KraneShares MSCI All China Health Care Index ETF
ALTAR
Score™		 4.3% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 23.5x P/Sales
ratio		 1.4x
P/BV
ratio		 2.5x 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) $43
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 63
Wgt avg mkt cap (mns) $14,849
Large cap (>$10bn) 40.8%
Mid cap ($2-10bn) 58.0%
Small cap (<$2bn) 0.5%
Developed mkts 20.3%
Emerging mkts 79.7%

TOP TEN HOLDINGS
SHENZHEN MINDRAY BIO-MEDICAL ELECT 9.0 %
JIANGSU HENGRUI MEDICINE CO., LTD. 7.2 %
BEIGENE, LTD. 5.0 %
CHINA PHARMACEUTICAL GROUP 4.2 %
INNOVENT BIOLOGICS, INC. 3.9 %
WUXI BIOLOGICS (CAYMAN) INC. 3.6 %
ZHANGZHOU PIENTZEHUANG PHARMACEUTI 3.5 %
WUXI APPTEC CO., LTD. CLASS A 2.8 %
LEGEND BIOTECH CORPORATION SPONSOR 2.7 %
AIER EYE HOSPITAL GROUP CO., LTD. 2.6 %
Total 44.5 %

TOP COUNTRY EXPOSURE
CHINA 88.7 %
HONG KONG 7.5 %
UNITED STATES 2.7 %








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.
-7.8% -11.5% -4.5% -- -5.6%

Market Correlations
versus... Beta R-squared
S&P500 0.31 3%
MSCI EAFE 0.62 13%
MSCI Emg. Mkts. 0.96 30%

Technical Indicators
Recent close $15.22
30d moving avg. $16.10
Annualized volatility 30.7%
Short interest (ETF) 1.9%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 25
Turnover 0.9%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $4,871

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 144 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™: 4.3%


