KraneShares MSCI All China Health Care Index ETF
ALTAR
Score™		 2.4% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 28.6x P/Sales
ratio		 3.4x
P/BV
ratio		 3.4x Div.
yield		 0.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KraneShares MSCI All China Health Care Index ETF tracks an index of large- and midcap Chinese stocks in the health care sector, weighted by market capitalization.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor KraneShares
Website kraneshares.com
Inception date Jan 31, 2018
Assets (mns) $113
Currency USD
Expense ratio 65 bp
Distributions Semi-annual

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 50
Wgt avg mkt cap (mns) $17,065
Large cap (>$10bn) 52.3%
Mid cap ($2-10bn) 47.7%
Small cap (<$2bn) 0.0%
Developed mkts 19.1%
Emerging mkts 80.9%

TOP TEN HOLDINGS
BEIGENE, LTD. 9.2 %
INNOVENT BIOLOGICS, INC. 8.6 %
WUXI BIOLOGICS (CAYMAN) INC. 7.7 %
WUXI APPTEC CO., LTD. CLASS A 6.3 %
JIANGSU HENGRUI MEDICINE CO., LTD. 4.6 %
SHENZHEN MINDRAY BIO-MEDICAL ELECT 4.4 %
AKESO, INC. 3.8 %
CHINA PHARMACEUTICAL GROUP 3.8 %
WUXI APPTEC CO., LTD. CLASS H 3.7 %
SINO BIOPHARMACEUTICAL 3.5 %
Total 55.6 %

TOP COUNTRY EXPOSURE
CHINA 83.0 %
HONG KONG 7.3 %
UNITED STATES 1.2 %








HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
13.0% -4.4% -9.0% -- -0.6%

Market Correlations
versus... Beta R-squared
S&P500 0.81 14%
MSCI EAFE 0.69 15%
MSCI Emg. Mkts. 0.43 15%

Technical Indicators
Recent close $19.14
30d moving avg. $17.50
Annualized volatility 28.5%
Short interest (ETF) 5.5%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 54
Turnover 0.9%
Bid/Ask (% of price) 0.95%
ADV underlying (mns) $2,220

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 124 potential alternatives to the KraneShares MSCI All China Health Care Index ETF ETF based on the alternatives' overlap in portfolio holdings with KURE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KURE Expense: 65 bp ALTAR Score™: 2.4%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KURE
Ticker Fund
Name		 Overlap1
vs KURE
(%)		 Expense
ratio
(bp)		 Savings
vs KURE
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KURE
(%)
OZEM Roundhill GLP-1 & Weight Loss ETF 9.6 59 6 6.0 +3.5
FCA First Trust China AlphaDEX Fund 8.4 80 -15 9.1 +6.7
CGRO CoreValues Alpha Greater China Growth ETF 7.7 75 -10 7.9 +5.4
CXSE WisdomTree China ex-State-Owned Enterprises Fund 5.7 32 33 16.3 +13.9
MCH Matthews China Active ETF 4.6 79 -14 16.1 +13.6
JCHI JPMorgan Active China ETF 4.2 65 0 16.9 +14.4
MCHI iShares MSCI China ETF 4.1 59 6 22.3 +19.9
FLCH Franklin FTSE China ETF 3.8 19 46 19.9 +17.5
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 3.6 55 10 7.0 +4.6
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 3.5 65 0 6.8 +4.4
GXC SPDR S & P China ETF 3.1 59 6 20.5 +18.1
MDEV First Trust Indxx Medical Devices ETF 2.8 70 -5 4.8 +2.4
GNOM Global X Genomics & Biotechnology ETF 2.3 50 15 -1.9 -4.3
BKF iShares MSCI BIC ETF 2.3 69 -4 15.7 +13.3
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.9 45 20 9.9 +7.5
KSTR KraneShares SSE STAR Market 50 Index ETF 1.9 89 -24 0.9 -1.6
AGNG Global X Aging Population ETF 1.8 50 15 4.4 +2.0
LDEM iShares ESG MSCI EM Leaders ETF 1.8 17 48 12.9 +10.4
SAGP Strategas Global Policy Opportunities ETF 1.6 65 0 5.1 +2.6
MINV Matthews Asia Innovators Active ETF 1.6 79 -14 5.8 +3.4
EMXF iShares ESG Advanced MSCI EM ETF 1.5 16 49 6.6 +4.1
ROAM Hartford Multifactor Emerging Markets ETF 1.5 44 21 7.5 +5.1
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.5 88 -23 8.5 +6.1
EEMO Invesco S&P Emerging Markets Momentum ETF 1.4 29 36 6.2 +3.8
ECOW Pacer Emerging Markets Cash Cows 100 ETF 1.4 70 -5 9.9 +7.5
CNYA iShares MSCI China A ETF 1.3 60 5 7.0 +4.6
EYLD Cambria Emerging Shareholder Yield ETF 1.2 66 -1 8.8 +6.3
AVSE Avantis Responsible Emerging Markets Equity ETF 1.2 33 32 6.5 +4.1
CANC Tema Oncology ETF 1.2 75 -10 -2.2 -4.6
MEDI Harbor Health Care ETF 1.2 80 -15 -1.4 -3.8
PBE Invesco Biotechnology & Genome ETF 1.2 58 7 1.7 -0.8
FMED Fidelity Disruptive Medicine ETF 1.2 50 15 -1.0 -3.5
EEMA iShares MSCI Emerging Markets Asia ETF 1.2 49 16 7.4 +5.0
SCHE Schwab Emerging Markets Equity ETF 1.1 11 54 9.5 +7.1
BBP Virtus LifeSci Biotech Products ETF 1.1 79 -14 -3.4 -5.8
ESGE iShares ESG Aware MSCI EM ETF 1.1 25 40 8.1 +5.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 1.1 45 20 8.0 +5.5
BBAX JPMorgan BetaBuilders Developed Asia Pacific-ex Japan ETF 1.1 19 46 5.4 +3.0
NUEM Nuveen ESG Emerging Markets Equity ETF 1.1 36 29 5.8 +3.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.1 15 50 8.9 +6.5
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.0 32 33 7.6 +5.1
BMED Future Health ETF 1.0 85 -20 1.0 -1.5
GMF SPDR S&P Emerging Asia Pacific ETF 1.0 49 16 8.6 +6.1
VWO Vanguard FTSE Emerging Markets ETF 1.0 7 58 9.3 +6.8
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 24 6.8 +4.4
FEM First Trust Emerging Markets AlphaDEX Fund 1.0 80 -15 8.7 +6.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.9 70 -5 6.8 +4.3
FLAX Franklin FTSE Asia Ex Japan ETF 0.9 19 46 7.0 +4.6
FXI iShares China Large-Cap ETF 0.9 74 -9 22.6 +20.2
ECON Columbia Emerging Markets Consumer ETF 0.9 49 16 6.4 +4.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.8 30 35 7.9 +5.4
AVEM Avantis Emerging Markets Equity ETF 0.8 33 32 6.9 +4.5
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.8 69 -4 7.6 +5.2
EEM iShares MSCI Emerging Markets ETF 0.8 69 -4 7.7 +5.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.8 38 27 6.9 +4.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.8 66 -1 7.3 +4.9
JHEM John Hancock Multifactor Emerging Markets ETF 0.8 49 16 7.5 +5.0
EMMF WisdomTree Emerging Markets Multifactor Fund 0.8 48 17 8.6 +6.1
SPEM SPDR Portfolio Emerging Markets ETF 0.7 7 58 9.5 +7.1
EMGF iShares Emerging Markets Equity Factor ETF 0.7 25 40 8.8 +6.4
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 0.7 36 29 7.5 +5.1
IEMG iShares Core MSCI Emerging Markets ETF 0.7 9 56 8.1 +5.7
DFAE Dimensional Emerging Core Equity Market ETF 0.7 35 30 6.9 +4.5
BKEM BNY Mellon Emerging Markets Equity ETF 0.7 11 54 24.1 +21.7
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.6 65 0 5.0 +2.6
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 0.6 15 50 8.0 +5.6
CNXT VanEck ChiNext ETF 0.5 65 0 3.5 +1.1
FRGN Horizon International Equity ETF 0.5 75 -10 7.9 +5.4
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.5 30 35 7.4 +5.0
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.5 35 30 10.0 +7.6
AVES Avantis Emerging Markets Value ETF 0.5 36 29 9.0 +6.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.5 44 21 9.7 +7.3
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.4 29 36 9.2 +6.7
SDG iShares MSCI Global Sustainable Development Goals ETF 0.4 49 16 4.8 +2.4
VSGX Vanguard ESG International Stock ETF 0.4 10 55 6.6 +4.1
PXH Invesco FTSE RAFI Emerging Markets ETF 0.3 49 16 13.4 +10.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 35 6.4 +4.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.3 59 6 8.4 +6.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 26 13.4 +11.0
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 4 61 6.7 +4.3
AVEE Avantis Emerging Markets Small Cap Equity ETF 0.3 42 23 7.6 +5.2
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 47 6.4 +4.0
DEHP Dimensional Emerging Markets High Profitability ETF 0.3 41 24 4.8 +2.4
VXUS Vanguard Total International Stock ETF 0.3 5 60 6.6 +4.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 31 6.4 +3.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 24 5.9 +3.5
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 35 6.4 +4.0
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.2 50 15 7.9 +5.5
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 58 6.6 +4.2
IBB iShares Biotechnology ETF 0.2 45 20 -0.5 -2.9
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.2 33 32 6.7 +4.2
UIVM VictoryShares International Value Momentum ETF 0.2 35 30 8.1 +5.7
IBBQ Invesco Nasdaq Biotechnology ETF 0.2 19 46 0.3 -2.2
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 45 5.8 +3.3
TPIF Timothy Plan International ETF 0.2 62 3 5.7 +3.3
DFEV Dimensional Emerging Markets Value ETF 0.2 43 22 9.1 +6.7
VIDI Vident International Equity Strategy ETF 0.2 61 4 8.2 +5.8
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.1 12 53 4.5 +2.0
RNEM First Trust Emerging Markets Equity Select ETF 0.1 75 -10 8.2 +5.8
XT iShares Exponential Technologies ETF 0.1 46 19 3.8 +1.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.1 42 23 4.2 +1.7
VT Vanguard Total World Stock ETF 0.1 6 59 5.0 +2.6
ACWI iShares MSCI ACWI ETF 0.1 32 33 4.6 +2.2
IQSI IQ Candriam International Equity ETF 0.1 15 50 5.6 +3.2
FNDC Schwab Fundamental International Small Co. Index ETF 0.1 39 26 6.7 +4.3
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.1 25 40 6.0 +3.5
VYMI Vanguard International High Dividend Yield ETF 0.1 17 48 8.0 +5.6
AQLT iShares MSCI Global Quality Factor ETF 0.1 18 47 0.0 -2.4
GSID Goldman Sachs MarketBeta International Equity ETF 0.1 20 45 5.9 +3.5
BKIE BNY Mellon International Equity ETF 0.1 4 61 18.1 +15.7
GLOF iShares Global Equity Factor ETF 0.0 20 45 5.5 +3.1
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.0 20 45 0.8 -1.6
JSTC Adasina Social Justice All Cap Global ETF 0.0 89 -24 4.3 +1.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.0 9 56 4.8 +2.4
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.0 20 45 4.7 +2.3
FBCG Fidelity Blue Chip Growth ETF 0.0 59 6 2.2 -0.2
DIVI Franklin International Core Dividend Tilt Index ETF 0.0 9 56 6.6 +4.2
GLOV Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF 0.0 25 40 5.5 +3.1
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 0.0 39 26 7.0 +4.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 0.0 39 26 6.3 +3.9
VIGI Vanguard International Dividend Appreciation ETF 0.0 10 55 6.1 +3.7
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 44 2.9 +0.5
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 0.0 45 20 6.8 +4.4
APIE ActivePassive International Equity ETF 0.0 45 20 6.5 +4.0

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 MSCI All China Health Care 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 9.5 %
Divided by: Fwd. P/BV 3.1 x
Less: Expense ratio 65 bp
Equals: ALTAR Score 2.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.45 CATEGORY
AVERAGE		 1.53
 
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.