An exchange traded fund that invests in “social media” stocks was down more than 1% on Tuesday as a position in Groupon (NasdaqGS: GRPN) weighed on the sector ETF.

Global X Funds launched the first ETF targeting the social media sub-sector earlier this month, and it has met a frosty reception in some press reports. One financial advisor called the new ETF a “gimmick” that’s capitalizing on a trend even though social media companies have shaky profit records, CNNMoney reported.

Global X Social Media Index ETF (NasdaqGM: SOCL) tries to reflect the performance of the Solactive Social Media Index, which tracks companies engaged in the social media industry, including companies involved in social networking, file sharing and other web-based media applications. [Global X Launches Social Media ETF]

The social media ETF has 5.1% in Groupon.

“As the industry continues to expand through IPOs, the index will capture these new companies shortly after their public debut, providing a relatively cost effective way to gain exposure to the social media industry,” said Bruno del Ama, chief executive officer of Global X Funds.

SOCL includes initial public offerings Groupon (NasdaqGS: GRPN), LinkedIn Corp (NYSE: LNKD) and Pandora Inc. (NYSE: P).

The ETF’s tracking index had 36.9% in China as of Nov. 8 — the largest country weighting, followed by the U.S. at 26.3% and Japan at 19.5%.

Among SOCL’s top holdings, (NasdaqGS: NTES) is 11.1%, Tencent Holdings is 10.2% and Sina Corp. (NasdaqGS: SINA) is 9.4%.