Advertisers are increasingly skeptical of the freewheeling practices of US social media giants, with a growing number stopping spending on Facebook (NASDAQ:FB) ads, and other popular platforms like Twitter (NYSE:TWTR).

Despite the fundamental concerns, Facebook could still benefit from being a substantial holding in some major ETFs. It’s the fourth largest holding of the S&P 500 Trust ETF (NYSEARCA:SPY) as well as the Invesco QQQ ETF (NASDAQ:QQQ).

Growth oriented investors, though, may be more oriented towards Chinese Internet giants that have seen major momentum over the past month even as Facebook as struggled.

Chinese tech companies Alibaba Group (NYSE:BABA), Tencent (OTCPK:TCEHY) and (NASDAQ:JD) have gained 7%, 15% and 13% in June, while Facebook has lost 7% over that period.

Of note is the strong performance of the iShares MSCI China ETF (NASDAQ:MCHI). It’s up 9% over the past month, possibly helped by or helping those Chinese tech names. That ETF counts Alibaba as its largest holding at 18%, Tencent the second largest at 14%, and the seventh largest at 2%.

Chinese companies have listed in Hong Kong in recent months in efforts to grow their investor base.

The relative containment of Covid-19 in China versus the U.S. could be another reason for the tailwind for Chinese stocks. Analysts have recently upgraded major Chinese names amid robust consumer demand.

If the U.S. continues to struggle with reopening and advertisers continue to rethink U.S. social media, Chinese tech names just might continue to outperform.

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