Social Media ETF Index Weights Facebook at 8.8%

The Solactive Social Media Index, the index tracked by the Global X Social Media Index ETF
, has allocated 8.8% of its weight to Facebook
, according to Global X. The Global X Social Media Index ETF, the lone ETF devoted exclusively to the burgeoning social media ETF, has been
widely viewed as the first ETF destination for Facebook, the largest social media company
. It was expected that the index would add Facebook following the end of the stock's fifth trading, which was Thursday May 24, and that the change would be reflected in the ETF on the next trading day. Global X could not confirm the weight of Facebook within SOCL, but assuming the 8.8% allocation from the index carries over to the ETF, Facebook would have been SOCL's fourth-largest constituent on Thursday behind LinkedIn
, China's Tencent Holdings and Sina
. SOCL has lost about 5% since Facebook's IPO on May 18, but the ETF has seen it's assets under management surge to over $25.1 million from $16 million and its average daily volume jump to over 50,000 shares from 36,000 shares. At the close of markets on May 24, SOCL was home to 27 stocks with other prominent names including Google
, Groupon
and Yelp
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