Facebook (NasdaqGS: FB) shares have fallen to a new low in the wake of the disastrous IPO as the lockup period on some shares expired Thursday.

However, the social media ETF benefited from strength in the broader market Thursday and has been moving higher in August despite the Facebook sell-off. The stock accounts for about 6% of the Global X Social Media Index (NasdaqGM: SOCL).

“The recent Facebook initial public offering—and its aftermath—reminds me how the fastest-growing companies with the most exciting technologies often become overpriced,” Jeremy Schwartz wrote on the WisdomTree blog. “Unfortunately, when investment decisions are made based on emotions and future potential, investors often pay too much for an uncertain growth prospect.” [Social Media ETFs Cratering with Facebook]

Investor interest in social media shares has waned, and many companies have decided not to go public until the economic climate is more inviting. After the disappointing opening of Facebook, other social media shares like Groupon and Zynga are trading around 52-week lows, reports Eric Dutram for Zacks.

Serious cracks are showing in much-hyped Internet stocks that have gone public recently. [Internet ETFs: Party Like It’s 1999?]