Social Media ETF Holdings (SOCL) Hammered
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Gree Inc (Tokyo: 3632) and DeNa Co (Tokyo: 2432), two top holding in Global X Social Media Index ETF (Nasdaq: SOCL), got hammered in over-seas trading on Monday. They were down 23.3 and 20.1 percent respectively on reports that Japan’s consumer agency might put the screws to online gaming companies that offer gambling. SOCL keeps 6.42 percent of its holdings in Gree Inc. and 7.72 percent in DeNa Co..
It is unknown if the news will have a spill-over effect on other Asian-based social media companies like China's Sina (Nasdaq: SINA) and NetEase, Inc (Nasdaq: NTES), but it will be worth watching.
It is unknown if the news will have a spill-over effect on other Asian-based social media companies like China's Sina (Nasdaq: SINA) and NetEase, Inc (Nasdaq: NTES), but it will be worth watching.
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