KraneShares CSI China Internet ETF
ALTAR
Score™		 2.0% info Recommen-
dation		 AVOID
2020E    2021E
P/E
ratio		 35.0x P/Sales
ratio		 1.5x
P/BV
ratio		 4.6x 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 Jul 31, 2013
Assets (mns) $2,885
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 49
Wgt avg mkt cap (mns) $175,659
Large cap (>$10bn) 71.6%
Mid cap ($2-10bn) 15.2%
Small cap (<$2bn) 1.8%
Developed mkts 33.3%
Emerging mkts 66.7%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 10.5 %
MEITUAN DIANPING 10.2 %
TENCENT HOLDINGS LTD 9.0 %
JD.COM INC-ADR 7.3 %
PINDUODUO, INC. SPONSORED ADR CLAS 5.8 %
TAL EDUCATION GROUP UNSPONSORED AD 3.8 %
NETEASE.COM INC-ADR 3.8 %
BILIBILI, INC. SPONSORED ADR CLASS 3.7 %
BAIDU INC - SPON ADR 3.6 %
CTRIP.COM INTERNATIONAL-ADR 3.4 %
Total 61.0 %

TOP COUNTRY EXPOSURE
CHINA 95.8 %
HONG KONG 4.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
44.5% 66.1% 19.6% -- 16.3%

Market Correlations
versus... Beta R-squared
S&P500 1.03 44%
MSCI EAFE 1.13 45%
MSCI Emg. Mkts. 0.97 52%

Technical Indicators
Recent close $68.52
30d moving avg. $68.94
Annualized volatility 27.1%
Short interest (ETF) 19.2%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 2,050
Turnover 4.9%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $4,071

