Mandiant in Rize’s CYBR ETF

Rize's CYBR ETF second largest holding is Mandiant, which is rumored to be acquired by Microsoft.

If the deal goes through and Mandiant's stock price inches closer to the M&A price, what happens to it in the context of the ETF? How do ETF holders profit from this development?

I am assuming the stock will be delisted after this increase.

Will Rize sell the stock and reinvest the capital gains by opening new positions? I thought those trackers simply track and aren't managed, unlike funds. Not all ETFs even have 'physical' shares.

I expect you to judge this post harshly.