KraneShares Emerging Markets Healthcare Index ETF
ALTAR
Score™
2.0% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
42.8x P/Sales
ratio
4.4x
P/BV
ratio
4.8x Div.
yield
0.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KMED seeks to provide investment results that, before fees and expenses, track the performance of the Solactive Emerging Markets Healthcare Index. The index seeks to track the equity market performance of companies engaged in the health care sector in various emerging markets.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor KraneShares
Website kraneshares.com
Inception date Aug 29, 2018
Assets (mns) $2
Currency USD
Expense ratio 79 bp
Distributions Semi-annual

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 91
Wgt avg mkt cap (mns) $12,510
Large cap (>$10bn) 54.8%
Mid cap ($2-10bn) 35.5%
Small cap (<$2bn) 7.8%
Developed mkts 5.3%
Emerging mkts 94.8%

TOP TEN HOLDINGS
CELLTRION INC 5.5 %
SAMSUNG BIOLOGICS CO., LTD. 4.4 %
JIANGSU HENGRUI MEDICINE CO., LTD. 4.4 %
SHENZHEN MINDRAY BIO-MEDICAL ELECT 4.2 %
SUN PHARMACEUTICAL INDUS 3.9 %
CELLTRION HEALTHCARE CO., LTD. 3.6 %
HARTALEGA HOLDINGS BHD 3.4 %
TOP GLOVE CORP BHD 3.1 %
BANGKOK DUSIT MED SERVICE 2.9 %
IHH HEALTHCARE BHD 2.8 %
Total 38.3 %

TOP COUNTRY EXPOSURE
CHINA 26.6 %
SOUTH KOREA 20.4 %
INDIA 11.4 %
MALAYSIA 10.3 %
BRAZIL 4.6 %
THAILAND 3.8 %
SOUTH AFRICA 1.6 %
INDONESIA 1.3 %
HUNGARY 1.0 %


HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
26.2% 37.1% -- -- 8.6%

Market Correlations
versus... Beta R-squared
S&P500 0.70 39%
MSCI EAFE 0.81 44%
MSCI Emg. Mkts. 0.68 47%

Technical Indicators
Recent close $30.61
30d moving avg. $27.75
Annualized volatility 23.7%
Short interest (ETF) 0.9%
Relative strength (RSI) 75

Liquidity measures
Avg. volume (thou.) 1
Turnover 2.0%
Bid/Ask (% of price) 1.00%
ADV underlying (mns) $5,225

