Home to more than $58 billion in assets under management, the PowerShares QQQ (NasdaqGM: QQQ), which tracks the tech-heavy Nasdaq-100 Index, is one of the largest exchange traded funds in the U.S.

It is also thought to be a technology ETF in disguise. To an extent, that view is accurate as QQQ allocates 60% of its weight to technology stocks. However, consumer discretionary is the ETF’s second-largest sector weight at 21.5%, putting QQQ in a prime position to benefit from the online shopping boom.

The retail sector has been under pressure on the rise of e-commerce outlets, like Amazon.com. Meanwhile, traditional brick-and-mortar stores are shutting down, with the threat of bankruptcy for smaller players, dragging on the broader retail segment.

“According to Adobe, this holiday season is off to a great start for retailers with an online presence. In 2017, US retailers posted e-commerce sales of $5.0 billion on Black Friday and $6.6 billion on Cyber Monday, reflecting year-over-year growth rates of 16.9% and 16.8%, respectively. In fact, this year’s Cyber Monday was the largest US online shopping day in history,” according to Invesco PowerShares.

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However, with technology’s ascent and that of QQQ, come concerns that the Nasdaq-100 is too heavily exposed to a small number of stocks. Additionally, some analysts opine that the benchmark’s significant technology overweight leaves it vulnerable should tech stocks fall out of favor. Due to tech’s ascent this year, QQQ’s exposure to the sector has increased while its consumer discretionary weight has been mostly steady.

Still, QQQ remains a viable way for investors to capture a slice of the e-commerce phenomenon.

“Retailers within the Nasdaq-100 Index have generated 174% higher growth rates for these three metrics than have retailers within the S&P 500 Index over the past three years. In turn, the market has rewarded this group of retailing stocks with solid year-to-date returns. The Nasdaq-100’s retail stocks have returned 41.9% through Nov. 24, while S&P 500 Index retailers have returned 24.3% over this same time period,” according to PowerShares.

Traditional retailers must contend with shoppers’ growing preference for online shopping. The trend away from traditional department stores and apparel retailers to online shopping destinations should benefit the Amplify Online Retail ETF (NasdaqGM: IBUY), which debuted last year. IBUY, which is comprised of global companies that generate at least 70% of revenue from online or virtual sales, has been one of the best-performing retail ETFs since its inception. IBUY is up nearly 40% year-to-date.

For more information on the consumer sector, visit our consumer discretionary category.

Tom Lydon’s clients own shares of QQQ.