ETF Evaluator:
KraneShares China Alpha Index ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Greater China Region Over the Last Year
| 76.6% | Franklin FTSE Taiwan ETF (FLTW) |
| 70.4% | iShares MSCI Taiwan ETF (EWT) |
| 64.0% | KraneShares CHN Tech & Semicon STAR50ETF (KSTR) |
| 55.2% | VanEck ChiNext Innovators ETF (CNXT) |
| 42.4% | Neuberger China Equity ETF (NBCE) |
Risk
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Risk
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ETF Details
KraneShares China Alpha Index ETF Overview
KraneShares China Alpha Index ETF (KCAI) is a passively managed International Equity Greater China Region exchange-traded fund (ETF). KraneShares launched the ETF in 2024.
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Qi China Alpha Index.
Under normal circumstances, the fund invests at least 80% of its net assets in securities of the underlying index and other instruments that have economic characteristics similar to those in the underlying index. The underlying index seeks to provide a total return that exceeds the CSI 300 Index using an automated algorithmic machine learning investment process (“AI Process”) developed by Quant Insight Ltd. The fund is non-diversified.
About KraneShares China Alpha Index ETF (KCAI)
There are 2 members of the management team with an average tenure of 1.93 years: James Maund (2024) and Jonathan Shelon (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Qi China Alpha TR USD index with a weighting of 100%. KraneShares China Alpha Index ETF has 42 securities in its portfolio. The top 10 holdings constitute 32.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
KraneShares China Alpha Index ETF is part of the Equity global asset class and is within the International Equity ETF group. KraneShares China Alpha Index ETF has 99.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 99.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). KraneShares China Alpha Index ETF has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $3 million in total assets, which is below the $1 billion average for the Greater China Region category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KCAI Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The KraneShares China Alpha Index ETF expense ratio is above average compared to funds in the Greater China Region category. KraneShares China Alpha Index ETF has an expense ratio of 0.79%, which is 21% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. KraneShares China Alpha Index ETF has a portfolio turnover rate of 174%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 56% for the Greater China Region category.
Recently, in the month of July 2026, KraneShares China Alpha Index ETF returned 3.6%, which earned it a grade of C, as the Greater China Region category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
KraneShares China Alpha Index ETF has a trailing yield of 2.74%, which is below the 3.41% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
KraneShares China Alpha Index ETF Grades
Year to date, the ETF has returned 8.0%, 5.9 percentage points better than the category, which translates into a grade of B. The fund has returned 39.3% over the past year (grade of A).
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KCAI Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KCAI Return (NAV) | 3.6% | 1.1% | 39.3% | na | na | na |
| KCAI Return (Price) | 1.8% | 0.6% | 38.8% | na | na | na |
| NAV +/- Price Return | 1.819% | 0.523% | 0.496% | na | na | na |
| Greater China Region Avg | -0.9% | -2.5% | 14.5% | 8.6% | -1.6% | 5.1% |
| KCAI Grade (NAV) | C | A | A | na | na | na |
| +/- Category (NAV) | 4.5% | 3.6% | 24.8% | na | na | na |
| KCAI Tax-Cost Ratio | na | na | 9.7% | na | na | na |
KCAI Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KCAI Return (NAV) | 8.0% | 52.9% | na | na | na | na | na | na | na | na | na |
| KCAI Return (Price) | 7.4% | 51.8% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.083% | -0.021% | na | na | na | na | na | na | na | na | na |
| Greater China Region Avg | 2.2% | 30.4% | 11.2% | -10.5% | -25.1% | -7.2% | 42.8% | 26.9% | -22.9% | 45.1% | -6.2% |
| KCAI Grade (NAV) | B | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 5.9% | 22.5% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 2.7% |
| Total Assets: | $ 3 Mil |
| Share Class Assets: | $ 3 Mil |
| Turnover: | 174.0% |
| Expense Ratio: | 0.79% |
| Index Fund: | Yes |
| Index Tracked: | Qi China Alpha TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Maund James (2024), Shelon Jonathan (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 42 |
| % in Top 10 Holdings: | 32.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 99.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 99.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | KraneShares |
| Phone Number: | 855-857-2638 |
| Website: | http://www.kraneshares.com |
| Inception Date: | August 27, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.79% (Rating: Above Avg) |
| Category Average Expense Ratio (%): | 0.65% |
