Trading volume and assets in a small exchange traded fund that invests in social media stocks are ramping higher in the wake of Facebook filing to go public.
Assets in the Global X Social Media Index ETF (NasdaqGM: SOCL) have jumped to $5.3 million from $1.4 million after Facebook’s IPO filing, Benzinga reports.
“It’s enough to make one wonder what type of impact Facebook will have on SOCL when the social media darling does come public,” Benzinga says.
The social media ETF was in the red Monday but was up about 16% year to date heading into the session. Trading volume in the fund surged last week on the Facebook news. [Social Media ETF Likes Facebook IPO Speculation]
Trading has jumped from an average daily volume of about 6,000 shares to more than 120,000 shares on Wednesday and Thursday last week, CNNMoney reports.
“That’s a nearly 20-fold increase in less than a week and helped propel the ETF’s shares more than 10% higher,” according to the article. “What’s more, assets in the fund more than doubled from $1.4 million to almost $3 million on Wednesday, the day Facebook filed for its IPO.”