Amazon Stock Hits 8-Year Low

The company announced its first reported quarterly loss since 2015, affecting more than 330 ETFs overall.

Reviewed by: Ben Kissam
Edited by: Ben Kissam, Inc. (AMZN) dipped 12% on Friday after the company reported a net loss of $3.8 billion on Thursday in after-trading hours. The stock fell $348 in early morning trading, less than its share price from the previous day’s close at $2,903.65. 

In total, 332 ETFs hold AMZN shares, and the top five ETFs holding AMZN all have pretty heavy exposure. Those funds include the ProShares Online Retail ETF (ONLN) (24.06%); the ProShares Ultra Consumer Services (UCC) (23.60%); the Vanguard Consumer Discretionary ETF (VCR) (22.84%); the Consumer Discretionary Select Sector SPDR Fund (XLY) (22.71%); and the Fidelity MSCI Consumer Discretionary Index ETF (FDIS) (22.07%).

Active management funds top the list for ETF strategies holding AMZN, with 108. Vanilla ETFs are in second, with 58; followed by multifactor ETFs (28), fundamental ETFs (27) and equal-weight ETFs (27).

In the past 30 days, the Simplify Volt RoboCar Disruption and Tech ETF (VCAR) has seen the greatest growth as holders of AMZN, at 12.87%, followed closely by two risk-averse Direxion funds: the Direxion Daily Consumer Discretionary Bull 3x Shares (WANT) at 12.28%; and the Direxion Daily Select Large Caps & FANGs Bull 2X Shares (FNGG) at 11.72%. 

A pair of ProShares ETFs, the ProShares UltraPro QQQ (TQQQ) and the ProShares Ultra Nasdaq Cloud Computing (SKYU), have also seen similar growth, at 11.67% and 9.72%, respectively.

Of the 32.2 million AMZN shares held in ETFs, the top five funds with the most shares of AMZN—most of which follow the S&P 500—hold 18.9 million shares, or roughly 58.6%. The ETFs holding the most AMZN include the SPDR S&P 500 ETF Trust (SPY), the Invesco QQQ Trust (QQQ), the iShares Core S&P 500 ETF (IVV), the Vanguard S&P 500 Index Fund (VOO) and the Vanguard Total Stock Market ETF (VTI).

Reasons cited for Amazon's net losses include the company's investment in electric van maker startup Rivian, which netted a $7.6 billion loss in its investment this quarter, as well as the Russia-Ukraine conflict.

“The pandemic and subsequent war in Ukraine have brought unusual growth and challenges,” said Andy Jassy, Amazon's CEO.

This was the company's first reported quarterly loss since 2015.

Ben Kissam is a writer and media strategist. A former educator, he's written two books and had essays published in The Boston Globe and Thought Catalog. He lives in Denver.