ETF Research Center

Renaissance International IPO ETF

ALTAR
Score™

10.2%

Recommen-
dation

SPECULATIVE

2025E 2026E
P/E ratio	12.0x	P/Sales ratio	0.7x
P/BV ratio	1.4x	Div. yield	0.0%

Description
Performance
Comps
Fundamentals
Valuation
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)	$4
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)	$2,552
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
Total	60.9 %
GALDERMA	10.5 %
PORSCHE AG	8.3 %
J&T GLOBAL EXPRESS	6.9 %
PT AMMAN MINERAL INTERNASIONAL TBK	6.3 %
CVC CAPITAL PARTNERS	5.4 %
SENSETIME	5.4 %
PT GOTO GOJEK TOKOPEDIA TBK	5.1 %
ZHEJIANG LEAPMOTOR TECHNOLOGY CO.,	4.6 %
RAKUTEN BANK	4.4 %
TOKYO METRO	4.0 %

TOP COUNTRY EXPOSURE
	INDONESIA	11.4 %
	CHINA	4.6 %
	NORWAY	3.1 %
	JAPAN	2.9 %

Standardized Annual Returns (thru May 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
16.1%	1.8%	-11.7%	-3.7%	-2.2%

Market Correlations
versus...	Beta	R-squared
S&P500	0.66	18%
MSCI EAFE	0.95	39%
MSCI Emg. Mkts.	1.25	66%

Technical Indicators
Recent close	$14.48
30d moving avg.	$13.90
Annualized volatility	26.3%
Short interest (ETF)	0.3%
Relative strength (RSI)	64

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.52%
ADV underlying (mns)	$221

FINDING ALTERNATIVE FUNDS

Below is a list of 147 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™:

10.2%

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	8.7	57	23	9.2	-0.9
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	5.1	72	8	-0.8	-11.0
GMET	VanEck Green Metals ETF	3.3	63	17	10.1	-0.0
KGRN	KraneShares MSCI China Clean Technology Index ETF	3.2	79	1	3.7	-6.5
FMQQ	FMQQ The Next Frontier Internet & Ecommerce ETF	2.9	86	-6	0.9	-9.3
FDRV	Fidelity Electric Vehicles and Future Transportation ETF	2.6	39	41	-0.9	-11.1
FPXE	First Trust IPOX Europe Equity Opportunities ETF	2.1	70	10	4.7	-5.5
DSTX	Distillate International Fundamental Stability & Value ETF	2.0	55	25	8.2	-2.0
CHIQ	Global X MSCI China Consumer Discretionary ETF	2.0	65	15	16.0	+5.9
EIDO	iShares MSCI Indonesia ETF	1.8	59	21	9.2	-0.9
TMFG	Motley Fool Global Opportunities ETF	1.8	85	-5	4.0	-6.2
FGM	First Trust Germany AlphaDEX Fund	1.5	80	0	6.4	-3.8
FEM	First Trust Emerging Markets AlphaDEX Fund	1.3	80	0	12.2	+2.1
SMOG	VanEck Low Carbon Energy ETF	1.2	61	19	1.6	-8.6
OBOR	KraneShares MSCI One Belt One Road Index ETF	1.2	79	1	9.2	-1.0
SETM	Sprott Energy Transition Materials ETF	1.1	65	15	3.9	-6.2
ASEA	Global X FTSE Southeast Asia ETF	1.1	65	15	7.0	-3.2
FEUZ	First Trust Eurozone AlphaDEX ETF	1.0	80	0	9.4	-0.8
BATT	Amplify Lithium & Battery Technology ETF	1.0	59	21	4.0	-6.1
DRIV	Global X Autonomous & Electric Vehicles ETF	1.0	68	12	5.8	-4.4
SDIV	Global X Superdividend ETF	0.9	58	22	42.0	+31.8
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.9	47	33	8.6	-1.6
ERTH	Invesco MSCI Sustainable Future ETF	0.9	62	18	3.6	-6.5
IQDF	FlexShares International Quality Dividend Index Fund	0.8	47	33	9.3	-0.8
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.7	86	-6	13.6	+3.4
PIE	Invesco Dorsey Wright Emerging Markets Momentum ETF	0.6	90	-10	7.9	-2.3
LUX	Tema Luxury ETF	0.6	75	5	4.6	-5.5
FEP	First Trust Europe AlphaDEX Fund	0.6	80	0	9.4	-0.7
CARZ	First Trust NASDAQ Global Auto Index Fund	0.5	70	10	5.5	-4.6
DIM	WisdomTree International MidCap Dividend Fund	0.5	58	22	7.6	-2.5
CZAR	Themes Natural Monopoly ETF	0.5	35	45	5.5	-4.6
CCNR	ALPS CoreCommodity Natural Resources ETF	0.5	39	41	11.5	+1.4
FDNI	First Trust Dow Jones International Internet ETF	0.4	65	15	18.4	+8.2
NUEM	Nuveen ESG Emerging Markets Equity ETF	0.4	36	44	8.2	-2.0
UIVM	VictoryShares International Value Momentum ETF	0.4	35	45	9.2	-1.0
XC	WisdomTree Emerging Markets Ex-China Fund	0.3	32	48	6.3	-3.9
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	0.3	32	48	9.5	-0.6
INTF	iShares International Equity Factor ETF	0.3	15	65	7.9	-2.3
EWG	iShares MSCI Germany ETF	0.3	50	30	6.1	-4.1
DAX	Global X DAX Germany ETF	0.3	21	59	6.5	-3.6
COPY	Tweedy, Browne Insider + Value ETF	0.3	80	0	12.3	+2.1
AIQ	Global X Artificial Intelligence & Technology ETF	0.3	68	12	4.0	-6.2
SCJ	iShares MSCI Japan Small-Cap ETF	0.2	50	30	6.8	-3.4
DTH	WisdomTree International High Dividend Fund	0.2	58	22	8.9	-1.3
FDT	First Trust Developed Markets ex-US AlphaDEX Fund	0.2	80	0	10.2	+0.0
FRDM	Freedom 100 Emerging Markets ETF	0.2	49	31	9.0	-1.1
FLAX	Franklin FTSE Asia Ex Japan ETF	0.2	19	61	9.7	-0.5
XCEM	Columbia EM Core ex-China ETF	0.2	16	64	8.5	-1.7
GLOF	iShares Global Equity Factor ETF	0.2	20	60	6.9	-3.3
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	0.2	15	65	10.6	+0.4
BKEM	BNY Mellon Emerging Markets Equity ETF	0.2	11	69	10.4	+0.3