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 8.1 32 33 6.1 +1.8
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 6.8 55 10 8.5 +4.2
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 6.4 65 0 7.9 +3.6
CNYA iShares MSCI China A ETF 5.3 60 5 8.0 +3.7
IDNA iShares Genomics Immunology and Healthcare ETF 5.0 47 18 -4.3 -8.6
RAYC Rayliant Quantamental China Equity ETF 4.8 80 -15 8.6 +4.3
OZEM Roundhill GLP-1 & Weight Loss ETF 4.3 59 6 -0.8 -5.1
KALL KraneShares MSCI All China Index ETF 4.2 49 16 9.0 +4.7
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 4.1 65 0 6.2 +1.9
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 4.1 60 5 9.8 +5.5
AFTY Pacer CSOP FTSE China A50 ETF 4.0 70 -5 9.0 +4.7
GNOM Global X Genomics & Biotechnology ETF 3.9 50 15 -5.6 -9.9
KDIV KraneShares S&P Pan Asia Dividend Aristocrats Index ETF 3.8 68 -3 8.2 +4.0
FLCH Franklin FTSE China ETF 3.5 19 46 8.8 +4.5
MCHI iShares MSCI China ETF 3.4 59 6 8.4 +4.1
KSTR KraneShares SSE STAR Market 50 Index ETF 3.3 89 -24 2.1 -2.2
JCHI JPMorgan Active China ETF 3.1 65 0 8.0 +3.7
THNR Amplify Weight Loss Drug & Treatment ETF 3.1 59 6 5.2 +0.9
GXC SPDR S&P China ETF 2.8 59 6 8.3 +4.0
EDIV SPDR S&P Emerging Markets Dividend ETF 2.8 49 16 12.0 +7.7
MCH Matthews China Active ETF 2.8 79 -14 5.4 +1.1
MEDI Harbor Health Care ETF 2.7 80 -15 1.4 -2.9
FMED Fidelity Disruptive Medicine ETF 2.7 50 15 -0.4 -4.6
FCA First Trust China AlphaDEX Fund 2.2 80 -15 16.2 +11.9
ESGE iShares ESG Aware MSCI EM ETF 2.0 25 40 7.1 +2.8
BBP Virtus LifeSci Biotech Products ETF 1.9 79 -14 0.0 -4.3
FDEM Fidelity Emerging Markets Multifactor ETF 1.8 25 40 12.3 +8.0
BKF iShares MSCI BIC ETF 1.7 69 -4 6.9 +2.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 1.7 44 21 10.6 +6.3
SAGP Strategas Global Policy Opportunities ETF 1.6 65 0 5.3 +1.0
FEM First Trust Emerging Markets AlphaDEX Fund 1.6 80 -15 13.0 +8.8
EMXF iShares ESG Advanced MSCI EM ETF 1.6 16 49 6.8 +2.5
LDEM iShares ESG MSCI EM Leaders ETF 1.6 17 48 7.6 +3.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.5 32 33 6.2 +1.9
FXI iShares China Large-Cap ETF 1.5 74 -9 8.2 +3.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.5 45 20 11.0 +6.7
MEM Matthews Emerging Markets Equity Active ETF 1.4 79 -14 5.4 +1.1
ROAM Hartford Multifactor Emerging Markets ETF 1.4 44 21 15.8 +11.5
VIDI Vident International Equity Strategy ETF 1.4 61 4 10.2 +5.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.4 20 45 6.8 +2.5
IQDY FlexShares International Quality Dividend Dynamic Index Fund 1.3 47 18 9.4 +5.1
EQLT iShares MSCI Emerging Markets Quality Factor ETF 1.2 35 30 7.4 +3.1
BMED Future Health ETF 1.2 85 -20 -0.2 -4.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.2 25 40 6.6 +2.4
CANC Tema Oncology ETF 1.1 75 -10 -3.6 -7.9
CNCR Range Cancer Therapeutics ETF 1.1 79 -14 0.0 -4.3
AGNG Global X Aging Population ETF 1.1 50 15 4.2 -0.1
EEMA iShares MSCI Emerging Markets Asia ETF 1.1 49 16 6.5 +2.2
MOTI VanEck Morningstar International Moat ETF 1.1 58 7 5.9 +1.6
BHCHX Baron Health Care Strategy 1.1 75 -10 -0.8 -5.0
MINV Matthews Asia Innovators Active ETF 1.1 79 -14 3.0 -1.3
NUEM Nuveen ESG Emerging Markets Equity ETF 1.1 36 29 6.5 +2.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.0 70 -5 6.2 +1.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.0 30 35 8.1 +3.8
FLAX Franklin FTSE Asia Ex Japan ETF 1.0 19 46 6.9 +2.6
GMF SPDR S&P Emerging Asia Pacific ETF 1.0 49 16 6.1 +1.8
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 24 7.4 +3.1
RODE Hartford Multifactor Diversified International ETF 1.0 29 36 11.8 +7.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.9 66 -1 10.0 +5.7
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 0.9 30 35 7.3 +3.0
EEM iShares MSCI Emerging Markets ETF 0.9 69 -4 6.9 +2.6
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 0.9 18 47 6.8 +2.5
VWO Vanguard FTSE Emerging Markets ETF 0.9 8 57 6.9 +2.6
MDEV First Trust Indxx Medical Devices ETF 0.8 70 -5 4.3 -0.0
AVES Avantis Emerging Markets Value ETF 0.8 36 29 11.6 +7.3
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.8 45 20 12.3 +8.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.8 15 50 7.2 +3.0
BIOPX Baron Opportunity Retail 0.8 75 -10 1.0 -3.3
IEMG iShares Core MSCI Emerging Markets ETF 0.8 9 56 7.5 +3.2
DFAE Dimensional Emerging Core Equity Market ETF 0.8 35 30 7.3 +3.0
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.8 38 27 7.8 +3.5
SCHE Schwab Emerging Markets Equity ETF 0.7 11 54 7.1 +2.8
XT iShares Exponential Technologies ETF 0.7 46 19 4.8 +0.5
ECNS iShares MSCI China Small-Cap ETF 0.7 59 6 14.2 +9.9
SPEM SPDR Portfolio Emerging Markets ETF 0.7 7 58 7.3 +3.0
INNO Harbor Disruptive Innovation ETF 0.7 75 -10 1.6 -2.7
