Gavekal Knowledge Leaders Developed World ETF
ALTAR
Score™
4.9% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
24.9x P/Sales
ratio
1.6x
P/BV
ratio
2.4x Div.
yield
1.7%


  • 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) $142
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 315
Wgt avg mkt cap (mns) $43,315
Large cap (>$10bn) 53.9%
Mid cap ($2-10bn) 43.4%
Small cap (<$2bn) 2.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
ASML HOLDING NV 0.8 %
NEMETSCHEK AG 0.8 %
ADOBE SYSTEMS INC 0.7 %
ONO PHARMACEUTICAL CO LTD 0.7 %
TOYO SUISAN KAISHA LTD 0.6 %
SYNOPSYS INC 0.6 %
FUJITSU LTD 0.6 %
CSL LIMITED 0.6 %
PAYPAL HOLDINGS INC 0.6 %
INTUIT INC 0.6 %
Total 6.4 %

TOP COUNTRY EXPOSURE
JAPAN 33.7 %
UNITED STATES 29.2 %
BRITAIN 4.4 %
GERMANY 3.9 %
SWEDEN 3.7 %
FRANCE 3.2 %
AUSTRALIA 3.1 %
SWITZERLAND 2.8 %
NETHERLANDS 2.2 %
CANADA 2.0 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.1% 10.3% -- -- 6.6%

Market Correlations
versus... Beta R-squared
S&P500 0.93 92%
MSCI EAFE 0.99 89%
MSCI Emg. Mkts. 0.72 72%

Technical Indicators
Recent close $34.72
30d moving avg. $32.01
Annualized volatility 16.4%
Short interest (ETF) 0.1%
Relative strength (RSI) 66

Liquidity measures
Avg. volume (thou.) 13
Turnover 0.3%
Bid/Ask (% of price) 0.10%
ADV underlying (mns) $90,094

