KraneShares CSI China Internet ETF
ALTAR
Score™
3.1% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
46.4x P/Sales
ratio
1.5x
P/BV
ratio
4.9x Div.
yield
0.1%


  • 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 Jul 31, 2013
Assets (mns) $3,746
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 33
Wgt avg mkt cap (mns) $165,840
Large cap (>$10bn) 76.4%
Mid cap ($2-10bn) 11.1%
Small cap (<$2bn) 0.0%
Developed mkts 32.5%
Emerging mkts 67.5%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 9.2 %
ALIBABA GROUP HOLDING LTD. SPONSOR 8.6 %
PINDUODUO, INC. SPONSORED ADR CLAS 7.9 %
MEITUAN DIANPING 7.6 %
JD.COM INC-ADR 7.3 %
BILIBILI, INC. SPONSORED ADR CLASS 5.3 %
VIPSHOP HOLDINGS LTD SPONSORED ADR 4.1 %
NETEASE.COM INC-ADR 4.1 %
ALIBABA HEALTH INFORMATION TECHNOL 4.0 %
TAL EDUCATION GROUP UNSPONSORED AD 3.9 %
Total 61.8 %

TOP COUNTRY EXPOSURE
CHINA 95.3 %
HONG KONG 4.6 %









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.
55.0% 62.0% 15.4% -- 16.8%

Market Correlations
versus... Beta R-squared
S&P500 0.94 41%
MSCI EAFE 0.91 37%
MSCI Emg. Mkts. 0.96 53%

Technical Indicators
Recent close $74.18
30d moving avg. $74.29
Annualized volatility 27.4%
Short interest (ETF) 11.6%
Relative strength (RSI) 52

Liquidity measures
Avg. volume (thou.) 2,995
Turnover 5.9%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $18,390

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the KraneShares CSI China Internet ETF 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™: 3.1%


