks ETF Rank of 2 or ‘Buy’ rating with a Medium risk outlook.