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)	$144,470
Large cap (>$10bn)	77.2%
Mid cap ($2-10bn)	22.6%
Small cap (<$2bn)	0.0%
Developed mkts	16.3%
Emerging mkts	83.8%

TOP TEN HOLDINGS
Total	34.0 %
ALIBABA GROUP HOLDING LTD. SPONSOR	10.1 %
TENCENT HOLDINGS LTD	9.6 %
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	1.8 %
CHINA MOBILE LIMITED	1.7 %
IND & COMM BK OF CHINA - H	1.5 %
BAIDU INC - SPON ADR	1.2 %
NETEASE.COM INC-ADR	1.1 %

TOP COUNTRY EXPOSURE
	CHINA	88.5 %
	HONG KONG	10.7 %

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.
-7.7%	6.2%	--	--	1.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.20	62%
MSCI EAFE	1.47	76%
MSCI Emg. Mkts.	1.17	84%

Technical Indicators
Recent close	$25.59
30d moving avg.	$26.19
Annualized volatility	18.5%
Short interest (ETF)	0.2%
Relative strength (RSI)	41

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.3%
Bid/Ask (% of price)	0.29%
ADV underlying (mns)	$27,303

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KraneShares FTSE Emerging Markets Plus ETF 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™:

8.3%

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 Fund	69.5	55	-6	8.3	+0.0
MCHI	iShares MSCI China ETF	65.9	59	-10	8.8	+0.5
GXC	SPDR S&P China ETF	64.7	59	-10	8.8	+0.4
FLCH	Franklin FTSE China ETF	62.2	19	30	9.2	+0.9
BKF	iShares MSCI BRIC ETF	55.2	69	-20	8.3	-0.0
CN	Xtrackers MSCI All China Equity ETF	51.8	50	-1	8.8	+0.4
CHIL	Global X MSCI China Large-Cap 50 ETF	50.8	29	20	9.8	+1.5
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	49.5	32	17	6.2	-2.1
EEMA	iShares MSCI Emerging Markets Asia ETF	41.0	50	-1	8.4	+0.0
GMF	SPDR S&P Emerging Asia Pacific ETF	40.4	49	0	7.7	-0.6
AAXJ	iShares MSCI All Country Asia ex Japan ETF	35.9	68	-19	7.8	-0.5
FLAX	Franklin FTSE Asia Ex Japan ETF	34.5	19	30	8.3	0.0
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	33.6	30	19	8.2	-0.2
PBEE	Invesco PureBeta FTSE Emerging Markets ETF	33.5	14	35	9.0	+0.7
SCHE	Schwab Emerging Markets Equity ETF	33.4	13	36	8.3	-0.0
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	33.0	65	-16	7.7	-0.6
PEK	VanEck Vectors ChinaAMC CSI 300 ETF	33.0	60	-11	8.3	-0.0
ASHX	Xtrackers MSCI China A Inclusion Equity ETF	32.8	60	-11	7.3	-1.0
KBA	KraneShares Bosera MSCI China A Share ETF	32.8	60	-11	7.4	-0.9
CNYA	iShares MSCI China A ETF	32.7	65	-16	7.2	-1.1

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

	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

Content on this tab for subscribers only

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:	KraneShares FTSE Emerging Markets Plus ETF
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	13.8	%
Divided by: Fwd. P/BV	1.6	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.32	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.