After the closing bell yesterday, Apple Inc. (AAPL Quick QuoteAAPL - Free Report) came up with better-than-expected first-quarter fiscal 2021 results, wherein it topped both earnings and revenue estimates. The tech giant reported the biggest-ever quarter, surpassing the $100 billion milestone, driven by iPhone 12 sales.

Apple Q1 Results in Focus

Earnings per share came in at $1.68, beating the Zacks Consensus Estimate by 27 cents and increasing 35% from the year-ago earnings. Revenues grew 21% year over year to a record $111.4 billion and edged past the estimate of $102.5 billion. Strong sales across all product segments led to the robust performance (see: all the Technology ETFs here).

iPhone sales jumped 17% to a record $65.6 billion led by the release of four new iPhone 12 models with 5G capabilities. Meanwhile, services revenues, comprising iTunes, Apple Music, iCloud, Apple Pay and Apple Care, climbed 24% year over year to $15.8 billion. Revenues from Wearables, Home and Accessories, which include Apple Watch, AirPods, HomePod, Apple TV and Beats headphones, soared 29% to $12.97 billion. iPad and Mac sales increased 41% and 21%, respectively.

Meanwhile, sales in Greater China also showed the biggest jump of 57% year over year as Chinese consumers snapped up the new iPhone 12 models, the first to feature next-generation 5G capability (read: China ETFs Ruling 52-Week High Chart on Impressive GDP Data).

At the end of 2020, Apple reached an all-time high for its installed base of active devices at 1.65 billion, compared with 1.5 billion devices a year ago. It has an installed base of more than 1 billion iPhones, up more the 900 million the company most recently disclosed in 2019.

The gadget-maker did not provide any guidance for the fiscal second quarter, citing the COVID-19 uncertainty. However, it said that its services business would face a “tougher year-over-year comparison,” as the company witnessed increased demand for digital services amid the pandemic-led lockdowns announced during the March quarter last year.

Despite earnings beat, shares of Apple fell more than 3% in after-hours trade. The stock currently has a Zacks Rank #2 (Buy) and belongs to a top-ranked Zacks industry (top 8%).

ETFs to Bet

Given this, investors could consider the following ETFs with the largest allocation to the tech titan. These funds have Apple as the top or second firm with a double-digit allocation and sport a Zacks Rank #1 (Strong Buy) or 2 (Buy).

Select Sector SPDR Technology ETF (XLK Quick QuoteXLK - Free Report)

This most-popular technology ETF has $38.8 billion in AUM and charges 13 bps in fees per year from its investors. AAPL makes up for roughly 23.7% of the assets (read: ETFs to Play as Beginning of Biden Era May Prompt Market Rally).

MSCI Information Technology Index ETF (FTEC Quick QuoteFTEC - Free Report)

With AUM of $5.5 billion, the product allocates 21.7% in Apple. The ETF has 0.08% in expense ratio.

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

This ETF provides investors exposure to technology stocks with a 21.2% allocation in Apple. The fund has AUM of $7 billion and charges 43 bps in fees and expenses.

Vanguard Information Technology ETF (VGT Quick QuoteVGT - Free Report)

This fund manages about $42.4 billion in its asset base with 21.7% allocation in Apple. It has 0.10% in expense ratio.

iShares Russell Top 200 Growth ETF (IWY Quick QuoteIWY - Free Report)

This ETF provides exposure to large U.S. companies whose earnings are expected to grow at an above-average rate relative to the market. Apple accounts for 14.8% share. IWY has AUM of $3.4 billion and charges 20 bps in annual fees (read: 5 Growth ETFs to Gain on Stimulus & Vaccine Optimism).

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>