KraneShares SSE STAR Market 50 Index ETF
ALTAR
Score™		 2.1% info Recommen-
dation		 AVOID
2024E    2025E
P/E
ratio		 41.1x P/Sales
ratio		 3.2x
P/BV
ratio		 4.2x Div.
yield		 1.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KSTR tracks an index of the top 50 companies by market-cap that are listed on the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Krane Fund Advisors LLC
Website www.kraneshares.com
Inception date Jan 27, 2021
Assets (mns) $40
Currency USD
Expense ratio 89 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 52
Wgt avg mkt cap (mns) $6,859
Large cap (>$10bn) 48.1%
Mid cap ($2-10bn) 43.3%
Small cap (<$2bn) 3.7%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
HYGON INFORMATION TECHNOLOGY CO., 8.0 %
ADVANCED MICRO-FABRICATION EQUIPME 7.4 %
MONTAGE TECHNOLOGY CO., LTD. CLASS 6.1 %
CAMBRICON TECHNOLOGIES CORP. LTD. 6.0 %
BEIJING KINGSOFT OFFICE SOFTWARE. 5.2 %
SHANGHAI UNITED IMAGING HEALTHCARE 4.3 %
SHENZHEN TRANSSION HOLDING CO., LT 4.1 %
JINKO SOLAR CO., LTD. CLASS A 3.3 %
BEIJING ROBOROCK TECHNOLOGY CO. LT 3.2 %
IRAY TECHNOLOGY CO., LTD CLASS A 3.1 %
Total 50.7 %

TOP COUNTRY EXPOSURE
CHINA 87.2 %










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.
13.7% 14.2% -- -- -13.8%

Market Correlations
versus... Beta R-squared
S&P500 0.57 9%
MSCI EAFE 0.54 8%
MSCI Emg. Mkts. 0.83 19%

Technical Indicators
Recent close $13.40
30d moving avg. $12.96
Annualized volatility 33.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 55

Liquidity measures
Avg. volume (thou.) 64
Turnover 2.2%
Bid/Ask (% of price) 0.51%
ADV underlying (mns) $3,184

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 67 potential alternatives to the KraneShares SSE STAR Market 50 Index ETF ETF based on the alternatives' overlap in portfolio holdings with KSTR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KSTR Expense: 89 bp ALTAR Score™: 2.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KSTR
Ticker Fund
Name		 Overlap1
vs KSTR
(%)		 Expense
ratio
(bp)		 Savings
vs KSTR
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KSTR
(%)
KFVG KraneShares CICC China 5G & Semiconductor Index ETF 19.8 65 24 3.9 +1.8
TCHI iShares MSCI China Multisector Tech ETF 4.6 59 30 1.9 -0.3
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 4.1 65 24 6.2 +4.1
RAYC Rayliant Quantamental China Equity ETF 3.6 80 9 8.6 +6.5
CQQQ Invesco China Technology ETF 3.5 70 19 -7.9 -10.0
KURE KraneShares MSCI All China Health Care Index ETF 3.3 65 24 4.3 +2.2
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 3.2 65 24 7.9 +5.8
JCHI JPMorgan Active China ETF 2.1 65 24 8.0 +5.8
KGRN KraneShares MSCI China Clean Technology Index ETF 1.4 79 10 5.6 +3.5
AFTY Pacer CSOP FTSE China A50 ETF 1.3 70 19 9.0 +6.9
ETEC iShares Breakthrough Environmental Solutions ETF 1.2 47 42 8.0 +5.9
CXSE WisdomTree China ex-State-Owned Enterprises Fund 1.0 32 57 6.1 +3.9
MCH Matthews China Active ETF 0.9 79 10 5.4 +3.3
CNYA iShares MSCI China A ETF 0.7 60 29 8.0 +5.9
ICLN iShares Global Clean Energy ETF 0.6 41 48 6.0 +3.9
FLCH Franklin FTSE China ETF 0.5 19 70 8.8 +6.7
RAYS Global X Solar ETF 0.2 51 38 6.9 +4.8
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 0.2 45 44 5.7 +3.6
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.2 33 56 8.2 +6.1
CHIQ Global X MSCI China Consumer Discretionary ETF 0.2 65 24 5.9 +3.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.2 32 57 6.2 +4.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.2 66 23 10.0 +7.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.2 45 44 11.0 +8.9
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 27 3.6 +1.5
FLAX Franklin FTSE Asia Ex Japan ETF 0.2 19 70 6.9 +4.7
GXC SPDR S&P China ETF 0.2 59 30 8.3 +6.2
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.1 25 64 6.6 +4.5
VWO Vanguard FTSE Emerging Markets ETF 0.1 8 81 6.9 +4.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.1 59 30 11.3 +9.2
MCHI iShares MSCI China ETF 0.1 59 30 8.4 +6.3
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.1 15 74 7.2 +5.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 59 8.1 +6.0
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.1 58 31 10.2 +8.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.1 44 45 10.6 +8.5
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 24 8.2 +6.0
IGPT Invesco AI and Next Gen Software ETF 0.1 60 29 3.8 +1.7
BKEM BNY Mellon Emerging Markets Equity ETF 0.1 11 78 8.4 +6.3
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.1 41 48 7.4 +5.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.1 36 53 7.8 +5.7
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 74 10.2 +8.1
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 0 4.9 +2.8
VSGX Vanguard ESG International Stock ETF 0.1 12 77 6.8 +4.6
VEU Vanguard FTSE All-World ex-US Index Fund 0.0 8 81 7.3 +5.1
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 54 7.3 +5.2
DEHP Dimensional Emerging Markets High Profitability ETF 0.0 41 48 5.0 +2.9
BKF iShares MSCI BIC ETF 0.0 69 20 6.9 +4.8
VXUS Vanguard Total International Stock ETF 0.0 7 82 7.2 +5.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.0 38 51 7.8 +5.7
SCHE Schwab Emerging Markets Equity ETF 0.0 11 78 7.1 +5.0
IEMG iShares Core MSCI Emerging Markets ETF 0.0 9 80 7.5 +5.3
EEMA iShares MSCI Emerging Markets Asia ETF 0.0 49 40 6.5 +4.4
EEM iShares MSCI Emerging Markets ETF 0.0 69 20 6.9 +4.8
SPEM SPDR Portfolio Emerging Markets ETF 0.0 7 82 7.3 +5.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.0 70 19 6.2 +4.0
DFEV Dimensional Emerging Markets Value ETF 0.0 43 46 11.1 +8.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.0 41 48 7.4 +5.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.0 50 39 13.0 +10.9
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.0 12 77 4.8 +2.7
VT Vanguard Total World Stock ETF 0.0 7 82 5.5 +3.4
EMXF iShares ESG Advanced MSCI EM ETF 0.0 16 73 6.8 +4.7
GMF SPDR S&P Emerging Asia Pacific ETF 0.0 49 40 6.1 +4.0
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.0 18 71 7.0 +4.9
JHEM John Hancock Multifactor Emerging Markets ETF 0.0 49 40 8.2 +6.1
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 59 8.0 +5.8
VYMI Vanguard International High Dividend Yield ETF 0.0 22 67 9.8 +7.7
ACWI iShares MSCI ACWI ETF 0.0 32 57 5.3 +3.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 80 5.4 +3.2

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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 KraneShares SSE STAR Market 50 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 11.6 %
Divided by: Fwd. P/BV 3.8 x
Less: Expense ratio 89 bp
Equals: ALTAR Score 2.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.40 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.