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.
The UBS Internet IPO Index (NYSE ticker symbol "NETIPO") is intended to measure, on a total-return basis, the performance of a subset of Internet companies listed on the New York Stock Exchange or The Nasdaq Stock Market, Inc. that satisfy specified market capitalization and other eligibility requirements (the "Index Constituents"). The Index provides exposure specifically to those Internet companies that have been publicly traded for less than three years.
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%)....