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.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
69 bp
EXPENSES
$5.0 B
ASSETS UNDER MGMT
Fund Basics
Fund sponsor | Krane Fund Advisors LLC |
Category | Emerging |
Asset class | Equity |
Website | link... |
Inception date | Jul 31, 2013 |
Assets (mns) | $5,042 |
Expense ratio | 69 bp |
Currency | USD |
Sector Breakdown
Fund Structure
Regulation | Open-End Investment Company |
Distributions | Semi-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
TENCENT HOLDINGS LTD | 11.0 % |
MEITUAN DIANPING | 8.5 % |
ALIBABA GROUP HOLDING LTD. | 8.5 % |
PINDUODUO, INC. SPONSORED ADR CLASS A | 7.7 % |
TRIP.COM GROUP LTD. | 5.5 % |
TENCENT MUSIC ENTERTAINMENT GROUP ADR CL | 5.4 % |
NETEASE, INC | 4.8 % |
KANZHUN LTD. SPONSORED ADR | 4.7 % |
JD.COM, INC. CLASS A | 4.1 % |
KE HOLDINGS, INC. SPONSORED ADR CLASS A | 3.7 % |
Constituent Breakdown
Number of holdings | 33 |
Herfindahl-Hirschman Index | 548 |
Wgt avg mkt cap (mns) | $101,050 |
Large cap (>$10bn) | 70.6% |
Mid cap ($2-10bn) | 28.4% |
Small cap (<$2bn) | 1.0% |
Developed mkts. | 22.2% |
Emerging mkts. | 77.8% |
Country Exposure
CHINA | 91.9 % | |
HONG KONG | 1.4 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
---|---|---|---|---|---|---|---|
Total Returns | -3.3% | -1.4% | -10.0% | -25.9% | -8.3% | -2.2% | 1.4% | Volatility | 33.4% | 34.5% | 44.0% | 54.1% | 47.4% | 38.8% | -- |
Market Correlations
versus... | Beta | R-squared |
S&P 500 | 0.31 | 1% |
MSCI EAFE | 1.01 | 14% |
MSCI Emg Mkts | 2.07 | 59% |
Liquidity Measures
Avg. volume (000) | 15,992 |
Turnover | 8.3% |
Avg. Bid/Ask (% of price) | 0.04% |
ADV of underlying (mns) | $3,328 |
Technical Indicators
Recent close | $26.28 |
30d moving avg. | $27.72 |
Annualized volatility | 47.4% |
Relative strength (RSI) | 52 |
Short interest (ETF) | 11.5% |
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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Comparable ETFs Based on Overlap
Ticker | Fund Name | Overlap vs. KWEB |
Expenses vs. KWEB |
ALTAR Score™ vs. KWEB |
---|---|---|---|---|
KTEC | KraneShares Hang Seng TECH Index ETF | 54.6% | 0 bp | -3.2% |
EMQQ | EMQQ The Emerging Markets Internet & Ecommerce ETF | 49.1% | +17 bp | +2.9% |
FDNI | First Trust Dow Jones International Internet ETF | 45.5% | -4 bp | +3.8% |
CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 43.5% | -37 bp | +7.6% |
CGRO | CoreValues Alpha Greater China Growth ETF | 43.2% | +6 bp | +0.9% |
FXI | iShares China Large-Cap ETF | 41.6% | +5 bp | +10.5% |
CQQQ | Invesco China Technology ETF | 39.6% | +1 bp | -6.1% |
TCHI | iShares MSCI China Multisector Tech ETF | 38.2% | -10 bp | +3.0% |
MCH | Matthews China Active ETF | 37.8% | +10 bp | +7.2% |
CHIQ | Global X MSCI China Consumer Discretionary ETF | 37.5% | -4 bp | +6.9% |
Risk and Returns: KWEB 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
2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
---|---|---|---|---|---|---|---|---|
Sales per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- | |
Book value per share | -- | -- | -- | -- | -- | -- | -- | |
change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
2023 | 2024E | Fwd Est | 2025E | |
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 7/25/2024
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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
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
-0.9%
Cat. Avg
7.5%
Fund Category: Emerging
Avg. Return on Equity | --% |
Divided by: Fwd. P/BV | --x |
Less: Expenses | -- bp |
Equals: ALTAR Score™ | -0.9% |
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 161 funds in the Emerging category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.9%. KWEB's ALTAR Score™ is approximately
2.2 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
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
Peer Group | Rules-Based Emerging Market Equity ETFs |
# of ETFs | 103 |
Avg. Expense Ratio | 64.6 bp |
Std. Deviation | 29 bp |
KWEB (69 bp) Percentile rank | 56 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
---|---|---|---|
KWEB | 69.0 | 3.7 | 72.7 |
Peer Avg. | 66.6 | 48.3 | 114.9 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .