Tesla has seen its prominence in the First Trust NASDAQ Clean Edge Green Energy Index Fund (NasdaqGS: QCLN) dramatically reduced from the largest to fifth-largest holding, but it is still almost 7% of that ETF’s weight.  The Market Vectors Global Alternative Energy ETF (NYSEArca: GEX) allocates 9.2% to Tesla. The two are among this year’s top-performing sector ETFs due in large part to Tesla, but that sword could cut both ways if valuation questions linger. [Tesla Fire Could Burn These ETFs]

As for Facebook and LinkedIn, there are ETFs that hold both stocks, but none are as heavy in those names as the Global X Social Media Index ETF (NasdaqGS: SOCL). SOCL, which has seen a significant percentage of its $95.5 million in assets under management come in this year due to social media sector ebullience, allocates a combined 22.5% of its weight to Facebook and LinkedIn.[A Buying Opportunity in the Social Media ETF]

As such, SOCL has the valuation to match. A P/E of almost 39 and a price-to-book ratio of nearly 4.8, according to issuer data, are just what Internet stock doubters are looking for when it comes to punishing the sector.

Global X Social Media Index ETF

Tom Lydon’s clients own shares of Apple, Amazon, Google, Facebook, Intel and Microsoft.