KraneShares CSI China Internet
ALTAR
Score™
3.5% info Recommen-
dation
AVOID
2019E    2020E
P/E
ratio
87.0x P/Sales
ratio
2.0x
P/BV
ratio
3.7x Div.
yield
0.2%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KraneShares CSI China Internet ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the CSI Overseas China Internet Index. The index is designed to measure the performance of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Krane Fund Advisors LLC
Website www.kraneshares.com
Inception date Aug 01, 2013
Assets (mns) $2,539
Currency USD
Expense ratio 76 bp
Distributions Semi-Annually

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Market Cap
Index replication Full
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 45
Wgt avg mkt cap (mns) $116,319
Large cap (>$10bn) 63.9%
Mid cap ($2-10bn) 28.7%
Small cap (<$2bn) 4.7%
Developed mkts 25.9%
Emerging mkts 74.1%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 9.8 %
TENCENT HOLDINGS LTD 8.8 %
MEITUAN DIANPING 7.7 %
BAIDU INC - SPON ADR 7.2 %
JD.COM INC-ADR 6.3 %
TAL EDUCATION GROUP UNSPONSORED AD 4.1 %
CTRIP.COM INTERNATIONAL-ADR 4.1 %
NETEASE.COM INC-ADR 4.0 %
PINDUODUO, INC. SPONSORED ADR CLAS 3.6 %
IQIYI, INC. SPONSORED ADR CLASS A 3.6 %
Total 59.2 %

TOP COUNTRY EXPOSURE
CHINA 92.9 %
HONG KONG 1.3 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
29.9% 29.9% 9.6% -- 11.5%

Market Correlations
versus... Beta R-squared
S&P500 1.55 53%
MSCI EAFE 1.87 63%
MSCI Emg. Mkts. 1.47 67%

Technical Indicators
Recent close $53.96
30d moving avg. $49.73
Annualized volatility 25.8%
Short interest (ETF) 8.9%
Relative strength (RSI) 77

Liquidity measures
Avg. volume (thou.) 999
Turnover 2.1%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $5,854

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KraneShares CSI China Internet ETF based on the alternatives' overlap in portfolio holdings with KWEB. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KWEB Expense: 76 bp ALTAR Score™: 3.5%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KWEB
Ticker Fund
Name
Overlap1
vs KWEB
(%)
Expense
ratio
(bp)
Savings
vs KWEB
(bp)
ALTAR
Score™
(%)
ALTAR
vs KWEB
(%)
PGJ Invesco Golden Dragon China 63.3 70 6 3.2 -0.3
EMQQ Emerging Markets Internet & E-Commerce 55.6 86 -10 3.2 -0.3
CQQQ Invesco China Technology 54.6 70 6 4.6 +1.1
TTTN TigerShares China-U.S. Internet Titans 46.7 59 17 3.6 +0.1
FDNI First Trust Dow Jones International Internet 45.4 65 11 3.7 +0.2
FNI First Trust ISE Chindia 45.0 59 17 3.6 +0.1
CHIC Global X MSCI China Communication Services 40.2 65 11 4.7 +1.2
CXSE WisdomTree China ex-State Owned Enterprises 37.7 32 44 6.1 +2.6
CHIQ Global X MSCI China Consumer Discretionary 35.3 65 11 4.7 +1.2
KEMQ KraneShares EM Consumer Focus 33.7 80 -4 8.3 +4.8
CHIL Global X MSCI China Large-Cap 50 30.5 29 47 9.3 +5.8
PLAT WisdomTree Modern Tech Platforms 29.9 45 31 2.7 -0.8
FLCH Franklin FTSE China 29.3 19 57 8.5 +5.0
EEB Invesco BRIC 28.6 64 12 6.1 +2.6
GXC SPDR S&P China ETF 28.6 59 17 8.1 +4.6
ECON Columbia Emerging Markets Consumer 27.9 59 17 5.0 +1.5
MCHI iShares MSCI China 27.6 59 17 8.1 +4.6
EBIZ Global X E-commerce 27.0 68 8 2.5 -1.0
KALL KraneShares MSCI China All Shares 27.0 49 27 8.1 +4.6
SOCL Global X Social Media 25.1 65 11 3.8 +0.3

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

  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

Content on this tab for subscribers only

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 CSI China Internet
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 14.3 %
Divided by: Fwd. P/BV 3.4 x
Less: Expense ratio 76 bp
Equals: ALTAR Score 3.5 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.31 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.