ETF Research Center

The KraneShares Electric Vehicles and Future Mobility Index ETF is an exchange-traded fund incorporated in the USA. It seeks to measure the performance of Solactive Electric Vehicles and Future Mobility Index, which includes issuers engaged in the electri

FUND BASICS
Category	Global Equities
Fund Sponsor	KraneShares
Website	kraneshares.com
Inception date	Jan 18, 2018
Assets (mns)	$26
Currency	USD
Expense ratio	70 bp
Distributions	Semi-annual

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	53
Wgt avg mkt cap (mns)	$63,545
Large cap (>$10bn)	61.9%
Mid cap ($2-10bn)	25.7%
Small cap (<$2bn)	12.4%
Developed mkts	76.6%
Emerging mkts	23.4%

TOP TEN HOLDINGS
Total	36.9 %
TESLA MOTORS INC	4.6 %
ADVANCED MICRO DEVICES	4.3 %
NVIDIA CORP	3.9 %
BAYERISCHE MOTOREN WERKE AG	3.8 %
VOLKSWAGEN AG-PFD	3.7 %
ALPHABET INC. CLASS A	3.6 %
DAIMLER AG-REGISTERED SHARES	3.4 %
ANALOG DEVICES INC	3.3 %
GENERAL MOTORS CO	3.2 %
TEXAS INSTRUMENTS INC	3.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	43.4 %
	CHINA	18.7 %
	GERMANY	14.5 %
	BRITAIN	2.7 %
	SWITZERLAND	2.4 %
	NETHERLANDS	2.1 %
	IRELAND	2.0 %
	SOUTH KOREA	1.8 %
	CANADA	1.7 %
	JAPAN	1.7 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
26.3%	15.3%	--	--	-4.3%

Market Correlations
versus...	Beta	R-squared
S&P500	1.34	80%
MSCI EAFE	1.46	70%
MSCI Emg. Mkts.	1.23	68%

Technical Indicators
Recent close	$22.69
30d moving avg.	$22.26
Annualized volatility	22.2%
Short interest (ETF)	0.1%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.1%
Bid/Ask (% of price)	1.18%
ADV underlying (mns)	$12,844

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KraneShares Electric Vehicles & Future Mobility Index ETF based on the alternatives' overlap in portfolio holdings with KARS. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

KARS

Expense:

70 bp

ALTAR Score™:

6.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH KARS
Ticker	Fund Name	Overlap¹ vs KARS (%)	Expense ratio (bp)	Savings vs KARS (bp)	ALTAR Score™ (%)	ALTAR vs KARS (%)
IDRV	iShares Self-driving EV & Tech	32.1	47	23	8.9	+2.4
EKAR	Innovation Shares NextGen Vehicles & Technology	31.9	95	-25	6.9	+0.4
DRIV	Global X Autonomous & Electric Vehicles	31.7	68	2	7.5	+1.0
SOXX	iShares PHLX SOX Semiconductor	21.6	46	24	6.1	-0.5
XKST	SPDR Kensho Smart Mobility	21.4	45	25	5.9	-0.6
CARZ	First Trust NASDAQ Global Auto	21.4	70	0	14.9	+8.3
SMH	VanEck Vectors Semiconductors	20.6	35	35	6.3	-0.2
QTEC	First Trust NASDAQ 100 Tech	20.6	57	13	6.0	-0.5
XSD	SPDR S&P Semiconductors	20.1	35	35	5.0	-1.5
LOUP	Innovator Loup Frontier Tech	18.9	70	0	2.7	-3.9
GMAN	Goldman Sachs Motif Manufacturing Revolution	18.7	50	20	4.8	-1.8
PSI	Invesco Dynamic Semiconductors	18.4	58	12	5.8	-0.7
FTXL	First Trust Nasdaq Semiconductor	15.5	60	10	6.4	-0.1
ARKQ	ARK Industrial Innovation	15.3	75	-5	0.9	-5.6
XNTK	SPDR NYSE Technology	14.9	35	35	5.6	-0.9
GDAT	Goldman Sachs Motif Data-Driven World	14.1	50	20	6.0	-0.6
QTUM	Defiance Quantum	12.5	40	30	6.4	-0.1
AIQ	Global X Future Analytics Tech	12.1	68	2	4.5	-2.0
LIT	Global X Lithium & Battery Tech ETF	11.4	75	-5	5.0	-1.5
IRBO	iShares Robotics and Artificial Intelligence	11.3	47	23	1.9	-4.6

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 Electric Vehicles & Future Mobility Index
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	13.6	%
Divided by: Fwd. P/BV	1.9	x
Less: Expense ratio	70	bp
Equals: ALTAR Score	6.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.59	CATEGORY AVERAGE	1.55

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.