Renaissance International IPO ETF
ALTAR
Score™		 0.0% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 71.0x 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) $11
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 10.9 %
KIOXIA HOLDINGS CORP ORDINARY SHAR 9.4 %
JX ADVANCED METALS CORP 6.9 %
CONTEMPORARY AMPEREX TECHN H COMMO 6.9 %
HORIZON ROBOTICS INC 5.2 %
J&T GLOBAL EXPRESS LTD ORDINARY SH 4.7 %
LOTTOMATICA GROUP SPA 4.2 %
MIDEA GROUP CO LTD H COMMON STOCK 4.0 %
KOKUSAI ELECTRIC CORP 3.8 %
RENK GROUP AG 2.8 %
Total 58.7 %

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 May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
34.0% 61.1% -8.6% 3.2% 2.1%

Market Correlations
versus... Beta R-squared
S&P500 1.23 24%
MSCI EAFE 1.07 30%
MSCI Emg. Mkts. 0.88 35%

Technical Indicators
Recent close $22.01
30d moving avg. $21.93
Annualized volatility 24.9%
Short interest (ETF) 0.6%
Relative strength (RSI) 54

Liquidity measures
Avg. volume (thou.) 5
Turnover 1.0%
Bid/Ask (% of price) 0.77%
ADV underlying (mns) $221

