Renaissance International IPO ETF
ALTAR
Score™		 0.0% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 75.4x 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) $10
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 50
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
KIOXIA HOLDINGS CORP ORDINARY SHAR 24.4 %
CONTEMPORARY AMPEREX TECHN H COMMO 9.4 %
GALDERMA GROUP AG REGISTERED SHARE 9.1 %
JX ADVANCED METALS CORP 6.1 %
KOKUSAI ELECTRIC CORP 5.0 %
LOTTOMATICA GROUP SPA 3.3 %
J&T GLOBAL EXPRESS LTD ORDINARY SH 3.2 %
MIDEA GROUP CO LTD H COMMON STOCK 3.1 %
HORIZON ROBOTICS INC 2.6 %
RENK GROUP AG 2.4 %
Total 68.6 %

TOP COUNTRY EXPOSURE
HONG KONG 5.5 %
China 2.6 %
INDONESIA 1.4 %
NETHERLANDS 1.3 %
JAPAN 1.1 %






HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
32.7% 47.2% -7.2% 2.8% 2.0%

Market Correlations
versus... Beta R-squared
S&P500 1.53 33%
MSCI EAFE 1.28 34%
MSCI Emg. Mkts. 0.98 49%

Technical Indicators
Recent close $23.38
30d moving avg. $23.92
Annualized volatility 24.9%
Short interest (ETF) 0.6%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.7%
Bid/Ask (% of price) 0.71%
ADV underlying (mns) $221

