ETF Research Center

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	305
Wgt avg mkt cap (mns)	$77,333
Large cap (>$10bn)	78.9%
Mid cap ($2-10bn)	19.6%
Small cap (<$2bn)	0.1%
Developed mkts	0.4%
Emerging mkts	99.6%

TOP TEN HOLDINGS
Total	28.3 %
TAIWAN SEMICONDUCTOR MANUFAC	8.5 %
SAMSUNG ELECTRONICS CO LTD	7.1 %
NASPERS LTD-N SHS	2.2 %
RELIANCE INDUSTRIES LTD	1.9 %
HOUSING DEVELOPMENT FINANCE	1.8 %
HYNIX SEMICONDUCTOR INC	1.5 %
SBERBANK	1.5 %
LUKOIL OAO	1.4 %
GAZPROM OAO	1.3 %
INFOSYS TECHNOLOGIES-SP ADR	1.3 %

TOP COUNTRY EXPOSURE
	SOUTH KOREA	19.6 %
	TAIWAN	18.8 %
	INDIA	13.2 %
	BRAZIL	11.3 %
	RUSSIA	7.1 %
	SOUTH AFRICA	6.8 %
	MEXICO	3.7 %
	INDONESIA	3.1 %
	THAILAND	3.1 %
	MALAYSIA	2.7 %

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.
8.7%	--	--	--	8.7%

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

Technical Indicators
Recent close	$26.92
30d moving avg.	$26.62
Annualized volatility	0.0%
Short interest (ETF)	0.1%
Relative strength (RSI)	65

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.15%
ADV underlying (mns)	$8,573

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™:

8.1%

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	64.3	49	0	8.0	-0.1
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	49.5	20	29	7.6	-0.6
JHEM	John Hancock Multifactor Emerging Markets	49.3	55	-6	8.2	+0.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	49.1	30	19	7.9	-0.3
EEM	iShares MSCI Emerging Markets	48.5	67	-18	7.7	-0.4
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	45.8	65	-16	7.7	-0.4
GEM	Goldman Sachs ActiveBeta Emg Mkts Equity	44.0	45	4	8.4	+0.3
PXH	Invesco FTSE-RAFI Emerging Markets	43.2	50	-1	11.5	+3.4
IEMG	iShares Core MSCI Emerging Markets	43.0	14	35	8.0	-0.1
XSOE	WisdomTree Emg Mkt ex-SOE	41.8	32	17	6.3	-1.8
EEMA	iShares MSCI Emg Mkts Asia	39.9	50	-1	7.9	-0.2
ESGE	iShares MSCI EM ESG Optimized	39.2	25	24	8.6	+0.4
DVEM	WisdomTree Emerging Markets Dividend	39.0	32	17	10.5	+2.4
EMEM	Virtus Glovista Emerging Markets	38.6	67	-18	8.7	+0.6
XCEM	Columbia EM Core ex-China	38.5	16	33	7.3	-0.8
SCHE	Schwab Emerging Markets Equity	37.9	13	36	7.9	-0.2
PBEE	Invesco PureBeta FTSE Emerging Markets	35.7	14	35	8.5	+0.4
EWEM	Invesco MSCI Emerging Market Equal Weight	34.9	70	-21	8.5	+0.3
FNDE	Schwab Fundamental Emg Mkt Large Cap	34.5	39	10	10.4	+2.3
AAXJ	iShares MSCI Asia ex-Japan	34.4	67	-18	7.4	-0.7

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	**	**	**	**	**	**	**
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	12.5	%
Divided by: Fwd. P/BV	1.5	x
Less: Expense ratio	49	bp
Equals: ALTAR Score	8.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.49	CATEGORY AVERAGE	1.48

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.