At a glance
IPO charges 0.6% a year, above the 0.41% average of the 2 funds most like it (the most expensive of 3). It has $181.6M in assets, the 3rd largest of that group; it paid 0.12% of its price in distributions over the past 12 months, semiannual. Over the past year it returned −1.6% with distributions reinvested (S&P 500: +11.5%), 2nd of those 3 funds; over three years it returned +19.5% a year. At its worst it fell 38.5% in the 2020 crash (S&P 500: 33.7%) and 52.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 49 months after the lows. Its ten largest positions make up 59.5% of the fund, out of 53 in all.
The short version
Renaissance IPO ETF (IPO) is an index fund that tracks the Renaissance IPO Index, a basket of companies that listed on a U.S. exchange within the last three years. That makes it a focused bet on newly public stocks, which broad indexes tend to underweight. It costs 0.60% a year, above the 0.41% average of its closest peers. Its price has also swung far more than the overall market.
Price history
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IPO -1.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IPO official prospectus, to Dec 31, 2025 | — | +5.36% | — | -6.51% | +8.46% | — |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| Renaissance IPO Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +5.39% | — | -6.31% | +8.79% | — |
| IPO price data to Oct 27, 2026 | +8.6% | -1.6% | +19.5% | -5.8% | +9.5% | +7.5% |
- Over the year to Oct 27, 2026, IPO returned -1.6%, 2nd of 3 among similar funds.
- Its 5-year annualized return was -5.8% and its 10-year +9.5%.
- In the 2020 COVID crash it fell 38.5% and regained its old high 2.1 months after the low.
- Its worst full calendar year was 2022 (-57.3%); its best was 2020 (+107.9%).
- The deepest fall in its price history was 68.8% (Feb 12, 2021 to Dec 28, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.6% | — |
| 2025 | +5.4% | +5.36% |
| 2024 | +15.7% | +15.80% |
| 2023 | +52.5% | +52.36% |
| 2022 | -57.3% | -57.24% |
| 2021 | -10.3% | -10.15% |
| 2020 | +107.9% | +107.34% |
| 2019 | +34.4% | +34.56% |
| 2018 | -17.2% | -17.11% |
| 2017 | +37.2% | +36.66% |
| 2016 | -0.6% | -0.16% |
| 2015 | -8.4% | — |
| 2014 | +6.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.2% over that stretch · deepest drop along the way 38.5%, back to its old high 2.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51.1% over that stretch · deepest drop along the way 52.4%, back to its old high 48.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0600 | |
| 2025 | $0.3000 | +500.0% |
| 2024 | $0.0500 | -28.6% |
| 2020 | $0.0700 | -50.7% |
| 2019 | $0.1420 | +18.3% |
| 2018 | $0.1200 | -7.7% |
| 2017 | $0.1300 | +44.4% |
| 2016 | $0.0900 | +350.0% |
| 2015 | $0.0200 | -96.4% |
| 2014 | $0.5600 |
What's inside
As of Jun 30, 2026, the fund held 53 securities; the ten largest made up 59.51% of assets. It also reported 3.59% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| Astera Labs Inc | 12.30% | |
| CoreWeave Inc | 9.26% | |
| ARM Holdings PLC | 8.71% | |
| Reddit Inc | 6.51% | |
| Viking Holdings Ltd | 5.21% | |
| Medline Inc | 4.97% | |
| Rubrik Inc | 3.50% | |
| Circle Internet Group Inc | 3.15% | |
| BrightSpring Health Services Inc | 3.12% | |
| American Healthcare REIT Inc | 2.80% | |
| Kaspi.KZ JSC | 2.59% | |
| UL Solutions Inc | 2.20% | |
| Cerebras Systems Inc | 2.15% | |
| Kodiak Gas Services Inc | 2.08% | |
| Maplebear Inc | 2.04% |
By country
United States 79.32%United Kingdom 9.86%Bermuda 5.21%KZ 2.59%Cayman Islands 2.39%By asset type
Stocks 99.85%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $11.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +15.81%, +16.64%, +5.27%.
How it works
The fund is passively managed. It tries to match the Renaissance IPO Index, which was built by IPO research firm Renaissance Capital LLC. That firm is also the fund's adviser. The index aims to capture about 80% of the total market value of newly public companies. Those are companies that listed on a U.S. exchange within the last three years and pass tests for size, liquidity and free float. Free float means the shares available for public trading, leaving out stakes held by insiders. Foreign companies listed in the U.S. can qualify, including some from emerging markets. So can REITs (real estate investment trusts) and partnership units.
