Renaissance International IPO ETF
ALTAR
Score™		 2.2% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 20.5x P/Sales
ratio		 1.0x
P/BV
ratio		 1.8x Div.
yield		 0.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Renaissance International IPO ETF tracks a cap-weighted index of recent IPOs listed internationally. The fund adds an IPO within 90 days of its initial listing.

FUND BASICS
Category International Equities
Fund Sponsor Renaissance Capital
Website www.renaissancecapital.com
Inception date Oct 06, 2014
Assets (mns) $5
Currency USD
Expense ratio 80 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 35
Wgt avg mkt cap (mns) $2,147
Large cap (>$10bn) 0.0%
Mid cap ($2-10bn) 45.1%
Small cap (<$2bn) 15.1%
Developed mkts 80.6%
Emerging mkts 19.4%

TOP TEN HOLDINGS
GALDERMA 10.5 %
PORSCHE AG 7.3 %
J&T GLOBAL EXPRESS 6.9 %
PT AMMAN MINERAL INTERNASIONAL TBK 6.3 %
CVC CAPITAL PARTNERS 5.4 %
SENSETIME 5.4 %
ZHEJIANG LEAPMOTOR TECHNOLOGY CO., 4.6 %
RAKUTEN BANK 4.4 %
TOKYO METRO 4.0 %
SOCIONEXT INC. 3.7 %
Total 58.5 %

TOP COUNTRY EXPOSURE
INDONESIA 10.1 %
GERMANY 7.3 %
CHINA 4.6 %
JAPAN 3.7 %
NORWAY 3.6 %
HONG KONG 0.5 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
34.9% 23.7% -13.4% -1.0% -0.8%

Market Correlations
versus... Beta R-squared
S&P500 0.83 22%
MSCI EAFE 1.00 38%
MSCI Emg. Mkts. 1.24 61%

Technical Indicators
Recent close $17.21
30d moving avg. $16.16
Annualized volatility 26.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.7%
Bid/Ask (% of price) 0.52%
ADV underlying (mns) $221

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 165 potential alternatives to the Renaissance International IPO ETF ETF based on the alternatives' overlap in portfolio holdings with IPOS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: IPOS Expense: 80 bp ALTAR Score™: 2.2%


