Amazon drops below COVID low, dragging these ETFs down with it
HJBC

Amazon (NASDAQ:AMZN) closed lower on Wednesday for the seventh trading session out its past 10, bringing the ecommerce giant below its lowest close amid the immediate post-COVID crash in early 2022. This slide, in turn, has put pressure on several exchange trade funds that have heavy weightings toward the stock, sending several of those ETFs to new 52-week lows.
AMZN dropped about 1.5% on Wednesday to close at $81.82, touching an intraday 52-week low of $81.69 in the process. On March 12, 2020, as the extent of the COVID crisis was beginning to become clear, AMZN closed at $83.83. Although it would hit an intraday low of $81.30 on March 16, the finish on the 12th would mark the lowest close of the pandemic.
Wednesday's finish also represented AMZN's lowest finish since March, 2019.
Amazon currently sits inside of 347 different exchange traded funds with 126 being actively managed, 27 listed as equal weight funds and 23 designated as ESG-based ETFs. Meanwhile, there are six ETFs that have 20% or greater weighted allocations towards Amazon. See below the six funds that have the most significant portfolio positions towards the mega cap firm.

ProShares Online Retail ETF (ONLN): 23.75% weighting
Consumer Discretionary Select Sector SPDR Fund (NYSEARCA:XLY): 23.25% weighting
Fidelity MSCI Consumer Discretionary Index ETF (NYSEARCA:FDIS): 22.25% weighting
Vanguard Consumer Discretionary ETF (NYSEARCA:VCR): 22.20% weighting
ProShares Ultra Consumer Services (UCC): 20.43% weighting
ProShares Long Online/Short Stores ETF (CLIX): 20.38% weighting

In terms of year-to-date performance, AMZN has come down by 51.9%. Meanwhile, ONLN dropped 52.1%, XLY declined by 40%, FDIS has come down by 38.6%, VCR was lower by 38.5%, and UCC and CLIX tumbled by 59.2% and 48.5% respectively.
ONLN and CLIX are below their COVID lows but not at 52 week lows. Meanwhile, VCR, XLY, and FDIS are at 52 week lows but not below their COVID lows. And UCC is not below COVID lows or at a 52 week low, although it is hovering above that yearly nadir.
In other Amazon related news, the firm is reportedly planning a stand-alone app for watching sports.