A more than 20% decline in shares of Groupon (NasdaqGS: GRPN) on a surprisingly weak forecast and quarterly earnings report hit Global X Social Media Index ETF (NasdaqGM: SOCL) at Thursday’s open. The narrowly focused ETF has a 4.7% position in the company.

SOCL is a relatively small ETF with about $12 million in assets. It was down 2% in early trading Thursday.

The fund’s top holdings are LinkedIn (NYSE: LNKD) and Facebook (NasdaqGS: FB) with over 10% in each.

“With slightly worse than expected Q4 results and weak Q1 guidance, some of the recent investor optimism for Groupon may fade near term. The company has acknowledged that it remains in investment mode and that it is focused on growth over near term profitability,” analyst at Ascendiant Capital Markets said in a note.

The social media ETF was up about 15% for the three months ended Feb. 27, according to Morningstar.

Global X Social Media Index ETF

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