The Global X Social Media ETF (NASDAQ:SOCL) gained due to a corresponding rise in three of its most prominent holdings:
- Spotify (NYSE:SPOT)
- Alphabet (NASDAQ:GOOGL)
- And Pinterest (NYSE:PINS)
Following the publication of its quarterly earnings, the music and podcast streaming service Spotify rose 15.1% in the early hours of Wednesday.
Additionally, The Global X Social Media ETF (NASDAQ:SOCL) holds a sizeable amount in Pinterest, which was up 9.1% in early trading Wednesday.
Spotify, which accounts for 4.67% of the net assets in the Social Media ETF, is the exchange traded fund’s ninth most significant weighting. Pinterest, on the other hand, has a weighting of 4.51% and occupies the tenth-highest place in the ETF portfolio.
As Spotify released its second-quarter earnings, which revealed that ad sales increased and user growth accelerated, the company has moved strongly into the green.
The number of premium members increased by 1 million to 188 million, which is above projections, while overall revenue increased by 23% to €2.9 billion.
The upward price movement in the Internet behemoth Alphabet (GOOGL) is also helping fuel the Social Media ETF’s rise. Alphabet was up 6.9% in early trading in Wednesday’s session, thanks to its own quarterly report. With a 5.13% weight, Alphabet ranks The Global X Social Media ETF’s (NASDAQ:SOCL) eighth-largest holding.
A high-level assessment of the social media ETF shows that it has 44 holdings, $173.49 million in assets under management, $36.26 million in outflows projected for 2022, and an average daily trade volume of 22,281 shares, and an expense ratio of 0.65%.
Featured Image: Megapixl @Maxxyustas