Five ETFs feel the shockwaves from Meta Platforms sell off
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Meta Platforms (NASDAQ:FB)
disappointing quarterly report and outlook has sent reverberations throughout the exchange traded fund market as the company is weighted heavily in specific communications sector-based funds.
FB, which is down 23.7% on the day, has negatively impacted the Communication Services Select Sector SPDR Fund (NYSEARCA:XLC), Vanguard Telecom Services ETF (NYSEARCA:VOX), Fidelity MSCI Communication Services Index ETF (NYSEARCA:FCOM), iShares Global Telecom ETF (NYSEARCA:IXP), and the UPHOLDINGS Compound Kings ETF (BATS:KNGS).
XLC, with its $13.97B AUM, has the largest weighting in FB as the stock is its number one holding weighted at 22.35%. Early into trading, XLC is -4.9%.
VOX is another communications fund with $4.17B AUM and holds FB as its top holding at 17.30%. At the current juncture, VOX finds itself -4.2%.
FCOM has $821.40M under its belt and has the third-largest weighting amongst ETFs in Meta Platforms at 17.24%. Additionally, FCOM trades down 4.2% today.
IXP is Blackrockâs communication ETF, and it comes forward with $261.28M AUM and has a top position in FB. IXP holds a 16.26% weighting in the social media giant and is currently -4.1%.
KNGS is a newly launched fund with only $12M AUM, but it does have a 16.54% weighting in FB, which makes it the ETF's top holding. KNGS finds itself -5.1% so far on Thursday.
Taking a broader stance, see how FBâs price has affected XLC, VOX, FCOM, IXP, and KNGS from a YTD vantage point.