NEW YORK (

TheStreet

) -- Proof that there are exceptions to every rule:

The Global-X Social Media ETF

(SOCL) - Get Report

.

When it was first rolled out in late 2011, I was among the very first (I'm now not proud to say) to

mock

it.

Historically, sector mutual funds had a tendency to arrive late in a trend. They often signaled the top. As I

wrote

at the time, "What always after the fact?"

And the social media ETF wasn't the only one to have a joke on me. Also check out the

First Trust ISE Cloud Computing Index

(SKYY) - Get Report

, which I also rolled my eyes at in that story.

Beyond the historic top-ticking of sector funds, there was reason to be leery and (for skeptics) even embolden: For more than a year the social media fund looked like a loser.

Zynga

(ZNGA) - Get Report

didn't help. But then the likes of

Facebook

(FB) - Get Report

,

Pandora

(P)

and

LinkedIn

(LNKD)

spiced things up. On Deck:

Twitter

.

And over on the cloud side - cloud computing has been the story. The only surprise is that its biggest holding is Facebook, not

Salesforce.com

(CRM) - Get Report

, which ranks fourth among its holdings.

Facebook? As a cloud play? Really?

Turns out anything and everything can be a cloud play. Its holdings include

Microsoft

(P)

,

Hewlett Packard

(HPQ) - Get Report

and

Apple

(AAPL) - Get Report

.

According to the fund's

fine print

, "a security must be engaged in a business activity supporting or

utilizing

the cloud computing space."

Well, "utilizing" means

every

company.

Reality:

None of these quibbles matter. The social fund was launched long before Facebook's IPO, Facebook's ability to show mobile growth and Twitter's announced IPO; in retrospect giving it a long runway -- long before "social" as a faddish investment theme peaks. (Don't get me wrong: Social is not going away, but after a while themes like these become mainstream.) As for the cloud fund, Facebook is hardly a "cloud" play, yet it leads an index that should be weighted more to Salesforce. All of which is the ultimate reminder: In this market the tide lifts all stocks. Just remember: The tide can go out as it can go in.

--Written by Herb Greenberg.

Follow @herbgreenberg

Herb Greenberg, editor of Herb Greenberg's Reality Check, is a contributor to CNBC. He does not own shares, short or trade shares in an individual corporate security.