META’s struggles place three communication ETFs in the fire
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Meta Platformsâ (NASDAQ:META) 7% decline in Thursday's early action has added pressure to a handful of communications-based exchange traded funds that have heavy weightings towards the social media giant.
The three exchange traded funds with the most significant positions towards META are the Communication Services Select Sector SPDR Fund (NYSEARCA:XLC), Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM), and the Vanguard Communication Services ETF (NYSEARCA:VOX).
Moreover, each fund has suffered a downdraft from META's earnings-related slide. XLC is lower by 2.4%, FCOM has fallen by 2.3%, and VOX has dropped 2.1%.
While all three funds deliver investors access towards the communication sector of the economy, they do so with varied stakes in META.
XLC provides market participants with an 18.21% weighting towards META, leading all other ETFs on the market. Following behind XLC is FCOM, which allocates 12.70% of its portfolio towards Mark Zuckerbergâs social media firm. In third place is VOX with a 12.42% weighting in META.
Thursday's decline is part of a general slide for the sector. Year-to-date META is -53.7%, and in turn XLC finds itself -29.1%, while FCOM is 29.9%, and VOX is -29.8%.
Meta Platforms struggle can be stemmed from its second-quarter earnings miss that also outlined third-quarter guidance that came up well short of expectations.