Amazon drops below COVID low, dragging these ETFs down with it

Amazon (NASDAQ:AMZN) closed decrease on Wednesday for the seventh buying and selling session out its previous 10, bringing the ecommerce large beneath its lowest shut amid the instant post-COVID crash in early 2022. This slide, in flip, has put strain on a number of change commerce funds which have heavy weightings towards the inventory, sending a number of of these ETFs to new 52-week lows.

AMZN dropped about 1.5% on Wednesday to shut at $81.82, touching an intraday 52-week low of $81.69 within the course of. On March 12, 2020, because the extent of the COVID disaster was starting to change into clear, AMZN closed at $83.83. Though it will hit an intraday low of $81.30 on March 16, the end on the twelfth would mark the bottom shut of the pandemic.

Wednesday’s end additionally represented AMZN’s lowest end since March, 2019.

Amazon presently sits within 347 totally different change traded funds with 126 being actively managed, 27 listed as equal weight funds and 23 designated as ESG-based ETFs. In the meantime, there are six ETFs which have 20% or higher weighted allocations in the direction of Amazon. See beneath the six funds which have probably the most vital portfolio positions in the direction of the mega cap agency.

• ProShares On-line Retail ETF (ONLN): 23.75% weighting
• Client Discretionary Choose Sector SPDR Fund (NYSEARCA:XLY): 23.25% weighting
• Constancy MSCI Client Discretionary Index ETF (NYSEARCA:FDIS): 22.25% weighting
• Vanguard Client Discretionary ETF (NYSEARCA:VCR): 22.20% weighting
• ProShares Extremely Client Companies (UCC): 20.43% weighting
• ProShares Lengthy On-line/Brief Shops ETF (CLIX): 20.38% weighting

When it comes to year-to-date efficiency, AMZN has come down by 51.9%. In the meantime, ONLN dropped 52.1%, XLY declined by 40%, FDIS has come down by 38.6%, VCR was decrease by 38.5%, and UCC and CLIX tumbled by 59.2% and 48.5% respectively.

ONLN and CLIX are beneath their COVID lows however not at 52 week lows. In the meantime, VCR, XLY, and FDIS are at 52 week lows however not beneath their COVID lows. And UCC shouldn’t be beneath COVID lows or at a 52 week low, though it’s hovering above that yearly nadir.

In different Amazon associated information, the agency is reportedly planning a stand-alone app for watching sports activities.