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
7.1 B
ASSETS UNDER MGMT
69 bp
EXPENSES
Fund Basics
| Fund sponsor | Krane Fund Advisors LLC |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Jul 31, 2013 |
| Assets (mns) | $7,071 |
| 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 | 10.4 % |
| ALIBABA GROUP HOLDING LTD. | 9.7 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 8.2 % |
| MEITUAN DIANPING | 7.4 % |
| JD.COM, INC. CLASS A | 5.8 % |
| NETEASE, INC | 4.5 % |
| TENCENT MUSIC ENTERTAINMENT GROUP ADR CL | 4.3 % |
| BAIDU, INC. CLASS A | 4.0 % |
| KE HOLDINGS, INC. SPONSORED ADR CLASS A | 3.9 % |
| TRIP.COM GROUP LTD. | 3.8 % |
Constituent Breakdown
| Number of holdings | 33 |
| Herfindahl-Hirschman Index | 540 |
| Wgt avg mkt cap (mns) | $127,363 |
| Large cap (>$10bn) | 74.8% |
| Mid cap ($2-10bn) | 25.2% |
| Small cap (<$2bn) | 0.0% |
| Developed mkts. | 22.4% |
| Emerging mkts. | 77.7% |
Country Exposure
 |
CHINA | 93.6 % |
 |
HONG KONG | 1.9 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 21.7% | 22.1% | 16.5% | -8.9% | -2.8% | 0.9% | 3.5% | Volatility | 33.4% | 34.5% | 44.0% | 54.1% | 47.4% | 38.8% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.32 | 2% |
| MSCI EAFE | 0.99 | 15% |
| MSCI Emg Mkts | 1.97 | 57% |
Liquidity Measures
| Avg. volume (000) | 46,388 |
| Turnover | 21.1% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $20,846 |
Technical Indicators
| Recent close | $32.20 |
| 30d moving avg. | $26.90 |
| Annualized volatility | 45.3% |
| 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 | 56.1% | 0 bp | -2.1% |
| FDNI | First Trust Dow Jones International Internet ETF | 47.0% | -4 bp | +3.4% |
| CXSE | WisdomTree China ex-State-Owned Enterprises Fund | 43.2% | -37 bp | +7.0% |
| FXI | iShares China Large-Cap ETF | 41.3% | +5 bp | +8.9% |
| CQQQ | Invesco China Technology ETF | 39.6% | +1 bp | -6.2% |
| CGRO | CoreValues Alpha Greater China Growth ETF | 39.5% | +6 bp | +3.0% |
| TCHI | iShares MSCI China Multisector Tech ETF | 39.0% | -10 bp | +3.2% |
| EMQQ | EMQQ The Emerging Markets Internet & Ecommerce ETF | 38.5% | +17 bp | +3.1% |
| MCHI | iShares MSCI China ETF | 38.4% | -10 bp | +9.3% |
| CHIQ | Global X MSCI China Consumer Discretionary ETF | 37.8% | -4 bp | +6.7% |
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 10/23/2024
Peer Group Comparison Sample data. Subscribe for access.
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 Rating
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.
ALTAR Score™
KWEB
-1.4%
Cat. Avg
7.6%
ALTAR Score™ Calculation
Category Overview
There are 164 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.6% and a standard deviation of
4.1%. KWEB's ALTAR Score™ is approximately
2.2 standard deviations
below
the category average. This places KWEB in the 1st percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
KWEBSELL
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 |
| KWEB (69 bp) Percentile rank | 57 |
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. | 64.4 | 44.2 | 108.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .