NEW YORK ( TheStreet) -- After reporting stellar quarterly results, Apple ( AAPL) and Microsoft ( MSFT) remain attractive stocks.

Below we'll review three exchange-traded funds (ETFs) that provide exposure to both of these important technology companies.

In the fiscal third quarter, innovation king Apple, boasted revenues of $15.7 billion, up more than 61% from a year ago, yielding profits of $3.51 per share. These results smoked Wall Street's revenue expectations by nearly $1 billion and painted a rosy picture for the second-largest U.S. listed stock by market cap.

One reason Apple is likely to continue to shine is that demand for the iPhone 4 remains insatiable despite reports of reception problems. Additionally, the Cupertino, Calif.-based technology firm recently updated its all-in-one iMac desktop computer line with new chips from Intel ( INTC) and better graphics. This is expected to further boost appeal of iMacs.

In the most recent quarter, Apple sold 1 million desktop Mac units, an increase of 18% from the prior year, generating nearly $1.3 billion in revenue. Currently, it is estimated that Apple is the fourth largest computer vendor in the U.S. with nearly 8.8% of the market share.

A third reason Apple is expected to continue to shine is its decision to take an aggressive approach to pricing its iPhone 4 and smash hit iPad. The company expects this approach to reduce margins for these products but make up for that with increased volume. Additionally, Apple remains relatively cheap and is sitting on an enormous pile of cash. Using current forecasts, the stock is trading at a forward price-to-earnings ratio of close to 15 and is hoarding $45.8 billion in cash and long-term investments.

Lastly, in the third-quarter press release, Steve Jobs reassured the public that Apple has "amazing products still to come this year." This means that upgrades to current products or strategic alliances with other companies will further boost consumer demand for the company's products.

Microsoft ( MSFT) seems to be singing a similar song. In its most recent quarterly earnings reports, the technology giant boasted revenues of $16.04 billion, a 22% year-over-year gain and nearly $750 million higher than Wall Street's expectations. To add icing to the cake, every one of the Redmond Wash.-based company's businesses witnessed double-digit revenue growth. The Windows division grew a whopping 43.5%, primarily driven by the huge success of Windows 7. Additionally, Microsoft's search engine, Bing, continues to gobble up market share as it witnessed a 19% increase in online advertising revenue in the last quarter.

As for the future, there is still plenty of room for revenue growth for Microsoft. Currently, Windows 7 is running on a mere 15% of the world's installed personal computers, and this is expected to increase to nearly 90% of the world's installed personal computers by the end of 2011. Additionally, the release of the first smartphone utilizing the new Windows Phone 7 Operating System and the debut of the new hands-free interface for the Xbox 360 game console are expected for later this year. Both of these are expected to be hits with consumers around the world.

Lastly, similar to Apple, Microsoft's fundamentals remain relatively strong. The company is sitting on $38.4 billion of net cash and investments. It's forward P/E is almost 11, making it cheap.

To gain exposure to both of these technology giants one could consider the following:

iShares Dow Jones US Technology ( IYW), which allocates 12.22% of its assets to Apple and 10.44% to Microsoft. IYW closed at $56.75 on Tuesday.

PowerShares QQQ ( QQQQ), which allocates 19.97% of its assets to Apple and 4.34% to Microsoft. QQQQ closed at $46.42 on Tuesday.

Technology Select Sector SPDR ( XLK), which allocates 10.71 % of its assets to Apple and 8.91% to Microsoft. XLK closed at $22.39 on Tuesday.

Although Apple and Microsoft appear to be firing on all cylinders, it's important to remember that all investments carry inherent risks. To help protect against these risks, it's important use of an exit strategy that identifies specific price points at which downward price pressure is likely.

According to the latest data at www.SmartStops.net, these price points are as follows: IYW at $55.33; QQQQ at $45.25; XLK at $21.84. These price points change on a daily basis and are reflective of market volatility.

-- Written by Kevin Grewal in Houston.

Disclosure: At the time of publication, Grewal held shares of iShares Dow Jones US Technology.

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Kevin Grewal serves as the editorial director and research analyst at The ETF Institute, which is the only independent organization providing financial professionals with certification, education, and training pertaining to exchange-traded funds (ETFs). Additionally, he serves as the editorial director at SmartStops.net where he focuses on mitigating risks and implementing exit strategies to preserve equity. Prior to this, Grewal was an analyst at a small hedge fund where he constructed portfolios dealing with stock lending, exchange-traded funds, arbitrage mechanisms and alternative investments. He is an expert at dealing with ETFs and holds a bachelor's degree from the University of California along with a MBA from the California State University, Fullerton.