IPO vs IPOS

IPOBRenaissance IPO ETF

IPOSDRenaissance International IPO ETF

In short

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.

IPOS The overseas half of the IPO trade. IPOS tracks a rules-based index of the largest, most liquid newly public companies listed outside the US, roughly 60 names, wrapped in one ticker.

Stated mandate

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.

IPOS The Fund seeks to provide investors with the largest, most liquid internationally listed newly public company stocks in one security. It uses passive indexing to approximate the performance of the Renaissance International IPO Index.

Why people hold it

• 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.

• IPOS One ticker for non-US new listings. The fund targets the largest, most liquid internationally listed newly public stocks rather than making you chase individual offerings across foreign exchanges.renaissancecapital.com
• Rules, not hunches. It passively tracks the Renaissance International IPO Index, so entries and exits follow published methodology instead of a manager's read on a hot deal.renaissancecapital.com
• A veteran in a thin category. Launched in 2014, it has run through multiple IPO booms and freezes, and it pays distributions on a quarterly schedule.
• Reach spans developed and emerging markets, so the basket picks up new listings from Europe and Asia that broad international index funds tend to hold only in small weights.renaissancecapital.com

Worth knowing

• 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.

• IPOS Cost sits at the high end: 0.80% a year, above the 0.70% cohort median and above direct rival FPXI at 0.70%.
• Small and thinly traded. Bid-ask spreads carry more weight here than with large, heavily traded index funds, and size limits how easily big orders move.
• A focused basket of about 60 recent listings, all of them companies without long public track records. On our measures it lands in the back of its small IPO and spin-off peer group.

Full IPO profile⁠

Full IPOS profile⁠