Renaissance International IPO ETF
ALTAR
Score™		 1.7% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 31.2x 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) $6
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 39
Wgt avg mkt cap (mns) $2,247
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 GROUP AG REGISTERED SHARE 12.4 %
HORIZON ROBOTICS CLASS B 6.9 %
J&T GLOBAL EXPRESS LTD ORDINARY SH 5.6 %
MIDEA GROUP CO LTD H COMMON STOCK 5.4 %
LOTTOMATICA GROUP SPA 5.0 %
PORSCHE AG 4.8 %
KOKUSAI ELECTRIC CORP 4.4 %
JX ADVANCED METALS CORP 4.4 %
KIOXIA HOLDINGS CORP ORDINARY SHAR 4.3 %
CONTEMPORARY AMPEREX TECHN H COMMO 4.1 %
Total 57.3 %

TOP COUNTRY EXPOSURE
GERMANY 4.8 %
INDONESIA 4.0 %
CHINA 3.7 %
HONG KONG 2.1 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
39.8% 39.8% -13.9% -0.3% -0.4%

Market Correlations
versus... Beta R-squared
S&P500 0.63 32%
MSCI EAFE 0.95 51%
MSCI Emg. Mkts. 0.94 57%

Technical Indicators
Recent close $18.42
30d moving avg. $16.96
Annualized volatility 24.9%
Short interest (ETF) 0.6%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.65%
ADV underlying (mns) $221

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 121 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™: 1.7%