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the KraneShares Emerging Markets Healthcare Index ETF ETF based on the alternatives' overlap in portfolio holdings with KMED. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KMED Expense: 79 bp ALTAR Score™: 2.0%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KMED
Ticker Fund
Name
Overlap1
vs KMED
(%)
Expense
ratio
(bp)
Savings
vs KMED
(bp)
ALTAR
Score™
(%)
ALTAR
vs KMED
(%)
KURE KraneShares MSCI All China Health Care Index ETF 37.5 65 14 2.5 +0.5
CHIH Global X MSCI China Health Care ETF 26.7 66 13 3.2 +1.2
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF 13.3 65 14 2.9 +1.0
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 9.5 64 15 4.6 +2.6
EWM iShares MSCI Malaysia ETF 9.0 49 30 5.6 +3.6
PEK VanEck Vectors ChinaAMC CSI 300 ETF 8.4 60 19 6.8 +4.9
FLKR Franklin FTSE South Korea ETF 8.4 9 70 9.7 +7.7
EWY iShares MSCI South Korea ETF 7.6 59 20 9.2 +7.2
ASHX Xtrackers MSCI China A Inclusion Equity ETF 7.5 60 19 6.4 +4.4
CNYA iShares MSCI China A ETF 7.4 60 19 6.3 +4.4
CHNA Loncar China BioPharma ETF 7.4 79 0 1.4 -0.6
KBA KraneShares Bosera MSCI China A Share ETF 7.4 60 19 6.3 +4.4
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 7.0 65 14 6.8 +4.8
PIE Invesco DWA Emerging Markets Momentum ETF 7.0 90 -11 5.2 +3.2
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 6.8 80 -1 8.0 +6.0
EDOG ALPS Emerging Sector Dividend Dogs ETF 6.4 60 19 10.7 +8.7
BICK First Trust BICK Index Fund 6.2 64 15 4.7 +2.7
CXSE WisdomTree China ex-State-Owned Enterprises Fund 6.0 32 47 5.8 +3.8
FEM First Trust Emerging Markets AlphaDEX Fund 5.8 80 -1 11.0 +9.0
LNGR Global X Longevity Thematic ETF 5.5 50 29 3.1 +1.1
NFTY First Trust India NIFTY 50 Equal Weight ETF 5.5 80 -1 7.7 +5.7
EMMF WisdomTree Emerging Markets Multifactor Fund 5.5 48 31 9.4 +7.4
AFTY Pacer CSOP FTSE China A50 ETF 4.8 70 9 9.0 +7.0
IPOS Renaissance International IPO ETF 4.8 80 -1 4.7 +2.7
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 4.6 50 29 10.3 +8.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 4.6 32 47 9.0 +7.0
IXSE WisdomTree India Ex-State-Owned Enterprises Fund 4.4 58 21 5.0 +3.0
PIN Invesco India ETF 4.3 78 1 5.7 +3.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 4.0 32 47 6.1 +4.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 4.0 45 34 9.1 +7.1
INDA iShares MSCI India ETF 3.9 69 10 5.2 +3.2
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 3.9 45 34 13.5 +11.5
FPXI First Trust International Equity Opportunities ETF 3.8 70 9 3.2 +1.2
FKO First Trust South Korea AlphadDEX Fund 3.7 80 -1 9.3 +7.3
CHIL Global X MSCI China Large-Cap 50 ETF 3.6 29 50 7.9 +5.9
FLIN Franklin FTSE India ETF 3.6 19 60 5.6 +3.7
KALL KraneShares FTSE Emerging Markets Plus ETF 3.4 49 30 7.7 +5.7
FRDM Freedom 100 Emerging Markets ETF 3.3 49 30 6.9 +4.9
MCHI iShares MSCI China ETF 3.3 59 20 7.4 +5.4
FLCH Franklin FTSE China ETF 3.2 19 60 7.8 +5.9
EEMO Invesco S&P Emerging Markets Momentum ETF 3.2 29 50 6.6 +4.6
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 3.2 30 49 7.8 +5.8
EEMA iShares MSCI Emerging Markets Asia ETF 3.1 50 29 7.5 +5.5
DVEM WisdomTree Emerging Markets Dividend Fund 3.1 32 47 8.2 +6.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 3.1 68 11 7.0 +5.0
FLAX Franklin FTSE Asia Ex Japan ETF 3.1 19 60 7.7 +5.7
EEM iShares MSCI Emerging Markets ETF 3.0 68 11 7.4 +5.4
BKF iShares MSCI BRIC ETF 3.0 69 10 7.3 +5.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 3.0 65 14 7.5 +5.5
IEMG iShares Core MSCI Emerging Markets ETF 2.9 13 66 7.9 +5.9
INDY iShares India 50 ETF 2.9 94 -15 5.6 +3.6
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 2.8 25 54 7.7 +5.7
FLBR Franklin FTSE Brazil ETF 2.8 19 60 5.2 +3.2
KFYP KraneShares CICC China Leaders 100 Index ETF 2.8 70 9 12.4 +10.4
EPI WisdomTree India Earnings Fund 2.7 85 -6 8.7 +6.8
FDEM Fidelity Targeted Emerging Markets Factor ETF 2.7 45 34 9.6 +7.6
SCHE Schwab Emerging Markets Equity ETF 2.5 11 68 7.8 +5.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.5 36 43 8.2 +6.2
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 2.5 65 14 4.1 +2.1
GXC SPDR S&P China ETF 2.4 59 20 7.6 +5.7
FBZ First Trust Brazil AlphaDEX Fund 2.4 80 -1 5.4 +3.4
EMXC iShares MSCI Emerging Markets ex China ETF 2.4 25 54 8.4 +6.4
VWO Vanguard FTSE Emerging Markets ETF 2.3 10 69 8.0 +6.0
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 2.3 40 39 7.2 +5.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 2.2 30 49 8.7 +6.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.2 44 35 8.9 +6.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.2 45 34 7.9 +5.9
ESGE iShares ESG MSCI EM ETF 2.2 25 54 8.6 +6.6
EEMS iShares MSCI Emerging Markets Small Cap ETF 2.2 69 10 7.8 +5.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.1 20 59 6.8 +4.8
GMF SPDR S&P Emerging Asia Pacific ETF 2.1 49 30 7.2 +5.2
FDT First Trust Developed Markets ex-US Alphadex Fund 2.1 80 -1 7.5 +5.6
AVEM Avantis Emerging Markets Equity ETF 2.0 33 46 8.9 +6.9
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 2.0 49 30 8.0 +6.0
EWX SPDR S&P Emerging Markets Small Cap ETF 2.0 65 14 6.1 +4.1
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 2.0 60 19 8.4 +6.4
SPEM SPDR Portfolio Emerging Markets ETF 1.9 11 68 7.8 +5.8
FLLA Franklin FTSE Latin America ETF 1.9 19 60 6.7 +4.7
FCA First Trust China AlphaDEX Fund 1.9 80 -1 13.6 +11.6
HELX Franklin Genomic Advancements ETF 1.9 50 29 -1.7 -3.7
PBEE Invesco PureBeta FTSE Emerging Markets ETF 1.8 15 64 8.6 +6.6
JHEM John Hancock Multifactor Emerging Markets ETF 1.8 49 30 8.4 +6.4
XCEM Columbia EM Core ex-China ETF 1.8 16 63 7.4 +5.4
EWZ iShares MSCI Brazil Capped ETF 1.8 59 20 4.7 +2.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.7 59 20 11.0 +9.0
FLZA Franklin FTSE South Africa ETF 1.6 19 60 11.2 +9.2
RNEM Emerging Markets Equity Select ETF 1.6 75 4 10.5 +8.5
GDNA Goldman Sachs Motif Human Evolution ETF 1.5 50 29 0.3 -1.7
BKEM BNY Mellon Emerging Markets Equity ETF 1.5 11 68 8.4 +6.4
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 1.5 80 -1 3.8 +1.8
KWEB KraneShares CSI China Internet ETF 1.5 76 3 1.7 -0.3
HTEC ROBO Global Healthcare Technology & Innovation ETF 1.5 68 11 0.2 -1.8
CN Xtrackers MSCI All China Equity ETF 1.5 50 29 7.5 +5.5
JPGE JPMorgan Diversified Return Global Equity ETF 1.5 29 50 7.5 +5.5
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.4 63 16 12.5 +10.5
AIA iShares Asia 50 ETF 1.4 50 29 8.1 +6.1
EZA iShares MSCI South Africa ETF 1.3 59 20 7.5 +5.5

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:
KraneShares Emerging Markets Healthcare Index ETF
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID

Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.6 %
Divided by: Fwd. P/BV 4.5 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 2.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.38 CATEGORY
AVERAGE
1.45
 
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.