KraneShares MSCI All China Index ETF
ALTAR
Score™
6.9% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
18.2x P/Sales
ratio
1.6x
P/BV
ratio
2.0x Div.
yield
1.7%


  • 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 12, 2015
Assets (mns) $6
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 264
Wgt avg mkt cap (mns) $175,561
Large cap (>$10bn) 87.5%
Mid cap ($2-10bn) 12.4%
Small cap (<$2bn) 0.0%
Developed mkts 15.7%
Emerging mkts 84.3%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 10.8 %
ALIBABA GROUP HOLDING LTD. SPONSOR 10.5 %
MEITUAN DIANPING 3.3 %
NIO INC. SPONSORED ADR CLASS A 3.1 %
JD.COM INC-ADR 2.6 %
KWEICHOW MOUTAI CO LTD-A 2.2 %
CHINA CONSTRUCTION BANK-H 1.7 %
PING AN INSURANCE GROUP CO-H 1.6 %
BAIDU INC - SPON ADR 1.6 %
PINDUODUO, INC. SPONSORED ADR CLAS 1.4 %
Total 38.9 %

TOP COUNTRY EXPOSURE
CHINA 93.0 %
HONG KONG 6.8 %









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.
31.8% 31.8% 12.6% -- 7.7%

Market Correlations
versus... Beta R-squared
S&P500 0.75 45%
MSCI EAFE 0.75 45%
MSCI Emg. Mkts. 0.82 69%

Technical Indicators
Recent close $38.22
30d moving avg. $35.27
Annualized volatility 20.9%
Short interest (ETF) 0.0%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 3
Turnover 2.0%
Bid/Ask (% of price) 0.24%
ADV underlying (mns) $63,987

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the KraneShares MSCI All China Index 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™: 6.9%


