KraneShares MSCI China All Shares
ALTAR
Score™
8.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
14.0x P/Sales
ratio
1.3x
P/BV
ratio
1.8x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
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
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 %
Total 33.7 %

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%.

Content on this tab for subscribers only**

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:
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 %
info 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.
 

 

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.