Renaissance International IPO ETF
ALTAR
Score™		 0.0% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 72.6x P/Sales
ratio		 0.6x
P/BV
ratio		 0.0x 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 Emerging Market Equities
Fund Sponsor Renaissance Capital
Website www.renaissancecapital.com
Inception date Oct 06, 2014
Assets (mns) $8
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 49
Wgt avg mkt cap (mns) $1,159
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
HONG KONG 6.7 %
China 5.2 %
JAPAN 2.5 %
INDONESIA 2.2 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
25.2% 60.4% -9.8% 2.1% 1.6%

Market Correlations
versus... Beta R-squared
S&P500 1.01 22%
MSCI EAFE 0.98 27%
MSCI Emg. Mkts. 0.82 32%

Technical Indicators
Recent close $22.50
30d moving avg. $20.45
Annualized volatility 24.9%
Short interest (ETF) 0.6%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 4
Turnover 1.1%
Bid/Ask (% of price) 0.98%
ADV underlying (mns) $221

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 149 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™: 0.0%


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
(%)
KGRN KraneShares MSCI China Clean Technology Index ETF 3.3 79 1 2.9 +2.9
EIDO iShares MSCI Indonesia ETF 3.3 59 21 8.9 +8.9
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 2.7 72 8 1.8 +1.8
CHIQ Global X MSCI China Consumer Discretionary ETF 2.6 65 15 12.2 +12.2
IDRV iShares Self-driving EV & Tech ETF 1.9 47 33 1.1 +1.1
OBOR KraneShares MSCI One Belt One Road Index ETF 1.9 79 1 6.9 +6.9
FDRV Fidelity Electric Vehicles and Future Transportation ETF 1.8 39 41 0.9 +0.9
BATT Amplify Lithium & Battery Technology ETF 1.5 59 21 1.6 +1.6
ETEC iShares Breakthrough Environmental Solutions ETF 1.3 47 33 2.6 +2.6
ICOP iShares Copper and Metals Mining ETF 1.2 47 33 5.3 +5.3
FJP First Trust Japan AlphaDEX Fund 1.1 80 0 7.1 +7.1
KTEC KraneShares Hang Seng TECH Index ETF 1.0 69 11 19.4 +19.4
DSTX Distillate International Fundamental Stability & Value ETF 1.0 55 25 6.4 +6.4
GMET VanEck Green Metals ETF 1.0 63 17 0.7 +0.7
SDG iShares MSCI Global Sustainable Development Goals ETF 0.9 49 31 4.4 +4.4
PBD Invesco Global Clean Energy ETF 0.8 75 5 0.1 +0.1
ERTH Invesco MSCI Sustainable Future ETF 0.8 62 18 2.9 +2.9
FEUZ First Trust Eurozone AlphaDEX ETF 0.8 80 0 6.3 +6.3
GDX VanEck Gold Miners ETF 0.7 51 29 2.5 +2.5
ASEA Global X FTSE Southeast Asia ETF 0.7 65 15 5.4 +5.4
FEM First Trust Emerging Markets AlphaDEX Fund 0.6 80 0 8.3 +8.3
FPXE First Trust IPOX Europe Equity Opportunities ETF 0.6 70 10 3.7 +3.7
CARZ First Trust NASDAQ Global Auto Index Fund 0.5 70 10 2.1 +2.1
EEMO Invesco S&P Emerging Markets Momentum ETF 0.5 29 51 6.1 +6.1
SMOG VanEck Low Carbon Energy ETF 0.5 61 19 1.1 +1.1
FEP First Trust Europe AlphaDEX Fund 0.4 80 0 6.6 +6.6
NUEM Nuveen ESG Emerging Markets Equity ETF 0.4 36 44 5.7 +5.7
FCA First Trust China AlphaDEX Fund 0.4 80 0 6.6 +6.6
SNSR Global X Internet of Things ETF 0.4 68 12 3.3 +3.3
BULD Pacer BlueStar Engineering the Future ETF 0.3 60 20 0.3 +0.3
CXSE WisdomTree China ex-State-Owned Enterprises Fund 0.3 32 48 12.8 +12.8
EWG iShares MSCI Germany ETF 0.3 50 30 5.8 +5.8
PICK iShares MSCI Global Metals & Mining Producers ETF 0.3 39 41 7.5 +7.5
RNRG Global X Renewable Energy Producers ETF 0.3 66 14 4.1 +4.1
FLCH Franklin FTSE China ETF 0.3 19 61 16.5 +16.5
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.3 45 35 9.2 +9.2
GXC SPDR S & P China ETF 0.3 59 21 17.1 +17.1
MCHI iShares MSCI China ETF 0.2 59 21 18.7 +18.7
ESGE iShares ESG Aware MSCI EM ETF 0.2 25 55 7.8 +7.8
XC WisdomTree Emerging Markets Ex-China Fund 0.2 32 48 6.2 +6.2
