Step by step we're getting closer to mimicking the NASDAQ 99 era, although in a much narrower group of companies. The next wave taking us closer is the type of ETFs/ETNs we are seeing such as what UBS has just rolled out, both a straight forward, and double leverage Interent IPO ETN.
While I suppose this is an easy way to play a lot high beta stocks in 1 instrument, I assume its really going to act almost as a levered play on the NASDAQ. When risk is on it will outperform, and when risk is off underperform.
Now if they could ever come up with a product that gets me access to IPOs of the 'hot stocks' before they come public... call me.
Fact sheet here: 0.65% expense ratio
10% each: LNKD, AWAY, YNDX, RAX
Then P (9.6%), RENN (9.2%), OPEN (6.5%), ACOM (6%)....