ETF Research Center

VanEck Green Infrastructure ETF

ALTAR
Score™

-1.6%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	119.4x	P/Sales ratio	2.1x
P/BV ratio	3.2x	Div. yield	1.2%

Description
Performance
Comps
Fundamentals
Valuation
Rating

RNEW is passively managed to provide exposure to a narrow basket of US stocks that are focused on seven sub-themes tied to sustainable infrastructure trends. Holdings are selected and weighted based on modified market capitalization.

FUND BASICS
Category	US Equities
Fund Sponsor	VanEck
Website	www.vaneck.com/us/en/investments/green-infrastructure-etf-rnew/
Inception date	Oct 18, 2022
Assets (mns)	$2
Currency	USD
Expense ratio	45 bp
Distributions	Annually

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	2
Wgt avg mkt cap (mns)	$60,402
Large cap (>$10bn)	53.9%
Mid cap ($2-10bn)	33.6%
Small cap (<$2bn)	12.5%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	0.0 %
	0.0 %

TOP COUNTRY EXPOSURE
		0.0 %

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.
-1.6%	-0.6%	--	--	0.4%

Market Correlations
versus...	Beta	R-squared
S&P500	1.39	61%
MSCI EAFE	1.08	39%
MSCI Emg. Mkts.	1.13	39%

Technical Indicators
Recent close	$25.08
30d moving avg.	$24.77
Annualized volatility	24.3%
Short interest (ETF)	2.2%
Relative strength (RSI)	55

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.18%
ADV underlying (mns)	$38,123

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
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

	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:	VanEck Green Infrastructure 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	-3.7	%
Divided by: Fwd. P/BV	3.1	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	-1.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.65	CATEGORY AVERAGE	1.59

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.