First Trust International IPO
ALTAR
Score™
3.9% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
25.3x P/Sales
ratio
2.9x
P/BV
ratio
3.1x Div.
yield
2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The First Trust International IPO ETF tracks a market-cap-weighted index of the 50-largest IPOs outside of the US over the first 1,000 trading days of each stock. Stocks must pass additional quantitative screens to be included.

FUND BASICS
Category International Equities
Fund Sponsor First Trust
Website www.ftportfolios.com
Inception date Nov 05, 2014
Assets (mns) $48
Currency USD
Expense ratio 70 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 50
Wgt avg mkt cap (mns) $26,440
Large cap (>$10bn) 80.1%
Mid cap ($2-10bn) 19.9%
Small cap (<$2bn) 0.0%
Developed mkts 82.6%
Emerging mkts 17.4%

TOP TEN HOLDINGS
SOFTBANK CORP. 8.0 %
POSTAL SAVINGS BANK OF CHINA CO., 6.5 %
SIEMENS HEALTHINEERS AG 5.8 %
FERRARI NV 5.2 %
DONG ENERGY A/S 4.6 %
CHINA TOWER CORP. LTD. CLASS H 4.5 %
ATLASSIAN CORP. PLC CLASS A 3.7 %
MEITUAN DIANPING 3.5 %
YUM CHINA HOLDINGS, INC. 2.9 %
PINDUODUO, INC. SPONSORED ADR CLAS 2.7 %
Total 47.5 %

TOP COUNTRY EXPOSURE
CHINA 29.9 %
JAPAN 10.0 %
ITALY 8.6 %
GERMANY 7.1 %
BRAZIL 5.6 %
NETHERLANDS 5.4 %
DENMARK 4.7 %
BRITAIN 3.7 %
SINGAPORE 3.1 %
CANADA 2.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
27.6% 20.9% -- -- 7.3%

Market Correlations
versus... Beta R-squared
S&P500 0.88 50%
MSCI EAFE 1.08 63%
MSCI Emg. Mkts. 0.91 72%

Technical Indicators
Recent close $38.78
30d moving avg. $38.28
Annualized volatility 15.0%
Short interest (ETF) 0.7%
Relative strength (RSI) 63

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.6%
Bid/Ask (% of price) 0.58%
ADV underlying (mns) $2,859

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the First Trust International IPO ETF based on the alternatives' overlap in portfolio holdings with FPXI. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: FPXI Expense: 70 bp ALTAR Score™: 3.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH FPXI
Ticker Fund
Name
Overlap1
vs FPXI
(%)
Expense
ratio
(bp)
Savings
vs FPXI
(bp)
ALTAR
Score™
(%)
ALTAR
vs FPXI
(%)
FPXE First Trust IPOX Europe Equity Opportunities 32.9 70 0 3.8 -0.1
IPOS Renaissance International IPO 28.1 80 -10 5.7 +1.7
FDNI First Trust Dow Jones International Internet 12.7 65 5 4.5 +0.6
ARKF ARK Fintech Innovation 10.4 75 -5 1.8 -2.1
CXSE WisdomTree China ex-State Owned Enterprises 9.9 32 38 7.0 +3.1
CHIQ Global X MSCI China Consumer Discretionary 9.1 65 5 5.3 +1.4
FXI iShares China Large-Cap 7.8 74 -4 14.2 +10.3
BICK First Trust BICK Index Fund 7.3 64 6 5.6 +1.7
FLIY Franklin FTSE Italy 6.9 9 61 6.0 +2.1
PLAT WisdomTree Modern Tech Platforms 6.8 45 25 2.8 -1.2
EWI iShares MSCI Italy 6.5 47 23 6.1 +2.2
FNI First Trust ISE Chindia 6.2 59 11 4.0 +0.1
KWEB KraneShares CSI China Internet 6.2 76 -6 3.9 -0.1
PGJ Invesco Golden Dragon China 5.7 70 0 3.7 -0.2
GXC SPDR S&P China ETF 5.6 59 11 9.2 +5.2
GIGE SoFi Gig Economy 5.5 59 11 0.4 -3.6
FLCH Franklin FTSE China 5.3 19 51 10.0 +6.1
EMQQ Emerging Markets Internet & E-Commerce 5.1 86 -16 3.9 -0.1
CQQQ Invesco China Technology 4.8 70 0 5.3 +1.3
KMED KraneShares Emerging Markets Healthcare Index 4.8 79 -9 3.5 -0.4

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:
First Trust International IPO
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 13.2 %
Divided by: Fwd. P/BV 2.9 x
Less: Expense ratio 70 bp
Equals: ALTAR Score 3.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 CATEGORY
AVERAGE
1.63
 
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.