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

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

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

Managing Editor
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 Managing Editor at He joined the company in October 2022 and previously served as editor and deputy managing editor.

Ron covered business and financial news at Bloomberg News for 20 years, working on the breaking news, technology, commodities, headlines and First Word teams. He was previously senior editor at ESG news outlet Karma Impact and filled the same role at Boundless Impact. He also covered a variety of beats at New Jersey daily papers including the Daily Record in Parsippany, the North Jersey Herald & News and the Asbury Park Press. Ron's freelance work has been published in, and

Ron is an advocate and fan of literacy. He hopes to one day master his Telecaster, rather than the other way around. His wonderful family includes a 10-lb. malti-poo named Emmy.