During CNBC’s ETF Spotlight segment Wednesday, the focus was on the Renaissance IPO ETF (IPO), which is up 25% this year. That’s interesting, as many companies have not been so lucky.

IPO tracks the rules-based Renaissance IPO Index, which adds sizeable new companies on a fast entry basis and the rest upon scheduled quarterly reviews. Companies that have been public for two years are removed at the next quarterly review.

Additionally, the Renaissance IPO ETF is the only ETF focusing exclusively on the U.S. IPO Market. Renaissance Capital believes that IPO reinvents IPO investing by providing access to the U.S. IPO Market through an ETF, without investors having to buy IPOs individually.

Public Companies Got It Rough

That in mind, looking at how newly public companies are doing, it is clear the market has been rough in many instances for these newcomers. SmileDirectClub (SDC) came out with its first quarterly numbers since its debut in September, showing how the stocks are down over 16%, 60% below IPO.

Meanwhile, Luckin Coffee Beijing LTD (LK), a Starbucks rival, has shown to be surging at a better rate than expected, up 12%. Perhaps being an international brand has played a role. Still, it is somewhat surprising given IPO’s high focus in the technology sector. As it would appear, staying awake for coffee is a bit more vital than the rebirth of tech when it comes to Renaissance.

The distinct divide between those two companies makes for an interesting look at the market to keep eyes on. Stateside, however, there are quite a few names that have hit below expectations. That’s crucial to IPO, where the majority of its holdings are U.S.-based. Still, the ETF has been able to keep things going, seemingly for the better.

Watch CNBC Cover the Latest Concerning the IPO ETF:

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