KraneShares MSCI One Belt One Road Index ETF
ALTAR
Score™		 8.8% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 12.1x P/Sales
ratio		 0.9x
P/BV
ratio		 1.2x Div.
yield		 3.3%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KraneShares MSCI One Belt One Road ETF seeks to provide investment results that track the price and yield performance of the MSCI Global China Infrastructure Exposure Index. The Index aims to identify potential beneficiaries of the One Belt One Road initiative based on how their geography, revenue, and sector attributes align with the broad theme.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor KraneShares
Website kraneshares.com
Inception date Sep 07, 2017
Assets (mns) $9
Currency USD
Expense ratio 79 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Tiered
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 104
Wgt avg mkt cap (mns) $14,575
Large cap (>$10bn) 43.5%
Mid cap ($2-10bn) 49.1%
Small cap (<$2bn) 1.3%
Developed mkts 18.1%
Emerging mkts 81.9%

TOP TEN HOLDINGS
OVERSEA-CHINESE BANKING CORP 5.1 %
IMPALA PLATINUM HOLDINGS LTD 4.3 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 4.3 %
MMC NORILSK NICKEL OJSC 4.0 %
CHINA YANGTZE POWER CO LTD-A 3.4 %
KGHM POLSKA MIEDZ S.A. 3.2 %
ROSNEFT OAO 3.1 %
ANGLO PLATINUM LTD 2.6 %
ELBIT SYSTEMS LTD 2.5 %
JG SUMMIT HOLDINGS INC 2.3 %
Total 34.8 %

TOP COUNTRY EXPOSURE
CHINA 39.9 %
RUSSIA 10.2 %
SOUTH AFRICA 8.2 %
SINGAPORE 7.9 %
HONG KONG 5.4 %
MALAYSIA 4.2 %
ISRAEL 4.0 %
THAILAND 3.9 %
PHILIPPINES 3.6 %
POLAND 3.2 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-9.8% -2.4% -- -- -1.9%

Market Correlations
versus... Beta R-squared
S&P500 0.86 62%
MSCI EAFE 1.05 77%
MSCI Emg. Mkts. 0.87 88%

Technical Indicators
Recent close $22.61
30d moving avg. $21.75
Annualized volatility 19.4%
Short interest (ETF) 0.0%
Relative strength (RSI) 68

Liquidity measures
Avg. volume (thou.) 1
Turnover 0.3%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $5,153