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 141 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
(%)
CQQQ Invesco China Technology ETF 2.4 70 10 15.5 +15.5
BOTZ Global X Robotics & Artificial Intelligence ETF 1.7 69 11 1.9 +1.9
GDX VanEck Gold Miners ETF 1.7 51 29 3.3 +3.3
KTEC KraneShares Hang Seng TECH Index ETF 1.6 69 11 21.0 +21.0
IDX VanEck Indonesia Index ETF 1.4 57 23 9.7 +9.7
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 1.3 65 15 1.3 +1.3
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 1.1 72 8 2.5 +2.5
SNSR Global X Internet of Things ETF 1.0 68 12 3.3 +3.3
ICOP iShares Copper and Metals Mining ETF 1.0 47 33 5.5 +5.5
GMET VanEck Green Metals ETF 0.9 63 17 1.2 +1.2
AUAU Global X Gold Miners ETF 0.8 35 45 2.9 +2.9
CHIQ Global X MSCI China Consumer Discretionary ETF 0.8 65 15 13.7 +13.7
OZEM Roundhill GLP-1 & Weight Loss ETF 0.7 59 21 5.4 +5.4
THNR Amplify Weight Loss Drug & Treatment ETF 0.7 59 21 5.8 +5.8
PIEL Pacer International Export Leaders ETF 0.7 60 20 4.0 +4.0
MCH Matthews China Active ETF 0.6 79 1 14.8 +14.8
TCHI iShares MSCI China Multisector Tech ETF 0.6 59 21 14.4 +14.4
EWN iShares MSCI Netherlands ETF 0.6 50 30 4.4 +4.4
CARZ First Trust NASDAQ Global Auto Index Fund 0.5 70 10 2.4 +2.4
SETM Sprott Energy Transition Materials ETF 0.5 65 15 1.9 +1.9
RING iShares MSCI Global Gold Miners ETF 0.5 39 41 4.0 +4.0
FCA First Trust China AlphaDEX Fund 0.4 80 0 8.4 +8.4
SHLD Global X Defense Tech ETF 0.4 50 30 2.9 +2.9
MCHI iShares MSCI China ETF 0.4 59 21 20.0 +20.0
FLCH Franklin FTSE China ETF 0.4 19 61 17.8 +17.8
FEM First Trust Emerging Markets AlphaDEX Fund 0.4 80 0 8.8 +8.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 0.4 32 48 14.1 +14.1
MEM Matthews Emerging Markets Equity Active ETF 0.3 79 1 8.4 +8.4
BULD Pacer BlueStar Engineering the Future ETF 0.3 60 20 0.2 +0.2
GXC SPDR S & P China ETF 0.3 59 21 18.7 +18.7
GDXJ VanEck Junior Gold Miners ETF 0.3 52 28 3.3 +3.3
ASEA Global X FTSE Southeast Asia ETF 0.3 65 15 5.1 +5.1
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 0.3 19 61 5.1 +5.1
AGNG Global X Aging Population ETF 0.3 50 30 4.2 +4.2
BKF iShares MSCI BIC ETF 0.2 69 11 14.4 +14.4
FLJP Franklin FTSE Japan ETF 0.2 9 71 5.2 +5.2
FLJH Franklin FTSE Japan Hedged ETF 0.2 9 71 5.0 +5.0
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.2 40 40 5.5 +5.5
DWM WisdomTree International Equity Fund 0.2 48 32 5.4 +5.4
DIHP Dimensional International High Profitability ETF 0.2 29 51 5.6 +5.6
EEMA iShares MSCI Emerging Markets Asia ETF 0.2 49 31 7.5 +7.5
DXJ WisdomTree Japan Hedged Equity Fund 0.2 48 32 5.2 +5.2
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.2 49 31 5.9 +5.9
FLAX Franklin FTSE Asia Ex Japan ETF 0.1 19 61 7.1 +7.1
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 41 6.6 +6.6
FXI iShares China Large-Cap ETF 0.1 74 6 20.4 +20.4
IDMO Invesco S&P International Developed Momentum ETF 0.1 25 55 5.0 +5.0
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 69 24.0 +24.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 65 8.8 +8.8
VWO Vanguard FTSE Emerging Markets ETF 0.1 7 73 9.0 +9.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 50 7.5 +7.5
XC WisdomTree Emerging Markets Ex-China Fund 0.1 32 48 6.3 +6.3
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 41 6.1 +6.1
DIM WisdomTree International MidCap Dividend Fund 0.1 58 22 6.2 +6.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.1 32 48 7.5 +7.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.1 45 35 8.0 +8.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 44 7.5 +7.5
SCHE Schwab Emerging Markets Equity ETF 0.1 11 69 9.3 +9.3
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.1 58 22 5.1 +5.1
IQDG WisdomTree International Quality Dividend Growth Fund 0.1 42 38 5.5 +5.5
IGPT Invesco AI and Next Gen Software ETF 0.1 60 20 2.4 +2.4
NUEM Nuveen ESG Emerging Markets Equity ETF 0.1 36 44 5.9 +5.9
EMGF iShares Emerging Markets Equity Factor ETF 0.1 25 55 8.9 +8.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.1 70 10 6.9 +6.9
EMXF iShares ESG Advanced MSCI EM ETF 0.1 16 64 6.6 +6.6
GMF SPDR S&P Emerging Asia Pacific ETF 0.1 49 31 8.5 +8.5
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.1 69 11 7.6 +7.6
EEM iShares MSCI Emerging Markets ETF 0.1 69 11 7.8 +7.8
BKIE BNY Mellon International Equity ETF 0.1 4 76 17.4 +17.4
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 60 5.6 +5.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 62 6.2 +6.2
