OBOR
KraneShares MSCI One Belt One Road Index ETF
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.
Emerging Market
EQUITY
Passive
MANAGEMENT STYLE
79 bp
EXPENSES
$3.3 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | KraneShares |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 07, 2017 |
| Assets (mns) | $3 |
| Expense ratio | 79 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Annually |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| KUWAIT FINANCE HOUSE | 10.3 % |
| OVERSEA-CHINESE BANKING CORP | 7.3 % |
| CHINA YANGTZE POWER CO LTD-A | 5.1 % |
| PTT PUBLIC CO., LTD. | 3.9 % |
| CHINA PETROLEUM & CHEMICAL-H | 2.7 % |
| TURK HAVA YOLLARI AO | 2.4 % |
| KGHM POLSKA MIEDZ S.A. | 2.2 % |
| ELBIT SYSTEMS LTD | 2.2 % |
| PT AMMAN MINERAL INTERNASIONAL TBK | 2.0 % |
| BEIJING-SHANGHAI HIGH-SPEED RAILWAY CO., | 1.9 % |
Constituent Breakdown
| Number of holdings | 140 |
| Herfindahl-Hirschman Index | 284 |
| Wgt avg mkt cap (mns) | $22,085 |
| Large cap (>$10bn) | 59.2% |
| Mid cap ($2-10bn) | 38.0% |
| Small cap (<$2bn) | 2.8% |
| Developed mkts. | 19.8% |
| Emerging mkts. | 80.2% |
Country Exposure
 |
CHINA | 44.0 % |
 |
KUWAIT | 10.3 % |
 |
SINGAPORE | 9.8 % |
 |
INDONESIA | 6.9 % |
 |
THAILAND | 4.3 % |
 |
ISRAEL | 4.1 % |
 |
INDIA | 3.8 % |
 |
HONG KONG | 3.7 % |
 |
TURKEY | 2.7 % |
 |
MALAYSIA | 2.7 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 5.6% | 3.1% | -4.4% | -7.6% | 1.4% | -- | 0.9% | Volatility | 11.1% | 11.9% | 14.3% | 15.5% | 20.0% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.48 | 34% |
| MSCI EAFE | 0.66 | 60% |
| MSCI Emg Mkts | 0.70 | 69% |
Liquidity Measures
| Avg. volume (000) | 1 |
| Turnover | 0.7% |
| Avg. Bid/Ask (% of price) | 0.14% |
| ADV of underlying (mns) | $5,261 |
Technical Indicators
| Recent close | $21.78 |
| 30d moving avg. | $21.91 |
| Annualized volatility | 14.8% |
| Relative strength (RSI) | 53 |
| Short interest (ETF) | 0.0% |
| 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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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. OBOR |
Expenses vs. OBOR |
ALTAR Score™ vs. OBOR |
|---|---|---|---|---|
| KGRN | KraneShares MSCI China Clean Technology Index ETF | 12.6% | 0 bp | -3.4% |
| ASEA | Global X FTSE Southeast Asia ETF | 11.6% | -14 bp | -3.6% |
| KBA | KraneShares Bosera MSCI China A 50 Connect Index ETF | 10.9% | -24 bp | -1.0% |
| ASHR | Xtrackers Harvest CSI 300 China A-Shares ETF | 10.6% | -14 bp | -0.9% |
Risk and Returns: OBOR 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
OBOR
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™
OBOR
9.9%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 9.9% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
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%. OBOR's ALTAR Score™ is approximately
0.6 standard deviations
above
the category average. This places OBOR in the 73rd percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
OBOR
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Passive Emerging Market Equity ETFs |
| # of ETFs | 53 |
| Avg. Expense Ratio | 52.8 bp |
| Std. Deviation | 23.2 bp |
| OBOR (79 bp) Percentile rank | 87 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| OBOR | 79.0 | 13.9 | 92.9 |
| Peer Avg. | 57.1 | 44.2 | 101.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .