KraneShares CSI China Internet ETF
ALTAR
Score™
3.8% info Recommen-
dation
AVOID
2020E    2021E
P/E
ratio
25.7x P/Sales
ratio
1.1x
P/BV
ratio
3.3x 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) $2,048
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) $124,968
Large cap (>$10bn) 68.9%
Mid cap ($2-10bn) 20.2%
Small cap (<$2bn) 4.1%
Developed mkts 29.0%
Emerging mkts 71.0%

TOP TEN HOLDINGS
TENCENT HOLDINGS LTD 9.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR 9.3 %
MEITUAN DIANPING 8.9 %
JD.COM INC-ADR 8.4 %
PINDUODUO, INC. SPONSORED ADR CLAS 6.8 %
BAIDU INC - SPON ADR 5.8 %
NETEASE.COM INC-ADR 4.7 %
TAL EDUCATION GROUP UNSPONSORED AD 4.4 %
BILIBILI, INC. SPONSORED ADR CLASS 4.0 %
VIPSHOP HOLDINGS LTD SPONSORED ADR 4.0 %
Total 66.4 %

TOP COUNTRY EXPOSURE
CHINA 98.9 %
HONG KONG 0.9 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru April 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-0.7% -0.8% 5.2% -- 10.8%

Market Correlations
versus... Beta R-squared
S&P500 1.00 43%
MSCI EAFE 1.09 44%
MSCI Emg. Mkts. 0.95 52%

Technical Indicators
Recent close $51.21
30d moving avg. $49.13
Annualized volatility 25.6%
Short interest (ETF) 10.1%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 1,659
Turnover 4.2%
Bid/Ask (% of price) 0.07%
ADV underlying (mns) $8,263

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 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™: 3.8%


