KraneShares MSCI Emerging Markets EX China Index ETF
ALTAR
Score™
6.4% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
23.0x P/Sales
ratio
1.8x
P/BV
ratio
1.9x Div.
yield
2.1%


  • 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 25 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 298
Wgt avg mkt cap (mns) $145,044
Large cap (>$10bn) 82.6%
Mid cap ($2-10bn) 15.6%
Small cap (<$2bn) 0.3%
Developed mkts 0.5%
Emerging mkts 99.5%

TOP TEN HOLDINGS
TAIWAN SEMICONDUCTOR MANUFAC 14.6 %
SAMSUNG ELECTRONICS CO LTD 9.3 %
NASPERS LTD-N SHS 2.6 %
RELIANCE INDUSTRIES LTD 2.0 %
INFOSYS TECHNOLOGIES-SP ADR 1.8 %
HYNIX SEMICONDUCTOR INC 1.7 %
SAMSUNG ELECTRONICS-PFD 1.6 %
HOUSING DEVELOPMENT FINANCE 1.5 %
HON HAI PRECISION INDUSTRY 1.5 %
VALE SA 1.3 %
Total 38.0 %

TOP COUNTRY EXPOSURE
SOUTH KOREA 26.0 %
TAIWAN 25.7 %
INDIA 13.5 %
BRAZIL 7.2 %
SOUTH AFRICA 5.7 %
RUSSIA 4.6 %
MEXICO 3.0 %
INDONESIA 2.5 %
THAILAND 2.3 %
MALAYSIA 2.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
12.8% 12.8% -- -- 13.0%

Market Correlations
versus... Beta R-squared
S&P500 1.03 68%
MSCI EAFE 1.09 83%
MSCI Emg. Mkts. 1.02 89%

Technical Indicators
Recent close $31.64
30d moving avg. $30.22
Annualized volatility 26.7%
Short interest (ETF) 0.2%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.0%
Bid/Ask (% of price) 0.17%
ADV underlying (mns) $18,745

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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: 25 bp ALTAR Score™: 6.4%