The index is rebalanced every quarter. Qualifying new IPOs are added. Companies are dropped once they have been public for three years, or sooner if they stop meeting the rules. Holdings are weighted by free float-adjusted market value, and each is capped at 10%. Between rebalances, rising prices can push a stock past that cap: Astera Labs made up 12.3% of the fund as of June 30, 2026. All this replacement shows up in a portfolio turnover of 93%.
The fund keeps at least 80% of its assets in index securities. It may put the rest in futures, options, swaps, cash or other stocks that help it track the index. As of June 30, 2026, it held 53 companies and no derivatives. It also lends securities to other institutions and takes collateral in return.
What it really costs
- IPO charges 0.6% a year, versus an average of 0.41% for the similar funds below (3rd of 3, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IPO | $61 | $192 | $335 | $750 |
In a retirement portfolio
It holds only newly public companies and over the year to October 27, 2026 it moved about twice as much as the market (a beta of 2.02), so it fits a small, higher-risk slice of a portfolio rather than its core.
This fund holds companies that went public within the last three years, which core index funds under-represent. It launched in 2013, so it has no 2008 record. In the 2020 COVID crash it fell 38.5% and recovered in about two months. In the 2022 bear market it fell 52.4% and took about 49 months to recover. Its worst calendar year was 2022, down 57.24%. Its deepest drop, 68.8% from February 2021 to December 2022, was not recovered as of October 27, 2026. Selling in such a slump locks in steep losses.
Income is tiny: a 0.12% yield as of October 27, 2026, paid twice a year. The 0.60% expense ratio (annual fee) tops the 0.41% peer average; the SEC's $10,000 example shows $61 in costs after one year and $750 after 10 years. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, rules-based slice of companies public for under three years, such as Astera Labs, CoreWeave and ARM Holdings.
- People who can live with extreme swings, like the fund's 57.24% loss in 2022 and its 107.34% gain in 2020.
- Long-horizon investors who are unlikely to need to sell this position during a slump lasting several years.
Look elsewhere if
- Retirees seeking income: the trailing yield was just 0.12% as of October 27, 2026, paid only twice a year.
- Cost-focused investors: the 0.60% expense ratio is above the 0.41% peer average and the 0.23% of iShares Russell Mid-Cap Growth ETF.
- Anyone wanting broad diversification: the top 10 of 53 holdings made up 59.5% of assets as of June 30, 2026, with heavy technology exposure.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is the IPO ETF good for retirement?
It is a niche, high-risk fund, not a typical core retirement holding. It lost 57.24% in 2022. Its deepest drop, 68.8% from February 2021 to December 2022, had not been fully recovered as of October 27, 2026. It pays very little income, with a trailing yield of 0.12%. Some long-term investors may hold a small position for exposure to newly public companies, alongside broader, steadier funds.
What's the difference between IPO and FPX?
FPX, the First Trust US Equity Opportunities ETF, is IPO's closest match by holdings, but only 13% of their holdings overlap, based on June 30, 2026 reports. Costs are nearly identical: 0.59% for FPX and 0.60% for IPO. FPX is much larger, with about $1.67 billion in net assets against about $182 million for IPO. As of October 27, 2026, FPX returned 1.6% over one year and 31.5% a year over three years. IPO returned -1.6% and 19.5%.
Does the IPO ETF pay dividends?
Yes, but very little. The fund pays twice a year. Over the trailing 12 months it paid about $0.06 a share, a yield of 0.12% as of October 27, 2026. Young, fast-growing companies often put their profits back into the business instead of paying dividends. As a result, nearly all of the fund's return comes from changes in its share price.
How long do stocks stay in the Renaissance IPO ETF?
Up to about three years. The index adds qualifying new IPOs at each quarterly rebalance. It removes companies once they have been public for three years, or sooner if they no longer meet its size, liquidity and free-float rules. This constant replacement helps explain the fund's 93% portfolio turnover. It also means that even large, successful holdings eventually leave the fund.
How has the IPO ETF performed compared to the S&P 500?
It has trailed the S&P 500 by a wide margin over longer periods. As of December 31, 2025, the fund's average annual returns were 5.36% over one year, -6.51% over five years and 8.46% over ten years. The S&P 500 returned 17.88%, 14.42% and 14.82% over the same periods. The fund has also been unusually sensitive to market moves. Its one-year beta, a measure of how much it moves relative to the market, was 2.02 as of October 27, 2026.