T-Mobile is also a top-10 holding in both ETFs. The unit of Germany’s Deutsche Telekom (OTC: DTEGY) commands just over 5% off IYZ’s weight and 3.2% of VOX. T-Mobile is also poised to reject a takeover offer from France’s Iliad.

That does not mean T-Mobile or Sprint are no longer targets. Dish Network (NasdaqGS: DISH) previously showed interest in Sprint before losing out on the company to Japan’s Softbank. It is possible Dish makes a move on either Sprint or T-Mobile. Dish is the fourth-largest holding in the PowerShares Dynamic Media Portfolio (NYSEArca: PBS) with a weight of 5%.

iShares U.S. Telecommunications ETF