It has already been a wild year for the PowerShares NASDAQ Internet Portfolio (NasdaqGS: PNQI) – in a good way. Not only is the previously unheralded PNQI on the list of the 10 best-performing non-leveraged ETFs, the fund has pulled in almost $99 million of its $185 million in assets under management since the start of the year.

PNQI, which has surged 51.4% year-to-date, has been bolstered by resurgent Facebook (NasdaqGM: FB) and the strong balance sheets of Internet giants such as Amazon (NasdaqGM: AMZN) and Google (NasdaqGM: GOOG). Additionally, Internet ETFs have provided investors with shelter from the storm of rising Treasury yields as most brand-name Internet stocks have soared in the face of rising rates. [Internet ETFs: Rising Rates Shelter]

Then there has been the ebullience surrounding the upcoming initial public offerings for Alibaba and Twitter, which have given the Internet space a late 1990s feel. [Internet ETFs: Dot-Com Bubble Back?]

However, earnings reports are likely to chart the near-term course for PNQI and worth noting is that the ETF is home to some stocks that really move following their profit updates. In fact, no stock in the S&P 1500 moves more in the day following its earnings report than Netflix (NasdaqGM: NFLX). Its average one-day, post-earnings move is almost 14.5%, according to Bespoke Investment Group.

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