KraneShares MSCI Emerging Markets EX China Index ETF
ALTAR
Score™
7.9% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
18.1x P/Sales
ratio
1.4x
P/BV
ratio
1.5x Div.
yield
2.7%


  • 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) $2
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 300
Wgt avg mkt cap (mns) $106,171
Large cap (>$10bn) 79.5%
Mid cap ($2-10bn) 18.8%
Small cap (<$2bn) 0.5%
Developed mkts 0.4%
Emerging mkts 99.6%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 12.6 %
SAMSUNG ELECTRONICS CO LTD 7.9 %
RELIANCE INDUSTRIES LTD 3.0 %
NASPERS LTD-N SHS 2.6 %
INFOSYS TECHNOLOGIES-SP ADR 1.8 %
HYNIX SEMICONDUCTOR INC 1.4 %
NHN CORP 1.4 %
HOUSING DEVELOPMENT FINANCE 1.3 %
SAMSUNG ELECTRONICS-PFD 1.3 %
HON HAI PRECISION INDUSTRY 1.2 %
Total 34.5 %

TOP COUNTRY EXPOSURE
TAIWAN 24.1 %
SOUTH KOREA 22.9 %
INDIA 14.4 %
BRAZIL 7.6 %
SOUTH AFRICA 5.9 %
RUSSIA 5.0 %
MEXICO 2.9 %
INDONESIA 2.5 %
THAILAND 2.4 %
MALAYSIA 2.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-10.8% 2.4% -- -- -2.3%

Market Correlations
versus... Beta R-squared
S&P500 0.99 69%
MSCI EAFE 1.15 84%
MSCI Emg. Mkts. 0.95 92%

Technical Indicators
Recent close $23.48
30d moving avg. $23.96
Annualized volatility 25.6%
Short interest (ETF) 0.0%
Relative strength (RSI) 41

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $7,789

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the KraneShares MSCI Emerging Markets EX China Index ETF 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™: 7.9%


