The Global X Social Media Index ETF (NYSE:
) is perhaps most known for being the first ETF to make room for
) and for featuring one of the largest allocations to the social
media darling's shares, currently almost 12.1 percent.
However, it is not Facebook that is the primary driver SOCL's
1.8 percent gain Thursday. The stock giving SOCL a boost is
), often referred to as the Google (NASDAQ:
) of Russia. Shares of the Russian Internet search giant are up
nearly 16 percent after the company said its first-quarter
revenue surged 36 percent. More importantly, Yandex raised its
2013 revenue growth estimate to 30 percent to 35 percent from a
prior estimate of 28 percent to 32 percent.
Yandex went public two years and despite the obvious
comparisons to Google, the former has been not been anywhere
close to the latter in terms of performance. Prior to Thursday,
shares of Yandex had plunged almost 45 percent since the May 2011
initial public offering. On the other hand, Google shares are up
57 percent since mid-May 2011 and that is despite that fact that
Google's share of the Russian search market is not even half that
Still, SOCL shareholders are probably happy about Yandex's
contributions to the ETF's good fortune Thursday. SOCL's status
as "the Facebook ETF," has obfuscated a decent year-to-date
performance. The ETF was up 7.7 percent heading into Thursday's
session. That status has also obfuscated the fact that Facebook
is not the ETF's largest holding.
That honor goes to LinkedIn (NYSE:
), which accounts for almost 15.8 percent of SOCL's weight,
according to Global X data
. With that stock flirting with $190, SOCL is a valid avenue for
capital-constrained investors looking for LinkedIn exposure.
On a related note, Yandex accounts for just over four percent
of SOCL's weight, making it the ETF's ninth-largest holding. That
may not sound impressive, but although Yandex now has a market
value north of $8 billion and what one would assume is superior
brand recognition in its home country, the stock is not an
important part of Russia-specific
are cheap on valuation
, but they are also stingy with Yandex exposure. The Market
Vectors Russia ETF (NYSE:
) has no exposure to the stock, nor does the iShares MSCI Russia
Capped Index Fund (NYSE:
The SPDR S&P Russia ETF (NYSE:
) does feature slight Yandex exposure. Emphasis on "slight"
because Yandex is merely RBL's number 31 holding with a weight of
So SOCL is the Facebook ETF. It is also the LinkedIn ETF and
it can be said SOCL is the Yandex ETF. Today, that is a good
For more on ETFs, click
(c) 2013 Benzinga.com. Benzinga does not provide investment
advice. All rights reserved.
Profit with More New & Research
. Gain access to a streaming platform with all the information
you need to invest better today.
Click here to start your 14 Day Trial of Benzinga