What is IPO?

IPO tracks a market cap-weighted index of recent US-listed IPOs. The fund acquires issues within 90 days or sooner after IPO and sells after 3 years.

PERFORMANCE [as of 03/17/23] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
IPO -7.40% 7.33% 10.44% -35.14% 5.83% -1.38% --
IPO (NAV) -7.41% 7.42% 10.31% -35.14% 5.65% -1.38% --
Renaissance IPO Index -7.43% 7.55% 10.41% -34.65% 6.53% -0.87% --
MSCI USA IMI -4.76% 1.90% 2.19% -10.57% 17.86% 8.67% 11.35%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

IPO Factset Analytics Insight

IPO offers access to the newest publicly traded stocks in an ETF wrapper. It adds a new company to its basket within 90 days of listing and removes a firm after three years of public trading. The largest new entrants can be included a week after their IPO date. The resulting portfolio complements the overall equity market, as its weighted average market cap will ordinarily be far smaller, and its constituents may not be included in major indexes for a few months. The small number of eligible securities can make for a concentrated portfolio. Index constituents have a 10% issuer cap and are reviewed quarterly. Post-IPO liquidity can be a challenge for market makers looking to create new shares, so keep a sharp eye on trading spreads.

IPO Summary Data

10/14/13
0.60%
$129.04M
Renaissance IPO Index
MSCI USA IMI
Open-Ended Fund

Peers

MSCI USA IMI

Fund Flows

$0.00B 5 Days
-$0.00B 30 Days
-$0.02B 90 Days

IPO Portfolio Data

$23.04B
-112.07
4.18
0.11%
N/A
88

IPO Index Data

Renaissance IPO Index
Market Cap
Time Since Listing
MSCI USA IMI

IPO Portfolio Management

0.60%
-0.29%
-0.11%
-0.66%

IPO Tax Exposures

20.00% / 39.60%
--
Qualified dividends
No

IPO Fund Structure

Open-Ended Fund
No
Yes
-- / --
N/A
N/A
Low
Daily

Factset Analytics Block Liquidity

As of 03/20/23

This measurement shows how easy it is to trade a $1 million USD block of IPO. IPO is rated a 5 out of 5.

IPO Tradability

80,719
$2.32M
40,860
$1.12M
0.09%
$0.03
-0.01%
0.21% / -0.14%
None
100.00%
50,000
0.82
0.02%
0.03%
1,891
$27.29
5

IPO Sector/Industry Breakdown

IPO Segment
Benchmark
50.76% --
12.76% --
6.91% --
6.36% --
6.05% --
5.29% --
2.58% --
2.38% --
1.91% --
1.48% --

IPO Top 10 Holdings

3.44%
3.16%
3.09%
48.59%

IPO Performance Statistics

0.67
1.69
1.45
1.57
2.09%
MSCI USA IMI

IPO Countries

IPO Segment
Benchmark
88.02% 99.92%
8.35% --
2.47% --
1.16% 0.08%
0.00% --

IPO Regions

IPO Segment
Benchmark
89.17% 100.00%
10.83% --
0.00% --

IPO Economic Development

IPO Segment
Benchmark
97.53% 100.00%
2.47% 0.00%

IPO Benchmark Comparison Holdings

88
2560
55
0.63%

IPO Benchmark Comparison Summary

IPO Segment
Benchmark
88 2560
$23.04B $391.49B
-112.07 20.56
4.18 3.75
0.74% 1.53%
Medium Low

IPO Benchmark Comparison Market Cap Size

IPO Segment
Benchmark
56.73% 86.91%
42.52% 10.27%
0.38% 2.60%
0.00% 0.22%