Despite the brief misstep in late summer, the social media exchange traded fund is gaining momentum on the improved earnings season and is waiting on Facebook (NasdaqGS: FB) to report later Wednesday.

The Global X Social Media Index ETF (NasdaqGM: SOCL) jumped 10.2% over the past month and is up 9.5% year-to=date.

Facebook will announce its quarterly results after the close Wednesday. FB shares were 1.5% higher late in the session on expectations that the social networking site could post strong third quarter results, TheStreet reports.

Facebook is enjoying a solid financial position with reasonable debt levels, steady cash flow from operations, rising profit margins and stock price momentum.

SOCL’s second largest component holding is FB at 10.2%.

The social media sector has been rising on strengthening earnings results. For instance, LinkedIn (NYSE: LNKD) reported better-than-expected quarterly results on both the top and bottomline last week, Forbes reported.

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