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	0.2	36	44	10.2	+0.0
IDHQ	Invesco S&P International Developed High Quality ETF	0.1	29	51	6.6	-3.6
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	0.1	66	14	10.2	+0.0
STXE	Strive Emerging Markets Ex-China ETF	0.1	32	48	8.1	-2.1
FLCH	Franklin FTSE China ETF	0.1	19	61	16.7	+6.5
DWM	WisdomTree International Equity Fund	0.1	48	32	7.5	-2.6
PABD	iShares Paris-Aligned Climate MSCI World ex USA ETF	0.1	12	68	6.2	-4.0
DDWM	WisdomTree Dynamic Currency Hedged International Equity Fund	0.1	40	40	7.6	-2.6
EMXF	iShares ESG Advanced MSCI EM ETF	0.1	16	64	8.7	-1.5
DBEZ	Xtrackers MSCI Eurozone Hedged Equity ETF	0.1	45	35	7.0	-3.1
PDN	Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF	0.1	49	31	7.1	-3.0
DFIS	Dimensional International Small Cap ETF	0.1	39	41	7.5	-2.6
EZU	iShares MSCI Eurozone ETF	0.1	52	28	6.7	-3.5
SCZ	iShares MSCI EAFE Small-Cap ETF	0.1	40	40	7.1	-3.0
BBEU	JPMorgan BetaBuilders Europe ETF	0.1	9	71	7.2	-3.0
RNEM	First Trust Emerging Markets Equity Select ETF	0.1	75	5	7.1	-3.1
AVIV	Avantis International Large Cap Value ETF	0.1	25	55	8.9	-1.2
DEEF	Xtrackers FTSE Developed ex US Multifactor ETF	0.1	24	56	7.6	-2.6
IHDG	WisdomTree International Hedged Quality Dividend Growth Fund	0.1	58	22	7.0	-3.2
IQDG	WisdomTree International Quality Dividend Growth Fund	0.1	42	38	7.1	-3.1
RXI	iShares Global Consumer Discretionary ETF	0.1	41	39	9.2	-0.9
XCNY	SPDR S&P Emerging Markets ex-China ETF	0.1	15	65	7.8	-2.3
IQLT	iShares MSCI Intl Quality Factor ETF	0.1	30	50	6.2	-4.0
EMXC	iShares MSCI Emerging Markets ex China ETF	0.1	25	55	7.9	-2.2
EFG	iShares MSCI EAFE Growth ETF	0.1	36	44	4.3	-5.8
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.1	59	21	12.1	+2.0
EEMA	iShares MSCI Emerging Markets Asia ETF	0.1	49	31	10.4	+0.2
SPEU	SPDR Portfolio Europe ETF	0.1	7	73	7.3	-2.8
EMGF	iShares Emerging Markets Equity Factor ETF	0.1	25	55	12.2	+2.0
AAXJ	iShares MSCI All Country Asia ex Japan ETF	0.1	70	10	9.5	-0.6
GMF	SPDR S&P Emerging Asia Pacific ETF	0.1	49	31	9.7	-0.4
DFIC	Dimensional International Core Equity 2 ETF	0.1	23	57	7.6	-2.5
SCHE	Schwab Emerging Markets Equity ETF	0.1	11	69	11.4	+1.2
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.1	30	50	10.7	+0.5
VWO	Vanguard FTSE Emerging Markets ETF	0.1	8	72	10.8	+0.6
DEW	WisdomTree Global High Dividend Fund	0.1	58	22	8.8	-1.4
DXJ	WisdomTree Japan Hedged Equity Fund	0.1	48	32	8.3	-1.9
FLJH	Franklin FTSE Japan Hedged ETF	0.1	9	71	6.7	-3.4
FLJP	Franklin FTSE Japan ETF	0.1	9	71	6.8	-3.4
CEFA	Global X S&P Catholic Values Developed ex-US ETF	0.1	35	45	6.8	-3.4
DFAI	Dimensional International Core Equity Market ETF	0.1	18	62	7.3	-2.9
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.1	18	62	7.9	-2.2
DIHP	Dimensional International High Profitability ETF	0.0	29	51	7.2	-3.0
EEM	iShares MSCI Emerging Markets ETF	0.0	69	11	10.5	+0.4
IEUR	iShares Core MSCI Europe ETF	0.0	11	69	7.3	-2.9
IEMG	iShares Core MSCI Emerging Markets ETF	0.0	9	71	10.7	+0.6
BKIE	BNY Mellon International Equity ETF	0.0	4	76	7.1	-3.0
DFSI	Dimensional International Sustainability Core 1 ETF	0.0	24	56	6.5	-3.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.0	41	39	7.8	-2.4
DEHP	Dimensional Emerging Markets High Profitability ETF	0.0	41	39	7.0	-3.2
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.0	49	31	16.2	+6.1
