KraneShares Emerging Markets Healthcare Index
ALTAR
Score™
3.5% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
33.5x P/Sales
ratio
3.6x
P/BV
ratio
3.8x Div.
yield
0.9%


  • 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) $1
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 76
Wgt avg mkt cap (mns) $8,965
Large cap (>$10bn) 43.4%
Mid cap ($2-10bn) 47.8%
Small cap (<$2bn) 7.7%
Developed mkts 6.5%
Emerging mkts 93.5%

TOP TEN HOLDINGS
SUN PHARMACEUTICAL INDUS 5.0 %
BANGKOK DUSIT MED SERVICE 4.7 %
SAMSUNG BIOLOGICS CO., LTD. 4.5 %
JIANGSU HENGRUI MEDICINE CO., LTD. 4.4 %
CELLTRION INC 4.3 %
IHH HEALTHCARE BHD 4.2 %
HAPVIDA PARTICIPACOES E INVESTIMEN 3.8 %
NOTRE DAME INTERMEDICA PARTICIPACO 2.8 %
AIER EYE HOSPITAL GROUP CO., LTD. 2.7 %
WUXI BIOLOGICS (CAYMAN) INC. 2.7 %
Total 39.1 %

TOP COUNTRY EXPOSURE
CHINA 27.7 %
SOUTH KOREA 19.4 %
INDIA 11.7 %
BRAZIL 9.1 %
MALAYSIA 6.8 %
THAILAND 6.0 %
INDONESIA 2.9 %
SOUTH AFRICA 2.9 %
HUNGARY 1.3 %
MEXICO 0.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
5.6% -1.3% -- -- -11.7%

Market Correlations
versus... Beta R-squared
S&P500 0.90 50%
MSCI EAFE 1.21 63%
MSCI Emg. Mkts. 1.00 60%

Technical Indicators
Recent close $21.42
30d moving avg. $21.97
Annualized volatility 22.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 0
Turnover 0.0%
Bid/Ask (% of price) 1.02%
ADV underlying (mns) $1,958

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KraneShares Emerging Markets Healthcare Index 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™: 3.5%


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 25.0 65 14 4.4 +0.8
CHIH Global X MSCI China Health Care 16.6 65 14 5.2 +1.7
CHNA Loncar China BioPharma 7.4 79 0 5.0 +1.5
CNXT VanEck Vectors China AMC SME-ChiNext 5.9 65 14 5.5 +2.0
FLKR Franklin FTSE South Korea 5.7 9 70 10.7 +7.2
EWY iShares MSCI Korea 5.7 59 20 10.2 +6.7
EWM iShares MSCI Malaysia 5.2 47 32 7.1 +3.6
MXDE Nationwide Maximum Diversification Emg Mkts Core 5.1 64 15 5.2 +1.7
IPOS Renaissance International IPO 4.9 80 -1 5.7 +2.2
PEK VanEck Vectors ChinaAMC A-Shares 4.9 60 19 9.2 +5.7
CXSE WisdomTree China ex-State Owned Enterprises 4.8 32 47 7.0 +3.5
ASHR Xtrackers Harvest CSI 300 China A-Shares 4.8 65 14 9.2 +5.7
FPXI First Trust International IPO 4.8 70 9 3.9 +0.4
BICK First Trust BICK Index Fund 4.4 64 15 5.6 +2.1
ASHX Xtrackers MSCI China A Inclusion 4.1 60 19 8.8 +5.3
CNYA iShares MSCI China A 4.0 65 14 9.3 +5.8
KBA KraneShares MSCI China A Int'l 3.9 60 19 8.8 +5.3
EDOG ALPS Emerging Sector Dividend Dogs 3.8 60 19 9.3 +5.8
FDEM Fidelity Targeted Emerging Markets Factor 3.6 45 34 8.8 +5.3
AFTY CSOP FTSE China A50 3.2 70 9 11.2 +7.7

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

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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:
KraneShares Emerging Markets Healthcare Index
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 14.6 %
Divided by: Fwd. P/BV 3.4 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 3.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.49
 
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.