ETFs that have the potential to be secondary Icahn plays include the PowerShares Buyback Achievers Portfolio (NYSEArca: PKW). Apple is in the midst of a massive share repurchase program, one that Icahn wants to see increased and PKW rebalances this month. That means there is a chance Apple will meet the NASDAQ US Buyback Achievers Index’s entry requirement of a net reduction in shares outstanding of 5% or more in the trailing 12 months.

Stretch plays include the Guggenheim Spin-Off ETF (NYSEArca: CSD) or the First Trust US IPO Index Fund (NYSEArca: FPX), that is assuming Icahn is successful in forcing eBay to spin-off PayPal. Do not forget Twitter (NYSE: TWTR). Icahn does not own in a stake the company, at least not yet, but he does use the social media outlet to his advantage. FPX has a small stake in Twitter while the Renaissance IPO ETF (NYSEArca: IPO) and the Global X Social Media Index ETF (NasdaqGS: SOCL) hold larger interests in the newly public social media firm.

PowerShares QQQ

Tom Lydon’s clients own shares of Apple and QQQ.