Gavekal Knowledge Leaders Developed World ETF
ALTAR
Score™
4.3% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
33.1x P/Sales
ratio
1.7x
P/BV
ratio
2.5x Div.
yield
1.5%


  • 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 07, 2015
Assets (mns) $178
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 243
Wgt avg mkt cap (mns) $55,511
Large cap (>$10bn) 62.8%
Mid cap ($2-10bn) 35.9%
Small cap (<$2bn) 1.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ASML HOLDING NV-NY REG SHS 1.0 %
ZIMMER HOLDINGS INC 1.0 %
PPG INDUSTRIES INC 1.0 %
YAKULT HONSHA CO LTD 1.0 %
ADVANCE AUTO PARTS INC 0.9 %
WESTON (GEORGE) LTD 0.9 %
SO-NET M3 INC 0.9 %
KONAMI CORP 0.9 %
PAYPAL HOLDINGS INC 0.7 %
STORA ENSO OYJ-R SHS 0.7 %
Total 9.2 %

TOP COUNTRY EXPOSURE
JAPAN 34.6 %
UNITED STATES 25.8 %
BRITAIN 5.0 %
SWEDEN 4.5 %
GERMANY 4.0 %
AUSTRALIA 3.8 %
SWITZERLAND 3.2 %
FRANCE 3.1 %
CANADA 2.7 %
NETHERLANDS 2.3 %

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.
16.8% 16.8% 11.6% -- 10.3%

Market Correlations
versus... Beta R-squared
S&P500 0.92 90%
MSCI EAFE 0.92 88%
MSCI Emg. Mkts. 0.70 67%

Technical Indicators
Recent close $43.46
30d moving avg. $42.48
Annualized volatility 18.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 11
Turnover 0.3%
Bid/Ask (% of price) 0.08%
ADV underlying (mns) $62,171

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 96 potential alternatives to the Gavekal Knowledge Leaders Developed World ETF 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™: 4.3%