ALTERNATIVE ETFs BASED ON OVERLAP WITH IPOS
Ticker Fund
Name		 Overlap1
vs IPOS
(%)		 Expense
ratio
(bp)		 Savings
vs IPOS
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs IPOS
(%)
IDX VanEck Indonesia Index ETF 7.9 57 23 7.2 +5.0
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 4.8 72 8 -0.9 -3.1
FGM First Trust Germany AlphaDEX Fund 3.4 80 0 6.3 +4.1
KGRN KraneShares MSCI China Clean Technology Index ETF 3.2 79 1 0.3 -1.9
FINE Themes European Luxury ETF 2.7 35 45 3.6 +1.5
FDRV Fidelity Electric Vehicles and Future Transportation ETF 2.6 39 41 -0.9 -3.1
GMET VanEck Green Metals ETF 2.5 63 17 8.5 +6.3
FPXE First Trust IPOX Europe Equity Opportunities ETF 2.2 70 10 4.8 +2.6
FMQQ FMQQ The Next Frontier Internet & Ecommerce ETF 2.0 86 -6 0.4 -1.8
FCA First Trust China AlphaDEX Fund 1.9 80 0 7.9 +5.7
TMFG Motley Fool Global Opportunities ETF 1.9 85 -5 3.9 +1.7
BATT Amplify Lithium & Battery Technology ETF 1.6 59 21 3.3 +1.1
DRIV Global X Autonomous & Electric Vehicles ETF 1.6 68 12 4.8 +2.6
CHIQ Global X MSCI China Consumer Discretionary ETF 1.6 65 15 15.2 +13.1
ASEA Global X FTSE Southeast Asia ETF 1.2 65 15 6.6 +4.4
OBOR KraneShares MSCI One Belt One Road Index ETF 1.2 79 1 8.8 +6.6
FEM First Trust Emerging Markets AlphaDEX Fund 1.1 80 0 10.9 +8.7
CARZ First Trust NASDAQ Global Auto Index Fund 1.0 70 10 4.6 +2.4
SDIV Global X Superdividend ETF 1.0 58 22 40.8 +38.7
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.0 47 33 8.2 +6.0
DSTX Distillate International Fundamental Stability & Value ETF 1.0 55 25 7.7 +5.5
FEUZ First Trust Eurozone AlphaDEX ETF 0.9 80 0 9.1 +6.9
IQDF FlexShares International Quality Dividend Index Fund 0.8 47 33 8.8 +6.6
PBD Invesco Global Clean Energy ETF 0.8 75 5 -0.3 -2.5
ERTH Invesco MSCI Sustainable Future ETF 0.7 62 18 3.6 +1.4
SMOG VanEck Low Carbon Energy ETF 0.7 61 19 1.7 -0.5
EIDO iShares MSCI Indonesia ETF 0.7 59 21 8.2 +6.0
DIM WisdomTree International MidCap Dividend Fund 0.6 58 22 7.5 +5.3
FEP First Trust Europe AlphaDEX Fund 0.6 80 0 9.0 +6.8
CZAR Themes Natural Monopoly ETF 0.5 35 45 5.7 +3.5
CRIT Optica Rare Earths & Critical Materials ETF Optica Rare Eart 0.5 85 -5 8.8 +6.6
LITP Sprott Lithium Miners ETF 0.5 65 15 2.0 -0.2
SETM Sprott Energy Transition Materials ETF 0.5 65 15 2.6 +0.4
LIMI Themes Lithium & Battery Metal Miners ETF 0.5 35 45 6.6 +4.5
CCNR ALPS CoreCommodity Natural Resources ETF 0.5 39 41 10.7 +8.5
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.4 86 -6 12.6 +10.4
UIVM VictoryShares International Value Momentum ETF 0.4 35 45 8.9 +6.7
NUEM Nuveen ESG Emerging Markets Equity ETF 0.4 36 44 7.7 +5.5
INTF iShares International Equity Factor ETF 0.3 15 65 7.5 +5.4
AIQ Global X Artificial Intelligence & Technology ETF 0.3 68 12 3.6 +1.4
RNRG Global X Renewable Energy Producers ETF 0.3 66 14 1.4 -0.8
EWG iShares MSCI Germany ETF 0.3 50 30 6.4 +4.2
DAX Global X DAX Germany ETF 0.3 21 59 6.8 +4.6
SCJ iShares MSCI Japan Small-Cap ETF 0.3 50 30 6.4 +4.2
ZSB USCF Sustainable Battery Metals Strategy Fund 0.3 61 19 7.9 +5.7
XC WisdomTree Emerging Markets Ex-China Fund 0.3 32 48 6.2 +4.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.3 32 48 8.8 +6.6
FDNI First Trust Dow Jones International Internet ETF 0.3 65 15 19.5 +17.4
COPY Tweedy, Browne Insider + Value ETF 0.3 80 0 11.7 +9.5
DTH WisdomTree International High Dividend Fund 0.3 58 22 8.4 +6.2
BULD Pacer BlueStar Engineering the Future ETF 0.2 60 20 0.4 -1.8
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.2 49 31 6.7 +4.5
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.2 80 0 9.4 +7.2
FLAX Franklin FTSE Asia Ex Japan ETF 0.2 19 61 8.9 +6.7
