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Renaissance to launch IPO ETF


IPO research and investment specialist Renaissance Capital is to launch its first exchange-traded fund, according to a regulatory filing made with the US Securities and Exchange Commission (SEC).

The proposed fund, the Renaissance IPO ETF, will track the firm’s own index of newly-listed securities on US exchanges and will normally invest up to 80 per cent of its total assets in securities that make up the benchmark index.
According to the regulatory filing, the index is comprised of common stocks, depositary receipts and operating units of newly public US exchange-listed companies. These companies may include foreign companies that are listed on a US exchange. Companies are considered to be newly public if they have completed an IPO in the last 500 trading days.

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