Communication Services ETFs fall as META plunges
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Communication Services-based exchange traded funds look to open up Thursdayâs session in negative trading territory as the mega cap giant Meta Platforms Inc. (NASDAQ:META) plunges. The company has crated more than 20% after reporting a profit miss and warned Wall Street of near-term sales challenges.
META is owned by 332 different ETFs across the globe, but the three communication centric funds that have the heaviest weightings towards the social media titan have fallen alongside METAâs selloff.
The three ETFs that have the largest portfolio allocations towards META are the Communication Services Select Sector SPDR Fund (NYSEARCA:XLC), Vanguard Communication Services ETF (NYSEARCA:VOX), and the Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM).
XLC has a 17.25% weighting towards META, and represents the most significant position towards the stock than any other ETF on the Street. In early market trading XLC is -3.1%.
Aside from XLC, VOX and FCOM are the second and third heaviest holders of META at 11.78% and 10.92%. In premarket trading VOX is -1.5% while FCOM has slid 2.1%.
Thursday's downward push is part of a larger year-to-date decline as the sector has been under fire all year. Year-to-date META is -58.9%, and in turn XLC has found itself to be -35.8%, while VOX is lower by 36.9%, and FCOM has declined by 36.8%.
XLC, VOX, and FCOM may have the heaviest weightings towards META but they are not the only funds that are in the red early on. 
Other ETFs that have large positions in META that are also trading lower include: (IXP), (SOCL), (METV), (FDN), (KNGS), and (PBS).
Meta Platforms latest plummet came after the firm posted a mixed third-quarter earnings report where the stock topped revenue expectations, but missed on profits and warned on revenues.