Global X Social Media ETF (NYSEArca: SOCL) has seen volume ramp this week in the days leading up to the historic Facebook IPO but the fund slipped 3% amid volatile trading in newly-minted Facebook shares Friday.
Facebook (NasdaqGS: FB) shares recovered Friday after falling to the offer price of $38 a share.
Facebook was trading around $41 a share in heavy action Friday afternoon, down from the opening price of $42, which was delayed at the Nasdaq. The opening share price valued Facebook at more than $100 billion.
The social media ETF fell 3% in recent action. The fund’s top holding at 11.2% of the portfolio is LinkedIn (NYSE: LNKD) – the stock was down 2% on Friday.
SOCL holding Zynga (NasdaqGS: ZNGA ) saw its shares halted on Friday following a sharp sell-off.
Zynga represents 3.9% of SOCL, which is a relatively small ETF with $18.5 million in assets. The fund charges management fees of 0.65% and holds just under 30 stocks.