TECH - State Street Technology ETF To Put Nvidia Before Apple In Revamp | Benzinga
A major technology exchange-traded fund is set for a major overhaul later this month that would boost exposure to NVIDIA Corp (NASDAQ:NVDA) at the expense of Apple Inc. (NASDAQ:APPL) and suddenly lead to billions of dollars in trading volume.
State Street Capital Advisors plans to shuffle the makeup of its $71 billion Technology Select Sector SPDR Fund (NYSE:XLK) after Nvidia’s market value closed above Apple on Friday.
State Street is expected to buy $11 billion of Nvidia shares and dump $12 billion of Apple, a divestiture that would equal to Apple’s average daily trading value over the past three months,