Global X Sets Sights On Social Media ETF

Global X, the New York-based ETF issuer now known almost as much for the its rapid pace of new product introductions as it is for its unique commodities and emerging markets offerings, is looking to tap into the social media/networking craze after filing plans for the Global X Social Media ETF. The ETF will track the Solactive Social Media Index and will invest in companies involved in the social media industry, including companies that provide social networking, file sharing and other web-based media applications, according to the filing. The SEC filing did not disclose a ticker or expense ratio for the new ETF. At first glance, the plans by Global X appear to add to an understated rivalry with First Trust, which has found success with niche tech-based ETFs such as the First Dow Jones Internet Fund FDN, the First Trust Nasdaq CEA Smartphone Index Fund FONE and the First Trust ISE Cloud Computing ETF SKYY. Earlier this month, Global X filed plans to roll out as many as 22 new ETFs focused on developed and emerging markets. At the end of June, the firm had 35 ETFs in its stable, more than half of which had been introduced this year. The company had $1.73 billion of assets across its various ETFs as of July 21, according to data compiled by IndexUniverse.