SPY holds 4.44% of AAPL in its ETF which means Apple will now provide a substantial increase in the dividend to those who own the SPY ETF.
Here is the math.
2.65 per share of AAPL every quarter. (2.65 x 4) = 10.6 dollars a year.
Multiply 10.6 x .044 = .4664 (46.6 cents a year)/4 = 11.6
Last year SPY paid out in distributions 2.57602 a share.
With the Apple dividend assuming the rest of the dividends are unchanged this means SPY shareholders will see a whopping 18.10% increase in distributions for 2013.
2.57 + .46 for 3.03 a share, if SPY is purchased at 140, the yield would now be 2.16% Not too bad for a diversified ETF.
Disclosure: I am long SPY.