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
(%)
DFAI Dimensional International Core Equity Market ETF 28.9 18 57 6.3 +2.0
EWJE iShares MSCI Japan Equal Weighted ETF 18.4 15 60 6.4 +2.1
PQIN PGIM QMA Strategic Alpha International Equity ETF 15.9 29 46 7.0 +2.7
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 14.7 25 50 6.2 +1.9
RNLC Large Cap US Equity Select ETF 14.2 60 15 5.2 +0.8
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 13.7 9 66 4.8 +0.4
ETHO Etho Climate Leadership U.S. ETF 13.4 47 28 3.6 -0.7
EFG iShares MSCI EAFE Growth ETF 13.4 40 35 4.1 -0.3
XT iShares Exponential Technologies ETF 13.4 47 28 4.4 +0.1
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 13.1 9 66 6.6 +2.3
JPXN iShares JPX-Nikkei 400 ETF 13.0 48 27 6.2 +1.9
BBJP JPMorgan BetaBuilders Japan ETF 13.0 19 56 6.4 +2.1
ZJPN SPDR Solactive Japan ETF 12.9 14 61 6.5 +2.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 12.9 25 50 6.0 +1.6
FLJP Franklin FTSE Japan ETF 12.8 9 66 6.5 +2.2
RBIN Nationwide Risk-Based International Equity ETF 12.8 42 33 6.0 +1.7
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares 12.7 35 40 4.3 -0.1
QQEW First Trust Nasdaq-100 Equal Weighted Index Fund 12.7 59 16 4.0 -0.4
FLJH Franklin FTSE Japan Hedged ETF 12.7 9 66 6.5 +2.2
EWJ iShares MSCI Japan ETF 12.5 51 24 6.1 +1.7
RESD WisdomTree International ESG Fund 12.5 30 45 6.5 +2.1
ESGV Vanguard ESG U.S. Stock ETF 12.4 12 63 4.5 +0.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 12.4 30 45 5.2 +0.9
JHMD John Hancock Multifactor Developed International ETF 12.3 39 36 6.5 +2.2
DBJP Xtrackers MSCI Japan Hedged Equity ETF 12.3 45 30 6.1 +1.8
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 12.2 75 0 2.0 -2.3
JOET Virtus Terranova US Quality Momentum ETF 12.1 29 46 4.6 +0.2
CIL VictoryShares International Volatility Weighted Index ETF 12.1 45 30 6.3 +2.0
SZNE Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF 12.1 60 15 4.6 +0.3
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 12.1 45 30 6.3 +1.9
ISZE iShares Edge MSCI Intl Size Factor ETF 12.1 30 45 6.3 +1.9
TPIF Timothy Plan International ETF 12.1 62 13 6.0 +1.7
SPXN ProShares S&P 500 Ex-Financials ETF 12.1 27 48 4.3 0.0
URTH iShares MSCI World ETF 12.0 24 51 4.9 +0.6
JPUS JPMorgan Diversified Return U.S. Equity ETF 12.0 18 57 5.6 +1.2
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 11.9 9 66 5.0 +0.6
XVV iShares ESG Screened S&P 500 ETF 11.9 8 67 4.9 +0.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 11.9 24 51 6.5 +2.2
JHML John Hancock Multifactor Large Cap ETF 11.9 29 46 4.8 +0.5
KOKU Xtrackers MSCI Kokusai Equity ETF 11.9 9 66 5.0 +0.6
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 11.8 17 58 6.1 +1.7
XOUT GraniteShares XOUT U.S. Large Cap ETF 11.7 60 15 3.6 -0.8
TOK iShares MSCI Kokusai ETF 11.7 25 50 4.9 +0.5
QWLD SPDR MSCI World StrategicFactors ETF 11.7 30 45 5.3 +1.0
RSP Invesco S&P 500 Equal Weight ETF 11.5 20 55 5.6 +1.2
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 11.5 20 55 6.3 +2.0
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 11.5 14 61 6.1 +1.7
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 11.5 20 55 4.8 +0.4
IDLV Invesco S&P International Developed Low Volatility ETF 11.5 25 50 6.2 +1.9
QINT American Century Quality Diversified International ETF 11.5 39 36 5.6 +1.3
IMTM iShares Edge MSCI Intl Momentum Factor ETF 11.5 30 45 4.1 -0.2
PBP Invesco S&P 500 BuyWrite ETF 11.4 49 26 4.3 -0.1
SPXE ProShares S&P 500 Ex-Energy ETF 11.4 27 48 4.6 +0.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 11.4 9 66 5.1 +0.7
XYLG Global X S&P 500 Covered Call & Growth ETF 11.4 60 15 4.4 +0.0
FTC First Trust Large Cap Growth AlphaDEX Fund 11.4 61 14 2.2 -2.1
IDLB Invesco FTSE International Low Beta Equal Weight ETF 11.3 45 30 6.1 +1.8
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 11.3 49 26 3.4 -0.9
VOO VANGUARD S&P 500 ETF 11.3 3 72 4.8 +0.5
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 11.3 7 68 4.5 +0.2
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 11.3 25 50 5.8 +1.5
SPLG SPDR Portfolio Large Cap ETF 11.3 3 72 4.7 +0.4
SPY SPDR S&P 500 ETF Trust 11.3 9 66 4.7 +0.3
IVV iShares Core S&P 500 ETF 11.2 3 72 4.7 +0.4
VV Vanguard Large-Cap Index Fund 11.1 4 71 4.6 +0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 11.1 2 73 4.6 +0.3
PBUS Invesco PureBeta MSCI USA ETF 11.0 4 71 4.6 +0.2
JPIN JPMorgan Diversified Return International Equity ETF 11.0 37 38 7.0 +2.7
SFY SoFi Select 500 ETF 11.0 0 75 4.5 +0.2
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 11.0 35 40 6.1 +1.7
AFLG First Trust Active Factor Large Cap ETF 10.9 55 20 4.7 +0.3
GSID Goldman Sachs MarketBeta International Equity ETF 10.9 20 55 6.3 +2.0
SCHX Schwab U.S. Large-Cap ETF 10.9 3 72 4.5 +0.2
HFXI IQ 50 Percent Hedged FTSE International ETF 10.9 20 55 6.4 +2.1
USXF iShares ESG Advanced MSCI USA ETF 10.9 10 65 4.5 +0.2
EFA iShares MSCI EAFE ETF 10.9 32 43 6.2 +1.9
LOWC SPDR MSCI ACWI Low Carbon Target ETF 10.9 20 55 5.3 +1.0
FLQL Franklin LibertyQ U.S. Equity ETF 10.8 15 60 5.9 +1.6
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 10.8 35 40 5.0 +0.7
CFA VictoryShares US 500 Volatility Weighted Index ETF 10.8 35 40 5.0 +0.7
ESGD iShares MSCI EAFE ESG Optimized ETF 10.8 20 55 6.1 +1.8
VOOG Vanguard S&P 500 Growth ETF 10.8 10 65 3.9 -0.5
ESGG FlexShares STOXX Global ESG Impact Index Fund 10.8 42 33 4.6 +0.2
QYLD Global X NASDAQ 100 Covered Call ETF 10.7 60 15 3.2 -1.2
ESGU iShares MSCI USA ESG Optimized ETF 10.7 15 60 4.4 +0.1
SPTM SPDR Portfolio Total Stock Market ETF 10.7 3 72 4.8 +0.4
SCHK Schwab 1000 Index ETF 10.7 5 70 4.6 +0.2
IWB iShares Russell 1000 ETF 10.7 15 60 4.4 +0.1
NUSI Nationwide Risk-Managed Income ETF 10.7 68 7 3.1 -1.3
QYLG Global X Nasdaq 100 Covered Call & Growth ETF 10.6 60 15 3.1 -1.2
ACWI iShares MSCI ACWI ETF 10.6 32 43 5.0 +0.7
RBUS Nationwide Risk-Based U.S. Equity ETF 10.6 30 45 4.6 +0.2
IYY iShares Dow Jones U.S. ETF 10.6 20 55 4.4 +0.1
SPYG SPDR Portfolio S&P 500 Growth ETF 10.6 4 71 3.7 -0.7
QQQ Invesco QQQ Trust 10.6 20 55 3.5 -0.9
SPHQ Invesco S&P 500 Quality ETF 10.6 15 60 4.4 +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%.

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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:
Gavekal Knowledge Leaders Developed World 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 12.0 %
Divided by: Fwd. P/BV 2.4 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 4.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.61 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.
 

 

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.