Friday’s market spotlight has been on Netflix (NFLX), which announced plans to acquire Warner Bros. Discovery (WBD)—including its film and television studios—for an enterprise value of approximately $82.7 billion.
The blockbuster deal has captured widespread attention across the media and communication services sectors, highlighting the ongoing consolidation shaping the entertainment industry. Investors and fund managers are also watching closely, as both companies are widely held across exchange-traded funds.
Current data shows that roughly 432 million Netflix shares are spread across 483 ETFs, while Warner Bros. Discovery accounts for about 594 million shares in 313 funds. The concentration of holdings underscores the potential ripple effects this merger could have across diversified portfolios.
Outlined below are Wall Street’s top 10 ETFs that have the largest portfolio claims in in NFLX and WBD:
Top 10 ETFs with the Largest Exposure to NFLX
No. 1: T-Rex 2X Long NFLX Daily Target ETF (NFLU), 66.35% allocation.
No. 2: Roundhill NFLX WeeklyPay ETF (NFLW), 19.95% allocation.
No. 3: Direxion Daily NFLX Bull 2X Shares (NEXL), 12.87% allocation.
No. 4: First Trust Dow Jones Internet Index Fund (FDN), 9.13% allocation.
No. 5: FT Vest Dow Jones Internet & Target Income ETF (FDND), 8.26% allocation.
No. 6: YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY), 8.27% allocation.
No. 7: Invesco Next Gen Media and Gaming ETF (GGME), 7.28% allocation.
No. 8: Global X PureCap MSCI Communication Services ETF (GXPC), 6.99% allocation.
No. 9: Direxion Daily Dow Jones Internet Bull 3X Shares (WEBL), 6.64% allocation.
No. 10: Direxion Daily NYSE FANG+ Bull 2X Shares (FNGG), 5.79% allocation.
Top 10 ETFs with the Largest Exposure to WBD
No. 1: Invesco S&P 500 Equal Weight Communication Services ETF (RSPC), 9.41% allocation.
No. 2: S-Network Streaming & Gaming Index – Benchmark TR Net (BNGE), 6.69% allocation.
No. 3: ProShares Nasdaq-100 Dorsey Wright Momentum ETF (QQQA), 6.46% allocation.
No. 4: Communication Services Select Sector SPDR Fund (XLC), 6.28% allocation.
No. 5: Invesco Leisure and Entertainment ETF (PEJ), 5.16% allocation.
No. 6: Adaptiv Select ETF (ADPV), 5.03% allocation.
No. 7: ProShares Ultra Communication Services (LTL), 4.51% allocation.
No. 8: Pinnacle Focused Opportunities ETF (FCUS), 4.38% allocation.
No. 9: First Trust Dorsey Wright Momentum & Value ETF (DVLU), 4.05% allocation. No. 10: Fidelity Disruptive Communications ETF (FDCF), 3.88% allocation.