A big change is in store for the PowerShares (NasdaqGM: QQQ). One of the largest U.S.-listed ETFs by assets, and one commonly referred to as the Nasdaq 100 tracking ETF, will welcome electric car maker Tesla (NasdaqGS: TSLA) to its lineup. Enterprise software giant Oracle (NasdaqGM: ORCL) is leaving the Nasaq 100.

Tesla will become a component of the NASDAQ-100 Index (Nasdaq: NDX) and the NASDAQ-100 Equal Weighted Index (Nasdaq: NDXE) prior to market open on Monday, July 15, according to a statement released by NASDAQ OMX Global Indexes Monday evening.

Oracle is leaving the Nasdaq 100 because, as the company announced last month, it is leaving the Nasdaq for a listing on the New York Stock Exchange becoming the biggest company on record to switch exchanges. Oracle is currently QQQ’s fourth-largest holding with a weight of 4.25%, according to PowerShares data. 

Membership in the NASDAQ-100 Equal Weighted Index should also mean Tesla becomes part of the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSEArca: QQQE) and the First Trust NASDAQ-100 Equal Weighted Index Fund (NasdaqGM: QQEW). [Equal-Weight Tech ETFs if You’re Shy About Apple]

With almost $144 million in assets under management, QQEW is the larger of those two ETFs. QQEW currently allocates 1% of its weight to Oracle. [Equal Weight ETF Strategies]

However, it could be another First Trust ETF that benefits as fund managers that benchmark to the Nasdaq 100 are forced to dump Oracle and buy shares of Tesla. The First Trust NASDAQ Clean Edge Green Energy Index Fund (NasdaqGM: QCLN) has surged 36% in the past 90 days due in large part to its 9.4% allocation to Tesla, one of the largest weights to that stock among all ETFs.

Shares of California-based Tesla have more than tripled this year. Apple (NasdaqGS: AAPL) is QQQ’s largest holding with a weight of nearly 11.4%. The ETF has $34.5 billion in assets.

PowerShares QQQ

ETF Trends editorial team contributed to this post. Tom Lydon’s clients own shares of Apple and QQQ.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.