KraneShares MSCI Emerging Markets EX China Index
ALTAR
Score™
8.8% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
14.2x P/Sales
ratio
1.1x
P/BV
ratio
1.4x Div.
yield
3.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KEMX is benchmarked to the MSCI Emerging Markets ex China Index, which tracks large-cap and mid-cap companies within emerging market countries, excluding China.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor KraneShares
Website kraneshares.com
Inception date Apr 12, 2019
Assets (mns) $3
Currency USD
Expense ratio 49 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 309
Wgt avg mkt cap (mns) $67,233
Large cap (>$10bn) 78.1%
Mid cap ($2-10bn) 20.2%
Small cap (<$2bn) 0.4%
Developed mkts 0.4%
Emerging mkts 99.6%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 7.7 %
SAMSUNG ELECTRONICS CO LTD 6.6 %
NASPERS LTD-N SHS 2.0 %
RELIANCE INDUSTRIES LTD 1.9 %
HOUSING DEVELOPMENT FINANCE 1.8 %
SBERBANK 1.5 %
LUKOIL OAO 1.5 %
HYNIX SEMICONDUCTOR INC 1.4 %
HON HAI PRECISION INDUSTRY 1.4 %
ITAU UNIBANCO HOLDING SA 1.3 %
Total 27.1 %

TOP COUNTRY EXPOSURE
SOUTH KOREA 19.1 %
TAIWAN 18.9 %
INDIA 13.3 %
BRAZIL 11.2 %
RUSSIA 7.2 %
SOUTH AFRICA 6.8 %
MEXICO 3.6 %
THAILAND 3.2 %
INDONESIA 3.0 %
MALAYSIA 2.9 %

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.
1.9% -- -- -- 1.9%

Market Correlations
versus... Beta R-squared
S&P500 -- --
MSCI EAFE -- --
MSCI Emg. Mkts. -- --

Technical Indicators
Recent close $25.74
30d moving avg. $25.41
Annualized volatility 0.0%
Short interest (ETF) 0.0%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $7,064

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: KEMX Expense: 49 bp ALTAR Score™: 8.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KEMX
Ticker Fund
Name
Overlap1
vs KEMX
(%)
Expense
ratio
(bp)
Savings
vs KEMX
(bp)
ALTAR
Score™
(%)
ALTAR
vs KEMX
(%)
EMXC iShares MSCI Emerging Markets ex China 64.9 49 0 8.8 +0.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free 50.9 30 19 8.7 -0.1
EEM iShares MSCI Emerging Markets 50.8 67 -18 8.7 -0.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity 49.8 20 29 8.3 -0.4
JHEM John Hancock Multifactor Emerging Markets 48.5 55 -6 8.9 +0.2
DBEM Xtrackers MSCI Emg. Mkts. Hedged 48.0 65 -16 8.6 -0.2
IEMG iShares Core MSCI Emerging Markets 44.8 14 35 8.7 -0.1
PXH Invesco FTSE-RAFI Emerging Markets 43.2 50 -1 12.6 +3.9
XSOE WisdomTree Emg Mkt ex-SOE 42.5 32 17 7.0 -1.7
GEM Goldman Sachs ActiveBeta Emg Mkts Equity 41.9 45 4 9.3 +0.5
EEMA iShares MSCI Emg Mkts Asia 41.7 50 -1 8.8 +0.0
EMEM Virtus Glovista Emerging Markets 40.6 67 -18 9.4 +0.6
ESGE iShares MSCI EM ESG Optimized 40.6 25 24 9.4 +0.7
SCHE Schwab Emerging Markets Equity 38.9 13 36 8.8 +0.0
DVEM WisdomTree Emerging Markets Dividend 38.9 32 17 11.4 +2.6
XCEM Columbia EM Core ex-China 37.9 16 33 7.7 -1.0
PBEE Invesco PureBeta FTSE Emerging Markets 36.9 14 35 9.4 +0.6
AAXJ iShares MSCI Asia ex-Japan 35.7 67 -18 8.3 -0.4
REEM Invesco Emerging Markets Revenue ETF 35.6 46 3 11.8 +3.1
EWEM Invesco MSCI Emerging Market Equal Weight 35.5 70 -21 9.3 +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

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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 MSCI Emerging Markets EX China Index
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 12.6 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 8.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.51 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.