Tim- FBT currently owns 11+ mill shares of XON and will likely be selling those shares on the close on Thursday. FBT truly rebalances to an equal weighting their 30 holdings every quarter. Because it is such a large ETF (3.076 bill) with only 30 holdings each name gets roughly rebalanced to a holding size of $102 mill. The XON situation is interesting because it's market cap has fallen well below the minimum of $900 mill due to its extreme underperformance.
However, anyone with any of the 30 holdings should be prepared for large prints on the close on Thursday for holdings which have under or out performed during the last qtr. Here are the current FBT holdings and weightings.
Total Number of Holdings: 30
|Security Name||Identifier||Classification||Weighting |
|Ionis Pharmaceuticals, Inc.||IONS||Health Care||4.73%|
|Ultragenyx Pharmaceutical Inc.||RARE||Health Care||4.43%|
|Bio-Techne Corporation||TECH||Health Care||4.02%|
|ACADIA Pharmaceuticals Inc.||ACAD||Health Care||3.96%|
|Charles River Laboratories International, Inc.||CRL||Health Care||3.93%|
|bluebird bio, Inc.||BLUE||Health Care||3.86%|
|Alexion Pharmaceuticals, Inc.||ALXN||Health Care||3.84%|
|IQVIA Holdings Inc.||IQV||Health Care||3.63%|
|Celgene Corporation||CELG||Health Care||3.60%|
|QIAGEN N.V.||QGEN||Health Care||3.58%|
|Illumina, Inc.||ILMN||Health Care||3.51%|
|Agios Pharmaceuticals, Inc.||AGIO||Health Care||3.50%|
|Alnylam Pharmaceuticals, Inc.||ALNY||Health Care||3.48%|
|Seattle Genetics, Inc.||SGEN||Health Care||3.45%|
|Exelixis, Inc.||EXEL||Health Care||3.32%|
|Grifols, S.A. (ADR)||GRFS||Health Care||3.29%|
|Incyte Corporation||INCY||Health Care||3.26%|
|Alkermes Plc||ALKS||Health Care||3.20%|
|Gilead Sciences, Inc.||GILD||Health Care||3.09%|
|BioMarin Pharmaceutical Inc.||BMRN||Health Care||3.08%|
|Amgen Inc.||AMGN||Health Care||3.06%|
|Vertex Pharmaceuticals Incorporated||VRTX||Health Care||3.06%|
|United Therapeutics Corporation||UTHR||Health Care||3.05%|
|Neurocrine Biosciences, Inc.||NBIX||Health Care||3.03%|
|FibroGen, Inc.||FGEN||Health Care||3.02%|
|Regeneron Pharmaceuticals, Inc.||REGN||Health Care||2.93%|
|Intercept Pharmaceuticals, Inc.||ICPT||Health Care||2.66%|
|Nektar Therapeutics||NKTR||Health Care||2.37%|
|Biogen Inc.||BIIB||Health Care||2.25%|
|Intrexon Corporation||XON||Health Care||1.76%|
Holdings are subject to change.
So for example IONS which has a current weighting of 4.73% will be reduced to 3.33%. The current weight of 4.73% represents $145.5 mill which will be reduced to 3.33% or $102.4 mill or a sale of $43.1 mill on the close for just that 1 name.
Anyone can figure whether their names will be bought or sold on Thursday's close and how significant the volume will be relative to daily trade volume.