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 ETF 62.9 70 6 3.8 0.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 54.1 86 -10 2.5 -1.3
FNI First Trust Chindia ETF 49.1 59 17 3.8 +0.0
CQQQ Invesco China Technology ETF 43.2 70 6 4.6 +0.8
TTTN UP Fintech China-U.S. Internet Titans ETF 43.0 59 17 5.2 +1.4
FDNI First Trust Dow Jones International Internet ETF 41.7 65 11 3.0 -0.8
CHIQ Global X China Consumer ETF 40.2 65 11 10.1 +6.4
CXSE WisdomTree China ex-State-Owned Enterprises Fund 39.5 32 44 7.4 +3.7
CHIC Global X Nasdaq China Technology ETF 35.4 65 11 4.6 +0.9
ECON Columbia Emerging Markets Consumer ETF 31.7 59 17 5.2 +1.4
CHIL Global X MSCI China Large-Cap 50 ETF 31.5 29 47 10.0 +6.2
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 31.2 80 -4 1.9 -1.8
FLCH Franklin FTSE China ETF 30.7 19 57 9.7 +6.0
GXC SPDR S&P China ETF 30.4 59 17 9.4 +5.7
MCHI iShares MSCI China ETF 28.8 59 17 9.6 +5.8
KALL KraneShares FTSE Emerging Markets Plus ETF 28.1 49 27 9.6 +5.9
BKF iShares MSCI BRIC ETF 26.0 69 7 9.0 +5.3
CN Xtrackers MSCI All China Equity ETF 25.7 50 26 9.9 +6.1
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 25.6 18 58 6.5 +2.8
DINT Davis Select International ETF 25.3 75 1 6.4 +2.6
WCHN WisdomTree ICBCCS S&P China 500 Fund 25.1 55 21 9.3 +5.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 23.9 32 44 7.3 +3.5
SOCL Global X Social Media ETF 23.8 65 11 2.4 -1.4
EBIZ Global X E-Commerce ETF 22.7 50 26 3.2 -0.6
GBUY Goldman Sachs Motif New Age Consumer ETF 21.5 50 26 2.3 -1.4
GMF SPDR S&P Emerging Asia Pacific ETF 21.4 49 27 8.5 +4.7
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 20.8 20 56 8.1 +4.3
OGIG O'Shares Global Internet Giants ETF 19.4 48 28 0.6 -3.2
EEMA iShares MSCI Emerging Markets Asia ETF 19.3 50 26 9.0 +5.3
SCHE Schwab Emerging Markets Equity ETF 19.3 13 63 9.2 +5.4
PBEE Invesco PureBeta FTSE Emerging Markets ETF 19.2 14 62 10.1 +6.3
FLAX Franklin FTSE Asia Ex Japan ETF 19.1 19 57 9.1 +5.3
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 18.6 95 -19 10.9 +7.1
GIGE SoFi Gig Economy ETF 18.5 59 17 -0.4 -4.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 18.4 30 46 9.3 +5.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 18.4 68 8 8.5 +4.8
NUEM Nuveen ESG Emerging Markets Equity ETF 17.5 45 31 8.2 +4.4
ONLN ProShares Online Retail ETF 17.3 58 18 1.8 -2.0
VWO Vanguard FTSE Emerging Markets ETF 17.3 10 66 9.4 +5.6
ESGE iShares ESG MSCI EM ETF 16.6 25 51 10.3 +6.6
ISEM Invesco Strategic Emerging Markets ETF 16.5 35 41 11.1 +7.4
EEM iShares MSCI Emerging Markets ETF 16.3 68 8 8.8 +5.1
FXI iShares China Large-Cap ETF 16.3 74 2 14.2 +10.5
ESPO VanEck Vectors Video Gaming & eSports ETF 16.1 55 21 3.0 -0.8
SPEM SPDR Portfolio Emerging Markets ETF 16.1 11 65 9.1 +5.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 16.1 65 11 8.9 +5.2
DVEM WisdomTree Emerging Markets Dividend Fund 15.3 32 44 9.6 +5.9
PNQI Invesco NASDAQ Internet ETF 15.1 62 14 1.3 -2.4
XBUY Amplify International Online Retail ETF 14.9 69 7 -1.0 -4.7
IEMG iShares Core MSCI Emerging Markets ETF 14.7 14 62 9.3 +5.5
DWLD Davis Select Worldwide ETF 14.7 64 12 7.0 +3.3
PLAT WisdomTree Modern Tech Platforms Fund 14.3 45 31 1.4 -2.3
JOYY Infusive Compounding Global Equities ETF 14.2 50 26 4.0 +0.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 14.0 45 31 9.1 +5.4
GENY Principal Millennials Index ETF 14.0 45 31 4.4 +0.6
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 13.3 25 51 2.4 -1.3
AIA iShares Asia 50 ETF 13.0 50 26 9.4 +5.6
BICK First Trust BICK Index Fund 12.7 64 12 4.8 +1.1
PEK VanEck Vectors ChinaAMC CSI 300 ETF 12.4 60 16 8.6 +4.8
JHEM John Hancock Multifactor Emerging Markets ETF 12.0 55 21 9.5 +5.7
HERO Global X Video Games & Esports ETF 11.9 50 26 3.2 -0.6
BUYZ Franklin Disruptive Commerce ETF 11.8 50 26 -0.1 -3.8
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 11.7 40 36 8.1 +4.4
FPXI First Trust International Equity Opportunities ETF 11.4 70 6 3.0 -0.8
EEMO Invesco S&P Emerging Markets Momentum ETF 11.3 30 46 7.6 +3.9
XITK SPDR FactSet Innovative Technology ETF 11.1 45 31 0.5 -3.3
AIQ Global X Future Analytics Tech ETF 10.9 68 8 4.3 +0.6
ARKF ARK Fintech Innovation ETF 10.7 75 1 1.1 -2.7
EMCG WisdomTree Emerging Markets Consumer Growth Fund 10.6 32 44 8.0 +4.2
IPOS Renaissance International IPO ETF 9.8 80 -4 5.7 +2.0
AVEM Avantis Emerging Markets Equity ETF 9.6 33 43 10.1 +6.4
IRBO iShares Robotics & Artificial Intelligence ETF 8.9 47 29 2.7 -1.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 8.7 59 17 11.8 +8.1
GAMR ETFMG Video Game Tech ETF 8.4 75 1 3.7 -0.1
XNTK SPDR Morgan Stanley Technology ETF 8.3 35 41 4.1 +0.3
PIE Invesco DWA Emerging Markets Momentum ETF 8.2 90 -14 6.1 +2.3
BLCN Reality Shares Nasdaq NextGen Economy ETF 7.9 68 8 4.6 +0.9
BLOK Amplify Transformational Data Sharing ETF 7.9 70 6 5.6 +1.8
IXP iShares Global Comm Services ETF 7.9 46 30 6.0 +2.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 7.6 45 31 10.4 +6.7
IBUY Amplify Online Retail ETF 7.3 65 11 -1.5 -5.2
IPO Renaissance IPO ETF 7.3 60 16 -6.6 -10.4
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 7.1 16 60 7.5 +3.8
EMMF WisdomTree Emerging Markets Multifactor Fund 6.9 48 28 10.4 +6.7
PXH Invesco FTSE RAFI Emerging Markets ETF 5.8 50 26 14.6 +10.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 5.6 49 27 9.6 +5.8
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 5.5 32 44 10.1 +6.3
QTEC First Trust NASDAQ-100 Technology Sector Index Fund 5.1 57 19 5.2 +1.4
AADR WCM/BNY Mellon Focused Growth ADR ETF 5.1 110 -34 3.6 -0.2
VIGI Vanguard International Dividend Appreciation ETF 5.1 25 51 6.3 +2.5
VSGX Vanguard ESG International Stock ETF 4.9 17 59 7.9 +4.2
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 4.9 30 46 9.8 +6.1
LEGR First Trust Index Digital Transaction & Process Technology E 4.8 65 11 7.5 +3.8
GVIP Goldman Sachs Hedge Industry VIP ETF 4.7 45 31 4.6 +0.9
GDAT Goldman Sachs Motif Data-Driven World Etf 4.7 50 26 5.4 +1.6
ACWX iShares MSCI ACWI ex U.S. ETF 4.5 32 44 8.0 +4.3
CWI SPDR MSCI ACWI ex-US ETF 4.5 30 46 8.1 +4.3
GURU Global X Guru Index ETF 4.5 75 1 3.7 -0.0
VEU Vanguard FTSE All-World ex-US Index Fund 4.5 8 68 8.3 +4.5
FCA First Trust China AlphaDEX Fund 4.5 80 -4 15.9 +12.1

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 13.6 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 76 bp
Equals: ALTAR Score 3.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.27 CATEGORY
AVERAGE
1.45
 
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.