Gavekal Knowledge Leaders Developed World
ALTAR
Score™
5.3% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
20.1x P/Sales
ratio
1.5x
P/BV
ratio
2.4x Div.
yield
1.9%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GaveKal Knowledge Leaders Developed World ETF tracks an index of highly innovative companies from developed markets

FUND BASICS
Category Global Equities
Fund Sponsor Exchange Traded Concepts
Website gavekalfunds.com
Inception date Jul 08, 2015
Assets (mns) $140
Currency USD
Expense ratio 75 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Equal
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 316
Wgt avg mkt cap (mns) $34,907
Large cap (>$10bn) 52.8%
Mid cap ($2-10bn) 43.5%
Small cap (<$2bn) 3.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ASML HOLDING NV 0.6 %
CSL LIMITED 0.6 %
NEMETSCHEK AG 0.5 %
EN-JAPAN INC 0.5 %
GEBERIT AG-REG 0.5 %
ADOBE SYSTEMS INC 0.5 %
FUJITSU LTD 0.5 %
SUNTORY BEVERAGE & FOOD LTD 0.5 %
TOYO SUISAN KAISHA LTD 0.5 %
INTUIT INC 0.5 %
Total 5.3 %

TOP COUNTRY EXPOSURE
JAPAN 34.3 %
UNITED STATES 27.4 %
BRITAIN 5.0 %
GERMANY 4.0 %
SWEDEN 3.8 %
FRANCE 3.4 %
AUSTRALIA 3.3 %
SWITZERLAND 3.0 %
CANADA 2.4 %
IRELAND 2.0 %

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.
19.7% 10.9% -- -- 7.7%

Market Correlations
versus... Beta R-squared
S&P500 0.90 80%
MSCI EAFE 1.01 85%
MSCI Emg. Mkts. 0.73 72%

Technical Indicators
Recent close $35.79
30d moving avg. $34.60
Annualized volatility 12.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 76

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.2%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $47,447

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Gavekal Knowledge Leaders Developed World ETF based on the alternatives' overlap in portfolio holdings with KLDW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KLDW Expense: 75 bp ALTAR Score™: 5.3%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KLDW
Ticker Fund
Name
Overlap1
vs KLDW
(%)
Expense
ratio
(bp)
Savings
vs KLDW
(bp)
ALTAR
Score™
(%)
ALTAR
vs KLDW
(%)
EWJE iShares MSCI Japan Equal Weighted 21.0 15 60 7.3 +2.0
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity 17.9 9 66 6.4 +1.1
RSP Invesco S&P 500 Equal Weight 17.1 20 55 6.8 +1.5
EFG iShares MSCI EAFE Growth 17.1 40 35 5.1 -0.3
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 16.6 75 0 4.7 -0.6
PQIN PGIM QMA Strategic Alpha International Equity 16.6 29 46 7.4 +2.1
XT iShares Exponential Technologies 16.4 47 28 5.3 +0.0
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity 16.4 9 66 6.4 +1.1
ISZE iShares MSCI Int'l Developed Size Factor 16.3 30 45 6.7 +1.4
SCIU Global X Scientific Beta US 16.3 19 56 5.7 +0.4
JPEU JPMorgan Diversified Return Europe Equity 16.2 37 38 6.7 +1.4
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation 16.2 60 15 6.6 +1.3
PQLC PGIM QMA Strategic Alpha Large-Cap Core 16.0 17 58 7.0 +1.7
GSIE Goldman Sachs ActiveBeta Int'l Equity 16.0 25 50 6.7 +1.4
URTH iShares MSCI World Index 15.4 24 51 6.0 +0.7
ETHO Etho Climate Leadership U.S. 15.4 45 30 4.9 -0.4
JHMD John Hancock Multifactor Developed International 15.3 45 30 7.2 +1.9
JPUS JPMorgan Diversified Return U.S. Equity 15.2 19 56 6.3 +1.0
QEFA SPDR MSCI EAFE Quality Mix 15.2 30 45 6.6 +1.3
EFAX SPDR MSCI EAFE Fossil Fuel Free 15.0 20 55 7.1 +1.8

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

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:
Gavekal Knowledge Leaders Developed World
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 13.3 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.66 CATEGORY
AVERAGE
1.54
 
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.