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
(%)
EWEB Global X Emerging Markets Internet & E-commerce ETF 62.7 65 11 3.2 +0.1
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 55.2 86 -10 2.8 -0.3
PGJ Invesco Golden Dragon China ETF 54.5 70 6 4.9 +1.8
TTTN UP Fintech China-U.S. Internet Titans ETF 44.4 59 17 4.8 +1.7
FDNI First Trust Dow Jones International Internet ETF 42.7 65 11 2.5 -0.6
FNI First Trust Chindia ETF 40.5 60 16 3.2 +0.1
CHIQ Global X China Consumer ETF 40.2 65 11 6.1 +3.1
CHIL Global X MSCI China Large-Cap 50 ETF 37.5 29 47 7.9 +4.8
EEMO Invesco S&P Emerging Markets Momentum ETF 36.3 29 47 4.2 +1.1
ECON Columbia Emerging Markets Consumer ETF 35.0 59 17 5.4 +2.4
MCHI iShares MSCI China ETF 33.9 59 17 7.8 +4.7
FLCH Franklin FTSE China ETF 33.8 19 57 8.3 +5.2
GXC SPDR S&P China ETF 33.2 59 17 7.7 +4.6
CQQQ Invesco China Technology ETF 31.3 70 6 5.8 +2.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 31.1 32 44 6.4 +3.3
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 30.5 60 16 4.7 +1.6
CHIC Global X Nasdaq China Technology ETF 30.2 66 10 5.8 +2.7
KALL KraneShares FTSE Emerging Markets Plus ETF 29.6 49 27 7.8 +4.8
BKF iShares MSCI BRIC ETF 29.5 69 7 7.3 +4.2
CN Xtrackers MSCI All China Equity ETF 28.6 50 26 7.8 +4.7
KESG KraneShares MSCI China ESG Leaders Index ETF 26.6 59 17 10.2 +7.2
EBIZ Global X E-Commerce ETF 26.1 50 26 2.9 -0.2
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 25.8 18 58 5.0 +1.9
GMF SPDR S&P Emerging Asia Pacific ETF 23.5 49 27 6.9 +3.8
SOCL Global X Social Media ETF 23.3 65 11 2.6 -0.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 22.5 20 56 6.4 +3.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 21.8 68 8 6.7 +3.7
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 21.8 95 -19 8.3 +5.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 21.7 15 61 8.2 +5.1
EEMA iShares MSCI Emerging Markets Asia ETF 21.3 50 26 7.3 +4.2
SCHE Schwab Emerging Markets Equity ETF 21.2 11 65 7.6 +4.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 21.1 30 46 7.3 +4.2
DINT Davis Select International ETF 20.6 68 8 5.9 +2.9
FLAX Franklin FTSE Asia Ex Japan ETF 20.5 19 57 7.3 +4.2
OGIG O'Shares Global Internet Giants ETF 20.3 48 28 0.7 -2.4
PEK VanEck Vectors ChinaAMC CSI 300 ETF 19.9 60 16 4.8 +1.8
ESGE iShares ESG Aware MSCI EM ETF 19.7 25 51 8.1 +5.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 19.5 65 11 6.9 +3.8
EEM iShares MSCI Emerging Markets ETF 19.4 68 8 7.0 +3.9
ESPO VanEck Vectors Video Gaming & eSports ETF 19.4 55 21 3.2 +0.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 19.2 36 40 7.7 +4.6
NUEM Nuveen ESG Emerging Markets Equity ETF 19.0 45 31 6.4 +3.3
VWO Vanguard FTSE Emerging Markets ETF 18.8 10 66 7.7 +4.7
FXI iShares China Large-Cap ETF 18.6 74 2 13.3 +10.2
SPEM SPDR Portfolio Emerging Markets ETF 18.1 11 65 7.4 +4.3
DVEM WisdomTree Emerging Markets Dividend Fund 18.0 32 44 7.1 +4.0
XBUY Amplify International Online Retail ETF 18.0 69 7 0.6 -2.5
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 17.6 40 36 6.9 +3.8
IEMG iShares Core MSCI Emerging Markets ETF 17.4 13 63 7.5 +4.5
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 16.9 45 31 7.1 +4.0
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 16.6 25 51 3.4 +0.3
GIGE SoFi Gig Economy ETF 16.4 59 17 -0.5 -3.6
IWFH iShares Virtual Work and Life Multisector ETF 16.2 47 29 0.9 -2.2
PNQI Invesco NASDAQ Internet ETF 16.0 60 16 1.2 -1.9
AIA iShares Asia 50 ETF 15.8 50 26 7.4 +4.3
LDEM iShares ESG MSCI EM Leaders ETF 15.5 16 60 7.5 +4.4
ISEM Invesco Strategic Emerging Markets ETF 15.1 35 41 10.3 +7.2
EMMF WisdomTree Emerging Markets Multifactor Fund 14.7 48 28 9.5 +6.4
DWLD Davis Select Worldwide ETF 14.5 63 13 5.9 +2.8
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 14.5 32 44 5.8 +2.7
WUGI Esoterica NextG Economy ETF 14.0 75 1 1.3 -1.8
BKEM BNY Mellon Emerging Markets Equity ETF 14.0 11 65 8.0 +4.9
JHEM John Hancock Multifactor Emerging Markets ETF 13.1 49 27 8.3 +5.2
GENY Principal Millennials Index ETF 12.7 45 31 3.8 +0.7
AVEM Avantis Emerging Markets Equity ETF 12.6 33 43 8.3 +5.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 12.5 45 31 8.8 +5.7
HERO Global X Video Games & Esports ETF 12.3 50 26 4.0 +0.9
JIG JPMorgan International Growth ETF 12.3 55 21 2.7 -0.3
BUYZ Franklin Disruptive Commerce ETF 12.2 50 26 -0.3 -3.3
FDEM Fidelity Targeted Emerging Markets Factor ETF 12.1 45 31 8.3 +5.2
BICK First Trust BICK Index Fund 11.7 64 12 4.4 +1.3
FPXI First Trust International Equity Opportunities ETF 11.5 70 6 3.4 +0.3
FCA First Trust China AlphaDEX Fund 11.2 80 -4 14.2 +11.1
CCON Direxion Connected Consumer ETF 11.1 45 31 1.5 -1.6
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 10.9 49 27 8.8 +5.7
AIQ Global X Future Analytics Tech ETF 10.8 68 8 3.8 +0.7
IRBO iShares Robotics & Artificial Intelligence ETF 10.3 47 29 2.4 -0.7
XITK SPDR FactSet Innovative Technology ETF 10.2 45 31 0.5 -2.6
ARKF ARK Fintech Innovation ETF 9.6 75 1 0.4 -2.7
IXP iShares Global Comm Services ETF 9.1 46 30 5.4 +2.3
PIE Invesco DWA Emerging Markets Momentum ETF 8.9 90 -14 4.9 +1.8
JOYY Infusive Compounding Global Equities ETF 8.8 50 26 3.6 +0.6
XNTK SPDR NYSE Technology ETF 8.8 35 41 3.2 +0.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 8.7 16 60 6.4 +3.3
IPOS Renaissance International IPO ETF 8.5 80 -4 3.3 +0.3
VSGX Vanguard ESG International Stock ETF 7.5 17 59 6.7 +3.6
BLCN Reality Shares Nasdaq NextGen Economy ETF 7.3 68 8 5.3 +2.2
BLOK Amplify Transformational Data Sharing ETF 7.0 70 6 5.0 +1.9
PXH Invesco FTSE RAFI Emerging Markets ETF 6.9 50 26 12.7 +9.6
BOUT Innovator IBD Breakout Opportunities ETF 6.9 84 -8 2.6 -0.5
EDUT Global X Education ETF 6.7 50 26 1.1 -1.9
ANEW ProShares MSCI Transformational Changes ETF 6.6 45 31 2.7 -0.4
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 6.4 25 51 7.7 +4.6
AADR AdvisorShares Dorsey Wright ADR ETF 6.2 110 -34 3.4 +0.3
QQXT First Trust Nasdaq-100 Ex-Technology Sector Index Fund 6.1 60 16 3.5 +0.4
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 6.1 32 44 8.3 +5.2
IBUY Amplify Online Retail ETF 5.9 65 11 -0.4 -3.5

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

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 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 16.0 %
Divided by: Fwd. P/BV 4.2 x
Less: Expense ratio 76 bp
Equals: ALTAR Score 3.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.29 CATEGORY
AVERAGE
1.40
 
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.