KraneShares MSCI All China Health Care Index ETF
ALTAR
Score™		 3.6% info Recommen-
dation		 AVOID
2024E    2025E
P/E
ratio		 19.4x P/Sales
ratio		 1.3x
P/BV
ratio		 2.3x Div.
yield		 1.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KraneShares MSCI All China Health Care Index ETF tracks an index of large- and midcap Chinese stocks in the health care sector, weighted by market capitalization.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor KraneShares
Website kraneshares.com
Inception date Jan 31, 2018
Assets (mns) $46
Currency USD
Expense ratio 65 bp
Distributions Semi-annual

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 74
Wgt avg mkt cap (mns) $12,720
Large cap (>$10bn) 41.9%
Mid cap ($2-10bn) 57.0%
Small cap (<$2bn) 1.1%
Developed mkts 21.2%
Emerging mkts 78.9%

TOP TEN HOLDINGS
SHENZHEN MINDRAY BIO-MEDICAL ELECT 7.4 %
JIANGSU HENGRUI MEDICINE CO., LTD. 5.7 %
BEIGENE, LTD. 4.1 %
WUXI BIOLOGICS (CAYMAN) INC. 3.8 %
CHINA PHARMACEUTICAL GROUP 3.6 %
INNOVENT BIOLOGICS, INC. 3.2 %
WUXI APPTEC CO., LTD. CLASS A 3.0 %
ZHANGZHOU PIENTZEHUANG PHARMACEUTI 2.9 %
AIER EYE HOSPITAL GROUP CO., LTD. 2.8 %
CHONGQING ZHIFEI BIOLOGICAL PRODUC 2.7 %
Total 39.1 %

TOP COUNTRY EXPOSURE
CHINA 85.4 %
HONG KONG 7.2 %
UNITED STATES 2.4 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-10.9% -23.6% -4.1% -- -6.7%

Market Correlations
versus... Beta R-squared
S&P500 0.25 2%
MSCI EAFE 0.56 11%
MSCI Emg. Mkts. 0.83 26%

Technical Indicators
Recent close $14.20
30d moving avg. $18.28
Annualized volatility 29.0%
Short interest (ETF) 0.3%
Relative strength (RSI) 42

Liquidity measures
Avg. volume (thou.) 8
Turnover 0.3%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $2,849