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 ETF 62.7 25 24 8.3 +0.4
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 45.6 20 29 7.0 -0.9
JHEM John Hancock Multifactor Emerging Markets ETF 45.2 49 0 8.8 +0.9
XCEM Columbia EM Core ex-China ETF 44.3 16 33 7.4 -0.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 43.4 30 19 7.9 +0.1
EEM iShares MSCI Emerging Markets ETF 42.3 68 -19 7.6 -0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 40.4 65 -16 7.6 -0.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 40.1 36 13 7.7 -0.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 39.3 49 0 8.1 +0.2
ESGE iShares ESG MSCI EM ETF 39.2 25 24 8.8 +1.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 39.2 45 4 7.7 -0.1
IEMG iShares Core MSCI Emerging Markets ETF 37.9 13 36 8.1 +0.2
BKEM BNY Mellon Emerging Markets Equity ETF 37.6 11 38 8.6 +0.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 36.7 32 17 6.0 -1.9
EEMA iShares MSCI Emerging Markets Asia ETF 36.7 50 -1 7.8 -0.1
PXH Invesco FTSE RAFI Emerging Markets ETF 36.5 50 -1 13.9 +6.1
AIA iShares Asia 50 ETF 34.1 50 -1 8.2 +0.3
EEMO Invesco S&P Emerging Markets Momentum ETF 33.4 29 20 6.5 -1.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 32.9 39 10 13.5 +5.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 32.9 68 -19 7.2 -0.6
SCHE Schwab Emerging Markets Equity ETF 32.2 11 38 8.2 +0.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 32.1 30 19 9.0 +1.1
FLAX Franklin FTSE Asia Ex Japan ETF 31.9 19 30 7.9 +0.0
DVEM WisdomTree Emerging Markets Dividend Fund 30.0 32 17 7.4 -0.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 29.6 44 5 9.2 +1.4
VWO Vanguard FTSE Emerging Markets ETF 28.5 10 39 8.2 +0.4
PBEE Invesco PureBeta FTSE Emerging Markets ETF 28.4 15 34 8.9 +1.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 28.1 59 -10 11.4 +3.5
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 26.7 50 -1 10.7 +2.8
SPEM SPDR Portfolio Emerging Markets ETF 25.8 11 38 8.1 +0.3
FRDM Freedom 100 Emerging Markets ETF 25.0 49 0 6.9 -1.0
RNEM Emerging Markets Equity Select ETF 24.8 75 -26 12.4 +4.6
NUEM Nuveen ESG Emerging Markets Equity ETF 24.7 45 4 7.1 -0.8
FLTW Franklin FTSE Taiwan ETF 24.1 19 30 6.4 -1.5
EWT iShares MSCI Taiwan ETF 24.1 59 -10 6.1 -1.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 23.4 32 17 9.2 +1.3
FLKR Franklin FTSE South Korea ETF 22.9 9 40 8.9 +1.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 22.6 40 9 7.4 -0.5
FDEM Fidelity Targeted Emerging Markets Factor ETF 22.5 45 4 8.8 +0.9
EWY iShares MSCI South Korea ETF 21.7 59 -10 8.5 +0.6
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 20.8 95 -46 8.4 +0.5
BKF iShares MSCI BRIC ETF 20.4 69 -20 7.7 -0.1
ROAM Hartford Multifactor Emerging Markets ETF 20.1 44 5 13.4 +5.5
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 19.4 25 24 8.1 +0.2
AVEM Avantis Emerging Markets Equity ETF 19.2 33 16 9.1 +1.3
ISEM Invesco Strategic Emerging Markets ETF 19.2 35 14 11.1 +3.2
GMF SPDR S&P Emerging Asia Pacific ETF 17.5 49 0 7.5 -0.3
BICK First Trust BICK Index Fund 15.0 64 -15 4.6 -3.2
EELV Invesco S&P Emerging Markets Low Volatility ETF 14.8 29 20 10.2 +2.3
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 14.4 45 4 14.7 +6.9
VYMI Vanguard International High Dividend Yield ETF 14.2 27 22 10.3 +2.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 14.1 16 33 6.9 -1.0
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 13.9 60 -11 9.2 +1.3
EMFM Global X MSCI Next Emerging & Frontier ETF 13.8 66 -17 9.1 +1.3
EMMF WisdomTree Emerging Markets Multifactor Fund 13.0 48 1 9.7 +1.8
FLIN Franklin FTSE India ETF 12.5 19 30 5.6 -2.3
INDA iShares MSCI India ETF 12.5 69 -20 5.3 -2.5
FKO First Trust South Korea AlphadDEX Fund 12.4 80 -31 10.1 +2.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 12.2 40 9 7.1 -0.8
INDY iShares India 50 ETF 12.1 93 -44 5.6 -2.3
VSGX Vanguard ESG International Stock ETF 12.0 17 32 7.1 -0.8
EPI WisdomTree India Earnings Fund 11.7 84 -35 8.4 +0.6
PIN Invesco India ETF 11.7 78 -29 5.7 -2.2
FLLA Franklin FTSE Latin America ETF 11.4 19 30 7.1 -0.8
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.4 20 29 11.5 +3.6
NFTY First Trust India NIFTY 50 Equal Weight ETF 11.2 80 -31 8.4 +0.6
VIGI Vanguard International Dividend Appreciation ETF 11.0 20 29 5.5 -2.3
IXUS ishares Core MSCI Total International Stock ETF 10.9 9 40 7.4 -0.5
IXSE WisdomTree India Ex-State-Owned Enterprises Fund 10.8 58 -9 4.9 -3.0
ACWX iShares MSCI ACWI ex U.S. ETF 10.6 32 17 7.3 -0.6
VXUS Vanguard Total International Stock Index Fund 10.3 8 41 7.5 -0.3
DEM WisdomTree Emerging Markets High Dividend Fund 10.3 63 -14 15.4 +7.5
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 9.9 80 -31 7.6 -0.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 9.9 45 4 9.2 +1.4
VEU Vanguard FTSE All-World ex-US Index Fund 9.3 8 41 7.6 -0.3
PIE Invesco DWA Emerging Markets Momentum ETF 9.0 90 -41 5.0 -2.9
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 8.9 51 -2 14.9 +7.0
VPL Vanguard FTSE Pacific ETF 8.8 8 41 7.4 -0.5
IGRO iShares International Dividend Growth ETF 7.7 22 27 8.0 +0.1
FEM First Trust Emerging Markets AlphaDEX Fund 7.7 80 -31 14.2 +6.4
FLBR Franklin FTSE Brazil ETF 7.6 19 30 5.6 -2.3
EWZ iShares MSCI Brazil Capped ETF 7.6 59 -10 5.2 -2.7
FLN First Trust Latin America AlphaDEX Fund 7.5 80 -31 8.3 +0.4
NXTG First Trust Indxx NextG ETF 7.1 70 -21 6.0 -1.8
IXN iShares Global Tech ETF 7.1 46 3 7.0 -0.9
CWI SPDR MSCI ACWI ex-US ETF 7.0 30 19 7.2 -0.7
IDRV iShares Self-driving EV & Tech ETF 6.9 47 2 6.8 -1.1
FILL iShares MSCI Global Energy Producers ETF 6.9 39 10 7.5 -0.4
DVYE iShares Emerging Markets Dividend ETF 6.8 49 0 17.5 +9.7
ACWV iShares Edge MSCI Min Vol Global ETF 6.7 20 29 5.7 -2.2
ECON Columbia Emerging Markets Consumer ETF 6.6 59 -10 4.6 -3.2
WUGI Esoterica NextG Economy ETF 6.6 75 -26 1.6 -6.3
VIDI Vident International Equity Fund 6.5 59 -10 11.3 +3.4
FNDF Schwab Fundamental International Large Co. Index ETF 6.4 25 24 8.8 +0.9
EDIV SPDR S&P Emerging Markets Dividend ETF 6.0 49 0 12.1 +4.2
FLZA Franklin FTSE South Africa ETF 6.0 19 30 12.2 +4.4
EZA iShares MSCI South Africa ETF 6.0 59 -10 7.9 +0.0
FBZ First Trust Brazil AlphaDEX Fund 5.8 80 -31 7.5 -0.4
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 5.7 60 -11 4.5 -3.4

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 ETF
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 11.8 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 49 bp
Equals: ALTAR Score 7.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.41 CATEGORY
AVERAGE
1.44
 
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.