ETF Research Center

KALL seeks to provide investment results that, before fees and expenses, track the price performance of the MSCI China All Shares Index. The index seeks to track the equity market performance of companies based in China and listed in mainland China, Hong Kong, and the United States.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Krane Fund Advisors LLC
Website	www.kraneshares.com
Inception date	Feb 13, 2015
Assets (mns)	$8
Currency	USD
Expense ratio	49 bp
Distributions	Semi-Annually

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian	Brown Brothers Harriman & Co
Weighting	Market Cap
Index replication	Optimized
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	291
Wgt avg mkt cap (mns)	$144,970
Large cap (>$10bn)	78.1%
Mid cap ($2-10bn)	21.7%
Small cap (<$2bn)	0.0%
Developed mkts	16.5%
Emerging mkts	83.5%

TOP TEN HOLDINGS
Total	33.7 %
ALIBABA GROUP HOLDING LTD. SPONSOR	10.3 %
TENCENT HOLDINGS LTD	9.3 %
CHINA CONSTRUCTION BANK-H	2.7 %
PING AN INSURANCE GROUP CO-H	2.2 %
KWEICHOW MOUTAI CO LTD-A	2.0 %
JD.COM INC-ADR	1.7 %
CHINA MOBILE LIMITED	1.6 %
IND & COMM BK OF CHINA - H	1.6 %
BAIDU INC - SPON ADR	1.3 %
PING AN INSURANCE (GROUP) COMPANY	1.1 %

TOP COUNTRY EXPOSURE
	CHINA	88.2 %
	HONG KONG	10.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
28.6%	28.6%	--	--	3.2%

Market Correlations
versus...	Beta	R-squared
S&P500	1.19	64%
MSCI EAFE	1.43	77%
MSCI Emg. Mkts.	1.14	83%

Technical Indicators
Recent close	$27.60
30d moving avg.	$26.41
Annualized volatility	18.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	74

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$24,940

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KraneShares MSCI China All Shares ETF based on the alternatives' overlap in portfolio holdings with KALL. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

KALL

Expense:

49 bp

ALTAR Score™:

8.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH KALL
Ticker	Fund Name	Overlap¹ vs KALL (%)	Expense ratio (bp)	Savings vs KALL (bp)	ALTAR Score™ (%)	ALTAR vs KALL (%)
WCHN	WisdomTree ICBCCS S&P China 500	69.6	55	-6	8.1	-0.0
MCHI	iShares MSCI China	66.0	59	-10	8.1	-0.1
GXC	SPDR S&P China ETF	64.9	59	-10	8.1	-0.0
FLCH	Franklin FTSE China	62.2	19	30	8.6	+0.4
BKF	iShares MSCI BRIC	55.4	67	-18	7.7	-0.4
CN	Xtrackers Harvest MSCI All China	52.1	50	-1	8.2	+0.1
CHIL	Global X MSCI China Large-Cap 50	50.9	29	20	9.3	+1.2
CXSE	WisdomTree China ex-State Owned Enterprises	48.6	32	17	6.2	-2.0
GMF	SPDR S&P Emerging Asia Pacific	40.9	49	0	7.4	-0.7
EEMA	iShares MSCI Emg Mkts Asia	40.5	50	-1	7.9	-0.2
AAXJ	iShares MSCI Asia ex-Japan	35.5	67	-18	7.4	-0.7
FLAX	Franklin FTSE Asia Ex Japan	34.1	19	30	7.9	-0.3
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	33.5	30	19	7.9	-0.3
ASHX	Xtrackers MSCI China A Inclusion	33.4	60	-11	8.0	-0.1
CNYA	iShares MSCI China A	33.2	65	-16	8.0	-0.2
PBEE	Invesco PureBeta FTSE Emerging Markets	33.2	14	35	8.5	+0.3
KBA	KraneShares MSCI China A Int'l	33.1	60	-11	8.1	-0.1
PEK	VanEck Vectors ChinaAMC A-Shares	32.9	60	-11	8.4	+0.2
ASHR	Xtrackers Harvest CSI 300 China A-Shares	32.9	65	-16	8.4	+0.2
SCHE	Schwab Emerging Markets Equity	32.8	13	36	7.9	-0.2

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:	KraneShares MSCI China All Shares
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	14.4	%
Divided by: Fwd. P/BV	1.7	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.33	CATEGORY AVERAGE	1.48

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.