Return To Me Says QQQ To Green Mountain

Green Mountain Coffee Roasters (NASDAQ:GMCR) is headed back to NASDAQ-100 for an encore run in the index, meaning the stock famously sold short by David Einhorn's Greenlight Capital will soon rejoin the PowerShares QQQ (NASDAQ:QQQ). The $36.5 billion QQQ is also known as the NASDAQ 100 tracking ETF.

Green Mountain will also join the NASDAQ-100 Equal Weighted Index (NASDAQ: NDXE) and the NASDAQ-100 Ex-Tech Sector Index (NASDAQ: NDXX) prior to market open on Thursday, August 22, 2013, according to a statement by NASDAQ OMX Global Indexes. The statement was released Thursday after the close of U.S. markets.

Green Mountain had market value of $11.1 billion at Thursday's close, implying it will be relatively scant part of QQQ's lineup. Discount retailer Dollar Tree (NASDAQ:DLTR) has a market cap of nearly $11.5 billion, but a weight of just 0.33 percent in QQQ.

QQQ, the sixth-largest U.S. ETF, has made some exciting changes this year, including replacing Oracle (NYSE:ORCL) with Elon Musk's electric car maker Tesla (NASDAQ:TSLA). Since July 16, a day after joining the NASDAQ 100, shares of Tesla are up 28.1 percent.

However, Green Mountain shareholders may not want their stock to rejoin the index. It was booted from the NASDAQ 100 late last year and has risen 70 percent this year.

Green Mountain's membership in the NASDAQ-100 Equal Weighted Index means the stock is eligible to become part of the First Trust NASDAQ-100 Equal Weight Index Fund (NASDAQ:QQEW) and the Direxion NASDAQ-100 Equal Weighted Index Shares (NYSE:QQQE).

Currently, Green Mountain is not a significant holding in many ETFs. The PowerShares Dynamic Food & Beverage Portfolio (NYSE:PBJ), home to $322.4 in assets, has one of the larger weights to the stock among ETFs at 2.6 percent.

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Disclosure: Author does not own any of the securities mentioned here.