##  [# SHOP Stock’s Drop Hits Wood’s ARKF ETF ](/sections/news/shop-stocks-drop-hits-woods-arkf-etf) 

 

# SHOP Stock’s Drop Hits Wood’s ARKF ETF 

 

 

Shares of the streaming service Confluent also contributed to ETF price movements.



 

 

 

 

 [![RonDay](/sites/default/files/styles/author_image_icon/public/2024-01/etf.com_Author_RonDay.png?itok=XBj72rrJ "RonDay")](/contributors/ron-day) 

[By Ron Day](/contributors/ron-day)

 Aug 03, 2023

 Edited by: Sean Allocca

 

 

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Shopify Inc.’s shares declined even as the Canadian software maker reported earnings that beat estimates, pulling down a pair of ARK Investment Management ETFs that are the stock’s top holders.

The company, held in 73 exchange-traded funds, fell 5.5% in midday trading. Before today, it had gained 75% this year.

At the same time, Cathie Woods’ [**ARK Fintech Innovation ETF (ARKF)**](/arkf) fell about 1%. That fund’s 10% Shopify allocation is the biggest among all ETFs. It had gained 67% this year. Another ARK fund, the [**ARK Innovation ETF (ARKK)**,](/arkk) has the greatest number of Shopify shares, at 5.6 million. That fund fell 1.2% today. Shopify is the ETF’s No. 10 holding, according to [Cathie’s Ark](https://cathiesark.com/arkk/complete-holdings), worth $62.4 million.

Shopify, whose software is used in stores and by online retailers for payments and other services, yesterday reported sales and profit that beat analyst estimates. The company, in the midst of a turnaround, also said it expects revenue to grow in the mid-20% range after adjusting for the sale of its logistics business.

Shopify has around 15.4 million shares in the U.S. ETF market. On average, U.S. ETFs allocate 1.76% of SHOP stock to their portfolios, according to [etf.com data](https://www.etf.com/stock/SHOP).

Additionally, the SHOP stock is a favorite for active and vanilla ETFs. It is also most likely to belong to broad-based ETFs. The best-performing ETF in the past 12 months with SHOP as a holding is the [**Fidelity Crypto Industry and Digital Payments ETF (FDIG)**](/fdig), with a return of 46%.

## **SHOP Stock Drops, But Shares of Confluent Jump**

Confluent Inc., whose data streaming services are used by companies ranging from BMW to Citigroup Inc. to eBay Inc., also contributed to ETF price movements Thursday. The stock jumped 15% after the company said second-quarter earnings topped analysts estimates.

Confluent’s biggest ETF holder by allocation is the [**Spear Alpha ETF (SPRX)**.](/sprx) That fund allocates a 4.1% stake to Confluent shares worth $509. That ETF rose less than 1% today. The [**First Trust Dow Jones Internet Index Fund (FDN)**](/fdn) holds the biggest stake by value, at about $66 million.

*Contact Ron Day at* [*ron.day@etf.com*](mailto:ron.day@etf.com) *or follow him on Twitter at* [*@RonDayETF*](https://twitter.com/RonDayETF)

 
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 [ Ron Day Contributing Editor ](/contributors/ron-day) 

 

 

  Ron Day is Contributing Editor at etf.com. He joined the company in October 2022 and has served as Managing Editor, deputy managing editor and…   [View Bio](/contributors/ron-day)

 



 

 


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