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 138 potential alternatives to the KraneShares MSCI All China Health Care Index ETF ETF based on the alternatives' overlap in portfolio holdings with KURE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KURE Expense: 65 bp ALTAR Score™: 3.6%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KURE
Ticker Fund
Name		 Overlap1
vs KURE
(%)		 Expense
ratio
(bp)		 Savings
vs KURE
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KURE
(%)
CXSE WisdomTree China ex-State-Owned Enterprises Fund 11.8 32 33 5.7 +2.1
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 7.8 55 10 8.5 +4.9
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 7.4 65 0 6.3 +2.7
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 6.8 65 0 8.9 +5.3
CNYA iShares MSCI China A ETF 5.9 60 5 8.7 +5.1
RAYC Rayliant Quantamental China Equity ETF 5.9 80 -15 8.7 +5.1
JCHI JPMorgan Active China ETF 5.5 65 0 8.0 +4.4
KALL KraneShares MSCI All China Index ETF 5.3 49 16 9.4 +5.8
KDIV KraneShares S&P Pan Asia Dividend Aristocrats Index ETF 4.8 68 -3 8.8 +5.2
FLCH Franklin FTSE China ETF 4.5 19 46 9.6 +6.0
AFTY Pacer CSOP FTSE China A50 ETF 4.1 70 -5 9.3 +5.7
MCHI iShares MSCI China ETF 4.0 59 6 9.0 +5.4
GNOM Global X Genomics & Biotechnology ETF 3.6 50 15 -5.3 -8.9
MCH Matthews China Active ETF 3.6 79 -14 6.1 +2.5
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 3.4 60 5 10.0 +6.4
GXC SPDR S&P China ETF 3.2 59 6 9.1 +5.5
IDNA iShares Genomics Immunology and Healthcare ETF 3.1 47 18 -5.1 -8.7
UEVM VictoryShares Emerging Markets Value Momentum ETF 2.8 45 20 12.8 +9.2
MEDI Harbor Health Care ETF 2.4 80 -15 0.9 -2.7
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.3 45 20 8.6 +5.0
VIDI Vident International Equity Strategy ETF 2.3 61 4 11.9 +8.3
ESGE iShares ESG Aware MSCI EM ETF 2.2 25 40 7.7 +4.1
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 2.1 44 21 10.4 +6.8
CN Xtrackers MSCI All China Equity ETF 2.1 50 15 8.7 +5.1
BKF iShares MSCI BIC ETF 2.1 69 -4 7.1 +3.5
EMMF WisdomTree Emerging Markets Multifactor Fund 2.1 48 17 9.4 +5.8
ROAM Hartford Multifactor Emerging Markets ETF 2.1 44 21 11.8 +8.2
ECNS iShares MSCI China Small-Cap ETF 2.0 59 6 14.2 +10.6
FCA First Trust China AlphaDEX Fund 1.9 80 -15 18.0 +14.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.9 32 33 6.3 +2.7
BBP Virtus LifeSci Biotech Products ETF 1.9 79 -14 -4.7 -8.3
CANC Tema Oncology ETF 1.9 75 -10 -4.3 -7.9
EEMD AAM S&P Emerging Markets High Dividend Value ETF 1.9 49 16 19.1 +15.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.8 25 40 7.0 +3.4
FDEM Fidelity Emerging Markets Multifactor ETF 1.8 25 40 12.0 +8.4
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.6 47 18 10.2 +6.6
LDEM iShares ESG MSCI EM Leaders ETF 1.6 17 48 7.8 +4.2
MINV Matthews Asia Innovators Active ETF 1.6 79 -14 2.8 -0.8
EMXF iShares ESG Advanced MSCI EM ETF 1.5 16 49 7.5 +3.9
RODE Hartford Multifactor Diversified International ETF 1.5 29 36 11.5 +7.9
AVES Avantis Emerging Markets Value ETF 1.5 36 29 12.2 +8.6
MEM Matthews Emerging Markets Equity Active ETF 1.4 79 -14 5.7 +2.1
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.4 15 50 7.1 +3.5
AGNG Global X Aging Population ETF 1.4 50 15 4.1 +0.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.4 20 45 7.5 +3.9
FLAX Franklin FTSE Asia Ex Japan ETF 1.3 19 46 7.2 +3.6
EEMA iShares MSCI Emerging Markets Asia ETF 1.3 49 16 6.7 +3.1
BMED Future Health ETF 1.3 85 -20 0.2 -3.4
SAGP Strategas Global Policy Opportunities ETF 1.3 65 0 4.5 +0.9
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.2 66 -1 7.2 +3.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.2 41 24 7.8 +4.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.2 70 -5 6.3 +2.7
NUEM Nuveen ESG Emerging Markets Equity ETF 1.2 36 29 6.8 +3.2
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.2 80 -15 14.2 +10.6
ADIV SmartETFs Asia Pacific Dividend Builder ETF 1.1 78 -13 8.9 +5.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.1 30 35 8.6 +5.0
FXI iShares China Large-Cap ETF 1.1 74 -9 9.6 +6.0
GMF SPDR S&P Emerging Asia Pacific ETF 1.1 49 16 6.4 +2.8
AVEM Avantis Emerging Markets Equity ETF 1.0 33 32 9.1 +5.5
KSTR KraneShares SSE STAR Market 50 Index ETF 1.0 89 -24 2.6 -1.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.0 30 35 7.5 +3.9
EEM iShares MSCI Emerging Markets ETF 1.0 69 -4 7.0 +3.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.0 38 27 8.3 +4.7
VWO Vanguard FTSE Emerging Markets ETF 1.0 8 57 7.6 +4.0
DEHP Dimensional Emerging Markets High Profitability ETF 1.0 41 24 7.3 +3.7
DFAE Dimensional Emerging Core Equity Market ETF 1.0 35 30 7.7 +4.1
CNCR Range Cancer Therapeutics ETF 1.0 79 -14 -31.3 -34.9
MOTI VanEck Morningstar International Moat ETF 0.9 58 7 6.9 +3.3
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 0.9 18 47 7.9 +4.3