LDEM iShares ESG MSCI EM Leaders ETF 0.2 17 63 11.7 +11.7
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.2 40 40 5.6 +5.6
HDEF Xtrackers MSCI EAFE High Dividend Yield Equity ETF 0.2 9 71 7.6 +7.6
INTF iShares International Equity Factor ETF 0.2 15 65 6.4 +6.4
DWM WisdomTree International Equity Fund 0.2 48 32 5.5 +5.5
ICLN iShares Global Clean Energy ETF 0.2 41 39 1.7 +1.7
FLAX Franklin FTSE Asia Ex Japan ETF 0.1 19 61 6.7 +6.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 44 7.2 +7.2
EEMA iShares MSCI Emerging Markets Asia ETF 0.1 49 31 7.1 +7.1
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 48 7.0 +7.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.1 45 35 7.6 +7.6
FLJH Franklin FTSE Japan Hedged ETF 0.1 9 71 5.1 +5.1
DIHP Dimensional International High Profitability ETF 0.1 29 51 5.6 +5.6
VWO Vanguard FTSE Emerging Markets ETF 0.1 7 73 8.7 +8.7
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 33 7.3 +7.3
FLJP Franklin FTSE Japan ETF 0.1 9 71 5.3 +5.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 65 8.4 +8.4
BKF iShares MSCI BIC ETF 0.1 69 11 13.5 +13.5
DFSI Dimensional International Sustainability Core 1 ETF 0.1 24 56 5.5 +5.5
EMGF iShares Emerging Markets Equity Factor ETF 0.1 25 55 8.4 +8.4
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 69 7.4 +7.4
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 65 7.6 +7.6
AVSE Avantis Responsible Emerging Markets Equity ETF 0.1 33 47 6.3 +6.3
EMXF iShares ESG Advanced MSCI EM ETF 0.1 16 64 6.5 +6.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.1 70 10 6.5 +6.5
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.1 47 33 7.1 +7.1
DXJ WisdomTree Japan Hedged Equity Fund 0.1 48 32 5.4 +5.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 14 6.9 +6.9
PABD iShares Paris-Aligned Climate MSCI World ex USA ETF 0.1 12 68 5.2 +5.2
EEM iShares MSCI Emerging Markets ETF 0.1 69 11 7.3 +7.3
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.1 80 0 6.3 +6.3
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 41 6.5 +6.5
AVES Avantis Emerging Markets Value ETF 0.1 36 44 8.5 +8.5
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 0.1 45 35 5.6 +5.6
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 71 7.7 +7.7
GLOF iShares Global Equity Factor ETF 0.1 20 60 5.5 +5.5
RXI iShares Global Consumer Discretionary ETF 0.1 41 39 7.9 +7.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.1 30 50 7.5 +7.5
EZU iShares MSCI Eurozone ETF 0.1 52 28 5.6 +5.6
DIM WisdomTree International MidCap Dividend Fund 0.1 58 22 6.1 +6.1
DFAI Dimensional International Core Equity Market ETF 0.1 18 62 5.9 +5.9
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 31 5.7 +5.7
DFIC Dimensional International Core Equity 2 ETF 0.1 23 57 6.1 +6.1
IQDG WisdomTree International Quality Dividend Growth Fund 0.1 42 38 5.6 +5.6
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.1 58 22 5.4 +5.4
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 21 8.0 +8.0
IDHQ Invesco S&P International Developed High Quality ETF 0.1 29 51 5.2 +5.2
EMXC iShares MSCI Emerging Markets ex China ETF 0.1 25 55 4.8 +4.8
VEXC Vanguard Emerging Markets Ex-China ETF 0.1 7 73 5.5 +5.5
DXIV Dimensional International Vector Equity ETF 0.1 34 46 6.4 +6.4
GMF SPDR S&P Emerging Asia Pacific ETF 0.1 49 31 8.3 +8.3
BBEU JPMorgan BetaBuilders Europe ETF 0.1 9 71 6.1 +6.1
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 41 6.0 +6.0
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 60 5.8 +5.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 39 6.0 +6.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 62 6.2 +6.2
