As for IPO, which has accumulated over $28.2 million in assets in just a month of trading, Twitter’s weight in that ETF was not confirmed, either. However, investors can get a sense for how big Twitter’s footprint in IPO will be by knowing the ETF’s methodology for new additions.
That is multiplying the 70 million shares offered by Twitter in its IPO by the stock’s closing price today. Rounding down to $42, that result is $2.94 billion, which would likely place Twitter somewhere among the top-20 of IPO’s current roster of 51 holdings. Antero Resources (NYSE: AR) is IPO’s No. 18 holding after raising $1.57 billion in its recent IPO.
Prior to Twitter, IPO’s most recent addition was real estate investment trust Brixmor Property Group (NYSE: BRX), said Renaissance Capital’s Kathleen Smith in an interview with ETF Trends. Smith also confirmed that Michael Kors (NYSE: KORS), currently IPO’s largest holding with a weight of almost 10.4%, will be depart the ETF when the fund rebalances next month. The ETF holds stocks for up to two years after their debuts as public firms. Michael Kors celebrates its second anniversary as a public firm in mid-December. [Post-Twitter What to Expect from ETFs]
IPO and SOCL have each traded slightly lower in the five days since the Twitter IPO.