AVEM Avantis Emerging Markets Equity ETF 0.7 33 32 8.9 +4.6
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.7 15 50 10.2 +5.9
BKEM BNY Mellon Emerging Markets Equity ETF 0.6 11 54 8.4 +4.1
DFEV Dimensional Emerging Markets Value ETF 0.6 43 22 11.1 +6.8
EMMF WisdomTree Emerging Markets Multifactor Fund 0.6 48 17 8.8 +4.5
JHEM John Hancock Multifactor Emerging Markets ETF 0.6 49 16 8.2 +3.9
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 0.6 80 -15 7.6 +3.3
IBB iShares Biotechnology ETF 0.6 45 20 0.3 -4.0
JIG JPMorgan International Growth ETF 0.6 55 10 4.6 +0.4
CGIE Capital Group International Equity ETF 0.6 54 11 4.9 +0.6
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.5 35 30 12.4 +8.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.5 33 32 8.2 +3.9
SDG iShares MSCI Global Sustainable Development Goals ETF 0.5 49 16 5.6 +1.4
BIGFX Baron International Growth Retail 0.5 75 -10 3.1 -1.2
PXH Invesco FTSE RAFI Emerging Markets ETF 0.5 49 16 12.2 +8.0
FPXI First Trust International Equity Opportunities ETF 0.5 70 -5 4.9 +0.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.5 50 15 13.0 +8.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.5 36 29 7.8 +3.5
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.4 39 26 12.5 +8.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.4 59 6 11.3 +7.0
EMGF iShares Emerging Markets Equity Factor ETF 0.4 25 40 8.5 +4.2
DEHP Dimensional Emerging Markets High Profitability ETF 0.4 41 24 5.0 +0.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.4 95 -30 10.5 +6.2
IGRO iShares International Dividend Growth ETF 0.3 15 50 7.5 +3.3
IBBQ Invesco Nasdaq Biotechnology ETF 0.3 19 46 0.9 -3.4
VSGX Vanguard ESG International Stock ETF 0.3 12 53 6.8 +2.5
UIVM VictoryShares International Value Momentum ETF 0.3 35 30 11.0 +6.7
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 35 8.0 +3.7
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 0.3 19 46 5.4 +1.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 31 7.0 +2.7
CNXT VanEck ChiNext ETF 0.3 65 0 4.1 -0.2
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 8 57 7.3 +3.0
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 35 6.9 +2.7
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.3 58 7 10.2 +5.9
VXUS Vanguard Total International Stock ETF 0.2 7 58 7.2 +2.9
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 58 7.2 +2.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.2 41 24 7.4 +3.1
WRND IQ Global Equity R&D Leaders ETF 0.2 18 47 7.5 +3.2
ECON Columbia Emerging Markets Consumer ETF 0.2 49 16 7.3 +3.0
ANEW ProShares MSCI Transformational Changes ETF 0.2 45 20 3.6 -0.7
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.2 18 47 7.0 +2.7
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 45 6.3 +2.1
VIGI Vanguard International Dividend Appreciation ETF 0.2 15 50 6.4 +2.1
ACWI iShares MSCI ACWI ETF 0.1 32 33 5.3 +1.0
JSTC Adasina Social Justice All Cap Global ETF 0.1 89 -24 4.9 +0.6
IQSI IQ Candriam International Equity ETF 0.1 15 50 6.6 +2.3
VT Vanguard Total World Stock ETF 0.1 7 58 5.5 +1.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 53 4.8 +0.5
KOMP SPDR S&P Kensho New Economies Composite ETF 0.1 20 45 1.0 -3.3
DEM WisdomTree Emerging Markets High Dividend Fund 0.1 63 2 18.9 +14.6
VYMI Vanguard International High Dividend Yield ETF 0.1 22 43 9.8 +5.5
EWX SPDR S&P Emerging Markets Small Cap ETF 0.1 65 0 8.2 +3.9
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.1 70 -5 7.7 +3.4
FBCG Fidelity Blue Chip Growth ETF 0.1 59 6 2.8 -1.5
DEW WisdomTree Global High Dividend Fund 0.1 58 7 8.5 +4.2
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 45 7.0 +2.7
BKIE BNY Mellon International Equity ETF 0.1 4 61 7.1 +2.8
GLOF iShares Global Equity Factor ETF 0.0 20 45 7.0 +2.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 56 5.4 +1.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.0 40 25 8.3 +4.0
FNDC Schwab Fundamental International Small Co. Index ETF 0.0 39 26 7.2 +2.9
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 45 5.2 +0.9
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 56 8.1 +3.8
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 44 3.8 -0.5
ESGG FlexShares STOXX Global ESG Select Index Fund 0.0 42 23 5.1 +0.8
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 26 7.4 +3.1
APIE ActivePassive International Equity ETF 0.0 45 20 8.1 +3.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.0 42 23 8.1 +3.8

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:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.5 %
Divided by: Fwd. P/BV 2.3 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 4.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.43 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.