After the closing bell on Monday, International Business Machines (IBM) reported first-quarter 2016 results that saw mixed reaction from investors. Though the world’s largest computer-services provider topped our estimates on both the top and the bottom lines, revenues declined for the sixteenth consecutive quarter. Earnings per share came in at $2.35, well above our estimate of $2.09 but down 19% from the year-ago quarter. Revenues dropped 5% year over year to $18.7 billion but outpaced the Zacks Consensus Estimate of $18.3 billion. Investors should note that this is the company’s worst quarterly revenue seen in 14 years as new strategic business lines like cloud computing, big data and mobile security failed to make up for the slowdown in traditional business like hardware, software and services sales. However, its strategic and high growth business now accounts for 37% of total revenue given that IBM has been transforming its business from the low-margin ones such as cash registers, low-end servers and semiconductors to strategic growth areas over the past three years (see: all the Technology ETFs here). For fiscal 2016, the company continues to expect earnings per share of at least $13.50 – a penny below the Zacks Consensus Estimate. No change in the guidance came as a huge disappointment as investors are looking for some enhancement after the solid beat on earnings and revenue. As a result, shares of IBM tumbled more than 5% in aftermarket hours on elevated volume. ETFs in Focus Given this, ETFs with the highest allocation to this tech giant will be in focus for the upcoming days. Investors should closely monitor the movement in these funds and avoid these if the stock drags them down in the coming days: First Trust NASDAQ Technology Dividend Index Fund (TDIV) This fund provides exposure to the dividend payers within the technology sector by tracking the Nasdaq Technology Dividend Index. The product has amassed about $482.9 million in its asset base while trades in volume of around 80,000 shares per day. It charges 50 bps in annual fees and holds about 94 securities in its basket. Of these firms, IBM takes the top spot, making up roughly 8.5% of the assets. In terms of industrial exposure, the fund allocates more than one-fourth portion in semiconductor and semiconductor equipment, followed by software (15.5%), technology hardware, storage & peripherals (14.6%) and diversified telecom services (13.5%). SPDR Dow Jones Industrial Average ETF (DIA) This fund follows the Dow Jones Industrial Average, providing exposure to 31 blue-chip U.S. stocks. IBM occupies the third position in the basket with 5.8% share. The ETF is well spread out across a number of sectors with industrials, information technology, consumer discretionary, financials and health care taking the top five spots with double-digit exposure each. DIA is one of the largest and most popular ETFs in the space with AUM of $12.2 billion and average daily volume of more than 6.6 million shares. It charges 17 bps in annual fees from investors and has a Zacks ETF Rank of 1 or ‘Strong Buy’ rating with a Medium risk outlook (read: Bull Market Ahead? Buy These ETFs). Guggenheim Dow Jones Industrial Average Dividend ETF (DJD) This is a new ETF in the space that has accumulated $2.6 million within four months of debut. The fund offers an alternative, strategic beta approach to the Dow Jones Industrial Average by weighting each security by dividend yield, rather than price. It follows the Dow Jones Industrial Average Yield Weighted index, holding all the 30 Dow stocks in its basket. Out of these, IBM occupies the fifth position with 4.6% allocation. The product charges 30 bps in annual fees from investors and trades in a paltry volume of around 2,000 shares a day on average (read: New Dow-Based Dividend ETF for Yield-Hungry Investors). PowerShares S&P 500 High Quality ETF (SPHQ) This fund tracks the S&P 500 Quality Index, a benchmark of the S&P 500 stocks that have the highest quality score based on three fundamental measures: return on equity, accruals ratio and financial leverage ratio. This approach has resulted in a basket of 99 stocks with IBM taking the fifth spot at 4.1% share. From a sector look, the fund is widely spread across consumer discretionary, industrials, healthcare, information technology and consumer staples with a double-digit exposure each. It has managed $869.2 million in AUM and trades in solid volume of more than 357,000 shares per day on average. Expense ratio comes in at 0.29%. SPHQ has a Zacks ETF Rank of 2 or ‘Buy’ rating with a Medium risk outlook. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report INTL BUS MACH (IBM): Free Stock Analysis Report FT-NDQ TECH DIF (TDIV): ETF Research Reports SPDR-DJ IND AVG (DIA): ETF Research Reports GUGG-DJIA DVD (DJD): ETF Research Reports PWRSH-SP5 HQ (SPHQ): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report