AVSE Avantis Responsible Emerging Markets Equity ETF 0.2 33 47 8.1 +6.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.2 36 44 9.4 +7.2
GLOF iShares Global Equity Factor ETF 0.1 20 60 6.4 +4.2
DIHP Dimensional International High Profitability ETF 0.1 29 51 7.1 +4.9
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 65 9.9 +7.7
XCEM Columbia EM Core ex-China ETF 0.1 16 64 8.1 +5.9
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.1 58 22 7.1 +4.9
IQDG WisdomTree International Quality Dividend Growth Fund 0.1 42 38 7.2 +5.0
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 69 9.6 +7.4
FLCH Franklin FTSE China ETF 0.1 19 61 14.8 +12.6
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.1 40 40 7.4 +5.2
DWM WisdomTree International Equity Fund 0.1 48 32 7.3 +5.1
FRDM Freedom 100 Emerging Markets ETF 0.1 49 31 8.1 +5.9
DXJ WisdomTree Japan Hedged Equity Fund 0.1 48 32 7.3 +5.2
IDHQ Invesco S&P International Developed High Quality ETF 0.1 29 51 6.6 +4.5
FLJH Franklin FTSE Japan Hedged ETF 0.1 9 71 6.0 +3.8
FLJP Franklin FTSE Japan ETF 0.1 9 71 6.2 +4.0
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.1 12 68 5.9 +3.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 14 9.2 +7.0
SCZ iShares MSCI EAFE Small-Cap ETF 0.1 40 40 6.8 +4.6
AVDS Avantis International Small Cap Equity ETF 0.1 30 50 7.2 +5.0
IGPT Invesco AI and Next Gen Software ETF 0.1 60 20 4.1 +1.9
EUSC WisdomTree Europe Hedged SmallCap Equity Fund 0.1 58 22 8.7 +6.5
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 0.1 45 35 7.0 +4.8
ESGE iShares ESG Aware MSCI EM ETF 0.1 25 55 9.8 +7.6
DFSI Dimensional International Sustainability Core 1 ETF 0.1 24 56 6.3 +4.1
EZU iShares MSCI Eurozone ETF 0.1 52 28 6.7 +4.6
DFIC Dimensional International Core Equity 2 ETF 0.1 23 57 7.3 +5.2
AVIV Avantis International Large Cap Value ETF 0.1 25 55 8.5 +6.3
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.1 42 38 7.0 +4.8
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.1 24 56 7.3 +5.2
EMXF iShares ESG Advanced MSCI EM ETF 0.1 16 64 8.3 +6.1
RXI iShares Global Consumer Discretionary ETF 0.1 41 39 9.0 +6.8
BBEU JPMorgan BetaBuilders Europe ETF 0.1 9 71 7.2 +5.0
DFAI Dimensional International Core Equity Market ETF 0.1 18 62 7.1 +4.9
DEHP Dimensional Emerging Markets High Profitability ETF 0.1 41 39 6.5 +4.3
DXIV Dimensional International Vector Equity ETF 0.1 34 46 7.7 +5.6
RNEM First Trust Emerging Markets Equity Select ETF 0.1 75 5 7.5 +5.3
EFV iShares MSCI EAFE Value ETF 0.1 34 46 9.0 +6.9
DEW WisdomTree Global High Dividend Fund 0.1 58 22 8.3 +6.1
BKIE BNY Mellon International Equity ETF 0.1 4 76 7.0 +4.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 21 8.5 +6.4
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 62 7.8 +5.7
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 41 5.6 +3.5
SPEU SPDR Portfolio Europe ETF 0.1 7 73 7.4 +5.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.1 20 60 5.6 +3.4
DFIS Dimensional International Small Cap ETF 0.1 39 41 7.2 +5.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.1 30 50 7.7 +5.5
XCNY SPDR S&P Emerging Markets ex-China ETF 0.1 15 65 7.5 +5.4
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.1 35 45 6.6 +4.4
IQLT iShares MSCI Intl Quality Factor ETF 0.0 30 50 6.2 +4.0
EMXC iShares MSCI Emerging Markets ex China ETF 0.0 25 55 7.5 +5.3
IPAC iShares Core MSCI Pacific ETF 0.0 9 71 6.2 +4.0
IEFA iShares Core MSCI EAFE ETF 0.0 7 73 7.0 +4.8
EEMA iShares MSCI Emerging Markets Asia ETF 0.0 49 31 9.8 +7.6
IEUR iShares Core MSCI Europe ETF 0.0 11 69 7.4 +5.2
EMGF iShares Emerging Markets Equity Factor ETF 0.0 25 55 11.3 +9.1
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.0 70 10 8.9 +6.7
