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CSD vs IPO

Invesco S&P Spin-Off ETF

CSDBNYSE Arca

Renaissance IPO ETF

IPOBNYSE Arca

Overlap

Expense ratio

IPO −0.05pt a year

CSD0.65%IPO0.60%

Avg volume · 30D

IPO 1.8×the volume

CSD11.4KIPO20.7K

10Y return · a year

CSD +3.7pt

CSD+12.8%IPO+9.1%

CSD vs IPO Performance

Oct 29, 2021 – Oct 30, 2026

+99.2%CSD−30.3%IPO

Oct 29, 2021 to Oct 30, 2026. CSD +99.2%. IPO −30.3%. Use the arrow keys to read each point.0%50%Oct 2021Apr 2024Oct 2026
Expense ratio
CSD 0.65%
IPO 0.60%, better
Fund size
CSD $206M
IPO $139M
1Y total return
CSD +31.3%, better
IPO −3.1%
Yield (12M)
CSD 0.13%
IPO 0.13%
Holdings
CSD 32
IPO 55
Avg volume (30D)
CSD 11.4K sh
IPO 20.7K sh, better
NAV per share
CSD $126.57
IPO $47.32
52W range

ETF.net Grade

CSD: Cost 64, Risk 63, Mission not scored, Tradability 69, Holdings 33, Durability 81. IPO: Cost 76, Risk 28, Mission not scored, Tradability 68, Holdings 41, Durability 61.
Pillar letters and Scores for CSD, IPO, with each pillar’s weight
PillarCSDIPO
Cost30% weightB64A76Higher
Mission25% weightNot scoredNot scored
Risk15% weightB63HigherD28
Tradability15% weightB69HigherB68
Holdings10% weightD33C41Higher
Durability5% weightA81HigherB61

Rank among IPO & Spin-Off funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CSD and IPO are both graded against the same 8 IPO & Spin-Off funds, so their Grades compare head to head.

IPO & Spin-Off⁠

Category · 8 funds
See all 8 ›

CSD ranks 2nd and IPO 3rd of 8 funds in the IPO & Spin-Off Category.

  1. Rank 1AFPXFirst Trust US Equity Opportunities ETFScore 78
  2. Rank 2BCSDInvesco S&P Spin-Off ETFScore 61
  3. Rank 3BIPORenaissance IPO ETFScore 59
  4. Rank 4CFPXIFirst Trust International Equity Opportunities ETFScore 53

Our read on each fund

ETF.net Research

CSDBInvesco S&P Spin-Off ETF

IPOBRenaissance IPO ETF

In short

CSD Most funds in this corner of the market chase IPOs. CSD buys the other kind of new company: businesses cut loose from a bigger parent, held only for their first four years on their own, then rolled off.

IPO The straight new-issue trade: a rules-based basket of roughly 70 companies that recently went public on a U.S. exchange, running since 2013. Not spin-offs, not a stock picker's list, just the freshman class.

Stated mandate

CSD The fund seeks exposure to companies spun off from parent companies by tracking the S&P U.S. Spin-Off Index, investing at least 90% of assets in index securities or depositary receipts.

IPO The fund seeks to track the Renaissance IPO Index, which comprises companies that recently completed IPOs and are listed on a U.S. exchange.

Why people hold it

  • CSD The mandate is narrow and literal: U.S. companies spun off from a parent within the last four years, each with at least $1 billion in float-adjusted market cap.spglobal.com
  • Fresh spin-offs get picked up at the monthly rebalance and every name ages out after four years, so the basket keeps turning over instead of going stale.spglobal.comspglobal.com 2
  • 0.65% a year (0.66% gross, net of a waiver through August 31, 2028), near the middle of its eight-fund category, where First Trust's FPX charges 0.57% with no waiver.
  • Live since December 2006 and still running the same spin-off mandate, it sits among the stronger builds in its small peer group.
  • IPO At 0.60% a year it undercuts the typical fund in its IPO and spin-off cohort, including First Trust's FPXI (0.70%) and Invesco's spin-off ETF CSD (0.67%).
  • The mandate is narrow on purpose: track the Renaissance IPO Index, about 70 recent U.S. IPOs, by rule rather than by a manager's conviction picks.
  • Trading since 2013, so it has carried this exposure through both crowded IPO windows and quiet ones, and it stands in the upper half of its small peer group.

