Vanguard, SPDR, Global X ETFs Slip as PINS Stock Drops

Funds, including VO, decline after company’s outlook disappoints.

Reviewed by: Lisa Barr
Edited by: Sean Allocca

Pinterest Inc. shares declined today after its revenue outlook disappointed, trimming the value of social media and other ETFs holding large stakes in the image sharing company. 

PINS stock shares dropped 4.6% to $27.65 after the company’s forecast for third-quarter sales rising in the high single digits compared with last year disappointed investors, particularly after rivals reported bullish results and outlooks. The stock has still gained 27% this year, including today’s decline. 

The Vanguard Mid-Cap Index Fund (VO), whose $122.4 million stake in Pinterest is the largest among exchange-traded funds, slipped 1.2% in midday trading. The Global X Social Media ETF (SOCL), which has the largest Pinterest allocation, at 6.8%, dropped by 2.9%. The fund with the second largest allocation, the SPDR S&P Internet ETF (XWEB), lost 2.1%. 

PINS Stock Held in 148 US ETFs 

About 38 million Pinterest shares are held in 148 U.S.-traded ETFs. VO holds 5.11 million shares. That is followed by the First Trust Dow Jones Internet Index Fund (FDN), which has  3.99 million, according to data. U.S. ETFs allocate on average less than one-half of 1% of their portfolios to Pinterest. 

The best-performing exchange-traded fund that has held PINS over the past 12 months is the ARK Fintech Innovation ETF (ARKF), which has had a return of 32%. 

Most active ETFs today include the ProShares UltraPro Short QQQ (SQQQ), whose volume at midday of 117 million shares traded was matching its 65-day average, according to the Wall Street Journal.  

The fund, which bets against the performance of the Nasdaq-100 Index, jumped 6.1% today as the Nasdaq dropped more than 2%. The fund has plummeted 68% so far this year as the Nasdaq had its best first half in 40 years. 


Contact Ron Day at [email protected] or follow him on Twitter at @RonDayETF  

Ron Day is deputy managing editor at He covered business and financial news at Bloomberg News for 20 years, was senior editor at ESG news outlet Karma Impact, and covered general news at several New Jersey daily papers. Day's freelance work has been published in, and