A 7% rally in Pandora (NYSE: P) shares Monday following an analyst upgrade wasn’t enough to boost an exchange traded fund that specializes in social media stocks.

Global X Social Media ETF (NasdaqGM: SOCL) was down 1.7% in recent trading. The $8.5 million fund has a 3% weighting in Pandora, the streaming music provider. [ETFs Target Internet IPOs, Social Media]

The narrow sector ETF listed in November 2011. [Facebook IPO Drives Interest in Social Media ETF]

“Driving the success of companies in this ETF are Internet use, particularly in emerging markets, and a continued secular shift toward socializing and shopping online. Risks to the companies held in this ETF include the generally lower barriers to entry for many of them and the rapid pace of technological innovations,” says Robert Goldsborough in a Morningstar analyst report on the social media fund.

Other exchange traded products that have a stake in Pandora, which went public over the summer, include E-TRACS Next Generation ETN (NYSEArca: EIPO), Russell 1000 High Volatility ETF (NYSEArca: HVOL) and First Trust IPOX-100 (NYSEArca: FPX). [IPO ETF Sidesteps Pandora Flop]

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