A 4% rally in top holding Facebook (NasdaqGS: FB) helped Global X Social Media Index ETF (NasdaqGS: SOCL) trade higher Tuesday morning after the fund’s first two-day slide in over a month.
Facebook climbed to a fresh all-time high after Citigroup upgraded the stock to buy, citing the company’s mobile strategy. The social media ETF has 12.5% in FB.
Also lifting Facebook shares was a report that the new Shanghai Free Trade Zone will allow users to access banned western social media platforms Facebook and Twitter, according to Barron’s.
The social media ETF was up nearly 1% Tuesday after a two-day pullback. The fund experienced record trading volume on Monday. [Social Media ETF Takes a Breather]
On Tuesday, TheStreet.com reported Twitter will list on the New York Stock Exchange in an IPO estimated to net around $1.5 billion. The Twitter IPO would likely drive more interest in the social media ETF as a way to trade and invest in the entire sector.
SOCL is up 35.7% for the trailing three months, according to Morningstar performance data.
Global X Social Media Index ETF
