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ETFs with Amazon exposure brushed off President Donald Trump's latest tweets for the third time, with the funds continuing to rise despite the negative attention Trump is creating around the company.
Trump Tweets Amazon "causing tremendous loss to the U.S."
Trump targeted Amazon again Thursday morning, tweeting: "I have state my concerns with Amazon long before the election. Unlike Others, they pay little or no taxes to state and local governments, use our Postal System as their Delivery Body (causing tremendous loss to the U.S.) and are putting many thousands of retailers out of business!"
Trump blames Amazon for the decline of brick-and-mortar retailers and the pain that has caused real-estate developers. According to the Axios reporter Jonathan Swan, Trump believes Amazon is a negative force for smaller, locally owned retailers and wants to find a way to curve the company’s dominance.
Let’s take a look at the Top 5 ETFs with Amazon exposure as of 1 p.m. Eastern time.
5 ETFs with Exposure to Amazon
- VanEck Vectors Retail ETF (RTH) – Amazon weighting: 15.13% up .11%.
- RTH VanEck Vct Rtl 96.23 -0.18%
- SPDR Consumer Discretionary Select Sector Fund (XLY) – Amazon weighting: 12.39% up .63%.
- XLY Sel Sct Cns Dis 105.93 +0.21%
- First Trust DJ Internet Index Fund (FDN) – Amazon weighting: 10.04% up 1.54%.
- Fidelity MSCI Consumer Discretionary Index ETF (FDIS) – Amazon weighting: 9.95% up .61%.
- Vanguard Consumer Discretionary ETF (VCR) – Amazon weighting 9.90% up .57%.
Are Trump's Claims True?
The Supreme Court is considering a case that could give states more power to collect sales tax on online retailers.
However, according to the Washington Post, "Some of Trump’s claims about Amazon have not been based on complete information. Amazon, for example, does collect taxes on products it sells to customers in the 45 states with a sales tax. Items sold by third-party vendors, however, may have different arrangements. The company has also said it supports legislation that would require other online retailers to pay state and local sales taxes."
Related: Top 10 FAANG ETFs Down: What's Next?
Amazon declined to comment.
Trumps other Twitter targets have included Apple, Boeing, General Motors, The Washington Post (also owned by Jeff Bezos), the New York Times, and CNN.
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