Uber and Lyft's trajectories as newly public companies are a boon for the buy side of the IPO market, says Renaissance Capital's Kathleen Smith.
in its top holdings — has handily outperformed the market this year, with a 33% rally compared to the S&P 500's 19% gain.
"I looked at all other ETFs, and who has the largest holding [in Roku]? It's our IPO ETF," Smith said. "The second-largest ... is less than 2% of another ETF in the market. So, we are getting exposure for investors to these very new names that are not included or underweighted in many other indices."
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