ETF Research Center

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 04, 2014
Assets (mns)	$194
Currency	USD
Expense ratio	55 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	54
Wgt avg mkt cap (mns)	$89,984
Large cap (>$10bn)	100.0%
Mid cap ($2-10bn)	0.0%
Small cap (<$2bn)	0.0%
Developed mkts	4.0%
Emerging mkts	96.0%

TOP TEN HOLDINGS
Total	46.2 %
CONTEMPORARY AMPEREX TECHNOLOGY CO	7.2 %
KWEICHOW MOUTAI CO LTD-A	6.4 %
ZIJIN MINING GROUP CO LTD-A	5.4 %
BYD CO LTD -A	5.4 %
HYGON INFORMATION TECHNOLOGY CO.,	4.2 %
CHINA MERCHANTS BANK -A	4.1 %
CAMBRICON TECHNOLOGIES CORP. LTD.	3.5 %
YANTAI WANHUA POLYURETHANE-A	3.5 %
LUXSHARE PRECISION INDUSTR-A	3.3 %
CHINA YANGTZE POWER CO LTD-A	3.3 %

TOP COUNTRY EXPOSURE
	CHINA	99.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.7%	13.8%	1.2%	0.3%	4.4%

Market Correlations
versus...	Beta	R-squared
S&P500	0.16	1%
MSCI EAFE	0.49	11%
MSCI Emg. Mkts.	1.00	45%

Technical Indicators
Recent close	$22.19
30d moving avg.	$23.92
Annualized volatility	26.1%
Short interest (ETF)	0.7%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	234
Turnover	2.7%
Bid/Ask (% of price)	0.07%
ADV underlying (mns)	$13,910

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 108 potential alternatives to the KraneShares Bosera MSCI China A 50 Connect Index ETF 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:

55 bp

ALTAR Score™:

8.5%

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 (%)
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	47.5	65	-10	8.3	-0.3
CNYA	iShares MSCI China A ETF	39.6	60	-5	7.6	-0.9
RAYC	Rayliant Quantamental China Equity ETF	38.5	80	-25	9.5	+1.0
JCHI	JPMorgan Active China ETF	20.6	65	-10	18.3	+9.8
KALL	KraneShares MSCI All China Index ETF	20.2	49	6	16.4	+7.9
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	15.6	32	23	19.4	+10.9
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	15.5	60	-5	8.4	-0.2
KGRN	KraneShares MSCI China Clean Technology Index ETF	14.0	79	-24	4.1	-4.4
EV	Mast Global Battery Recycling & Production ETF	12.3	65	-10	13.0	+4.4
MCH	Matthews China Active ETF	11.7	79	-24	16.8	+8.3
TCHI	iShares MSCI China Multisector Tech ETF	10.1	59	-4	24.9	+16.3
BATT	Amplify Lithium & Battery Technology ETF	9.8	59	-4	4.4	-4.1
OBOR	KraneShares MSCI One Belt One Road Index ETF	9.3	79	-24	8.2	-0.3
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	9.1	72	-17	-1.2	-9.8
KSTR	KraneShares SSE STAR Market 50 Index ETF	7.7	89	-34	1.7	-6.8
LIT	Global X Lithium & Battery Tech ETF	7.6	75	-20	6.7	-1.9
MINV	Matthews Asia Innovators Active ETF	6.6	79	-24	8.6	+0.1
IBAT	iShares Energy Storage & Materials ETF	5.8	47	8	5.9	-2.7
FLCH	Franklin FTSE China ETF	5.7	19	36	18.7	+10.1
KURE	KraneShares MSCI All China Health Care Index ETF	5.7	65	-10	3.4	-5.1
MCHI	iShares MSCI China ETF	5.1	59	-4	19.4	+10.8
GSFP	Goldman Sachs Future Planet Equity ETF	4.7	75	-20	5.3	-3.3
ECON	Columbia Emerging Markets Consumer ETF	4.2	49	6	14.1	+5.5
CGRO	CoreValues Alpha Greater China Growth ETF	4.0	75	-20	4.5	-4.1
DEM	WisdomTree Emerging Markets High Dividend Fund	4.0	63	-8	14.5	+6.0
AIS	VistaShares Artificial Intelligence Supercycle ETF	3.8	75	-20	5.7	-2.8
TTAI	FCF International Quality ETF	3.6	59	-4	6.9	-1.6
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	3.5	33	22	11.6	+3.0
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	3.4	32	23	10.5	+1.9
ICLN	iShares Global Clean Energy ETF	3.3	41	14	6.6	-1.9
MEM	Matthews Emerging Markets Equity Active ETF	3.3	79	-24	9.3	+0.7
BLLD	JPMorgan Sustainable Infrastructure ETF	3.3	49	6	4.8	-3.7
NUEM	Nuveen ESG Emerging Markets Equity ETF	3.1	36	19	8.7	+0.2
CQQQ	Invesco China Technology ETF	3.0	70	-15	20.3	+11.7
BKF	iShares MSCI BIC ETF	2.9	69	-14	14.1	+5.5
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	2.8	25	30	6.8	-1.7
TEMP	JPMorgan Climate Change Solutions ETF	2.7	49	6	6.5	-2.1
GXC	SPDR S&P China ETF	2.6	59	-4	18.0	+9.5
CHIQ	Global X MSCI China Consumer Discretionary ETF	2.5	65	-10	15.4	+6.8
DEHP	Dimensional Emerging Markets High Profitability ETF	2.4	41	14	7.1	-1.4
FLAX	Franklin FTSE Asia Ex Japan ETF	2.3	19	36	11.7	+3.2
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	2.2	50	5	12.4	+3.9
EEMA	iShares MSCI Emerging Markets Asia ETF	2.1	49	6	11.6	+3.1
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	2.0	30	25	10.0	+1.5
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.9	70	-15	10.7	+2.2
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	1.8	45	10	11.9	+3.4
ESGE	iShares ESG Aware MSCI EM ETF	1.7	25	30	11.6	+3.0
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.7	15	40	11.6	+3.1
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.7	36	19	12.1	+3.6
BKEM	BNY Mellon Emerging Markets Equity ETF	1.6	11	44	12.9	+4.3
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.6	66	-11	11.0	+2.4
VWO	Vanguard FTSE Emerging Markets ETF	1.6	8	47	11.8	+3.2
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.6	15	40	9.3	+0.7
EMGF	iShares Emerging Markets Equity Factor ETF	1.6	25	30	13.4	+4.9
EEM	iShares MSCI Emerging Markets ETF	1.6	69	-14	11.7	+3.1
EMXF	iShares ESG Advanced MSCI EM ETF	1.6	16	39	9.1	+0.5
EMC	Global X Emerging Markets Great Consumer ETF	1.5	75	-20	9.2	+0.7
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	1.3	44	11	11.7	+3.1
IEMG	iShares Core MSCI Emerging Markets ETF	1.3	9	46	11.8	+3.3
LDEM	iShares ESG MSCI EM Leaders ETF	1.3	17	38	13.9	+5.3
IGRO	iShares International Dividend Growth ETF	1.2	15	40	7.8	-0.8
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	1.2	46	9	11.7	+3.1
GMF	SPDR S&P Emerging Asia Pacific ETF	1.2	49	6	10.9	+2.4
ACWV	iShares MSCI Global Min Vol Factor ETF	1.2	20	35	8.0	-0.6
PXH	Invesco FTSE RAFI Emerging Markets ETF	1.2	49	6	18.0	+9.5
JHEM	John Hancock Multifactor Emerging Markets ETF	1.1	49	6	11.4	+2.9
DFAE	Dimensional Emerging Core Equity Market ETF	1.1	35	20	11.0	+2.5
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.1	41	14	10.1	+1.6
URAN	Themes Uranium & Nuclear ETF	1.0	35	20	3.0	-5.6
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	0.9	59	-4	14.7	+6.1
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.9	35	20	23.4	+14.9
SPEM	SPDR Portfolio Emerging Markets ETF	0.8	7	48	11.8	+3.3
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	0.8	38	17	10.7	+2.2
JIG	JPMorgan International Growth ETF	0.8	55	0	5.3	-3.2
IWTR	iShares MSCI Water Management Multisector ETF	0.8	47	8	7.1	-1.4
RING	iShares MSCI Global Gold Miners ETF	0.8	39	16	6.4	-2.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	0.7	30	25	11.5	+3.0
DFEV	Dimensional Emerging Markets Value ETF	0.7	43	12	15.6	+7.0
VIGI	Vanguard International Dividend Appreciation ETF	0.7	15	40	6.7	-1.8
VEGI	iShares MSCI Agriculture Producers ETF	0.7	39	16	9.5	+1.0
XT	iShares Exponential Technologies ETF	0.7	46	9	6.2	-2.3
GLOF	iShares Global Equity Factor ETF	0.7	20	35	7.7	-0.8
AGMI	Themes Silver Miners ETF	0.6	35	20	3.6	-4.9
ACWX	iShares MSCI ACWI ex U.S. ETF	0.6	34	21	8.9	+0.4
JSTC	Adasina Social Justice All Cap Global ETF	0.6	89	-34	5.0	-3.6
ADIV	SmartETFs Asia Pacific Dividend Builder ETF	0.6	78	-23	10.4	+1.9
VYMI	Vanguard International High Dividend Yield ETF	0.6	22	33	10.9	+2.3
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.6	18	37	8.8	+0.3
VEU	Vanguard FTSE All-World ex-US Index Fund	0.5	8	47	9.2	+0.7
ION	ProShares S&P Global Core Battery Metals ETF	0.5	58	-3	12.9	+4.3
WBAT	WisdomTree Battery Value Chain and Innovation Fund	0.5	45	10	0.0	-8.5
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.5	41	14	7.9	-0.7
CGXU	Capital Group International Focus Equity ETF	0.5	54	1	6.6	-1.9
IXUS	iShares Core MSCI Total International Stock ETF	0.4	7	48	9.0	+0.5
VXUS	Vanguard Total International Stock ETF	0.4	7	48	9.0	+0.5
VSGX	Vanguard ESG International Stock ETF	0.4	12	43	8.9	+0.4
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.4	20	35	7.0	-1.5
ICOP	iShares Copper and Metals Mining ETF	0.3	47	8	11.9	+3.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	0.3	49	6	6.4	-2.2
ACWI	iShares MSCI ACWI ETF	0.2	32	23	6.8	-1.8
FILL	iShares MSCI Global Energy Producers ETF	0.2	39	16	13.3	+4.8
VT	Vanguard Total World Stock ETF	0.2	7	48	7.1	-1.5
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.2	30	25	9.4	+0.8
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	0.2	12	43	5.7	-2.9
CWI	SPDR MSCI ACWI ex-US ETF	0.2	30	25	8.9	+0.4
IGPT	Invesco AI and Next Gen Software ETF	0.1	60	-5	5.7	-2.8
VNQI	Vanguard Global ex-U.S. Real Estate ETF	0.1	12	43	8.0	-0.5
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.0	9	46	6.6	-1.9

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	KraneShares Bosera MSCI China A 50 Connect Index ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	11.3	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	55	bp
Equals: ALTAR Score	8.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.40	CATEGORY AVERAGE	1.50

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.