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
(%)
DFAE Dimensional Emerging Core Equity Market ETF 84.7 35 -10 7.0 +0.6
EMXC iShares MSCI Emerging Markets ex China ETF 64.0 25 0 6.6 +0.2
XCEM Columbia EM Core ex-China ETF 47.9 16 9 5.9 -0.4
JHEM John Hancock Multifactor Emerging Markets ETF 47.7 49 -24 7.4 +1.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 47.5 20 5 5.5 -0.9
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 45.7 30 -5 6.4 +0.0
LDEM iShares ESG MSCI EM Leaders ETF 45.4 16 9 6.4 +0.0
BKEM BNY Mellon Emerging Markets Equity ETF 44.8 11 14 6.7 +0.3
EEM iShares MSCI Emerging Markets ETF 44.4 70 -45 6.0 -0.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 42.7 32 -7 5.0 -1.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 42.5 36 -11 6.8 +0.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 42.1 65 -40 6.0 -0.4
EMXF iShares ESG Advanced MSCI EM ETF 40.6 16 9 7.1 +0.7
ESGE iShares ESG Aware MSCI EM ETF 40.3 25 0 7.0 +0.7
IEMG iShares Core MSCI Emerging Markets ETF 39.7 11 14 6.6 +0.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 39.2 45 -20 6.3 -0.0
AIA iShares Asia 50 ETF 39.1 50 -25 6.0 -0.4
EEMA iShares MSCI Emerging Markets Asia ETF 38.9 50 -25 6.3 -0.0
PXH Invesco FTSE RAFI Emerging Markets ETF 38.1 50 -25 11.6 +5.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 36.3 49 -24 7.6 +1.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 35.7 68 -43 5.7 -0.7
EEMO Invesco S&P Emerging Markets Momentum ETF 35.2 29 -4 3.3 -3.1
FLAX Franklin FTSE Asia Ex Japan ETF 34.6 19 6 6.2 -0.1
SCHE Schwab Emerging Markets Equity ETF 33.5 11 14 6.7 +0.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 32.8 39 -14 11.6 +5.2
RESE WisdomTree Emerging Markets ESG Fund 32.0 32 -7 6.7 +0.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 31.0 30 -5 7.5 +1.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 30.2 15 10 7.3 +0.9
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 29.5 59 -34 10.6 +4.2
VWO Vanguard FTSE Emerging Markets ETF 29.1 10 15 6.9 +0.6
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 27.7 32 -7 7.4 +1.1
JPEM J.P. Morgan Diversified Return Emerging Markets Equity ETF 27.6 44 -19 8.2 +1.8
SPEM SPDR Portfolio Emerging Markets ETF 27.2 11 14 6.5 +0.2
CEZ VictoryShares Emerging Market Volatility Wtd ETF 26.4 50 -25 9.5 +3.2
NUEM Nuveen ESG Emerging Markets Equity ETF 26.2 45 -20 5.4 -0.9
FLKR Franklin FTSE South Korea ETF 26.0 9 16 6.7 +0.3
EWT iShares MSCI Taiwan ETF 25.7 59 -34 4.8 -1.5
FLTW Franklin FTSE Taiwan ETF 25.6 19 6 5.1 -1.3
FRDM Freedom 100 Emerging Markets ETF 24.6 49 -24 5.3 -1.1
EWY iShares MSCI South Korea ETF 24.5 59 -34 6.2 -0.2
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 24.3 40 -15 6.1 -0.3
FDEM Fidelity Emerging Markets Multifactor ETF 24.3 45 -20 7.7 +1.4
RNEM First Trust Emerging Markets Equity Select ETF 23.3 75 -50 10.2 +3.8
ROAM Hartford Multifactor Emerging Markets ETF 21.7 44 -19 11.5 +5.2
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 20.7 95 -70 7.1 +0.8
ISEM Invesco RAFI Strategic Emerging Markets ETF 20.7 35 -10 8.9 +2.5
BKF iShares MSCI BRIC ETF 20.1 70 -45 6.2 -0.2
AVEM Avantis Emerging Markets Equity ETF 19.3 33 -8 7.3 +0.9
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 18.4 25 0 6.6 +0.3
GMF SPDR S&P Emerging Asia Pacific ETF 17.8 49 -24 5.9 -0.4
VYMI Vanguard International High Dividend Yield ETF 17.6 27 -2 9.0 +2.7
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 16.0 16 9 6.0 -0.4
VSGX Vanguard ESG International Stock ETF 16.0 17 8 6.3 -0.0
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 15.7 45 -20 12.1 +5.7
BICK First Trust BICK Index Fund 15.2 64 -39 3.2 -3.1
EMMF WisdomTree Emerging Markets Multifactor Fund 15.1 48 -23 8.1 +1.7
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 14.4 20 5 9.4 +3.1
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 14.2 40 -15 6.1 -0.3
EELV Invesco S&P Emerging Markets Low Volatility ETF 13.5 29 -4 9.5 +3.2
ACWX iShares MSCI ACWI ex U.S. ETF 12.4 32 -7 6.3 -0.1
IXUS ishares Core MSCI Total International Stock ETF 12.3 9 16 6.4 +0.1
EMGF iShares MSCI Emerging Markets Multifactor ETF 12.1 45 -20 8.6 +2.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 11.7 58 -33 5.0 -1.3
FLIN Franklin FTSE India ETF 11.7 19 6 4.8 -1.6
INDA iShares MSCI India ETF 11.7 69 -44 4.3 -2.0
VPL Vanguard FTSE Pacific ETF 11.5 8 17 6.4 +0.1
EMFM Global X MSCI Next Emerging & Frontier ETF 11.4 66 -41 8.2 +1.8
INDY iShares India 50 ETF 11.3 93 -68 4.4 -2.0
NFTY First Trust India NIFTY 50 Equal Weight ETF 11.2 80 -55 6.4 +0.1
VIGI Vanguard International Dividend Appreciation ETF 11.2 20 5 5.0 -1.3
FLLA Franklin FTSE Latin America ETF 11.0 19 6 6.2 -0.1
EPI WisdomTree India Earnings Fund 10.9 84 -59 7.0 +0.7
DEM WisdomTree Emerging Markets High Dividend Fund 10.8 63 -38 12.9 +6.6
PIN Invesco India ETF 10.6 78 -53 5.0 -1.4
VEU Vanguard FTSE All-World ex-US Index Fund 10.6 8 17 6.7 +0.3
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 10.5 80 -55 7.5 +1.1
IXSE WisdomTree India Ex-State-Owned Enterprises Fund 10.5 58 -33 3.4 -3.0
DWCR Arrow DWA Country Rotation ETF 10.4 116 -91 3.6 -2.8
VXUS Vanguard Total International Stock ETF 10.1 8 17 6.6 +0.2
PIE Invesco DWA Emerging Markets Momentum ETF 10.0 90 -65 1.8 -4.5
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 9.9 61 -36 7.7 +1.4
IXN iShares Global Tech ETF 9.7 46 -21 3.7 -2.6
IDRV iShares Self-driving EV & Tech ETF 8.8 47 -22 5.2 -1.1
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 8.5 51 -26 18.7 +12.4
NXTG First Trust Indxx NextG ETF 8.2 70 -45 5.1 -1.3
CWI SPDR MSCI ACWI ex-US ETF 7.9 30 -5 6.2 -0.2
FEM First Trust Emerging Markets AlphaDEX Fund 7.8 80 -55 10.5 +4.1
WUGI Esoterica NextG Economy ETF 7.7 75 -50 1.0 -5.3
FNDF Schwab Fundamental International Large Co. Index ETF 7.7 25 0 7.7 +1.3
VIDI Vident International Equity Fund 7.2 59 -34 9.7 +3.4
FLBR Franklin FTSE Brazil ETF 7.2 19 6 5.2 -1.2
EWZ iShares MSCI Brazil Capped ETF 7.2 59 -34 4.4 -2.0
FDT First Trust Developed Markets ex-US Alphadex Fund 7.0 80 -55 7.6 +1.2
ISDX Invesco RAFI Strategic Developed ex-US ETF 6.9 23 2 6.3 -0.1
DVYE iShares Emerging Markets Dividend ETF 6.5 49 -24 16.7 +10.3
ACWV iShares MSCI Global Min Vol Factor ETF 6.4 20 5 5.5 -0.9
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 6.4 45 -20 7.6 +1.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 6.3 20 5 5.3 -1.1

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 11.9 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.37 CATEGORY
AVERAGE
1.39
 
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.