Nevertheless, there are some “true” IPOs included over the past few years, such as Micahel Kors (NYSE: KORS), Tesla (NasdaqGM: TSLA) and Groupon (NasdaqGM: GRPN).

Renaissance Capital, an asset management firm that focuses on IPOs, plans to launch its first ETF later this year. The expected Renaissance ETF could also target the new-to-market discovery period of an IPO stock, delaying new IPO additions. The fund will cap IPO holdings at two years and remove older IPOs on a quarterly basis.

For more information on initial public offerings, visit our IPOs category.

Max Chen contributed to this article.