KFA Large Cap Quality Dividend Index
ALTAR
Score™
5.0% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
21.6x P/Sales
ratio
2.3x
P/BV
ratio
4.1x Div.
yield
2.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KFA Large Cap Quality Dividend Index ETF tracks a dividend-selected, market-cap weighted index of large-cap U.S equities.

FUND BASICS
Category US Equities
Fund Sponsor KraneShares
Website kraneshares.com
Inception date Jun 12, 2019
Assets (mns) $57
Currency USD
Expense ratio 41 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 98
Wgt avg mkt cap (mns) $75,390
Large cap (>$10bn) 81.9%
Mid cap ($2-10bn) 18.1%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
QUALCOMM INC 1.1 %
HARRIS CORP 1.1 %
VISA INC-CLASS A SHARES 1.1 %
AQUA AMERICA INC 1.1 %
BROWN-FORMAN CORP-CLASS B 1.1 %
MOODY'S CORP 1.1 %
BRISTOL-MYERS SQUIBB CO 1.1 %
CINTAS CORP 1.1 %
MICROSOFT CORP 1.1 %
NORTHROP GRUMMAN CORP 1.1 %
Total 10.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 93.8 %
IRELAND 3.0 %
BRITAIN 1.0 %
BERMUDA 1.0 %







HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru January 01)
Year-to-date 1 year 5 years 10 years Since Incep.
-- -- -- -- 0.0%

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

Technical Indicators
Recent close $27.61
30d moving avg. $26.97
Annualized volatility 0.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.4%
Bid/Ask (% of price) 0.15%
ADV underlying (mns) $26,187

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KFA Large Cap Quality Dividend Index ETF based on the alternatives' overlap in portfolio holdings with KLCD. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KLCD Expense: 41 bp ALTAR Score™: 5.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KLCD
Ticker Fund
Name
Overlap1
vs KLCD
(%)
Expense
ratio
(bp)
Savings
vs KLCD
(bp)
ALTAR
Score™
(%)
ALTAR
vs KLCD
(%)
PFM Invesco Dividend Achievers 35.0 54 -13 5.2 +0.1
VIG Vanguard Dividend Appreciation 32.4 6 35 5.2 +0.1
FLQL Franklin LibertyQ U.S. Equity 31.9 15 26 6.4 +1.3
SDY SPDR S&P Dividend ETF 31.4 35 6 6.4 +1.4
LVUS Hartford Multifactor Low Volatility US Equity 29.8 21 20 5.6 +0.5
SPLV Invesco S&P 500 Low Volatility 29.5 25 16 5.0 -0.0
HUSV First Trust Horizon Managed Volatility Domestic 29.4 70 -29 4.6 -0.4
JMIN JPMorgan U.S. Minimum Volatility 29.3 12 29 5.3 +0.2
NOBL ProShares S&P500 Aristocrats 29.0 35 6 5.6 +0.6
KNG Cboe Vest S&P 500 Dividend Aristocrats Target Income 29.0 75 -34 5.2 +0.2
LGLV SPDR Russell 1000 Low Volatility 28.6 12 29 5.0 -0.1
USMV iShares MSCI USA Minimum Volatility 27.8 15 26 4.9 -0.1
LSLT Salt Low truBeta US Market 27.7 0 41 6.4 +1.4
VSDA VictoryShares Dividend Accelerator 27.4 35 6 4.6 -0.4
DEF Invesco Defensive Equity 26.8 59 -18 4.6 -0.4
FDLO Fidelity Low Volatility Factor 26.6 29 12 5.0 -0.0
DGRO iShares Core Dividend Growth 26.1 8 33 6.1 +1.1
EQWL Invesco Fundamental Pure Large Core 26.0 25 16 6.0 +1.0
XRLV Invesco S&P 500 ex-Rate Sensitive Low Volatility 25.9 25 16 5.7 +0.7
FLLV Franklin Liberty U.S. Low Volatility 25.7 29 12 5.1 +0.0

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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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:
KFA Large Cap Quality Dividend 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 19.7 %
Divided by: Fwd. P/BV 3.6 x
Less: Expense ratio 41 bp
Equals: ALTAR Score 5.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.63 CATEGORY
AVERAGE
1.55
 
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.