An earnings-related pop in shares of Spotify gave a lift to the Global X Social Media ETF. The exchange traded fund, which focuses on social media investments, also received a boost from a rally in Pinterest and Alphabet (GOOG) (GOOGL).
SOCL is +3% and has the largest stake amongst any ETF on the market in SPOT and PINS.
SPOT, the music and podcast streaming service rallied 15.1% early Wednesday following the release of its quarterly results.
SOCL also has a significant holding in PINS, which is +9.1% on the day.
SPOT sits as SOCL’s ninth most significant weighting, representing 4.67% of the net assets inside of the ETF. PINS on the other hand is the fund's tenth most prominent position with a 4.51% weighting.
Spotify (SPOT) has traded well into the green as the company reported second-quarter earnings that showed that ad revenues grew and user growth accelerated. Premium subscribers accelerated by 14%, to 188M, beating estimates by 1M and total revenue jumped 23% to €2.9B.
Also lending a hand to SOCL is the positive price action in the tech giant Alphabet (GOOG) (GOOGL). Alphabet is SOCL’s eighth largest holding with a 5.13% weighting. Moreover, GOOG finds itself +6.9% on Wednesday’s session, bolstered by its own quarterly report.
High level breakdown on SOCL: $173.49M assets under management, $36.26M of outflows in 2022, experienced average daily trade volumes of 22,281 shares, and is attached with 44 holdings along with a 0.65% expense ratio.
