KraneShares MSCI China A Int'l
ALTAR
Score™
8.9% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
12.9x P/Sales
ratio
1.1x
P/BV
ratio
1.6x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KraneShares Bosera MSCI China A is an exchange-traded fund incorporated in the USA. The Fund seeks to track the performance of the MSCI China A index.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Krane Fund Advisors LLC
Website http://kraneshares.com/
Inception date Mar 05, 2014
Assets (mns) $559
Currency USD
Expense ratio 60 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 443
Wgt avg mkt cap (mns) $46,826
Large cap (>$10bn) 65.0%
Mid cap ($2-10bn) 32.7%
Small cap (<$2bn) 2.3%
Developed mkts 5.4%
Emerging mkts 94.6%

TOP TEN HOLDINGS
KWEICHOW MOUTAI CO LTD-A 5.9 %
PING AN INSURANCE (GROUP) COMPANY 3.6 %
CHINA MERCHANTS BANK -A 2.9 %
WULIANGYE YIBIN CO LTD-A 2.0 %
JIANGSU HENGRUI MEDICINE CO., LTD. 1.6 %
INDUSTRIAL BANK CO LTD -A 1.5 %
CHINA YANGTZE POWER CO LTD-A 1.5 %
SHANGHAI PUDONG DEVEL BANK-A 1.4 %
IND & COMM BK OF CHINA - A 1.2 %
HANGZHOU HIKVISION DIGITAL-A 1.2 %
Total 22.7 %

TOP COUNTRY EXPOSURE
CHINA 93.1 %
BRITISH VIRGIN ISLANDS 0.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
26.2% 22.7% 4.1% -- 7.4%

Market Correlations
versus... Beta R-squared
S&P500 1.03 40%
MSCI EAFE 1.14 42%
MSCI Emg. Mkts. 1.02 55%

Technical Indicators
Recent close $31.20
30d moving avg. $31.26
Annualized volatility 19.6%
Short interest (ETF) 1.4%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 84
Turnover 0.5%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $17,083

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: KBA Expense: 60 bp ALTAR Score™: 8.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KBA
Ticker Fund
Name
Overlap1
vs KBA
(%)
Expense
ratio
(bp)
Savings
vs KBA
(bp)
ALTAR
Score™
(%)
ALTAR
vs KBA
(%)
ASHX Xtrackers MSCI China A Inclusion 81.1 60 0 9.3 +0.4
CNYA iShares MSCI China A 80.9 65 -5 9.2 +0.4
ASHR Xtrackers Harvest CSI 300 China A-Shares 76.1 65 -5 9.3 +0.4
PEK VanEck Vectors ChinaAMC A-Shares 75.6 60 0 9.3 +0.4
CNHX CSOP MSCI China A International Hedged 72.9 79 -19 9.3 +0.5
WCHN WisdomTree ICBCCS S&P China 500 46.6 55 5 9.2 +0.3
AFTY CSOP FTSE China A50 42.3 70 -10 11.1 +2.2
KALL KraneShares MSCI China All Shares 34.0 49 11 9.2 +0.3
KFYP KraneShares CICC China Leaders 100 23.4 70 -10 11.8 +2.9
CHIL Global X MSCI China Large-Cap 50 22.2 29 31 10.6 +1.8
CXSE WisdomTree China ex-State Owned Enterprises 18.3 32 28 7.3 -1.6
CNXT VanEck Vectors China AMC SME-ChiNext 14.2 65 -5 5.4 -3.5
CHIS Global X MSCI China Consumer Staples 13.5 65 -5 3.2 -5.7
CHIX Global X MSCI China Financials 13.3 65 -5 19.5 +10.6
GXC SPDR S&P China ETF 13.2 59 1 9.3 +0.4
ASHS Xtrackers Harvest CSI China A-Shrs S/C 9.7 65 -5 5.6 -3.3
CHII Global X MSCI China Industrials 9.0 66 -6 13.9 +5.0
OBOR KraneShares MSCI One Belt One Road Index 8.7 79 -19 9.3 +0.5
FLCH Franklin FTSE China 8.2 19 41 10.1 +1.2
MCHI iShares MSCI China 7.6 59 1 9.5 +0.6

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 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 A Int'l
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 14.0 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 60 bp
Equals: ALTAR Score 8.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.41 CATEGORY
AVERAGE
1.49
 
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.