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
(%)
DFAE Dimensional Emerging Core Equity Market ETF 80.8 35 14 7.0 +0.1
MCHI iShares MSCI China ETF 67.1 59 -10 6.4 -0.5
FLCH Franklin FTSE China ETF 66.7 19 30 7.0 +0.1
GXC SPDR S&P China ETF 66.1 59 -10 6.5 -0.4
BKF iShares MSCI BRIC ETF 59.0 70 -21 6.2 -0.7
CHIL Global X MSCI China Large-Cap 50 ETF 53.3 29 20 6.2 -0.7
CN Xtrackers MSCI All China Equity ETF 51.5 50 -1 6.9 -0.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 48.2 32 17 5.3 -1.5
GMF SPDR S&P Emerging Asia Pacific ETF 42.8 49 0 5.9 -1.0
EEMA iShares MSCI Emerging Markets Asia ETF 40.3 50 -1 6.3 -0.5
KESG KraneShares MSCI China ESG Leaders Index ETF 37.5 59 -10 8.1 +1.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 37.3 68 -19 5.7 -1.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 37.3 15 34 7.3 +0.4
SCHE Schwab Emerging Markets Equity ETF 37.2 11 38 6.7 -0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 36.3 30 19 6.4 -0.5
FLAX Franklin FTSE Asia Ex Japan ETF 35.7 19 30 6.2 -0.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 35.2 20 29 5.5 -1.4
EEM iShares MSCI Emerging Markets ETF 33.6 70 -21 6.0 -0.9
SPEM SPDR Portfolio Emerging Markets ETF 33.5 11 38 6.5 -0.4
VWO Vanguard FTSE Emerging Markets ETF 33.3 10 39 6.9 +0.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 32.7 65 -16 6.0 -0.9
EEMO Invesco S&P Emerging Markets Momentum ETF 32.0 29 20 3.3 -3.6
KWEB KraneShares CSI China Internet ETF 31.4 76 -27 2.1 -4.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 31.4 36 13 6.8 -0.1
KBA KraneShares Bosera MSCI China A Share ETF 31.0 60 -11 5.7 -1.2
CNYA iShares MSCI China A ETF 30.8 60 -11 5.7 -1.2
ESGE iShares ESG Aware MSCI EM ETF 30.8 25 24 7.0 +0.1
JHEM John Hancock Multifactor Emerging Markets ETF 30.7 49 0 7.4 +0.5
ASHX Xtrackers MSCI China A Inclusion Equity ETF 30.6 60 -11 5.6 -1.3
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 30.5 65 -16 5.9 -1.0
IEMG iShares Core MSCI Emerging Markets ETF 29.9 11 38 6.6 -0.3
FDNI First Trust Dow Jones International Internet ETF 29.7 65 -16 1.9 -5.0
FXI iShares China Large-Cap ETF 28.3 74 -25 10.5 +3.6
CHIQ Global X MSCI China Consumer ETF 28.2 65 -16 4.6 -2.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 28.2 45 4 6.3 -0.6
BKEM BNY Mellon Emerging Markets Equity ETF 28.0 11 38 6.7 -0.2
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 27.9 86 -37 2.1 -4.8
NUEM Nuveen ESG Emerging Markets Equity ETF 27.7 45 4 5.4 -1.5
EWEB Global X Emerging Markets Internet & E-commerce ETF 27.2 65 -16 2.5 -4.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 26.1 32 17 5.0 -1.9
RESE WisdomTree Emerging Markets ESG Fund 25.9 32 17 6.7 -0.2
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 25.9 95 -46 7.1 +0.3
ECON Columbia Emerging Markets Consumer ETF 25.6 59 -10 4.7 -2.2
LDEM iShares ESG MSCI EM Leaders ETF 25.4 16 33 6.4 -0.5
AVEM Avantis Emerging Markets Equity ETF 25.1 33 16 7.3 +0.4
ISEM Invesco RAFI Strategic Emerging Markets ETF 24.9 35 14 8.9 +2.0
PXH Invesco FTSE RAFI Emerging Markets ETF 24.7 50 -1 11.6 +4.7
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 23.8 30 19 4.1 -2.8
EMXF iShares ESG Advanced MSCI EM ETF 23.5 16 33 7.1 +0.2
AIA iShares Asia 50 ETF 23.0 50 -1 6.0 -0.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 23.0 30 19 7.5 +0.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 22.7 40 9 6.1 -0.8
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 21.8 25 24 6.6 -0.3
GLCN VanEck Vectors Ftse China A50 ETF 20.7 60 -11 4.1 -2.8
FNI First Trust Chindia ETF 20.5 60 -11 2.3 -4.5
CQQQ Invesco China Technology ETF 19.6 70 -21 4.3 -2.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 18.6 32 17 7.4 +0.6
BICK First Trust BICK Index Fund 18.6 64 -15 3.2 -3.7
FDEM Fidelity Emerging Markets Multifactor ETF 17.9 45 4 7.7 +0.8
OGIG O'Shares Global Internet Giants ETF 17.7 48 1 0.6 -6.3
PGJ Invesco Golden Dragon China ETF 17.5 70 -21 3.7 -3.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 16.3 49 0 7.6 +0.7
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 16.2 39 10 11.6 +4.7
EMMF WisdomTree Emerging Markets Multifactor Fund 16.1 48 1 8.1 +1.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 16.0 59 -10 10.6 +3.7
CHIX Global X MSCI China Financials ETF 15.9 66 -17 18.3 +11.4
AFTY Pacer CSOP FTSE China A50 ETF 14.7 70 -21 7.2 +0.3
EMGF iShares MSCI Emerging Markets Multifactor ETF 14.7 45 4 8.6 +1.7
CHIC Global X MSCI China Communication Services ETF 14.5 66 -17 4.5 -2.4
PNQI Invesco NASDAQ Internet ETF 14.3 60 -11 1.0 -5.8
DINT Davis Select International ETF 14.0 68 -19 5.3 -1.5
VSGX Vanguard ESG International Stock ETF 13.5 17 32 6.3 -0.6
GIGE SoFi Gig Economy ETF 13.1 59 -10 -0.2 -7.1
SOCL Global X Social Media ETF 12.7 65 -16 2.2 -4.7
DWLD Davis Select Worldwide ETF 12.6 63 -14 5.6 -1.3
ROAM Hartford Multifactor Emerging Markets ETF 12.2 44 5 11.5 +4.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 12.2 16 33 6.0 -0.9
PIE Invesco DWA Emerging Markets Momentum ETF 11.9 90 -41 1.8 -5.1
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 11.6 60 -11 2.3 -4.6
BUYZ Franklin Disruptive Commerce ETF 11.4 50 -1 -0.3 -7.2
CEZ VictoryShares Emerging Market Volatility Wtd ETF 10.9 50 -1 9.5 +2.6
ACWX iShares MSCI ACWI ex U.S. ETF 10.9 32 17 6.3 -0.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 10.7 40 9 6.1 -0.8
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF 10.5 44 5 8.2 +1.3
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 10.5 45 4 12.1 +5.2
JOYY Infusive Compounding Global Equities ETF 10.4 50 -1 3.4 -3.5
AIQ Global X Future Analytics Tech ETF 10.3 68 -19 3.4 -3.5
CWI SPDR MSCI ACWI ex-US ETF 10.3 30 19 6.2 -0.7
ESPO VanEck Vectors Video Gaming & eSports ETF 10.2 55 -6 3.0 -3.9
BLCN Reality Shares Nasdaq NextGen Economy ETF 10.1 68 -19 5.0 -1.9
VIGI Vanguard International Dividend Appreciation ETF 10.0 20 29 5.0 -1.8
IXP iShares Global Comm Services ETF 9.9 46 3 5.2 -1.7
VEU Vanguard FTSE All-World ex-US Index Fund 9.8 8 41 6.7 -0.2
DSTX Distillate International Fundamental Stability & Value ETF 9.7 55 -6 5.9 -1.0
XNTK SPDR NYSE Technology ETF 9.7 35 14 2.7 -4.2
GENY Principal Millennials Index ETF 9.6 45 4 3.4 -3.5
EBIZ Global X E-Commerce ETF 9.3 50 -1 2.5 -4.4
IXUS ishares Core MSCI Total International Stock ETF 9.3 9 40 6.4 -0.5

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 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

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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:
KraneShares MSCI All China Index 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 13.6 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 6.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.27 CATEGORY
AVERAGE
1.39
 
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.