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 111 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
(%)
KTEC KraneShares Hang Seng TECH Index ETF 2.7 69 11 21.0 +21.0
IDX VanEck Indonesia Index ETF 2.2 57 23 11.0 +11.0
EIDO iShares MSCI Indonesia ETF 2.2 59 21 12.0 +12.0
BOTZ Global X Robotics & Artificial Intelligence ETF 1.7 69 11 1.8 +1.8
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 1.6 72 8 2.2 +2.2
SNSR Global X Internet of Things ETF 1.5 68 12 3.2 +3.2
OBOR KraneShares MSCI One Belt One Road Index ETF 1.3 79 1 7.5 +7.5
FJP First Trust Japan AlphaDEX Fund 1.2 80 0 7.5 +7.5
TCHI iShares MSCI China Multisector Tech ETF 1.1 59 21 13.4 +13.4
CHIQ Global X MSCI China Consumer Discretionary ETF 1.0 65 15 13.7 +13.7
MCH Matthews China Active ETF 0.9 79 1 14.6 +14.6
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.8 65 15 1.4 +1.4
AUAU Global X Gold Miners ETF 0.8 35 45 2.8 +2.8
ICOP iShares Copper and Metals Mining ETF 0.7 47 33 5.6 +5.6
FCA First Trust China AlphaDEX Fund 0.6 80 0 7.5 +7.5
GMET VanEck Green Metals ETF 0.5 63 17 0.5 +0.5
CXSE WisdomTree China ex-State-Owned Enterprises Fund 0.5 32 48 13.7 +13.7
MEM Matthews Emerging Markets Equity Active ETF 0.5 79 1 8.5 +8.5
FLCH Franklin FTSE China ETF 0.5 19 61 18.0 +18.0
GDX VanEck Gold Miners ETF 0.4 51 29 3.2 +3.2
FEM First Trust Emerging Markets AlphaDEX Fund 0.4 80 0 9.0 +9.0
ASEA Global X FTSE Southeast Asia ETF 0.4 65 15 5.5 +5.5
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 0.4 19 61 5.5 +5.5
MCHI iShares MSCI China ETF 0.3 59 21 20.2 +20.2
FPXI First Trust International Equity Opportunities ETF 0.3 70 10 3.7 +3.7
GXC SPDR S & P China ETF 0.3 59 21 18.6 +18.6
BULD Pacer BlueStar Engineering the Future ETF 0.3 60 20 0.3 +0.3
EEMO Invesco S&P Emerging Markets Momentum ETF 0.3 29 51 6.6 +6.6
CARZ First Trust NASDAQ Global Auto Index Fund 0.3 70 10 2.2 +2.2
NUEM Nuveen ESG Emerging Markets Equity ETF 0.3 36 44 6.1 +6.1
BKF iShares MSCI BIC ETF 0.2 69 11 14.9 +14.9
GDXJ VanEck Junior Gold Miners ETF 0.2 52 28 3.2 +3.2
FLAX Franklin FTSE Asia Ex Japan ETF 0.2 19 61 7.1 +7.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.2 15 65 8.8 +8.8
BKEM BNY Mellon Emerging Markets Equity ETF 0.2 11 69 7.9 +7.9
XC WisdomTree Emerging Markets Ex-China Fund 0.2 32 48 6.6 +6.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.2 36 44 7.6 +7.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.2 32 48 7.4 +7.4
DIHP Dimensional International High Profitability ETF 0.1 29 51 5.8 +5.8
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 0.1 40 40 5.7 +5.7
DWM WisdomTree International Equity Fund 0.1 48 32 5.7 +5.7
FLJP Franklin FTSE Japan ETF 0.1 9 71 5.4 +5.4
FLJH Franklin FTSE Japan Hedged ETF 0.1 9 71 5.1 +5.1
VWO Vanguard FTSE Emerging Markets ETF 0.1 7 73 9.2 +9.2
EEMA iShares MSCI Emerging Markets Asia ETF 0.1 49 31 7.5 +7.5
GINN Goldman Sachs Innovate Equity ETF 0.1 52 28 3.7 +3.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.1 66 14 7.2 +7.2
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 65 8.0 +8.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.1 45 35 8.1 +8.1
EMGF iShares Emerging Markets Equity Factor ETF 0.1 25 55 8.8 +8.8
RING iShares MSCI Global Gold Miners ETF 0.1 39 41 3.8 +3.8
GMF SPDR S&P Emerging Asia Pacific ETF 0.1 49 31 8.6 +8.6
DXJ WisdomTree Japan Hedged Equity Fund 0.1 48 32 5.3 +5.3
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 31 7.5 +7.5
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 41 6.8 +6.8
SCHE Schwab Emerging Markets Equity ETF 0.1 11 69 9.5 +9.5
EEM iShares MSCI Emerging Markets ETF 0.1 69 11 7.8 +7.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.1 70 10 6.9 +6.9
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.1 69 11 7.4 +7.4
EMXF iShares ESG Advanced MSCI EM ETF 0.1 16 64 6.7 +6.7
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.1 18 62 6.4 +6.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.1 30 50 8.0 +8.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 50 7.6 +7.6
DIM WisdomTree International MidCap Dividend Fund 0.1 58 22 6.4 +6.4
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.1 39 41 6.2 +6.2
DFSI Dimensional International Sustainability Core 1 ETF 0.1 24 56 5.7 +5.7
PDN Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF 0.1 49 31 6.1 +6.1
IEMG iShares Core MSCI Emerging Markets ETF 0.1 9 71 8.2 +8.2
SPEM SPDR Portfolio Emerging Markets ETF 0.1 7 73 9.5 +9.5
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 0.1 58 22 5.4 +5.4
IQDG WisdomTree International Quality Dividend Growth Fund 0.1 42 38 5.8 +5.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 21 8.6 +8.6
DFAI Dimensional International Core Equity Market ETF 0.1 18 62 6.1 +6.1
LDEM iShares ESG MSCI EM Leaders ETF 0.1 17 63 12.9 +12.9
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 60 5.9 +5.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 4 76 6.7 +6.7
VXUS Vanguard Total International Stock ETF 0.0 5 75 6.7 +6.7
DFIC Dimensional International Core Equity 2 ETF 0.0 23 57 6.3 +6.3
BKIE BNY Mellon International Equity ETF 0.0 4 76 6.0 +6.0
IQSI IQ Candriam International Equity ETF 0.0 15 65 5.6 +5.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 41 7.0 +7.0
PICK iShares MSCI Global Metals & Mining Producers ETF 0.0 39 41 8.0 +8.0
VSGX Vanguard ESG International Stock ETF 0.0 10 70 6.6 +6.6
VPL Vanguard FTSE Pacific ETF 0.0 7 73 5.3 +5.3
VEXC Vanguard Emerging Markets Ex-China ETF 0.0 7 73 5.7 +5.7
JSTC Adasina Social Justice All Cap Global ETF 0.0 89 -9 4.3 +4.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.0 34 46 6.4 +6.4
IXUS iShares Core MSCI Total International Stock ETF 0.0 7 73 6.6 +6.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 39 6.0 +6.0
DXIV Dimensional International Vector Equity ETF 0.0 34 46 6.6 +6.6
AVEM Avantis Emerging Markets Equity ETF 0.0 33 47 7.0 +7.0
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 50 6.4 +6.4
VYMI Vanguard International High Dividend Yield ETF 0.0 17 63 8.1 +8.1
VT Vanguard Total World Stock ETF 0.0 6 74 5.0 +5.0
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 62 0.0 0.0
XCNY SPDR S&P Emerging Markets ex-China ETF 0.0 15 65 5.7 +5.7
CWI SPDR MSCI ACWI ex-US ETF 0.0 30 50 6.5 +6.5
SCHF Schwab International Equity ETF 0.0 6 74 6.0 +6.0
VEA Vanguard FTSE Developed Markets ETF 0.0 3 77 6.0 +6.0
AVXC Avantis Emerging Markets Ex-China Equity ETF 0.0 33 47 6.1 +6.1
WRND IQ Global Equity R&D Leaders ETF 0.0 18 62 4.0 +4.0
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 77 5.8 +5.8
ESGE iShares ESG Aware MSCI EM ETF 0.0 25 55 8.3 +8.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 60 4.7 +4.7
ACWI iShares MSCI ACWI ETF 0.0 32 48 4.6 +4.6
EMXC iShares MSCI Emerging Markets ex China ETF 0.0 25 55 5.1 +5.1
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 68 4.4 +4.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.0 41 39 6.9 +6.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 71 4.9 +4.9
DEXC Dimensional Emerging Markets ex China Core EquityETF 0.0 53 27 5.1 +5.1
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 45 7.0 +7.0

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		 1.53
 
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.