At a glance
IPOS charges 0.8% a year. It has $12.7M in assets; it paid 0.76% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +6.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +14.7% a year. At its worst it fell 25.6% in the 2020 crash (S&P 500: 33.7%) and 45.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 44 months after the lows. Its ten largest positions make up 63.8% of the fund, out of 48 in all.
The short version
Renaissance International IPO ETF (IPOS) tracks the Renaissance International IPO Index, which holds companies that went public on non-U.S. exchanges within the past three years. It targets newly public firms that core indexes under-represent, and it is concentrated: its top 10 holdings were about 64% of assets as of June 30, 2026. It charges 0.80% a year and lost an average of 13.9% a year over the five years to December 31, 2025.
Price history
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IPOS +6.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IPOS official prospectus, to Dec 31, 2025 | — | +37.96% | — | -13.92% | -0.28% | — |
| MSCI ACWI ex U.S. Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +33.11% | — | +8.46% | +8.95% | — |
| Renaissance International IPO Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +39.14% | — | -12.87% | +0.88% | — |
| IPOS price data to Oct 27, 2026 | +9.4% | +6.1% | +14.7% | -8.5% | +0.6% | +0.4% |
- Over the year to Oct 27, 2026, IPOS returned +6.1%.
- Its 5-year annualized return was -8.5% and its 10-year +0.6%.
- In the 2020 COVID crash it fell 25.6% and regained its old high 2.2 months after the low.
- Its worst full calendar year was 2022 (-33.5%); its best was 2020 (+50.7%).
- The deepest fall in its price history was 73.1% (Feb 17, 2021 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +9.4% | — |
| 2025 | +40.1% | +37.96% |
| 2024 | -12.3% | -10.46% |
| 2023 | -16.5% | -17.18% |
| 2022 | -33.5% | -33.42% |
| 2021 | -30.6% | -30.61% |
| 2020 | +50.7% | +52.15% |
| 2019 | +31.0% | +28.90% |
| 2018 | -19.0% | -17.32% |
| 2017 | +36.8% | +34.35% |
| 2016 | -6.1% | -5.57% |
| 2015 | -2.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 23.2% over that stretch · deepest drop along the way 25.6%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 45.9% over that stretch · deepest drop along the way 45.9%, back to its old high 44.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1200 | |
| 2025 | $0.1900 | +58.3% |
| 2024 | $0.1200 | +140.0% |
| 2023 | $0.0500 | -44.4% |
| 2020 | $0.0900 | -59.1% |
| 2019 | $0.2200 | -78.3% |
| 2018 | $1.0127 | +382.2% |
| 2017 | $0.2100 | -32.3% |
| 2016 | $0.3100 | +49.0% |
| 2015 | $0.2080 |
What's inside
As of Jun 30, 2026, the fund held 48 securities; the ten largest made up 63.82% of assets.
| Holding | Weight | |
|---|---|---|
| Kioxia Holdings Corp | 10.45% | |
| Galderma Group AG | 9.96% | |
| Contemporary Amperex Technology Co Ltd | 9.89% | |
| Kokusai Electric Corp | 8.80% | |
| JX Advanced Metals Corp | 8.50% | |
| Destek Finans Faktoring AS | 3.84% | |
| Midea Group Co Ltd | 3.64% | |
| J&T Global Express Ltd | 3.50% | |
| Horizon Robotics | 2.67% | |
| Zijin Gold International Co Ltd | 2.56% | |
| RENK Group AG | 2.44% | |
| Zabka Group SA | 2.12% | |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd | 2.02% | |
| Verisure PLC | 1.85% | |
| Victory Giant Technology Huizhou Co Ltd | 1.83% |
By country
China 32.68%Japan 29.66%Switzerland 9.96%Cayman Islands 9.24%Turkey 3.84%By asset type
Stocks 99.5%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $1.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +17.88%, +9.11%, +11.40%.
How it works
IPOS is a passive index fund that aims to match, before fees, the Renaissance International IPO Index. The index was built by the fund's manager, IPO research firm Renaissance Capital LLC. It holds companies listed on non-U.S. exchanges that completed an initial public offering (IPO), their first sale of shares to the public, within the last three years. Companies must be large enough and trade often enough to qualify, and the index aims to capture about 80% of the total market value of these newly public firms.
