NEW YORK ( TheStreet) -- Earlier this year I wrote about how well the First Trust US IPO Index Fund ( FPX) was doing. Indeed, it is up 33% so far in 2013. After having the domestic IPO ETF market to itself for more than seven years FPX will now have competition from the new Renaissance IPO ETF ( IPO), the company with an iconic ticker.Renaissance Capital has long been a leader in IPO research, maintains several indexes of IPOs and also runs the IPO Plus Aftermarket Fund ( IPOSX) which is an actively managed product versus IPO which will be an indexed product. The biggest difference in the methodology between FPX and IPO is that FPX allows constituents to remain in the fund up to the first 1000 days of trading but IPO limits inclusion up to just 500 days. A stock is eligible for inclusion in IPO on its fifth day of regular way trading. By waiting until the fifth day of trading the fund will obviously miss out on any first day pop in the price but IPOX, the firm behind FPX, believes that waiting before including a stock into its indexes helps reduce volatility of the fund. At the sector level IPO is heaviest in technology at 24% of the fund followed by 18% in financials, 16% in consumer services, 15% in consumer goods and 12% healthcare. The largest holdings in the fund are Facebook ( FB), Delphi Automotive ( DLPH), Zoetis ( ZTS) and Michael Kors Holdings ( KORS) all with approximate 10% weightings which is the limit any one stock can have in the fund. Without modifying the market cap weighting Facebook would have more than a 30% weighting in the fund. For some other details; the fund has 49 holdings, charges a 0.60% expense ratio and has 63% of its holdings in large cap stocks which is logical for a market cap weighted product. In an interview on CNBC, Renaissance Capital Principal and IPO fund manager Kathleen Smith talked about her firm's unique idea that because new companies are typically not included in the major indexes for about two years which is about how long, 500 days, IPO holds It constituents for. By omitting IPOs for that initial period, Smith said, traditional index investing is incomplete. IPO is being put forth as a way to round out complete exposure to the US market.