KWEB

KraneShares CSI China Internet ETF

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.


Rules-Based, Concentrated

MANAGEMENT MATRIX

KTEC

CLOSEST COMP

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorKrane Fund Advisors LLC
CategoryEmerging Market Equities
Asset classEquity
Websitelink...
Inception dateJul 31, 2013
Assets (mns)$7,802
Expense ratio69 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-End Investment Company
DistributionsSemi-Annually
Taxation1099
Stock selectionMarket Cap
WeightingMarket Cap
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
TENCENT HOLDINGS LTD 11.1 %
ALIBABA GROUP HOLDING LTD. 9.5 %
MEITUAN DIANPING 7.3 %
JD.COM, INC. CLASS A 6.1 %
PINDUODUO, INC. SPONSORED ADR CLASS A 6.1 %
NETEASE, INC 4.4 %
TENCENT MUSIC ENTERTAINMENT GROUP ADR CL 4.0 %
KANZHUN LTD. SPONSORED ADR 3.9 %
KUAISHOU TECHNOLOGY CLASS B 3.9 %
KE HOLDINGS, INC. SPONSORED ADR CLASS A 3.9 %
Constituent Breakdown
Number of holdings32
Herfindahl-Hirschman Index 492
Wgt avg mkt cap (mns)$123,677
Large cap (>$10bn)81.9%
Mid cap ($2-10bn)17.5%
Small cap (<$2bn)0.6%
Developed mkts.21.6%
Emerging mkts.78.4%
Country Exposure
CHINA 90.2 %
HONG KONG 2.4 %
Historical Performance


Standardized Annual Returns (as of 01/31/2023)
YTD1 YR2 YR3 YR5 YR10 YRIncep.
12.2% -9.5% -35.1% -8.7% -10.6% -- --
Market Correlations
versus...BetaR-squared
S&P 5000.201%
MSCI EAFE0.598%
MSCI Emg Mkts1.3341%
Liquidity Measures
Avg. volume (000)21,990
Turnover9.9%
Avg. Bid/Ask (% of price)0.04%
ADV of underlying (mns)$3,352
Technical Indicators
Recent close$35.19
30d moving avg.$33.35
Annualized volatility45.8%
Relative strength (RSI)61
Short interest (ETF)10.0%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

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Risk and Returns: KWEB vs. Comps (1 YR)

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Results & Estimates
  2018 2019 2020 2021 2022 2023E 2024E  
Sales per share -- -- -- -- -- -- --
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Earnings per share -- -- -- -- -- -- --
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Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates

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Valuation Metrics
  2022 2023E Fwd Est 2024E
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 --%
1.9 20.0 1.8 0.3% --
Based on closing prices from 2/1/2023
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
KWEB



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 Fund Rating

Our measure of an ETF's overall investment merit

ALTAR Score™

KWEB

-0.5%

Cat. Avg

7.9%

Fund Category: Emerging Market Equities

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™-0.5%
Recommendation

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 be less relevant.

Category Overview
There are 186 funds in the Emerging Market Equities category, with an average ALTAR Score™ of 7.9% and a standard deviation of 4.1%. KWEB's ALTAR Score™ is approximately 2.0 standard deviations below the category average. This places KWEB in the 2nd percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
KWEB
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown

 

Market Activity
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Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
KWEB 69.0 3.8 72.8
Peer Avg. -- -- --
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .
Fundamental data for individual fund constituents sourced from FactSet Research Systems.