KraneShares SSE STAR Market 50 Index ETF
ALTAR
Score™		 0.9% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 75.3x P/Sales
ratio		 5.4x
P/BV
ratio		 5.8x Div.
yield		 0.6%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KSTR tracks an index of the top 50 companies by market-cap that are listed on the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Krane Fund Advisors LLC
Website www.kraneshares.com
Inception date Jan 27, 2021
Assets (mns) $47
Currency USD
Expense ratio 89 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 51
Wgt avg mkt cap (mns) $20,377
Large cap (>$10bn) 51.7%
Mid cap ($2-10bn) 43.4%
Small cap (<$2bn) 1.0%
Developed mkts 0.0%
Emerging mkts 100.0%

TOP TEN HOLDINGS
CAMBRICON TECHNOLOGIES CORP. LTD. 17.5 %
HYGON INFORMATION TECHNOLOGY CO., 9.8 %
MONTAGE TECHNOLOGY CO., LTD. CLASS 8.1 %
ADVANCED MICRO-FABRICATION EQUIPME 5.7 %
BEIJING KINGSOFT OFFICE SOFTWARE. 4.5 %
SHANGHAI UNITED IMAGING HEALTHCARE 3.6 %
VERISILICON MICROELECTRONICS (SHAN 3.5 %
SHENZHEN TRANSSION HOLDING CO., LT 2.5 %
NATIONAL SILICON INDUSTRY GROUP CO 2.4 %
BEIJING ROBOROCK TECHNOLOGY CO. LT 2.0 %
Total 59.8 %

TOP COUNTRY EXPOSURE
CHINA 87.4 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
39.6% 32.9% -- -- -6.2%

Market Correlations
versus... Beta R-squared
S&P500 0.51 8%
MSCI EAFE 0.75 13%
MSCI Emg. Mkts. 1.13 32%

Technical Indicators
Recent close $18.08
30d moving avg. $18.64
Annualized volatility 33.6%
Short interest (ETF) 5.4%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 58
Turnover 2.2%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $3,471

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 69 potential alternatives to the KraneShares SSE STAR Market 50 Index ETF ETF based on the alternatives' overlap in portfolio holdings with KSTR. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KSTR Expense: 89 bp ALTAR Score™: 0.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KSTR
Ticker Fund
Name		 Overlap1
vs KSTR
(%)		 Expense
ratio
(bp)		 Savings
vs KSTR
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KSTR
(%)
DRGN Themes China Generative Artificial Intelligence ETF 18.0 39 50 10.8 +9.9
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 10.2 55 34 7.0 +6.1
TCHI iShares MSCI China Multisector Tech ETF 5.8 59 30 18.1 +17.2
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 5.3 65 24 6.8 +5.9
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 4.6 65 24 5.1 +4.2
CQQQ Invesco China Technology ETF 3.4 70 19 15.6 +14.7
JCHI JPMorgan Active China ETF 3.2 65 24 14.4 +13.4
KURE KraneShares MSCI All China Health Care Index ETF 3.0 65 24 2.9 +2.0
AIS VistaShares Artificial Intelligence Supercycle ETF 2.5 75 14 2.7 +1.8
RAYC Rayliant Quantamental China Equity ETF 2.2 80 9 8.2 +7.3
AIVC Amplify Bloomberg AI Value Chain ETF 2.1 59 30 5.7 +4.7
CXSE WisdomTree China ex-State-Owned Enterprises Fund 1.5 32 57 13.3 +12.4
JADE JPMorgan Active Developing Markets Equity ETF 1.0 65 24 7.7 +6.8
MINV Matthews Asia Innovators Active ETF 1.0 79 10 7.0 +6.1
KGRN KraneShares MSCI China Clean Technology Index ETF 1.0 79 10 0.4 -0.6
ETEC iShares Breakthrough Environmental Solutions ETF 1.0 47 42 3.4 +2.5
BOTT Themes Robotics & Automation ETF 0.8 35 54 -1.6 -2.6
CHAT Roundhill Generative AI & Technology ETF 0.7 75 14 7.7 +6.8
HUMN Roundhill Humanoid Robotics ETF 0.7 75 14 1.1 +0.2
FLCH Franklin FTSE China ETF 0.7 19 70 15.4 +14.5
CNYA iShares MSCI China A ETF 0.7 60 29 6.9 +6.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 0.3 32 57 8.5 +7.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.3 25 64 6.3 +5.3
ICLN iShares Global Clean Energy ETF 0.3 41 48 3.1 +2.2
FLAX Franklin FTSE Asia Ex Japan ETF 0.3 19 70 8.4 +7.5
ECON Columbia Emerging Markets Consumer ETF 0.2 49 40 11.5 +10.6
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.2 66 23 9.0 +8.0
BKEM BNY Mellon Emerging Markets Equity ETF 0.2 11 78 9.2 +8.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.2 45 44 9.6 +8.7
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.2 15 74 9.5 +8.6
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.2 36 53 9.1 +8.2
VWO Vanguard FTSE Emerging Markets ETF 0.2 7 82 10.2 +9.3
CHIQ Global X MSCI China Consumer Discretionary ETF 0.2 65 24 12.6 +11.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.2 59 30 8.4 +7.5
MCH Matthews China Active ETF 0.2 79 10 14.0 +13.1
ERTH Invesco MSCI Sustainable Future ETF 0.2 62 27 3.4 +2.4
DMAT Global X Disruptive Materials ETF 0.1 59 30 6.6 +5.7
IGPT Invesco AI and Next Gen Software ETF 0.1 60 29 4.3 +3.4
GXC SPDR S & P China ETF 0.1 59 30 15.9 +15.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 0.1 15 74 7.4 +6.5
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.1 30 59 8.4 +7.5
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.1 33 56 9.4 +8.4
MCHI iShares MSCI China ETF 0.1 59 30 16.9 +16.0
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.1 41 48 8.1 +7.2
VSGX Vanguard ESG International Stock ETF 0.1 10 79 7.5 +6.5
JHEM John Hancock Multifactor Emerging Markets ETF 0.1 49 40 9.4 +8.5
VEU Vanguard FTSE All-World ex-US Index Fund 0.1 4 85 7.6 +6.7
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.1 41 48 7.1 +6.2
BKF iShares MSCI BIC ETF 0.0 69 20 13.1 +12.2
DFAE Dimensional Emerging Core Equity Market ETF 0.0 35 54 8.6 +7.7
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.0 58 31 9.5 +8.5
VXUS Vanguard Total International Stock ETF 0.0 5 84 7.6 +6.6
SCHE Schwab Emerging Markets Equity ETF 0.0 11 78 10.6 +9.7
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.0 38 51 8.6 +7.7
EEMA iShares MSCI Emerging Markets Asia ETF 0.0 49 40 9.2 +8.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.0 44 45 10.3 +9.4
IEMG iShares Core MSCI Emerging Markets ETF 0.0 9 80 9.8 +8.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.0 70 19 8.4 +7.5
EEM iShares MSCI Emerging Markets ETF 0.0 69 20 9.5 +8.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.0 30 59 9.6 +8.6
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.0 18 71 7.3 +6.3
SPEM SPDR Portfolio Emerging Markets ETF 0.0 7 82 10.4 +9.5
VT Vanguard Total World Stock ETF 0.0 6 83 5.7 +4.8
DFEV Dimensional Emerging Markets Value ETF 0.0 43 46 11.7 +10.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.0 30 59 7.4 +6.5
ACWI iShares MSCI ACWI ETF 0.0 32 57 5.3 +4.4
XT iShares Exponential Technologies ETF 0.0 46 43 4.5 +3.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 80 5.5 +4.6
VYMI Vanguard International High Dividend Yield ETF 0.0 17 72 9.0 +8.1

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 KraneShares SSE STAR Market 50 Index ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

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 not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.8 %
Divided by: Fwd. P/BV 5.4 x
Less: Expense ratio 89 bp
Equals: ALTAR Score 0.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.46 CATEGORY
AVERAGE		 1.54
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.