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 4.9%


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 ETF 20.6 15 60 7.1 +2.3
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 19.2 17 58 7.0 +2.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 19.2 29 46 8.3 +3.4
XT iShares Exponential Technologies ETF 17.4 47 28 5.3 +0.4
GSLC Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 17.3 9 66 5.6 +0.8
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 17.3 9 66 6.0 +1.2
JPEU JPMorgan Diversified Return Europe Equity ETF 17.2 37 38 7.0 +2.2
GSIE Goldman Sachs ActiveBeta International Equity ETF 17.1 25 50 7.0 +2.2
ISZE iShares Edge MSCI Intl Size Factor ETF 17.0 30 45 7.2 +2.3
RSP Invesco S&P 500 Equal Weight ETF 17.0 20 55 6.9 +2.1
EFG iShares MSCI EAFE Growth ETF 16.9 40 35 4.8 -0.0
ETHO Etho Climate Leadership U.S. ETF 16.8 47 28 4.4 -0.4
SCIU Global X Scientific Beta US ETF 16.6 19 56 5.8 +1.0
URTH iShares MSCI World ETF 16.5 24 51 5.9 +1.1
EUSA iShares MSCI USA Equal Weighted ETF 16.2 15 60 6.2 +1.3
TOK iShares MSCI Kokusai ETF 16.2 25 50 5.8 +1.0
JHML John Hancock Multifactor Large Cap ETF 16.2 34 41 5.6 +0.8
JPUS JPMorgan Diversified Return U.S. Equity ETF 16.1 19 56 6.3 +1.5
SIZE iShares Edge MSCI USA Size Factor ETF 16.0 15 60 6.0 +1.2
JHMD John Hancock Multifactor Developed International ETF 16.0 45 30 7.6 +2.8
CFA VictoryShares US 500 Volatility Weighted Index ETF 16.0 35 40 5.9 +1.0
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 15.8 20 55 7.5 +2.6
SPGM SPDR Portfolio MSCI Global Stock Market ETF 15.7 9 66 6.3 +1.5
TPIF Timothy Plan International ETF 15.6 62 13 7.2 +2.3
QEFA SPDR MSCI EAFE Quality Mix ETF 15.5 30 45 6.9 +2.1
QWLD SPDR MSCI World StrategicFactors ETF 15.5 30 45 6.2 +1.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 15.5 20 55 6.5 +1.6
LOWC SPDR MSCI ACWI Low Carbon Target ETF 15.4 20 55 6.5 +1.7
CIL VictoryShares International Volatility Weighted Index ETF 15.1 45 30 6.9 +2.1
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 15.1 48 27 0.0 -4.9
ACWI iShares MSCI ACWI ETF 15.1 32 43 6.2 +1.3
EFA iShares MSCI EAFE ETF 15.0 32 43 7.4 +2.5
SPXN ProShares S&P 500 Ex-Financials ETF 15.0 27 48 5.2 +0.3
IMTM iShares Edge MSCI Intl Momentum Factor ETF 15.0 30 45 5.0 +0.2
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 15.0 25 50 7.6 +2.7
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 15.0 35 40 7.2 +2.4
HFXI IQ 50 Percent Hedged FTSE International ETF 14.9 20 55 7.8 +2.9
XOUT GraniteShares XOUT U.S. Large Cap ETF 14.9 60 15 4.6 -0.3
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 14.9 75 0 3.7 -1.1
RNLC Large Cap US Equity Select ETF 14.9 60 15 6.3 +1.5
FEX First Trust Large Cap Core AlphaDEX Fund 14.8 60 15 6.1 +1.3
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 14.7 7 68 7.8 +3.0
PBP Invesco S&P 500 BuyWrite ETF 14.6 49 26 5.1 +0.2
SCIJ Global X Scientific Beta Japan ETF 14.6 39 36 7.2 +2.3
IQSI IQ Candriam ESG International Equity ETF 14.6 15 60 7.5 +2.7
SCID Global X Scientific Beta Europe ETF 14.5 38 37 7.2 +2.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 14.5 42 33 5.7 +0.9
IEFA iShares Core MSCI EAFE ETF 14.4 7 68 7.5 +2.7
RBUS Nationwide Risk-Based U.S. Equity ETF 14.3 30 45 5.1 +0.2
ESGD iShares MSCI EAFE ESG Optimized ETF 14.3 20 55 7.4 +2.6
HSPX Global X S&P 500 Covered Call ETF 14.3 65 10 5.0 +0.1
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 14.3 49 26 4.2 -0.6
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 14.2 20 55 5.6 +0.7
VV Vanguard Large-Cap Index Fund 14.2 4 71 5.4 +0.6
SPXE ProShares S&P 500 Ex-Energy ETF 14.2 27 48 5.5 +0.6
JPGE JPMorgan Diversified Return Global Equity ETF 14.2 29 46 7.5 +2.6
PBUS Invesco PureBeta MSCI USA ETF 14.1 4 71 5.4 +0.6
IQSU IQ Candriam ESG US Equity ETF 14.1 9 66 5.3 +0.5
BBUS JP Morgan Betabuilders U.S. Equity ETF 14.1 2 73 5.5 +0.6
SCHF Schwab International Equity ETF 14.1 6 69 7.6 +2.8
PDEV Principal International Multi-Factor Core Index ETF 14.0 25 50 8.1 +3.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 14.0 14 61 7.2 +2.4
SPLG SPDR Portfolio Large Cap ETF 14.0 3 72 5.6 +0.7
IVV iShares Core S&P 500 ETF 14.0 4 71 5.6 +0.7
SPY SPDR S&P 500 ETF Trust 14.0 9 66 5.5 +0.7
VOO VANGUARD S&P 500 ETF 14.0 3 72 5.6 +0.7
SCHX Schwab U.S. Large-Cap ETF 13.9 3 72 5.5 +0.6
IDEV iShares Core MSCI International Developed Markets ETF 13.9 5 70 7.5 +2.6
VT Vanguard Total World Stock Index Fund 13.9 8 67 6.4 +1.6
JQUA JPMorgan U.S. Quality Factor ETF 13.9 12 63 5.3 +0.5
SFY SoFi Select 500 ETF 13.9 0 75 5.4 +0.5
IWB iShares Russell 1000 ETF 13.8 15 60 5.3 +0.5
SCHK Schwab 1000 Index ETF 13.7 5 70 5.4 +0.6
SPDW SPDR Portfolio Developed World ex-US ETF 13.7 4 71 7.4 +2.6
VONE Vanguard Russell 1000 ETF 13.7 8 67 5.4 +0.6
QINT American Century Quality Diversified International ETF 13.7 39 36 6.1 +1.2
IYY iShares Dow Jones U.S. ETF 13.7 20 55 5.3 +0.5
EXT WisdomTree U.S. Total Earnings Fund 13.6 28 47 5.9 +1.0
ESGV Vanguard ESG U.S. Stock ETF 13.6 12 63 5.4 +0.5
KRMA Global X Conscious Companies ETF 13.6 43 32 5.4 +0.5
IWF iShares Russell 1000 Growth ETF 13.5 19 56 4.4 -0.5
VONG Vanguard Russell 1000 Growth Index Fund 13.5 8 67 4.5 -0.4
SPTM SPDR Portfolio Total Stock Market ETF 13.5 3 72 5.7 +0.8
VOOG Vanguard S&P 500 Growth ETF 13.5 10 65 4.5 -0.4
JPXN iShares JPX-Nikkei 400 ETF 13.4 48 27 7.5 +2.7
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 13.4 25 50 6.9 +2.1
SPYG SPDR Portfolio S&P 500 Growth ETF 13.4 4 71 4.5 -0.3
ESGU iShares MSCI USA ESG Optimized ETF 13.4 15 60 5.2 +0.4
IVW iShares S&P 500 Growth ETF 13.4 18 57 4.4 -0.5
CATH Global X S&P 500 Catholic Values Custom ETF 13.4 29 46 5.4 +0.6
FTC First Trust Large Cap Growth AlphaDEX Fund 13.4 61 14 3.0 -1.8
VTI Vanguard Total Stock Market Index Fund 13.3 3 72 5.3 +0.5
SCHB Schwab U.S. Broad Market ETF 13.3 3 72 5.4 +0.6
FLJP Franklin FTSE Japan ETF 13.3 9 66 7.8 +3.0
IWV iShares Russell 3000 ETF 13.3 20 55 5.2 +0.3
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 13.3 30 45 7.6 +2.8
ITOT iShares Core S&P Total U.S. Stock Market ETF 13.3 3 72 5.3 +0.5
VTHR Vanguard Russell 3000 Index Fund 13.3 10 65 5.3 +0.4
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 13.2 9 66 7.9 +3.1

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:
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 12.8 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 75 bp
Equals: ALTAR Score 4.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.64 CATEGORY
AVERAGE
1.51
 
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.