In the bowl of a stand mixer add the butter and the shortening.
Mix on medium speed until they are creamed together and get creamy and fluffy. If needed scrape sides of bowl to get all of the mixture to the bottom of the bowl.
Turn the mixer speed to the lowest setting and slowly as in the powdered sugar.
Once you have added in all of the sugar, keep the mixer going and add in the pink lemonade mix, hot water, and vanilla extract.
Turn the mixer up to medium-high speed and continue mixing for 10 minutes until light and fluffy.