While the coronavirus has upended many businesses, the initial public offerings market along with related exchange traded fund has been enjoying one their best year ever.

The Renaissance IPO ETF (IPO) is one of the best performing non-leveraged ETFs of 2020, advancing 59.1% year-to-date.

With three months left in the year, U.S.-listed initial public offerings have raised almost $95 billion through Wednesday, which has already surpassed the totals of every year except 2014 since the tech bubble in 2000, the Wall Street Journal reports. 2020’s IPO market is just shy of 2014 when IPOs raised $96 billion.

Bankers, lawyers, and executives believe that if the market maintains its pace, 2020 could eclipse the tech-boom years of 1999 and 2000 when investors pumped billions into any new internet stock.

The boom in IPOs is a stark contrast to the state of the U.S. economy after the Covid-19 pandemic ravaged businesses and pushed the unemployment rate to its highest level ever. However, the post-coronavirus environment has created a more niche market, with everyone now relying on technology for work, school, and everyday communications. Consequently, the value of these new companies providing related services were pushed higher.

Meanwhile, with low interest rates limiting returns on safer investments like bonds, investors have rebounded and turned more risk on to make money wherever they can.

This year, over 80% of the money raised by initial public offerings were in three areas, including healthcare, technology, and newly popular blank-check companies, or shell firms that try to acquire a private target and go public. According to Dealogic, this is the most concentrated the IPO market has been since 2007 when banks and lending institutions flooded the market before the financial crisis.

“There’s been more innovation in the last two years than in the last two decades,” Stacey Cunningham, the president of the New York Stock Exchange, told the WSJ. “There is a renaissance in the IPO market.”

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