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 31 7.1 +7.1
EFV iShares MSCI EAFE Value ETF 0.0 34 46 7.5 +7.5
DFIV Dimensional International Value ETF 0.0 27 53 7.7 +7.7
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 46 6.2 +6.2
BKIE BNY Mellon International Equity ETF 0.0 4 76 5.9 +5.9
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.0 46 34 5.6 +5.6
IQSI IQ Candriam International Equity ETF 0.0 15 65 5.5 +5.5
IXUS iShares Core MSCI Total International Stock ETF 0.0 7 73 6.4 +6.4
IEV iShares Europe ETF 0.0 67 13 5.8 +5.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.0 30 50 7.2 +7.2
SCHE Schwab Emerging Markets Equity ETF 0.0 11 69 9.0 +9.0
IQLT iShares MSCI Intl Quality Factor ETF 0.0 30 50 5.3 +5.3
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 4 76 6.5 +6.5
IEUR iShares Core MSCI Europe ETF 0.0 11 69 6.3 +6.3
SPEU SPDR Portfolio Europe ETF 0.0 7 73 6.4 +6.4
SPEM SPDR Portfolio Emerging Markets ETF 0.0 7 73 9.0 +9.0
VXUS Vanguard Total International Stock ETF 0.0 5 75 6.4 +6.4
AVDE Avantis International Equity ETF 0.0 23 57 6.1 +6.1
AVIV Avantis International Large Cap Value ETF 0.0 25 55 6.8 +6.8
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.0 36 44 5.4 +5.4
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.0 35 45 5.6 +5.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 60 4.6 +4.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 41 6.8 +6.8
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.0 20 60 5.5 +5.5
XCNY SPDR S&P Emerging Markets ex-China ETF 0.0 15 65 5.5 +5.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 50 6.2 +6.2
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 50 6.3 +6.3
EFA iShares MSCI EAFE ETF 0.0 35 45 5.6 +5.6
IEFA iShares Core MSCI EAFE ETF 0.0 7 73 5.9 +5.9
AVSD Avantis Responsible International Equity ETF 0.0 23 57 5.8 +5.8
AVEM Avantis Emerging Markets Equity ETF 0.0 33 47 6.7 +6.7
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.0 33 47 5.8 +5.8
ECON Columbia Emerging Markets Consumer ETF 0.0 49 31 6.4 +6.4
AVDS Avantis International Small Cap Equity ETF 0.0 30 50 5.8 +5.8
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 35 6.6 +6.6
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.0 30 50 6.0 +6.0
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 76 5.9 +5.9
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 77 5.7 +5.7
ACWI iShares MSCI ACWI ETF 0.0 32 48 4.6 +4.6
VSGX Vanguard ESG International Stock ETF 0.0 10 70 6.4 +6.4
VT Vanguard Total World Stock ETF 0.0 6 74 4.9 +4.9
JHMD John Hancock Multifactor Developed International ETF 0.0 39 41 6.1 +6.1
KOKU Xtrackers MSCI Kokusai Equity ETF 0.0 9 71 4.3 +4.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 4.8 +4.8
TOK iShares MSCI Kokusai ETF 0.0 26 54 4.2 +4.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 68 4.3 +4.3
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 62 0.0 0.0
URTH iShares MSCI World ETF 0.0 24 56 4.3 +4.3
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 50 5.1 +5.1
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.0 41 39 6.4 +6.4
DFIS Dimensional International Small Cap ETF 0.0 39 41 5.9 +5.9
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 45 6.6 +6.6
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.0 53 27 4.8 +4.8

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 12.0 %
Divided by: Fwd. P/BV 0.0 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 0.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.74 CATEGORY
AVERAGE		 1.52
 
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.