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -9 4.2 +4.2
DFSI Dimensional International Sustainability Core 1 ETF 0.1 24 56 5.5 +5.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.1 30 50 7.9 +7.9
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 71 8.2 +8.2
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 14 7.3 +7.3
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 65 8.0 +8.0
GINN Goldman Sachs Innovate Equity ETF 0.1 52 28 3.6 +3.6
VPL Vanguard FTSE Pacific ETF 0.1 7 73 5.1 +5.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 76 6.5 +6.5
VXUS Vanguard Total International Stock ETF 0.1 5 75 6.5 +6.5
SPEM SPDR Portfolio Emerging Markets ETF 0.1 7 73 9.4 +9.4
DFAI Dimensional International Core Equity Market ETF 0.1 18 62 5.9 +5.9
IQSI IQ Candriam International Equity ETF 0.1 15 65 5.4 +5.4
IDHQ Invesco S&P International Developed High Quality ETF 0.1 29 51 4.9 +4.9
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 31 7.5 +7.5
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 21 8.5 +8.5
DFIC Dimensional International Core Equity 2 ETF 0.0 23 57 6.1 +6.1
VSGX Vanguard ESG International Stock ETF 0.0 10 70 6.4 +6.4
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 41 6.8 +6.8
HEZU iShares Currency Hedged MSCI Eurozone ETF 0.0 53 27 5.2 +5.2
EZU iShares MSCI Eurozone ETF 0.0 52 28 5.4 +5.4
VEA Vanguard FTSE Developed Markets ETF 0.0 3 77 5.8 +5.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 46 6.2 +6.2
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 0.0 45 35 5.3 +5.3
IXUS iShares Core MSCI Total International Stock ETF 0.0 7 73 6.4 +6.4
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 62 0.0 0.0
SCHF Schwab International Equity ETF 0.0 6 74 5.8 +5.8
EFG iShares MSCI EAFE Growth ETF 0.0 36 44 3.7 +3.7
IQLT iShares MSCI Intl Quality Factor ETF 0.0 30 50 5.3 +5.3
VEXC Vanguard Emerging Markets Ex-China ETF 0.0 7 73 5.6 +5.6
IEUR iShares Core MSCI Europe ETF 0.0 11 69 6.2 +6.2
AVEM Avantis Emerging Markets Equity ETF 0.0 33 47 7.0 +7.0
DBEU Xtrackers MSCI Europe Hedged Equity ETF 0.0 46 34 5.2 +5.2
FLEE Franklin FTSE Europe ETF 0.0 9 71 6.1 +6.1
CEFA Global X S&P Catholic Values Developed ex-US ETF 0.0 35 45 5.4 +5.4
VT Vanguard Total World Stock ETF 0.0 6 74 4.9 +4.9
BBEU JPMorgan BetaBuilders Europe ETF 0.0 9 71 6.0 +6.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 39 5.8 +5.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 50 6.3 +6.3
VGK Vanguard FTSE Europe ETF 0.0 6 74 6.3 +6.3
HEFA iShares Currency Hedged MSCI EAFE ETF 0.0 35 45 5.5 +5.5
SPEU SPDR Portfolio Europe ETF 0.0 7 73 6.3 +6.3
EFA iShares MSCI EAFE ETF 0.0 35 45 5.5 +5.5
EFAX SPDR MSCI EAFE Fossil Fuel Reserves Free ETF 0.0 20 60 5.4 +5.4
IDEV iShares Core MSCI International Developed Markets ETF 0.0 4 76 5.8 +5.8
IEFA iShares Core MSCI EAFE ETF 0.0 7 73 5.9 +5.9
ACWI iShares MSCI ACWI ETF 0.0 32 48 4.5 +4.5
VYMI Vanguard International High Dividend Yield ETF 0.0 17 63 7.7 +7.7
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 0.0 36 44 5.1 +5.1
HFXI IQ FTSE International Equity Currency Neutral ETF 0.0 20 60 5.5 +5.5
WRND IQ Global Equity R&D Leaders ETF 0.0 18 62 3.9 +3.9
IMFL Invesco International Developed Dynamic Multifactor ETF 0.0 34 46 5.1 +5.1
QEFA SPDR MSCI EAFE StrategicFactors ETF 0.0 30 50 5.9 +5.9
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.0 33 47 6.1 +6.1
DXIV Dimensional International Vector Equity ETF 0.0 34 46 6.5 +6.5
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 77 5.7 +5.7
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 50 6.3 +6.3
XCNY SPDR S&P Emerging Markets ex-China ETF 0.0 15 65 5.6 +5.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 4.7 +4.7
TOK iShares MSCI Kokusai ETF 0.0 26 54 4.2 +4.2
URTH iShares MSCI World ETF 0.0 24 56 4.2 +4.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.0 41 39 6.9 +6.9
QWLD SPDR MSCI World StrategicFactors ETF 0.0 30 50 5.0 +5.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 60 4.6 +4.6
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 45 7.0 +7.0
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.0 53 27 5.1 +5.1
DEEF Xtrackers FTSE Developed ex US Multifactor ETF 0.0 24 56 6.8 +6.8
KOKU Xtrackers MSCI Kokusai Equity ETF 0.0 9 71 4.3 +4.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.0 38 42 7.0 +7.0
AVDE Avantis International Equity ETF 0.0 23 57 6.0 +6.0

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.