KEMX
KraneShares MSCI Emerging Markets EX China Index ETF
KEMX is benchmarked to the MSCI Emerging Markets ex China Index, which tracks large-cap and mid-cap companies within emerging market countries, excluding China.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
62.4 M
ASSETS UNDER MGMT
24 bp
EXPENSES
Fund Basics
| Fund sponsor | KraneShares |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Apr 12, 2019 |
| Assets (mns) | $62 |
| Expense ratio | 24 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 13.1 % |
| SAMSUNG ELECTRONICS CO LTD | 3.5 % |
| RELIANCE INDS-SPONS GDR 144A | 2.1 % |
| INFOSYS TECHNOLOGIES-SP ADR | 1.8 % |
| ICICI BANK LTD | 1.6 % |
| MEDIATEK INC | 1.6 % |
| HYNIX SEMICONDUCTOR INC | 1.5 % |
| HON HAI PRECISION INDUSTRY | 1.5 % |
| HDFC BANK LIMITED | 1.5 % |
| NASPERS LTD CLASS N | 1.5 % |
Constituent Breakdown
| Number of holdings | 296 |
| Herfindahl-Hirschman Index | 234 |
| Wgt avg mkt cap (mns) | $185,721 |
| Large cap (>$10bn) | 78.7% |
| Mid cap ($2-10bn) | 15.9% |
| Small cap (<$2bn) | 0.1% |
| Developed mkts. | 0.7% |
| Emerging mkts. | 97.5% |
Country Exposure
 |
TAIWAN | 29.7 % |
 |
INDIA | 22.0 % |
 |
SOUTH KOREA | 15.8 % |
 |
BRAZIL | 6.3 % |
 |
SOUTH AFRICA | 5.0 % |
 |
MEXICO | 3.0 % |
 |
MALAYSIA | 2.5 % |
 |
INDONESIA | 2.4 % |
 |
POLAND | 2.1 % |
 |
THAILAND | 1.6 % |
Historical Performance
Standardized Performance (as of 07/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 16.0% | 3.4% | 7.7% | 8.5% | 6.3% | -- | -- | 3.9% |
| Dividend Yield | 0.0% | 0.0% | 1.1% | 2.2% | 2.7% | -- | -- | 2.5% |
| Total Returns | 16.0% | 3.4% | 8.8% | 10.7% | 9.0% | -- | -- | 6.4% | Ann. Volatility | 19.4% | 19.0% | 16.5% | 16.4% | 17.2% | -- | -- | 20.6% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.86 | 65% |
| MSCI EAFE | 0.77 | 58% |
| MSCI Emg Mkts | 0.77 | 62% |
Liquidity Measures
| Avg. volume (000) | 5 |
| ADV traded (mns) | $0 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.35% |
Technical Indicators
| Recent close | $32.87 |
| 30d moving avg. | $32.57 |
| Annualized volatility | 16.4% |
| Relative strength (RSI) | 60 |
| Short interest | 3.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| STXE | Strive Emerging Markets Ex-China ETF | 61.8% | +8 bp | +7.7% |
| EMXC | iShares MSCI Emerging Markets ex China ETF | 60.5% | +1 bp | +7.6% |
| XCEM | Columbia EM Core ex-China ETF | 58.1% | -8 bp | +8.2% |
| XC | WisdomTree Emerging Markets Ex-China Fund | 56.1% | +8 bp | +6.0% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 51.2% | -9 bp | +8.1% |
| XCNY | SPDR S&P Emerging Markets ex-China ETF | 46.9% | -9 bp | +7.6% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 46.3% | +25 bp | +10.1% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 45.9% | +6 bp | +10.4% |
| EEM | iShares MSCI Emerging Markets ETF | 44.9% | +45 bp | +10.3% |
| ECON | Columbia Emerging Markets Consumer ETF | 44.8% | +25 bp | +12.5% |
Risk and Returns: KEMX vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 8/20/2025
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Rating
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™
KEMX
8.0%
Cat. Avg
8.0%
ALTAR Score™ Calculation
Category Overview
There are 119 funds in the Emerging Equity category, with an average ALTAR Score™
of 8.0% and a standard deviation of
2.6%. KEMX's ALTAR Score™ is approximately
0.0 standard deviations
above
the category average. This places KEMX in the 51st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
KEMXSELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Rules-Based Emerging Market Equity ETFs |
| # of ETFs | 103 |
| Avg. Expense Ratio | 64.6 bp |
| Std. Deviation | 29 bp |
| (24 bp) Percentile rank | 8 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| KEMX | 24.0 | 0.0 | 24 |
| Peer Avg. | 47.2 | 40.0 | 87.2 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .