Snap Inc (NYSE: SNAP), the social media company behind the popular Snapchat app, just released its initial public offering to much fanfare, and an exchange traded fund is already snapping up the opportunity.

The First Trust US Equity Opportunities ETF (NYSEArca: FPX), which was previously expected to include SNAP in its upcoming quarterly rebalance on the close of March 17, incorporated SNAP into its portfolio after the underlying index provider exercised discretionary power to add the Snapchat owner at the close of business March 2 due to “extraordinary circumstances,” reports Aparna Narayanan for Investor’s Business Daily.

Nevertheless, potential investors should keep in mind that SNAP only makes up 0.3 of FPX’s underplaying holdings. Ryan Issakainen, ETF strategist at First Trust, though, said that the weighting could change at the rebalance. FPX’s underlying portfolio is weighted by a float-adjusted market capitalization and a recent surge in SNAP could cause the adjusted weighting to increase.

SNAP shares surged 40% on its first day of trading and added another 10.7% Friday.

FPX tries to reflect the performance of the IPOX Global Composite Index, which is comprised of the top 100 companies ranked quarterly by market capitalization. The underlying index uses a 10% cap on all constituents and includes the largest 100, typically best performing and most liquid U.S. public offerings, or IPOs.

Additionally, the index follows a rules based value-weighted methodology, with components selected based on quantitative initial screens. The portfolio is typically reconstituted and adjusted quarterly.

The competing Renaissance IPO ETF (NYSEArca: IPO) is set to include SNAP in its portfolio on March 20 during its quarterly rebalance of underlying holdings. David Sieber of Renaissance, an IPO ETF manager, told IBD that SNAP could rank up among the top 10 holdings in IPO ETF’s portfolio given its size.

The Renaissance IPO usually incorporates new issues within 90 days of listing and kicks out older ones after two years of public trading. The fund can also quickly include new sizable companies, like SNAP, at their discretion.

IPO-related ETFs usually don’t capitalize on the first-day pop, or decline, in new IPOs and only include new issues after a few days of trading.

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