Facebook, which has lost more than half of its value in the past three months, might have lost its image as social media’s wonder child, but the company is still large enough to be eligible for inclusion in the Nasdaq 100 Index as early as September.

Having Facebook added to the index would affect at least eight ETFs—with combined assets of more than $35 billion, the biggest of which is the $34 billion PowerShares QQQ Trust (NasdaqGM: QQQ), according to data compiled by IndexUniverse.

As of now, the Global X Social Media Index ETF (NYSEArca: SOCL) stands as the only ETF to serve up exposure to Facebook, with a 7.3 percent allocation. The ETF currently has $13.9 million in assets. Two UBS ETNs, (NYSEArca: EIPO) and its double-exposure cousin (NYSEArca: EIPL), hold a 9 percent allocation to Facebook.

No one is commenting on whether Facebook’s entry into the broad technology index is indeed looming, as some index firms call these additions/deletions “material” information, and Nasdaq itself hasn’t been readily available to comment.

But what’s at stake here is that despite investors’ disappointment with the stock, they might soon find it among their holdings. It remains to be seen how that would affect their returns.

Fallen Stars

Many market participants seem to be quick to suggest that social media may have seen its better days.

That view that was reinforced by a Wall Street Journal article Monday that argued investors are bailing out on another player in the space, Groupon—a sign they are losing faith in companies that were expected to “drive a new Internet boom.”

On Monday, Facebook shares tagged on gains of more than 4.5 percent, putting it at the $20-a-share mark. But the relatively strong performance on a day when the Dow Jones industrial average was trading marginally lower failed to detract from the fact that many think Facebook has fallen from grace. Moreover, it was down 2 percent on Tuesday, as the market moved higher.

When it first went public, its IPO was touted as the biggest in Internet history, with a market capitalization of over $100 billion. Three months into it, the company’s market cap today is pegged at just under $43 billion.

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