Apple's Dividend Should Boost These ETFs (AAPL, XLK, VUG)

Finally. That may be the sentiment of some shareholders that have been clamoring for technology juggernaut Apple

to use some of its $100 billion cash hoard to pay a dividend and/or repurchase shares. The California-based company said today it will begin paying a quarterly dividend of $2.65 a share and up to $10 billion of its own shares starting in fiscal 2013. Apple said it expects to use around $45 billion in the first three years of the dividend and buyback initiatives, leaving plenty of cash still on hand. Investors should take heart because Apple's dividend is a lesson in Wall Street democracy. Complain about something long enough and your wish may just be granted. After all, Apple shares were up over 42% year-to-date at the start of trading today and over 525% over the past five years, so it's fair to say this is a company that was under no obligation whatsoever to pay a dividend. And it's fair to say the Apple dividend might mean something to

. Here are a few that stand to benefit from the Apple dividend news.

Everyone and his sister crows about XLK's large weight to Apple, and yes, it's true the stock now accounts for almost 18.4% of this ETF's weight. However, that's not the only reason why XLK makes this list. With news of the Apple dividend, nine of XLK's top-10 holdings are dividend stocks and those nine all have the cash to keep growing their respective payouts. It's almost as though XLK is an underrated way to get dividends through an ETF. Trivia time: XLK's top-10 dividend holdout? Google

.

Apple accounts for "just" 6.1% of the Vanguard Growth ETF's weight, but the stock is the ETF's largest holding and when one peruses VUG's 401 holdings, there's nearly as many dividend, value plays in the fund as there are growth stocks. Once again, Google has the dubious honor of being this ETF's lone top-10 holding that does not pay a dividend.

The Vanguard Information Technology ETF is a good example of just how important Apple has become to select ETFs. At the end of 2011, Apple accounted for 14.5% of VGT's weight. Today, VGT's allocation to Apple has jumped to over 17%. That's a sizable weight to just one stock considering VGT is home to 413 names, according to data on the Vanguard Web site. Then again, it's Apple's world and VGT is just living in it.

Maybe it's because the iShares S&P Global Technology Index Fund devotes "just" 16.2% of its weight, but this is another example of an ETF with what's fair to say is a sizable weight to Apple that goes lost in the shuffle of so many so-called experts only talking about XLK and the PowerShares QQQ

when it comes to Apple and ETFs. IXN is by no means small as it's home to $645.3 million in assets under management, but don't expect an ETF heavy non-U.S. companies just because "global" is in the name. U.S. companies represent 77.5% of IXN's weight.

The WisdomTree LargeCap Growth ETF is another case study in the impact Apple's ascent has had on ETFs. A few months ago, Apple accounted for just over 10% of this ETF's weight. Today, Apple checks in at 12.4% of ROI's weight. That number could move higher the next time ROI rebalances because at Exxon Mobil

at almost 13.6% is currently ROI's largest holding, but Apple is of course larger by market value.