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the KraneShares MSCI One Belt One Road Index ETF ETF based on the alternatives' overlap in portfolio holdings with OBOR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: OBOR Expense: 79 bp ALTAR Score™: 8.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH OBOR
Ticker Fund
Name		 Overlap1
vs OBOR
(%)		 Expense
ratio
(bp)		 Savings
vs OBOR
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs OBOR
(%)
CHII Global X China Industrials ETF 18.0 66 13 11.3 +2.4
CHIU Global X MSCI China Utilities ETF 13.1 66 13 9.8 +1.0
ASHX Xtrackers MSCI China A Inclusion Equity ETF 8.6 60 19 6.4 -2.4
EWS iShares MSCI Singapore ETF 8.6 50 29 8.6 -0.2
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 8.5 45 34 8.6 -0.2
KBA KraneShares Bosera MSCI China A Share ETF 8.5 60 19 6.5 -2.4
FLRU Franklin FTSE Russia ETF 8.4 19 60 19.3 +10.4
CNYA iShares MSCI China A ETF 8.3 60 19 6.5 -2.4
FEM First Trust Emerging Markets AlphaDEX Fund 8.3 80 -1 12.5 +3.7
KFYP KraneShares CICC China Leaders 100 Index ETF 8.1 70 9 13.2 +4.4
ECOW Pacer Emerging Markets Cash Cows 100 ETF 7.9 70 9 13.2 +4.3
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF 7.8 65 14 3.0 -5.8
ERUS iShares MSCI Russia ETF 7.6 59 20 15.2 +6.4
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 7.4 45 34 13.0 +4.2
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 7.4 65 14 6.9 -1.9
EZA iShares MSCI South Africa ETF 7.0 59 20 7.5 -1.3
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 6.9 32 47 8.8 -0.0
EMMF WisdomTree Emerging Markets Multifactor Fund 6.7 48 31 9.2 +0.4
NUEM Nuveen ESG Emerging Markets Equity ETF 6.6 45 34 6.9 -2.0
KGRN KraneShares MSCI China Environment Index ETF 6.6 80 -1 7.5 -1.4
ASEA Global X Southeast Asia ETF 6.5 65 14 10.2 +1.4
FLZA Franklin FTSE South Africa ETF 6.4 19 60 11.4 +2.5
ISEM Invesco Strategic Emerging Markets ETF 6.3 35 44 10.2 +1.3
CHIM Global X China Materials ETF 6.2 66 13 7.8 -1.1
PICK iShares MSCI Global Metals & Mining Producers ETF 6.0 39 40 6.7 -2.1
KALL KraneShares FTSE Emerging Markets Plus ETF 5.8 49 30 7.8 -1.0
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 5.6 44 35 8.8 -0.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 5.5 95 -16 9.0 +0.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 5.5 49 30 7.7 -1.1
FTRI First Trust Indxx Global Natural Resources Income ETF 5.3 70 9 8.9 +0.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 5.2 29 50 9.9 +1.0
ROAM Hartford Multifactor Emerging Markets ETF 5.1 44 35 14.5 +5.7
EMIF iShares Emerging Markets Infrastructure ETF 5.1 60 19 10.1 +1.2
PEK VanEck Vectors ChinaAMC CSI 300 ETF 4.8 60 19 6.9 -1.9
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 4.7 50 29 10.2 +1.3
CEY VictoryShares Emerging Market High Dividend Volatility Wtd E 4.6 51 28 13.9 +5.1
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 4.5 25 54 7.7 -1.2
EEMO Invesco S&P Emerging Markets Momentum ETF 4.5 29 50 6.2 -2.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 4.5 60 19 8.7 -0.2
EWM iShares MSCI Malaysia ETF 4.4 49 30 5.5 -3.3
PIE Invesco DWA Emerging Markets Momentum ETF 4.3 90 -11 4.5 -4.4
MCHI iShares MSCI China ETF 4.3 59 20 7.5 -1.3
PXH Invesco FTSE RAFI Emerging Markets ETF 4.3 50 29 13.2 +4.3
LIT Global X Lithium & Battery Tech ETF 4.3 75 4 2.9 -6.0
FLCH Franklin FTSE China ETF 4.2 19 60 8.0 -0.9
FXI iShares China Large-Cap ETF 4.2 74 5 13.0 +4.1
BKF iShares MSCI BRIC ETF 4.1 69 10 7.2 -1.6
GXC SPDR S&P China ETF 4.1 59 20 7.7 -1.1
EIS iShares MSCI Israel ETF 4.0 59 20 8.3 -0.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 3.9 30 49 8.5 -0.3
FCA First Trust China AlphaDEX Fund 3.9 80 -1 13.4 +4.5
SOIL Global X Fertilizers/Potash ETF 3.8 70 9 5.0 -3.9
EPHE iShares MSCI Philippines ETF 3.8 59 20 8.9 +0.0
GVAL Cambria Global Value ETF 3.7 69 10 11.4 +2.6
EYLD Cambria Emerging Shareholder Yield ETF 3.7 66 13 17.0 +8.1
FTAG First Trust Indxx Global Agriculture ETF 3.4 70 9 6.3 -2.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 3.4 32 47 5.8 -3.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 3.4 59 20 10.8 +2.0
IQDY FlexShares International Quality Dividend Dynamic Index Fund 3.3 47 32 12.6 +3.8
EPOL iShares MSCI Poland Capped ETF 3.2 59 20 10.2 +1.4
COPX Global X Copper Miners ETF 3.2 65 14 6.1 -2.8
AFTY Pacer CSOP FTSE China A50 ETF 3.2 70 9 9.4 +0.6
AVEM Avantis Emerging Markets Equity ETF 3.2 33 46 8.6 -0.2
VIDI Vident International Equity Fund 3.1 59 20 11.2 +2.4
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 3.1 64 15 4.5 -4.4
PBEE Invesco PureBeta FTSE Emerging Markets ETF 3.0 15 64 8.4 -0.5
AAXJ iShares MSCI All Country Asia ex Japan ETF 2.9 68 11 6.9 -2.0
SDEM Global X SuperDividend Emerging Markets ETF 2.9 66 13 16.1 +7.3
RNEM Emerging Markets Equity Select ETF 2.9 75 4 11.6 +2.8
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 2.9 80 -1 6.6 -2.2
SCIX Global X Scientific Beta Asia ex-Japan ETF 2.9 38 41 6.6 -2.2
EIDO iShares MSCI Indonesia ETF 2.9 59 20 9.9 +1.1
IDX VanEck Vectors Indonesia Index ETF 2.9 57 22 8.8 -0.1
MOTI VanEck Vectors Morningstar International Moat ETF 2.9 57 22 8.6 -0.3
EEM iShares MSCI Emerging Markets ETF 2.9 68 11 7.2 -1.6
ISRA VanEck Vectors Israel ETF 2.8 62 17 6.2 -2.6
FLAX Franklin FTSE Asia Ex Japan ETF 2.8 19 60 7.5 -1.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 2.8 65 14 7.3 -1.6
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 2.8 30 49 7.6 -1.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 2.8 36 43 7.9 -0.9
DVYE iShares Emerging Markets Dividend ETF 2.7 49 30 16.6 +7.8
DWCR Arrow DWA Country Rotation ETF 2.7 95 -16 13.7 +4.9
EEMA iShares MSCI Emerging Markets Asia ETF 2.7 50 29 7.3 -1.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 2.6 45 34 7.7 -1.1
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 2.6 40 39 7.1 -1.8
SCHE Schwab Emerging Markets Equity ETF 2.6 11 68 7.7 -1.1
FDEM Fidelity Targeted Emerging Markets Factor ETF 2.6 45 34 9.4 +0.6
CHIL Global X MSCI China Large-Cap 50 ETF 2.6 29 50 8.1 -0.7
DVEM WisdomTree Emerging Markets Dividend Fund 2.6 32 47 8.1 -0.8
ITEQ BlueStar Israel Technology ETF 2.5 75 4 1.5 -7.3
IZRL ARK Israel Innovative Technology ETF 2.5 49 30 1.3 -7.5
IEMG iShares Core MSCI Emerging Markets ETF 2.5 13 66 7.7 -1.1
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 2.5 46 33 5.3 -3.5
JHEM John Hancock Multifactor Emerging Markets ETF 2.5 49 30 8.2 -0.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.5 20 59 6.5 -2.3
VWO Vanguard FTSE Emerging Markets ETF 2.5 10 69 7.8 -1.0
GMF SPDR S&P Emerging Asia Pacific ETF 2.5 49 30 7.1 -1.8
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 2.4 80 -1 17.7 +8.9
DEM WisdomTree Emerging Markets High Dividend Fund 2.4 63 16 14.1 +5.3

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

  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 MSCI One Belt One Road Index ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 11.0 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 8.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.55 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.