Worth knowing

  • CSD About 30 holdings, so one company's news can move the whole fund. This is a concentrated slice, not a core holding.
  • One of the lighter-traded funds in its category, which can mean wider gaps between what buyers bid and sellers ask.
  • Income is an afterthought here: distributions land once or twice a year, and the index is built around corporate events, not yield.spglobal.com
  • IPO Recent IPOs are young companies with short public track records, and the basket leans toward whatever sectors happen to be going public.
  • It trades thinly next to broad index ETFs, so spreads and order size matter more here than in a mega-fund.
  • A smaller fund by assets, and payouts are incidental to the strategy: distributions come quarterly.

Full CSD profile⁠

Full IPO profile⁠

CSD vs IPO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CSD vs IPO Cost

Overpaying CSD vs IPO

$900

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CSD 0.65%

    $12,717

  • IPO 0.60%

    $11,817

$10,000
30 years

Cost over time

  • CSD 0.65%
  • IPO 0.60%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530CSD $12,717IPO $11,817

Year by year

YearCSDIPOOverpaying
10$1,163$1,076$87
20$4,440$4,116$324
30$12,717$11,817$900

Expense ratio

  • 0.65%CSD
  • 0.60%IPO, cheaper
  • Middle half of IPO & Spin-Off funds
  • Median 0.70%

IPO 2nd cheapest of 8 funds

CSD 3rd cheapest of 8 funds

CSD vs IPO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
CSD 0.13%
IPO 0.13%
Payout (12M)
CSD $0.16
IPO $0.06
Last payment
CSD $0.16
IPO $0.03
Ex-dividend
CSD Dec 22, 2025
IPO Jun 12, 2026
Paid on
CSD Dec 26, 2025
IPO Jun 22, 2026
Frequency
CSD Annual
IPO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

CSDAnnual · 9 paymentsAll CSD payments⁠
One bar per payment. 9 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.31; Dec 24, 2018 $0.42; Dec 23, 2019 $0.55; Dec 21, 2020 $0.55; Dec 20, 2021 $0.45; Dec 19, 2022 $0.45; Dec 18, 2023 $0.33; Dec 23, 2024 $0.14; Dec 22, 2025 $0.16. Use the arrow keys to read each point.$0$0.502017202020232026YTD
IPOQuarterly · 18 paymentsAll IPO payments⁠
One bar per payment. 18 payments from 2017 to 2026 YTD. Mar 17, 2017 $0.02; Jun 16, 2017 $0.09; Sep 15, 2017 $0.02; Mar 16, 2018 $0.03; Jun 15, 2018 $0.07; Sep 14, 2018 $0.02; Mar 15, 2019 $0.06; Jun 14, 2019 $0.02; Dec 13, 2019 $0.06; Mar 20, 2020 $0.07; Jun 14, 2024 $0.0077; Sep 13, 2024 $0.0088; Dec 13, 2024 $0.03; Mar 14, 2025 $0.07; Jun 13, 2025 $0.05; Sep 12, 2025 $0.18; Mar 13, 2026 $0.03; Jun 12, 2026 $0.03. Use the arrow keys to read each point.$0$0.502017202020232026YTD

CSD vs IPO Risk

Fall from peak · 5 years

  • CSD
  • IPO
Oct 29, 2021 to Oct 30, 2026. Worst fall: IPO −65.6% · Dec 2022. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
CSD 21.8%, betterIPO 27.8%
Return per unit of riskSharpe ratio, 3 years
CSD 1.25, betterIPO 0.55
Worst fallMax drawdown, 5 years
CSD −30.1%, betterIPO −65.6%
Market sensitivityBeta, 5 years
CSD 1.13IPO 1.64

CSD and IPO in the news

All news⁠

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