Tesla Gets a Big ETF Promotion

Elon Musk's Tesla

, the electric car maker whose shares have more than tripled this year, is going to be found in more ETFs after NASDAQ OMX Global Indexes announced the stock will replace Oracle

as a member of the Nasdaq 100. Enterprise software maker is leaving the Nasdaq 100 because it is switching to a listing on the New York Stock Exchange. Oracle becomes the largest company by market value to make an exchange switch. California-based Tesla will become a component of the NASDAQ-100 Index

and the NASDAQ-100 Equal Weighted Index

prior to market open on Monday, July 15,

issued by NASDAQ OMX Global Indexes. That means Tesla will become a member of the PowerShares QQQ

, the NASDAQ 100 tracking ETF. Oracle is currently the fourth-largest member of the cap-weighted QQQ with a weight of 4.25 percent. Based on Tesla's market value of $14.05 billion at Monday's close, the stock would receive a larger weight in QQQ if it entered the ETF today than current holdings such as Wynn Resorts

, KLA-Tencor

and Expedia

, just to name a few. Since Tesla will also be included in the NASDAQ-100 Equal Weighted Index, the stock will also likely become part of the First Trust NASDAQ-100 Equal Weighted Index Fund

and the Direxion NASDAQ-100 Equal Weighted Index Shares

. Some ETFs have already

, a trend that could continue as fund managers that benchmark to the NASDAQ 100 are forced to scoop up the stock. Those ETFs include the First Trust NASDAQ® Clean Edge Green Energy Index Fund

and the Market Vectors Global Alternative Energy ETF

. GEX and QCLN have weights of 11.8 and 9.4 percent, respectively, to Tesla. Then there is the PowerShares WilderHill Clean Energy Portfolio

, which has been previously been referred to as the

because the fund features exposure to Tesla and Musk's other company, SolarCity

. For more on ETFs, click

.