Internet ETFs: Netflix (NasdaqGS: NFLX), TripAdvisor (NasdaqGS: TRIP), Amazon (NasdaqGS: AMZN), Facebook (NasdaqGS: FB) and Baidu (NasdaqGS: BIDU) entered Wednesday in bear markets. All five are top-10 holdings in the PowerShares NASDAQ Internet Portfolio (NasdaqGS: PNQI), combining for about 26% of that ETF’s weight.
The First Trust Dow Jones Internet Index Fund (NYSEArca: FDN) is being hurt by those stocks as well. FDN has no Baidu exposure, but the other stocks combine for 19.5% of the ETF’s weight. Plus, Equinix (NasdaqGS: EQIX) is another Nasdaq name in a bear market. It is 2.6% of FDN’s weight. [Waiting on a Bounce for Internet ETFs]
iShares North American Tech-Software ETF
Tom Lydon’s clients own shares of Microsoft, Amazon and Facebook.