The Largest Technology ETF Prints Longest Ever Winning Streak

Tech-related exchange traded fund keeps gaining momentum as Apple stock hits record highs.

wall street ETF

The Technology Select Sector SPDR ETF (NYSEARCA:XLK), which is the largest exchange-traded fund tracking the technology sector, has been in an impressive uptrend this month. The fund — up nearly 5% month-to-date, with Apple (NASDAQ:AAPL) being a big driver — closed higher for a 13th straight session on Wednesday, hitting a new 52 week high of $52.58. The gains represent the ETF’s longest winning streak in its history.

Some market observers believe there is potentially more upside ahead in the near term in terms of trends like the flight to quality and safety and the thirst for yield that could further boost SPDR and the US equities markets.

It should be noted that the tech’s rally is largely due to Apple. Since reporting its Q117 earnings, the iPhone maker’s stock has been on a bull run, printing a series of all-time highs. The name is the biggest gainer of the tech sector thus far this month, up 14.3 percent, closing yesterday at $137.11 per share. It slightly added in early trade Thursday to that rally with a rise of 0.10%. What’s perhaps more interesting is that analysts from mega-firms like BofA, Morgan Stanley and Goldman Sachs are convinced that the largest U.S. company by market cap with a current value of nearly $725 billion is going to continue printing higher highs.

Among the fund’s other big gainers are Activision Blizzard, Inc. (NASDAQ:ATVI), up more than 12% in February, and Cognizant Technology Solutions Corp (NASDAQ:CTSH) up more than 11%.

Over the past month, the Technology Select Sector SPDR ETF, which in fiscal 2016 saw total returns of nearly 15% compared to S&P’s 11.90%, has seen inflows of nearly $835 million, according to FactSet data (via MW) bringing its year-to-date inflows to $1.21 billion. The fund that includes all of the big names associated with technology currently has $16.31 billion in assets under management.

At last check, the ETF was flat on the day.

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