ETF Research Center

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)	$2
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	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	53
Wgt avg mkt cap (mns)	$22,741
Large cap (>$10bn)	68.5%
Mid cap ($2-10bn)	30.5%
Small cap (<$2bn)	0.0%
Developed mkts	76.3%
Emerging mkts	23.0%

TOP TEN HOLDINGS
Total	52.7 %
MEITUAN DIANPING	12.0 %
SOFTBANK CORP.	9.0 %
XIAOMI CORP. CLASS B	6.5 %
CHINA TOWER CORP. LTD. CLASS H	5.8 %
ADYEN NV	4.4 %
SIEMENS HEALTHINEERS AG	3.8 %
SG HOLDINGS CO., LTD.	3.2 %
NOTRE DAME INTERMEDICA PARTICIPACO	3.1 %
PETROBRAS DISTRIBUIDORA SA	2.7 %
HDFC LIFE INSURANCE CO. LTD.	2.2 %

TOP COUNTRY EXPOSURE
	CHINA	27.5 %
	JAPAN	12.2 %
	BRAZIL	6.9 %
	GERMANY	6.3 %
	INDIA	6.2 %
	NETHERLANDS	4.4 %
	BRITAIN	1.8 %
	ITALY	1.5 %
	UAE	0.5 %
	MEXICO	0.3 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
22.4%	22.1%	--	--	6.1%

Market Correlations
versus...	Beta	R-squared
S&P500	0.67	41%
MSCI EAFE	0.92	66%
MSCI Emg. Mkts.	0.73	65%

Technical Indicators
Recent close	$22.73
30d moving avg.	$22.63
Annualized volatility	12.6%
Short interest (ETF)	0.0%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.95%
ADV underlying (mns)	$821

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Renaissance International IPO 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™:

5.5%

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 (%)
FPXI	First Trust International IPO	27.9	70	10	4.1	-1.4
CQQQ	Invesco China Technology	11.2	70	10	5.4	-0.1
KWEB	KraneShares CSI China Internet	11.1	76	4	5.1	-0.5
FDNI	First Trust Dow Jones International Internet	10.1	65	15	4.6	-0.9
FXI	iShares China Large-Cap	9.4	74	6	13.9	+8.4
FPXE	First Trust IPOX Europe Equity Opportunities	9.0	70	10	4.0	-1.6
CHIK	Global X MSCI China Information Technology	6.5	65	15	5.2	-0.3
ARKF	ARK Fintech Innovation	5.9	75	5	1.9	-3.6
FLN	First Trust Latin America AlphaDEX	5.4	80	0	5.5	0.0
CXSE	WisdomTree China ex-State Owned Enterprises	5.2	32	48	7.2	+1.7
TTTN	TigerShares China-U.S. Internet Titans	5.2	59	21	3.9	-1.6
FBZ	First Trust Brazil AlphaDEX	5.1	80	0	8.0	+2.5
CHIQ	Global X MSCI China Consumer Discretionary	5.0	65	15	5.4	-0.1
BICK	First Trust BICK Index Fund	4.7	64	16	6.1	+0.6
KMED	KraneShares Emerging Markets Healthcare Index	4.7	79	1	3.8	-1.8
FINX	Global X FinTech Thematic	4.4	68	12	3.3	-2.2
DINT	Davis Select International	3.8	75	5	6.3	+0.8
FLCH	Franklin FTSE China	3.7	19	61	10.0	+4.5
CHIC	Global X MSCI China Communication Services	3.5	65	15	6.2	+0.7
IPAY	ETFMG Prime Mobile Payments	3.3	75	5	6.0	+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%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
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		**%	**%	**%	**%	**%	**%

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

	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:	Renaissance 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	21.6	%
Divided by: Fwd. P/BV	3.4	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	5.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	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.