This time a year ago, Wall Street was watching a fireworks show in disbelief as Apple (AAPL) spectacularly cruised through a multimonth nosedive. From its September 2012 peak around $700 to the end of the year, AAPL stock declined a then-unthinkable 24%, only to keep plunging through the first half of 2013 until it finally bottomed out under the $400 mark.
Total damage to AAPL stock: 45%, give or take.
But since its low-water mark in April, Apple has taken off by roughly the same measure — 45% — which has AAPL stock closer to $600 than $500. And while AAPL stock holders are certainly cheering, the joy is a bit wider than you might think.
Apple’s general popularity as a growth holding, as well as its enormous market cap, has made it an outsized part of numerous exchange-traded funds. Thus, when AAPL stock starts charging, many of these funds are given a sizable boost.
Of course, that dedication to Apple shares is a double-edged sword — a prolonged lull in AAPL stock has the very real possibility of holding these funds down.
Still, if you’re interested in riding Apple in hopes of another charge toward $700, these funds offer a way to hitch a ride but not be completely beholden to the tech giant’s whims: