KraneShares EM Consumer Focus
ALTAR
Score™
7.8% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
48.2x P/Sales
ratio
1.1x
P/BV
ratio
1.8x Div.
yield
1.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KraneShares Emerging Markets Consumer Technology ETF tracks a committee-selected, tier-weighted index of emerging-market technology-sector stocks.lf

FUND BASICS
Category Emerging Market Equities
Fund Sponsor KraneShares
Website www.kranseshares.com
Inception date Oct 12, 2017
Assets (mns) $22
Currency USD
Expense ratio 80 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 50
Wgt avg mkt cap (mns) $48,326
Large cap (>$10bn) 46.4%
Mid cap ($2-10bn) 42.9%
Small cap (<$2bn) 10.7%
Developed mkts 12.6%
Emerging mkts 87.4%

TOP TEN HOLDINGS
NETEASE.COM INC-ADR 3.9 %
NEW ORIENTAL EDUCATIO-SP ADR 3.9 %
NHN CORP 3.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR 3.7 %
BAIDU INC - SPON ADR 3.7 %
JD.COM INC-ADR 3.7 %
MERCADOLIBRE INC 3.6 %
TENCENT HOLDINGS LTD 3.4 %
B2W CIA GLOBAL DO VAREJO 3.2 %
TAL EDUCATION GROUP UNSPONSORED AD 3.2 %
Total 36.2 %

TOP COUNTRY EXPOSURE
CHINA 39.9 %
SOUTH KOREA 19.5 %
BRAZIL 9.4 %
GREECE 5.5 %
ARGENTINA 3.7 %
MALAYSIA 3.3 %
POLAND 3.2 %
SOUTH AFRICA 3.0 %
MEXICO 2.9 %
CYPRUS 2.8 %

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.
20.3% 13.1% -- -- -3.4%

Market Correlations
versus... Beta R-squared
S&P500 1.07 60%
MSCI EAFE 1.28 66%
MSCI Emg. Mkts. 1.13 79%

Technical Indicators
Recent close $22.73
30d moving avg. $22.81
Annualized volatility 19.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 56

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.4%
Bid/Ask (% of price) 0.28%
ADV underlying (mns) $7,192

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KraneShares EM Consumer Focus ETF based on the alternatives' overlap in portfolio holdings with KEMQ. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KEMQ Expense: 80 bp ALTAR Score™: 7.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KEMQ
Ticker Fund
Name
Overlap1
vs KEMQ
(%)
Expense
ratio
(bp)
Savings
vs KEMQ
(bp)
ALTAR
Score™
(%)
ALTAR
vs KEMQ
(%)
EMQQ Emerging Markets Internet & E-Commerce 47.3 86 -6 3.9 -3.9
PGJ Invesco Golden Dragon China 33.5 70 10 3.7 -4.0
KWEB KraneShares CSI China Internet 32.9 76 4 3.9 -3.9
FDNI First Trust Dow Jones International Internet 31.2 65 15 4.5 -3.2
TTTN TigerShares China-U.S. Internet Titans 29.3 59 21 3.9 -3.9
FNI First Trust ISE Chindia 24.5 59 21 4.0 -3.8
ECON Columbia Emerging Markets Consumer 24.4 59 21 5.1 -2.7
CHIC Global X MSCI China Communication Services 21.8 65 15 5.4 -2.4
CQQQ Invesco China Technology 21.1 70 10 5.3 -2.5
SOCL Global X Social Media 20.8 65 15 4.4 -3.4
EBIZ Global X E-commerce 20.5 68 12 2.8 -4.9
EEB Invesco BRIC 20.1 64 16 6.6 -1.1
CXSE WisdomTree China ex-State Owned Enterprises 20.0 32 48 7.0 -0.7
CHIL Global X MSCI China Large-Cap 50 19.2 29 51 10.5 +2.7
PNQI Invesco Nasdaq Internet 19.0 62 18 2.8 -5.0
DINT Davis Select International 17.8 75 5 5.9 -1.9
PLAT WisdomTree Modern Tech Platforms 17.7 45 35 2.8 -5.0
CHIQ Global X MSCI China Consumer Discretionary 17.6 65 15 5.3 -2.4
GBUY Goldman Sachs Motif New Age Consumer 15.8 50 30 3.0 -4.8
GIGE SoFi Gig Economy 15.4 59 21 0.4 -7.4

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

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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 EM Consumer Focus
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 15.1 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.39 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.