IXP - Five ETFs feel the shockwaves from Meta Platforms sell off

Meta Platforms’ (NASDAQ:FB) disappointing quarterly report and outlook has sent reverberating ripples 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 Blackrock’s communication ETF, and it comes forward with

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Five ETFs feel the shockwaves from Meta Platforms sell off