IPO
Renaissance IPO ETF
Renaissance IPO ETF is an exchange-traded fund incorporated in the USA. The ETF provides investors with efficient exposure to a portfolio of newly public companies prior to their inclusion in core U.S. equity portfolios. The ETF tracks the rules-based Renaissance IPO Index designed by leading IPO research firm Renaissance Capital.
US
EQUITY
Rules-Based
MANAGEMENT STYLE
157.6 M
ASSETS UNDER MGMT
60 bp
EXPENSES
Fund Basics
| Fund sponsor | Renaissance Capital LLC |
| Category | US |
| Asset class | Equity |
| Website | link... |
| Inception date | Oct 16, 2013 |
| Assets (mns) | $158 |
| Expense ratio | 60 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Time Since Listing |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| NU HOLDINGS LTD. CLASS A | 10.3 % |
| KENVUE, INC. | 10.1 % |
| ARM HOLDINGS PLC | 8.2 % |
| ROBINHOOD MARKETS, INC. CLASS A | 7.1 % |
| RIVIAN AUTOMOTIVE INC-A | 6.7 % |
| ON HOLDING AG CLASS A | 5.0 % |
| CORE & MAIN, INC. CLASS A | 4.5 % |
| COREBRIDGE FINANCIAL INC | 3.9 % |
| DUOLINGO, INC. CLASS A | 3.2 % |
| GITLAB, INC. CLASS A | 3.2 % |
Constituent Breakdown
| Number of holdings | 42 |
| Herfindahl-Hirschman Index | 528 |
| Wgt avg mkt cap (mns) | $22,276 |
| Large cap (>$10bn) | 80.6% |
| Mid cap ($2-10bn) | 11.0% |
| Small cap (<$2bn) | 2.7% |
| Developed mkts. | 99.2% |
| Emerging mkts. | 0.9% |
Country Exposure
 |
UNITED STATES | 53.1 % |
 |
CAYMAN ISLANDS | 10.3 % |
 |
BRITAIN | 8.2 % |
 |
SWITZERLAND | 5.0 % |
 |
KAZAKHSTAN | 0.8 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 7.5% | 26.8% | 19.5% | -14.3% | 7.7% | 6.3% | 7.0% | Volatility | 26.2% | 26.4% | 35.2% | 38.9% | 37.6% | 29.6% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 1.31 | 51% |
| MSCI EAFE | 1.13 | 37% |
| MSCI Emg Mkts | 1.12 | 35% |
Liquidity Measures
| Avg. volume (000) | 17 |
| Turnover | 0.5% |
| Avg. Bid/Ask (% of price) | 0.11% |
| ADV of underlying (mns) | $3,660 |
Technical Indicators
| Recent close | $44.40 |
| 30d moving avg. | $41.84 |
| Annualized volatility | 32.8% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 3.7% |
| Short interest (underlying) | 6.1% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. IPO |
Expenses vs. IPO |
ALTAR Score™ vs. IPO |
|---|---|---|---|---|
| FPXI | First Trust International Equity Opportunities ETF | 13.8% | +10 bp | +10.9% |
| TIME | Clockwise Core Equity & Innovation ETF | 13.6% | +35 bp | +6.1% |
| FPXE | First Trust IPOX Europe Equity Opportunities ETF | 11.2% | +10 bp | +7.6% |
| LOUP | Innovator Deepwater Frontier Tech ETF | 11.0% | +10 bp | +4.8% |
| FPX | First Trust US Equity Opportunities ETF | 10.5% | +1 bp | +5.7% |
| BRAZ | Global X Brazil Active ETF | 10.3% | +15 bp | +14.3% |
| EWZ | iShares MSCI Brazil ETF | 10.3% | -2 bp | +15.1% |
| ILF | iShares Latin America 40 ETF | 10.3% | -12 bp | +15.0% |
Risk and Returns: IPO vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 10/21/2024
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
IPO
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may be less relevant.
ALTAR Score™
IPO
-4.1%
Cat. Avg
5.5%
ALTAR Score™ Calculation
Category Overview
There are 933 funds in the US Equity category, with an average ALTAR Score™
of 5.5% and a standard deviation of
2.4%. IPO's ALTAR Score™ is approximately
4.0 standard deviations
below
the category average. This places IPO in the 1st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
IPOSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based US Equity ETFs |
| # of ETFs | 609 |
| Avg. Expense Ratio | 46.6 bp |
| Std. Deviation | 32.9 bp |
| IPO (60 bp) Percentile rank | 66 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| IPO | 60.0 | 10.6 | 70.6 |
| Peer Avg. | 44.1 | 16.7 | 60.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .