Online retail ETF tanks as ecommerce giants Wayfair, Etsy, and eBay sell-off
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The ProShares Online Retail ETF (NYSEARCA:ONLN) has been crushed in early Thursday trading; the exchange traded fund is down 7.5% as many ecommerce giants that construct the fund are down more than 15%.
ONLN has a total of 40 holdings but three names specifically eBay (NASDAQ:EBAY), Etsy (NASDAQ:ETSY), and Wayfair (NYSE:W) represent a combined 10.92% of ONLN. Moreover, these names all find themselves down significantly on the day, dragging down ONLN. EBAY is -9.5%, ETSY has dropped 15.2%, and W has plunged 18.1% at the start of trading.
All three stocks sit inside of ONLNâs top ten holdings with EBAY as the third largest holding at 5.85%. ETSY has the seventh largest stake at 2.58% and W is the fund's ninth most significant position at 2.49%.
ONLN is a thematic fund attached with a 0.58% expense ratio, additionally the fund intends to offer the investment community exposure to a group of stocks that are fundamentally disrupting the retail sector through the adaptation of online retail and ecommerce.
Furthermore, adding to the selling fuel are JD.com (JD) and Pinduoduo (PDD), ONLNâs fourth and fifth largest positions with a combined 7.22% weighting. The Chinese online firms have dropped on Thursday as U.S. authorities added 80 firms, including JD and PDD to a list of organizations facing a possible delisting from its exchanges.