NEW YORK ( TheStreet) -- It has been a while since we've heard from specialty ETF provider Global X but they have come back to the new-fund table with the Global X Social Media Index ETF (SOCL - Get Report).
SOCL is a global fund with 37% in China, 26% in the U.S., 19% in Japan, 9.5% in Russia and much smaller weightings in several other countries. The huge weighting in China obviously means the fund owns Chinese Internet stocks that have been trading for many years like Sina (SINA), Tencent Holding (TCEHY) and Netease.com (NTES) which all have 10% weightings in the fund.
The Russian presence is comprised of Mail.RU which provides email and other services and Yandex (YNDX) which offers a search engine in Russia and several other eastern European countries. The U.S. exposure is a mishmash of companies that would be reasonably expected like Groupon (GRPN), Linked In (LNKD) and Pandora (P) (although as one blogger quipped Pandora is just a radio station). But also in the fund is Nutrisystem (NTRI), which, although an odd inclusion might be in the fund for its support and counseling offered to customers. Google (GOOG) is also in the fund -- a legitimate choice in terms of business lines the company is in but perhaps questionable in terms of where the revenue and profit comes from.