E-commerce ETFs: Amazon-heavy or spread across dozens of online shops?

What are e-commerce ETFs?

E-commerce ETFs own companies that make money from online shopping. These include retailers and marketplaces, along with travel-booking sites, delivery apps and payment firms. eBay is the most widely held stock, owned by five of the six funds. Amazon, MercadoLibre, Williams-Sonoma and Wayfair each appear in four. Alibaba, PDD Holdings, Carvana, Booking Holdings, DoorDash and Expedia each appear in three.

The funds differ most in how heavily they lean on their biggest names. ProShares Online Retail ETF (ONLN) holds 27 stocks, with 72% of its money in its top 10 and 26.5% in Amazon alone. Amplify Online Retail ETF (IBUY), the largest fund, spreads its money across 82 holdings, and its biggest, Wayfair, is 3.3%. First Trust's ISHP is even more spread out, with 20.5% in its top 10. Global X's EBIZ reaches abroad, with JD.com and Trip.com among its largest holdings.

Five of the six track an index. Franklin Templeton's BUYZ is actively managed with a stated goal of capital appreciation, and its top holdings go beyond retail to Shopify, AppLovin, Alphabet and Meta. ProShares Long Online/Short Stores ETF (CLIX) pairs long positions in online retailers with short positions in store-based retailers. A short position is a bet that a stock will fall, so CLIX aims to gain when online retailers beat physical stores. None of the funds uses leverage or option-income strategies.

Fees fall in a narrow band. The median expense ratio (the yearly fee, charged as a share of your investment) is 0.58%. It ranges from 0.50% for EBIZ and BUYZ to 0.65% for IBUY and CLIX. The money is concentrated: the five largest funds hold 97.7% of the group's roughly $213 million in assets. IBUY alone has about $107 million, while ISHP, the smallest, has about $5 million.

E-commerce ETF holdings: the stocks most funds own

The stocks that show up most often among the largest positions of the 6 biggest e-commerce ETFs with holdings reports, from their latest N-PORT filings.

Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.

The largest e-commerce ETFs, side by side

Swipe the table to see all 5 funds.

The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.

Head to head

How much do the largest e-commerce ETFs overlap?

Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.

From each fund’s full holdings in its latest N-PORT report.

How have e-commerce ETFs performed?

The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).

Best-performing e-commerce ETFs over the past year

Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.

How e-commerce ETFs did in past market crashes

Total return from the stock market’s peak to its low in each fall, distributions reinvested.

What drives e-commerce ETFs?

The companies in these funds earn more when shoppers spend more, so their profits follow household budgets, jobs and confidence. They also depend on how much shopping moves online, on shipping and advertising costs, and on tough price competition. Investors value many of these firms on profits expected years ahead. That makes their shares sensitive to interest rates: when rates rise, those distant profits count for less. Holdings such as Alibaba, PDD and JD.com add exposure to Chinese regulation and trade disputes.

That sensitivity has shown up in past downturns. In the 2020 COVID sell-off, IBUY fell 33% from peak to low and EBIZ fell 30.9%, close to the S&P 500's 33.7% drop. CLIX, whose short side gains when store stocks fall, lost just 3.2%. The 2022 bear market, a long slide as interest rates rose sharply, hit far harder. IBUY fell 56%, BUYZ 50%, ONLN 47.9%, EBIZ 45.9% and CLIX 42%, against 24.5% for the S&P 500. None of the funds existed during the 2008 financial crisis.

E-commerce ETFs with the lowest expense ratios

Ordinary funds with at least $10 million in net assets. The median ordinary e-commerce ETF charges 0.58% a year; leveraged and inverse funds usually charge more.

Do e-commerce ETFs pay dividends?

5 of the 6 ordinary e-commerce ETFs with a page here paid distributions over the last 12 months, with a median yield of 0.46%.

Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.

How to choose a e-commerce ETF

• Annual fees span a narrow range. EBIZ and BUYZ charge 0.50% a year, ONLN 0.58%, ISHP 0.60%, and IBUY and CLIX 0.65%. The gap is small, but fees are taken every year whatever the fund returns.
• Concentrated or spread out. ONLN puts 26.5% in Amazon and 72.2% in its top 10, and CLIX is similar. ISHP and IBUY are far more spread out, with 20.5% and 28.3% in their top 10, and neither holds Amazon.
• Index rules or active stock picking. IBUY, ONLN, EBIZ and ISHP each follow a different index (EQM Online Retail, ProShares Online Retail, Solactive E-commerce and S-Network Global E-Commerce), and CLIX tracks a long/short index. BUYZ is actively managed, aiming for capital appreciation.
• US-focused or global holdings. IBUY's five largest holdings are all US companies. EBIZ counts JD.com and Trip.com among its largest, ONLN holds Alibaba and PDD, and ISHP tracks a global index led by Poland's Allegro. Foreign stocks add currency and political risk.
• Fund size and trading costs. IBUY has about $107 million and ONLN about $61 million. CLIX, BUYZ and ISHP have roughly $5 million to $6 million each. Very small ETFs can trade with wider bid-ask spreads, the gap between purchase and sale prices.
• CLIX bets against physical stores. CLIX owns online retailers and also shorts store-based ones. It fell just 3.2% in the 2020 COVID sell-off, when IBUY fell 33%. But its short side loses money whenever store-based retailers rally.

What are the risks of e-commerce ETFs?

• Heavy reliance on Amazon. Amazon makes up 26.5% of ONLN, 22.4% of CLIX and 11% of BUYZ. ONLN's top 10 holdings account for 72.2% of the fund, so a bad stretch for a few stocks can drive most of its result.
• Large swings within a single year. In the year to October 27, 2026, volatility (how widely prices swing) ranged from 18.6% for ISHP to 24.5% for ONLN. Each fund's deepest fall in that year ranged from 19.6% (CLIX) to 29.1% (BUYZ).
• Steep losses when growth stocks slump. In the 2022 bear market, IBUY, ONLN, EBIZ, CLIX and BUYZ fell 42% to 56% from peak to low, against 24.5% for the S&P 500. As of October 27, 2026, all five were down over five years.
• Exposure to Chinese companies. ONLN holds Alibaba (7.9%) and PDD (5.1%), and EBIZ's largest holding is JD.com. Chinese stocks can be hit by Beijing's rules on internet firms, by US-China trade disputes and by limits on US ownership.
• Small funds can close. CLIX, BUYZ and ISHP each hold about $5 million to $6 million, and EBIZ about $28 million. Small ETFs are more likely to shut down. A closure hands holders cash and can trigger a taxable gain.

List of all e-commerce ETFs, by size

All 6 e-commerce ETFs, compared →

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