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 2.0%


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
(%)
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 57.8 86 -10 2.3 +0.3
PGJ Invesco Golden Dragon China ETF 55.8 70 6 3.3 +1.4
FDNI First Trust Dow Jones International Internet ETF 45.9 65 11 2.2 +0.3
TTTN UP Fintech China-U.S. Internet Titans ETF 45.8 59 17 4.2 +2.3
CHIQ Global X China Consumer ETF 43.3 65 11 7.4 +5.4
FNI First Trust Chindia ETF 41.9 60 16 2.6 +0.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 41.7 32 44 6.0 +4.1
CQQQ Invesco China Technology ETF 39.6 70 6 4.0 +2.0
CHIL Global X MSCI China Large-Cap 50 ETF 37.6 29 47 7.9 +5.9
ECON Columbia Emerging Markets Consumer ETF 36.2 59 17 4.5 +2.6
FLCH Franklin FTSE China ETF 34.3 19 57 8.4 +6.4
MCHI iShares MSCI China ETF 34.3 59 17 7.9 +6.0
GXC SPDR S&P China ETF 33.2 59 17 8.2 +6.2
CHIC Global X Nasdaq China Technology ETF 30.9 66 10 4.1 +2.2
KALL KraneShares FTSE Emerging Markets Plus ETF 30.9 49 27 8.2 +6.2
BKF iShares MSCI BRIC ETF 30.8 69 7 7.6 +5.6
CN Xtrackers MSCI All China Equity ETF 29.3 50 26 8.2 +6.2
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 29.3 60 16 4.4 +2.5
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 26.8 18 58 5.4 +3.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 25.5 32 44 5.9 +3.9
EBIZ Global X E-Commerce ETF 25.1 50 26 2.8 +0.8
GBUY Goldman Sachs Motif New Age Consumer ETF 24.2 50 26 1.8 -0.2
OGIG O'Shares Global Internet Giants ETF 24.1 48 28 0.8 -1.2
DINT Davis Select International ETF 24.0 68 8 5.9 +3.9
GMF SPDR S&P Emerging Asia Pacific ETF 23.4 49 27 7.4 +5.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 23.3 95 -19 8.0 +6.1
SOCL Global X Social Media ETF 23.3 65 11 1.9 -0.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 23.3 20 56 6.8 +4.8
EEMA iShares MSCI Emerging Markets Asia ETF 23.2 50 26 7.6 +5.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 22.4 68 8 7.1 +5.1
PBEE Invesco PureBeta FTSE Emerging Markets ETF 22.1 15 61 8.7 +6.7
SCHE Schwab Emerging Markets Equity ETF 22.0 11 65 8.0 +6.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 21.8 30 46 7.8 +5.8
FLAX Franklin FTSE Asia Ex Japan ETF 21.3 19 57 7.7 +5.7
FXI iShares China Large-Cap ETF 20.9 74 2 13.7 +11.7
ESGE iShares ESG MSCI EM ETF 20.3 25 51 8.7 +6.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 20.1 36 40 7.4 +5.4
NUEM Nuveen ESG Emerging Markets Equity ETF 20.0 45 31 6.9 +4.9
EEM iShares MSCI Emerging Markets ETF 19.9 68 8 7.4 +5.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 19.8 65 11 7.5 +5.5
VWO Vanguard FTSE Emerging Markets ETF 19.7 10 66 8.1 +6.1
GIGE SoFi Gig Economy ETF 19.4 59 17 -0.7 -2.6
DVEM WisdomTree Emerging Markets Dividend Fund 19.0 32 44 7.3 +5.4
IEMG iShares Core MSCI Emerging Markets ETF 17.9 13 63 7.9 +6.0
SPEM SPDR Portfolio Emerging Markets ETF 17.9 11 65 8.0 +6.0
XBUY Amplify International Online Retail ETF 17.7 69 7 -0.5 -2.4
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 17.6 40 36 7.3 +5.3
PNQI Invesco NASDAQ Internet ETF 17.5 60 16 1.1 -0.9
DWLD Davis Select Worldwide ETF 17.2 63 13 6.6 +4.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 17.0 45 31 7.5 +5.5
ESPO VanEck Vectors Video Gaming & eSports ETF 17.0 55 21 2.7 +0.7
NERD Roundhill BITKRAFT Esports & Digital Entertainment ETF 16.1 25 51 1.9 -0.1
ISEM Invesco Strategic Emerging Markets ETF 15.3 35 41 10.7 +8.7
EMMF WisdomTree Emerging Markets Multifactor Fund 15.0 48 28 9.6 +7.6
EEMO Invesco S&P Emerging Markets Momentum ETF 14.7 29 47 6.4 +4.4
AIA iShares Asia 50 ETF 14.0 50 26 8.0 +6.0
JHEM John Hancock Multifactor Emerging Markets ETF 13.4 49 27 8.6 +6.6
FPXI First Trust International Equity Opportunities ETF 13.2 70 6 3.3 +1.3
CCON Direxion Connected Consumer ETF 13.2 45 31 1.4 -0.5
WUGI Esoterica NextG Economy ETF 13.1 75 1 1.6 -0.4
BKEM BNY Mellon Emerging Markets Equity ETF 13.1 11 65 8.4 +6.4
GENY Principal Millennials Index ETF 12.8 45 31 4.2 +2.2
BUYZ Franklin Disruptive Commerce ETF 12.6 50 26 -0.1 -2.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 12.5 45 31 9.0 +7.0
AVEM Avantis Emerging Markets Equity ETF 12.4 33 43 8.9 +6.9
FDEM Fidelity Targeted Emerging Markets Factor ETF 12.3 45 31 8.6 +6.6
FCA First Trust China AlphaDEX Fund 11.6 80 -4 14.3 +12.3
IRBO iShares Robotics & Artificial Intelligence ETF 11.5 47 29 2.8 +0.8
XITK SPDR FactSet Innovative Technology ETF 11.5 45 31 0.5 -1.5
PEK VanEck Vectors ChinaAMC CSI 300 ETF 11.4 60 16 7.2 +5.3
IPOS Renaissance International IPO ETF 10.9 80 -4 4.6 +2.6
AIQ Global X Future Analytics Tech ETF 10.8 68 8 4.2 +2.2
HERO Global X Video Games & Esports ETF 10.7 50 26 2.9 +0.9
PIE Invesco DWA Emerging Markets Momentum ETF 9.9 90 -14 5.0 +3.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 9.9 49 27 7.9 +5.9
IPO Renaissance IPO ETF 9.4 60 16 17.4 +15.4
ARKF ARK Fintech Innovation ETF 9.3 75 1 0.7 -1.3
JOYY Infusive Compounding Global Equities ETF 9.3 50 26 6.1 +4.1
BICK First Trust BICK Index Fund 9.2 64 12 4.4 +2.5
XNTK SPDR NYSE Technology ETF 9.0 35 41 4.1 +2.1
IXP iShares Global Comm Services ETF 9.0 46 30 5.7 +3.8
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 8.9 16 60 6.8 +4.9
BLOK Amplify Transformational Data Sharing ETF 8.8 70 6 4.4 +2.5
BLCN Reality Shares Nasdaq NextGen Economy ETF 8.4 68 8 3.7 +1.8
EDUT Global X Education ETF 7.8 50 26 1.2 -0.8
VSGX Vanguard ESG International Stock ETF 7.1 17 59 7.0 +5.1
PXH Invesco FTSE RAFI Emerging Markets ETF 7.0 50 26 13.6 +11.6
IBUY Amplify Online Retail ETF 6.6 65 11 -1.2 -3.2
GAMR ETFMG Video Game Tech ETF 6.5 75 1 2.3 +0.4
THNQ ROBO Global Artificial Intelligence ETF 6.5 68 8 1.6 -0.4
GDAT Goldman Sachs Motif Data-Driven World Etf 6.1 50 26 5.3 +3.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 6.1 32 44 9.1 +7.1
AADR AdvisorShares Dorsey Wright ADR ETF 6.0 110 -34 2.9 +0.9
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 5.9 25 51 7.9 +6.0
CWI SPDR MSCI ACWI ex-US ETF 5.9 30 46 7.1 +5.1
ACWX iShares MSCI ACWI ex U.S. ETF 5.9 32 44 7.2 +5.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 5.8 40 36 7.0 +5.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 5.7 59 17 11.0 +9.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 5.5 30 46 8.8 +6.9

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 11.0 %
Divided by: Fwd. P/BV 4.0 x
Less: Expense ratio 76 bp
Equals: ALTAR Score 2.0 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.29 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.