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 3.7 57 23 6.8 +5.1
KGRN KraneShares MSCI China Clean Technology Index ETF 3.3 79 1 0.3 -1.4
FGM First Trust Germany AlphaDEX Fund 3.2 80 0 5.8 +4.2
FCA First Trust China AlphaDEX Fund 3.1 80 0 8.6 +6.9
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 2.7 72 8 -1.3 -2.9
CHIQ Global X MSCI China Consumer Discretionary ETF 2.3 65 15 11.1 +9.5
IMOM Alpha Architect International Quantitative Momentum ETF 2.0 49 31 3.9 +2.2
TMFG Motley Fool Global Opportunities ETF 2.0 85 -5 3.5 +1.8
OBOR KraneShares MSCI One Belt One Road Index ETF 1.9 79 1 7.2 +5.5
FDRV Fidelity Electric Vehicles and Future Transportation ETF 1.8 39 41 -1.3 -2.9
GMET VanEck Green Metals ETF 1.6 63 17 5.6 +4.0
GDX VanEck Gold Miners ETF 1.3 51 29 2.6 +0.9
ASEA Global X FTSE Southeast Asia ETF 1.1 65 15 5.6 +3.9
KTEC KraneShares Hang Seng TECH Index ETF 1.0 69 11 16.9 +15.2
FEUZ First Trust Eurozone AlphaDEX ETF 0.9 80 0 6.5 +4.9
BATT Amplify Lithium & Battery Technology ETF 0.9 59 21 1.7 +0.0
FPXE First Trust IPOX Europe Equity Opportunities ETF 0.9 70 10 3.3 +1.6
PBD Invesco Global Clean Energy ETF 0.8 75 5 0.7 -1.0
ERTH Invesco MSCI Sustainable Future ETF 0.8 62 18 3.1 +1.5
FPXI First Trust International Equity Opportunities ETF 0.7 70 10 3.5 +1.9
DSTX Distillate International Fundamental Stability & Value ETF 0.6 55 25 6.7 +5.0
FEM First Trust Emerging Markets AlphaDEX Fund 0.6 80 0 10.3 +8.6
FEP First Trust Europe AlphaDEX Fund 0.5 80 0 6.9 +5.2
EEMO Invesco S&P Emerging Markets Momentum ETF 0.5 29 51 7.0 +5.3
SMOG VanEck Low Carbon Energy ETF 0.5 61 19 1.5 -0.2
NUEM Nuveen ESG Emerging Markets Equity ETF 0.4 36 44 6.7 +5.0
SNSR Global X Internet of Things ETF 0.4 68 12 4.2 +2.5
ICPY Tweedy, Browne International Insider Value ETF 0.4 80 0 10.1 +8.4
CARZ First Trust NASDAQ Global Auto Index Fund 0.3 70 10 3.4 +1.7
EWG iShares MSCI Germany ETF 0.3 50 30 5.8 +4.1
CXSE WisdomTree China ex-State-Owned Enterprises Fund 0.3 32 48 11.2 +9.6
BULD Pacer BlueStar Engineering the Future ETF 0.3 60 20 0.3 -1.4
RNRG Global X Renewable Energy Producers ETF 0.3 66 14 5.0 +3.4
COPY Tweedy, Browne Insider + Value ETF 0.3 80 0 10.3 +8.7
FLCH Franklin FTSE China ETF 0.3 19 61 14.2 +12.6
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.3 45 35 9.5 +7.8
XC WisdomTree Emerging Markets Ex-China Fund 0.2 32 48 5.5 +3.8
INTF iShares International Equity Factor ETF 0.2 15 65 6.6 +4.9
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.2 40 40 6.4 +4.8
DWM WisdomTree International Equity Fund 0.2 48 32 6.4 +4.7
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 0.2 9 71 8.3 +6.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.2 32 48 7.0 +5.4
FLAX Franklin FTSE Asia Ex Japan ETF 0.1 19 61 7.4 +5.8
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 44 8.0 +6.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.1 45 35 8.5 +6.8
FLJH Franklin FTSE Japan Hedged ETF 0.1 9 71 5.4 +3.8
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 33 7.7 +6.0
FLJP Franklin FTSE Japan ETF 0.1 9 71 5.5 +3.8
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 65 6.6 +4.9
DIHP Dimensional International High Profitability ETF 0.1 29 51 5.8 +4.1
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.1 80 0 7.4 +5.8
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.1 12 68 5.2 +3.5
DFSI Dimensional International Sustainability Core 1 ETF 0.1 24 56 5.5 +3.8
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 69 8.0 +6.3
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 65 8.5 +6.8
AVSE Avantis Responsible Emerging Markets Equity ETF 0.1 33 47 7.0 +5.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.1 47 33 7.0 +5.4
DXJ WisdomTree Japan Hedged Equity Fund 0.1 48 32 5.8 +4.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 14 7.7 +6.0
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 41 5.3 +3.6
AVES Avantis Emerging Markets Value ETF 0.1 36 44 9.6 +7.9
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 0.1 45 35 6.0 +4.3
RXI iShares Global Consumer Discretionary ETF 0.1 41 39 7.0 +5.4
EZU iShares MSCI Eurozone ETF 0.1 52 28 5.7 +4.0
DIM WisdomTree International MidCap Dividend Fund 0.1 58 22 6.5 +4.8
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 31 6.2 +4.5
EFV iShares MSCI EAFE Value ETF 0.1 34 46 7.8 +6.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 21 7.6 +5.9
IDHQ Invesco S&P International Developed High Quality ETF 0.1 29 51 5.3 +3.7
DFIC Dimensional International Core Equity 2 ETF 0.1 23 57 6.4 +4.7
BBEU JPMorgan BetaBuilders Europe ETF 0.1 9 71 6.2 +4.6
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.1 58 22 5.8 +4.2
IQDG WisdomTree International Quality Dividend Growth Fund 0.1 42 38 6.0 +4.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 41 5.8 +4.1
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 60 5.8 +4.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 39 6.4 +4.8
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 62 6.5 +4.8
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 31 8.3 +6.6
DFAI Dimensional International Core Equity Market ETF 0.0 18 62 6.1 +4.4
IEV iShares Europe ETF 0.0 67 13 5.8 +4.1
IQLT iShares MSCI Intl Quality Factor ETF 0.0 30 50 5.3 +3.7
BKIE BNY Mellon International Equity ETF 0.0 4 76 6.0 +4.4
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.0 46 34 5.9 +4.2
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.0 35 45 5.8 +4.1
IEUR iShares Core MSCI Europe ETF 0.0 11 69 6.3 +4.6
IQSI IQ Candriam International Equity ETF 0.0 15 65 5.6 +4.0
DXIV Dimensional International Vector Equity ETF 0.0 34 46 6.7 +5.0
SPEU SPDR Portfolio Europe ETF 0.0 7 73 6.3 +4.7
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.0 20 60 5.4 +3.8
AVDE Avantis International Equity ETF 0.0 23 57 6.4 +4.7
AVIV Avantis International Large Cap Value ETF 0.0 25 55 7.5 +5.8
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.0 36 44 5.8 +4.1
EFA iShares MSCI EAFE ETF 0.0 35 45 5.8 +4.1
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 50 6.6 +5.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 41 6.8 +5.1
IEFA iShares Core MSCI EAFE ETF 0.0 7 73 6.1 +4.4
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.0 30 50 6.0 +4.4
AVSD Avantis Responsible International Equity ETF 0.0 23 57 4.7 +3.0
AVEM Avantis Emerging Markets Equity ETF 0.0 33 47 7.3 +5.6
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.0 33 47 6.9 +5.3
ECON Columbia Emerging Markets Consumer ETF 0.0 49 31 10.0 +8.4
AVDS Avantis International Small Cap Equity ETF 0.0 30 50 6.0 +4.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 46 6.5 +4.8
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 76 6.1 +4.4
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 77 6.0 +4.4
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 35 7.5 +5.9
IXUS iShares Core MSCI Total International Stock ETF 0.0 7 73 6.7 +5.1
GLOF iShares Global Equity Factor ETF 0.0 20 60 5.9 +4.2
JHMD John Hancock Multifactor Developed International ETF 0.0 39 41 6.5 +4.8
KOKU Xtrackers MSCI Kokusai Equity ETF 0.0 9 71 4.5 +2.8
TOK iShares MSCI Kokusai ETF 0.0 26 54 4.3 +2.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.0 41 39 7.1 +5.5
ACWI iShares MSCI ACWI ETF 0.0 32 48 4.7 +3.0
URTH iShares MSCI World ETF 0.0 24 56 4.4 +2.7
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 50 6.5 +4.8
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 50 5.1 +3.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 4.9 +3.2
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 45 7.5 +5.8
DFIS Dimensional International Small Cap ETF 0.0 39 41 6.2 +4.6
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.0 53 27 6.1 +4.5
HEDJ WisdomTree Europe Hedged Equity Fund 0.0 58 22 5.6 +3.9

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 4.4 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 1.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.65 CATEGORY
AVERAGE		 1.64
 
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.