IEFA	iShares Core MSCI EAFE ETF	0.0	7	73	7.2	-3.0
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.0	30	50	8.2	-2.0
IEV	iShares Europe ETF	0.0	67	13	6.8	-3.3
SPEM	SPDR Portfolio Emerging Markets ETF	0.0	7	73	10.8	+0.6
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.0	20	60	5.9	-4.2
QEFA	SPDR MSCI EAFE StrategicFactors ETF	0.0	30	50	7.1	-3.0
IPAC	iShares Core MSCI Pacific ETF	0.0	9	71	6.8	-3.4
IXUS	iShares Core MSCI Total International Stock ETF	0.0	7	73	8.1	-2.1
ACWX	iShares MSCI ACWI ex U.S. ETF	0.0	34	46	7.9	-2.3
EFAX	SPDR MSCI EAFE Fossil Fuel Free ETF	0.0	20	60	6.6	-3.6
VEU	Vanguard FTSE All-World ex-US Index Fund	0.0	8	72	8.3	-1.9
EFA	iShares MSCI EAFE ETF	0.0	35	45	6.9	-3.3
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.0	42	38	6.8	-3.4
FNDC	Schwab Fundamental International Small Co. Index ETF	0.0	39	41	6.0	-4.1
TLTD	FlexShares Morningstar Developed Markets ex-US Factor Tilt	0.0	39	41	8.3	-1.9
AVSD	Avantis Responsible International Equity ETF	0.0	23	57	5.7	-4.5
HFXI	IQ FTSE International Equity Currency Neutral ETF	0.0	20	60	7.2	-2.9
DFAE	Dimensional Emerging Core Equity Market ETF	0.0	35	45	9.7	-0.5
IDEV	iShares Core MSCI International Developed Markets ETF	0.0	4	76	7.2	-3.0
SPDW	SPDR Portfolio Developed World ex-US ETF	0.0	3	77	7.2	-2.9
VPL	Vanguard FTSE Pacific ETF	0.0	8	72	7.3	-2.9
VXUS	Vanguard Total International Stock ETF	0.0	7	73	8.1	-2.0
VSGX	Vanguard ESG International Stock ETF	0.0	12	68	8.0	-2.2
CWI	SPDR MSCI ACWI ex-US ETF	0.0	30	50	7.9	-2.2
AVEM	Avantis Emerging Markets Equity ETF	0.0	33	47	9.4	-0.8
FLEE	Franklin FTSE Europe ETF	0.0	9	71	7.3	-2.9
IQSI	IQ Candriam International Equity ETF	0.0	15	65	6.6	-3.5
VEA	Vanguard FTSE Developed Markets ETF	0.0	5	75	7.4	-2.8
VGK	Vanguard FTSE Europe ETF	0.0	11	69	7.4	-2.8
VYMI	Vanguard International High Dividend Yield ETF	0.0	22	58	9.8	-0.3
PXF	Invesco FTSE RAFI Developed Markets ex-U.S. ETF	0.0	45	35	9.0	-1.2
ACWI	iShares MSCI ACWI ETF	0.0	32	48	5.8	-4.4
QWLD	SPDR MSCI World StrategicFactors ETF	0.0	30	50	6.2	-3.9
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.0	30	50	10.2	+0.1
SCHF	Schwab International Equity ETF	0.0	6	74	7.5	-2.7
VT	Vanguard Total World Stock ETF	0.0	7	73	6.2	-4.0
AVDE	Avantis International Equity ETF	0.0	23	57	7.6	-2.6
GSID	Goldman Sachs MarketBeta International Equity ETF	0.0	20	60	7.0	-3.1
MFDX	PIMCO RAFI Dynamic Multi-Factor International Equity ETF	0.0	39	41	6.8	-3.3
TOK	iShares MSCI Kokusai ETF	0.0	26	54	5.3	-4.9
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	71	6.1	-4.1
URTH	iShares MSCI World ETF	0.0	24	56	5.4	-4.8
FNDF	Schwab Fundamental International Large Co. Index ETF	0.0	25	55	9.7	-0.4
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	0.0	41	39	9.1	-1.0
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.0	38	42	9.7	-0.5

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%.

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

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

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

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

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

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

	Custom date range	Compare to
	thru

Revision activity*

*Six months ago = 100