The index is rebalanced quarterly. New eligible IPOs are added, and companies drop out after three years as public companies or if they stop qualifying. Holdings are weighted by free float-adjusted market value (the value of shares available for public trading), with each capped at 10%. Even so, the fund is concentrated: as of June 30, 2026, its 10 largest holdings, led by Kioxia Holdings and Galderma Group, were about 64% of assets. Turnover, a gauge of trading activity, was a high 68%.
At least 80% of assets must be in index securities, including depositary receipts (certificates representing foreign shares). Up to 20% may go to derivatives, cash or non-index stocks. As of June 30, 2026, the fund held no derivatives. It may also lend out holdings against collateral.
What it really costs
- IPOS charges 0.8% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $82 in the first year and $990 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IPOS | $82 | $255 | $444 | $990 |
In a retirement portfolio
Its narrow focus on newly listed foreign stocks brings big swings, including a drop of about 73% that had not been recovered as of October 27, 2026.
IPOS adds newly listed foreign companies, mostly in China and Japan, and its price swings widely. It launched in 2014, so it has no 2008 record. It fell about 26% in the 2020 COVID crash and recovered in about two months. But it fell about 46% in the 2022 bear market and needed about 44 months to recover. Its worst calendar year was 2022, down 33.4%. Its deepest drop, about 73% from February 2021 to April 2025, was unrecovered as of October 27, 2026. Cashing out during such a slump would lock in steep losses.
Income is small: the yield from the past year's dividends was 0.76% as of October 27, 2026, paid twice a year. Costs are 0.80% a year, or $990 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future returns, and a plan needs to consider the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, rules-based slice of non-U.S. companies in their first three years after an IPO, a group core indexes under-represent.
- Those comfortable with concentrated bets: as of June 30, 2026, China was about 33% of assets, Japan 30%, and the top 10 holdings 64%.
- Investors who can hold through deep, long slumps, like the 2022 drop of about 46% that took about 44 months to recover.
Look elsewhere if
- Retirees who may need to draw on savings soon: the fund's deepest drop, about 73%, was unrecovered as of October 27, 2026.
- Income seekers or fee-conscious investors: the yield was 0.76% as of October 27, 2026, and expenses are 0.80% a year.
- Those seeking broad non-U.S. stocks: IPOS returned -13.9% a year over five years through 2025, versus 8.5% for the MSCI ACWI ex U.S. Index.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does the IPOS ETF invest in?
IPOS invests in companies that went public on stock exchanges outside the U.S. within the past three years, tracking the Renaissance International IPO Index. As of June 30, 2026, it had 48 holdings. The largest were Kioxia Holdings and Galderma Group, at about 10% each, followed by Contemporary Amperex Technology, Kokusai Electric and JX Advanced Metals. China made up about 33% of assets and Japan about 30%.
Does IPOS pay dividends?
Yes, but not much. IPOS pays dividends twice a year. Over the year to October 27, 2026, payouts totaled about $0.14 per share, a yield of 0.76%. Newly public companies often pay small dividends or none, so nearly all of the fund's return depends on price changes. Retirees seeking steady income would get little from it.
Is IPOS good for retirement?
IPOS is a high-risk fund that may fit only as a small side holding in a retirement portfolio, not as a core one. It lost an average of 13.9% a year over the five years to December 31, 2025, and its worst calendar year was 2022, down 33.4%. Its deepest drop, about 73% from February 2021 to April 2025, was unrecovered as of October 27, 2026. Its beta, a measure of sensitivity to market moves, was 1.45 over the year to that date.
How has IPOS performed vs international stocks?
It has lagged badly over longer periods. As of December 31, 2025, IPOS returned -13.9% a year over five years and -0.3% a year over 10 years. Over the same periods, the MSCI ACWI ex U.S. Index, a broad measure of non-U.S. stocks, returned 8.5% and 9.0% a year. IPOS did beat that index over one year, 38.0% versus 33.1%. Index returns reflect no fees, expenses or taxes.
What is the IPOS expense ratio?
IPOS charges 0.80% a year, all of it a management fee. The SEC's standard example assumes $10,000 invested earning 5% a year. On that basis, costs would total about $82 after one year, $255 after three years, $444 after five years and $990 after 10 years. That is more than many broad index funds charge. The fund is also small, with net assets of about $12.7 million as of June 30, 2026. Small funds can cost more to trade and face a higher risk of closing.