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)	$3
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	45
Wgt avg mkt cap (mns)	$24,596
Large cap (>$10bn)	84.1%
Mid cap ($2-10bn)	13.2%
Small cap (<$2bn)	0.0%
Developed mkts	86.4%
Emerging mkts	13.6%

TOP TEN HOLDINGS
Total	56.9 %
ADYEN NV	11.0 %
MEITUAN DIANPING	9.3 %
SOFTBANK CORP.	9.2 %
XIAOMI CORP. CLASS B	8.9 %
CHINA TOWER CORP. LTD. CLASS H	6.6 %
NOTRE DAME INTERMEDICA PARTICIPACO	4.2 %
SIEMENS HEALTHINEERS AG	3.4 %
AVAST PLC	1.8 %
WUXI APPTEC CO., LTD. CLASS H	1.6 %
HAPVIDA PARTICIPACOES E INVESTIMEN	1.1 %

TOP COUNTRY EXPOSURE
	CHINA	27.2 %
	NETHERLANDS	11.0 %
	JAPAN	9.2 %
	BRAZIL	5.3 %
	GERMANY	3.4 %
	BRITAIN	1.8 %
	CHILE	0.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.7%	23.9%	7.5%	--	7.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.67	42%
MSCI EAFE	0.94	68%
MSCI Emg. Mkts.	0.69	64%

Technical Indicators
Recent close	$25.12
30d moving avg.	$25.29
Annualized volatility	12.6%
Short interest (ETF)	1.5%
Relative strength (RSI)	61

Liquidity measures
Avg. volume (thou.)	1
Turnover	1.0%
Bid/Ask (% of price)	1.01%
ADV underlying (mns)	$1,016

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 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™:

4.7%

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 Equity Opportunities ETF	21.3	70	10	4.3	-0.4
FXI	iShares China Large-Cap ETF	10.0	74	6	13.5	+8.8
FDNI	First Trust Dow Jones International Internet ETF	9.4	65	15	2.9	-1.8
CHIK	Global X MSCI China Information Technology ETF	8.9	65	15	4.9	+0.2
KWEB	KraneShares CSI China Internet ETF	8.2	76	4	3.0	-1.7
FPXE	First Trust IPOX Europe Equity Opportunities ETF	7.4	70	10	3.9	-0.8
CQQQ	Invesco China Technology ETF	7.3	70	10	4.1	-0.6
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	6.4	86	-6	2.3	-2.4
FINX	Global X FinTech Thematic ETF	5.8	68	12	2.9	-1.8
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	5.6	32	48	6.2	+1.5
KMED	KraneShares Emerging Markets Healthcare Index ETF	5.5	79	1	2.8	-2.0
ARKF	ARK Fintech Innovation ETF	5.1	75	5	1.4	-3.4
DINT	Davis Select International ETF	4.9	75	5	5.6	+0.8
TPAY	Tortoise Digital Payments Infrastructure Fund	4.9	40	40	4.8	+0.1
BICK	First Trust BICK Index Fund	4.5	64	16	5.1	+0.3
CHIQ	Global X China Consumer ETF	4.4	65	15	4.7	-0.0
CHIC	Global X Nasdaq China Technology ETF	4.0	65	15	4.2	-0.5
IPAY	ETFMG Prime Mobile Payments ETF	3.9	75	5	5.1	+0.3
FONE	First Trust Indxx NextG ETF	3.7	70	10	5.8	+1.0
FLCH	Franklin FTSE China ETF	3.7	19	61	9.2	+4.4

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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	24.0	%
Divided by: Fwd. P/BV	4.3	x
Less: Expense ratio	80	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.64

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.