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.9 50 15 10.6 +7.0
BKEM BNY Mellon Emerging Markets Equity ETF 0.9 11 54 7.7 +4.1
IEMG iShares Core MSCI Emerging Markets ETF 0.9 9 56 7.5 +3.9
EMGF iShares Emerging Markets Equity Factor ETF 0.9 25 40 8.7 +5.1
SCHE Schwab Emerging Markets Equity ETF 0.8 11 54 7.6 +4.0
IBB iShares Biotechnology ETF 0.8 45 20 0.9 -2.7
SPEM SPDR Portfolio Emerging Markets ETF 0.7 7 58 7.5 +3.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.7 36 29 7.5 +3.9
XT iShares Exponential Technologies ETF 0.7 46 19 3.8 +0.2
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.7 33 32 7.2 +3.6
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.7 40 25 7.2 +3.6
IQDE FlexShares International Quality Dividend Defensive Index ET 0.7 47 18 10.7 +7.1
JHEM John Hancock Multifactor Emerging Markets ETF 0.6 49 16 8.4 +4.8
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.6 95 -30 11.4 +7.8
TTAI FCF International Quality ETF 0.6 59 6 7.3 +3.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.6 59 6 9.6 +6.0
JIG JPMorgan International Growth ETF 0.6 55 10 4.3 +0.7
SDG iShares MSCI Global Sustainable Development Goals ETF 0.5 49 16 5.8 +2.2
HART IQ Healthy Hearts ETF 0.5 45 20 5.3 +1.7
EYLD Cambria Emerging Shareholder Yield ETF 0.5 66 -1 12.2 +8.6
PXH Invesco FTSE RAFI Emerging Markets ETF 0.5 49 16 12.5 +8.9
INNO Harbor Disruptive Innovation ETF 0.5 75 -10 -3.5 -7.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.4 39 26 12.6 +9.0
FEM First Trust Emerging Markets AlphaDEX Fund 0.4 80 -15 16.4 +12.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.4 58 7 10.2 +6.6
DFEV Dimensional Emerging Markets Value ETF 0.4 43 22 10.9 +7.3
IBBQ Invesco Nasdaq Biotechnology ETF 0.4 19 46 0.9 -2.7
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 0.4 19 46 5.8 +2.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 24 6.6 +3.0
VSGX Vanguard ESG International Stock ETF 0.3 12 53 6.8 +3.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 35 7.8 +4.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 31 6.7 +3.1
IGRO iShares International Dividend Growth ETF 0.3 15 50 7.1 +3.5
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 8 57 7.2 +3.6
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.3 70 -5 7.3 +3.7
FPX First Trust US Equity Opportunities ETF 0.3 61 4 0.6 -3.0
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 58 6.9 +3.3
IQDF FlexShares International Quality Dividend Index Fund 0.3 47 18 10.7 +7.1
VXUS Vanguard Total International Stock ETF 0.3 7 58 7.1 +3.5
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 35 6.8 +3.2
UIVM VictoryShares International Value Momentum ETF 0.2 35 30 10.6 +7.0
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 45 6.7 +3.1
DEM WisdomTree Emerging Markets High Dividend Fund 0.2 63 2 12.9 +9.3
GINN Goldman Sachs Innovate Equity ETF 0.2 52 13 2.7 -0.9
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 0.2 20 45 10.7 +7.1
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.2 70 -5 11.4 +7.8
WRND IQ Global Equity R&D Leaders ETF 0.2 18 47 7.1 +3.5
VIGI Vanguard International Dividend Appreciation ETF 0.2 15 50 5.5 +1.9
DEW WisdomTree Global High Dividend Fund 0.1 58 7 9.0 +5.4
ACWI iShares MSCI ACWI ETF 0.1 32 33 5.5 +1.9
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -24 4.7 +1.1
ANEW ProShares MSCI Transformational Changes ETF 0.1 45 20 3.3 -0.3
VT Vanguard Total World Stock ETF 0.1 7 58 5.8 +2.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 53 5.0 +1.4
IQSI IQ Candriam International Equity ETF 0.1 15 50 6.4 +2.8
GLOF iShares Global Equity Factor ETF 0.1 20 45 7.0 +3.4
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 45 6.6 +3.0
BKIE BNY Mellon International Equity ETF 0.1 4 61 6.9 +3.3
VYMI Vanguard International High Dividend Yield ETF 0.1 22 43 9.7 +6.1
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 56 5.7 +2.1
KOMP SPDR S&P Kensho New Economies Composite ETF 0.0 20 45 2.1 -1.5
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.0 42 23 6.8 +3.2
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 44 3.9 +0.3
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 26 7.3 +3.7
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 56 8.0 +4.4
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 26 7.6 +4.0
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 23 5.1 +1.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 45 5.6 +2.0
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 62 6.9 +3.3

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 MSCI All China Health Care 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 9.4 %
Divided by: Fwd. P/BV 2.2 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 3.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.24 CATEGORY
AVERAGE		 1.39
 
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.