GMF SPDR S&P Emerging Asia Pacific ETF 0.0 49 31 9.1 +7.0
VPL Vanguard FTSE Pacific ETF 0.0 7 73 6.7 +4.5
IEV iShares Europe ETF 0.0 67 13 6.9 +4.7
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 76 6.9 +4.7
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.0 30 50 7.0 +4.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.0 30 50 10.0 +7.8
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 45 9.0 +6.8
EEM iShares MSCI Emerging Markets ETF 0.0 69 11 9.9 +7.7
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 77 6.9 +4.7
SCHE Schwab Emerging Markets Equity ETF 0.0 11 69 10.6 +8.4
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 0.0 20 60 6.3 +4.1
VWO Vanguard FTSE Emerging Markets ETF 0.0 7 73 9.8 +7.7
IXUS iShares Core MSCI Total International Stock ETF 0.0 7 73 7.8 +5.6
EFA iShares MSCI EAFE ETF 0.0 35 45 6.7 +4.5
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.0 33 47 8.4 +6.2
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 41 7.8 +5.7
AVSD Avantis Responsible International Equity ETF 0.0 23 57 5.6 +3.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 39 7.4 +5.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.0 41 39 8.4 +6.2
HFXI IQ FTSE International Equity Currency Neutral ETF 0.0 20 60 7.0 +4.8
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 41 6.6 +4.4
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 46 7.6 +5.4
IEMG iShares Core MSCI Emerging Markets ETF 0.0 9 71 10.1 +7.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 4 76 8.0 +5.8
VSGX Vanguard ESG International Stock ETF 0.0 10 70 7.5 +5.3
VXUS Vanguard Total International Stock ETF 0.0 5 75 7.7 +5.6
SPEM SPDR Portfolio Emerging Markets ETF 0.0 7 73 10.2 +8.0
VEA Vanguard FTSE Developed Markets ETF 0.0 3 77 7.1 +4.9
DFEV Dimensional Emerging Markets Value ETF 0.0 43 37 12.9 +10.7
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 35 8.7 +6.5
AVEM Avantis Emerging Markets Equity ETF 0.0 33 47 8.4 +6.2
FLEE Franklin FTSE Europe ETF 0.0 9 71 7.3 +5.1
GSID Goldman Sachs MarketBeta International Equity ETF 0.0 20 60 6.8 +4.7
IQSI IQ Candriam International Equity ETF 0.0 15 65 6.6 +4.4
PXH Invesco FTSE RAFI Emerging Markets ETF 0.0 49 31 15.1 +12.9
VGK Vanguard FTSE Europe ETF 0.0 6 74 7.5 +5.3
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 50 7.5 +5.3
VYMI Vanguard International High Dividend Yield ETF 0.0 17 63 9.4 +7.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.0 38 42 8.9 +6.7
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 50 5.9 +3.7
FNDF Schwab Fundamental International Large Co. Index ETF 0.0 25 55 9.5 +7.3
SCHF Schwab International Equity ETF 0.0 6 74 7.2 +5.0
AVDE Avantis International Equity ETF 0.0 23 57 7.3 +5.1
ACWI iShares MSCI ACWI ETF 0.0 32 48 5.5 +3.3
HEDJ WisdomTree Europe Hedged Equity Fund 0.0 58 22 6.7 +4.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.0 15 65 7.6 +5.4
JHEM John Hancock Multifactor Emerging Markets ETF 0.0 49 31 9.8 +7.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.0 30 50 8.9 +6.7
VT Vanguard Total World Stock ETF 0.0 6 74 5.8 +3.6
TOK iShares MSCI Kokusai ETF 0.0 26 54 5.0 +2.8
URTH iShares MSCI World ETF 0.0 24 56 5.0 +2.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 5.6 +3.4
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.0 53 27 7.6 +5.4

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 Renaissance International IPO ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 5.1 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 2.2 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.59 CATEGORY
AVERAGE		 1.63
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.