ETF Evaluator:
KraneShares Dragon Cptl Vtnm Gr Idx ETF ()
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(as of Aug 25)
Best Performing in Focused Region Over the Last Year
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ETF Details
KraneShares Dragon Cptl Vtnm Gr Idx ETF Overview
KraneShares Dragon Cptl Vtnm Gr Idx ETF (KPHO) is a passively managed International Equity Focused Region exchange-traded fund (ETF). KraneShares launched the ETF in 2025.
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Dragon Capital MerQube Vietnam Growth Index.
Under normal circumstances, the fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of the underlying index and other instruments that have economic characteristics similar to those in the underlying index. The index is designed to measure the performance of stocks and foreign exchange ETFs that are listed on the HOSE and available for investment by U.S. investors, notwithstanding FOLs. The fund is non-diversified.
About KraneShares Dragon Cptl Vtnm Gr Idx ETF (KPHO)
There are 1 members of the management team with an average tenure of 0.65 years: Sui Yang Phang (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Dragon Cap MerQube Vietnam Growth PR USD index with a weighting of 100%. KraneShares Dragon Cptl Vtnm Gr Idx ETF has 38 securities in its portfolio. The top 10 holdings constitute 72.5% 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 Dragon Cptl Vtnm Gr Idx ETF is part of the Equity global asset class and is within the International Equity ETF group. KraneShares Dragon Cptl Vtnm Gr Idx ETF has 75.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 75.3% 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 Dragon Cptl Vtnm Gr Idx ETF has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $11 million in total assets, which is below the $1 billion average for the Focused 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.
KPHO 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 Dragon Cptl Vtnm Gr Idx ETF expense ratio is high compared to funds in the Focused Region category. KraneShares Dragon Cptl Vtnm Gr Idx ETF has an expense ratio of 1.03%, which is 99% higher than its category average, making the fund expense ratio grade a F. 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 Dragon Cptl Vtnm Gr Idx ETF has a portfolio turnover rate of 29%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 26% for the Focused Region category.
Recently, in the month of July 2026, KraneShares Dragon Cptl Vtnm Gr Idx ETF returned -9.0%, which earned it a grade of F, as the Focused Region category had an average return of 1.8%. 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 Dragon Cptl Vtnm Gr Idx ETF has a trailing yield of 0.00%, which is below the 5.57% 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 Dragon Cptl Vtnm Gr Idx ETF Grades
Year to date, the ETF has returned -11.3%, 21.9 percentage points worse than the category, which translates into a grade of F.
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KPHO 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 |
|
| KPHO Return (NAV) | -9.0% | -9.1% | na | na | na | na |
| KPHO Return (Price) | -8.3% | -9.5% | na | na | na | na |
| NAV +/- Price Return | -0.649% | 0.398% | na | na | na | na |
| Focused Region Avg | 1.8% | 1.8% | 29.5% | 85.6% | 9.2% | 8.4% |
| KPHO Grade (NAV) | F | F | na | na | na | na |
| +/- Category (NAV) | -10.8% | -10.9% | na | na | na | na |
| KPHO Tax-Cost Ratio | na | na | na | na | na | na |
KPHO Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KPHO Return (NAV) | -11.3% | na | na | na | na | na | na | na | na | na | na |
| KPHO Return (Price) | -12.4% | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.104% | na | na | na | na | na | na | na | na | na | na |
| Focused Region Avg | 10.6% | 40.0% | 7.6% | 33.4% | -15.0% | 8.3% | 3.6% | 20.0% | -13.7% | 26.4% | 13.0% |
| KPHO Grade (NAV) | F | na | na | na | na | na | na | na | na | na | na |
| +/- Category | -21.9% | na | 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: | -- |
| Total Assets: | $ 12 Mil |
| Share Class Assets: | $ 12 Mil |
| Turnover: | 29.0% |
| Expense Ratio: | 1.03% |
| Index Fund: | Yes |
| Index Tracked: | Dragon Cap MerQube Vietnam Growth PR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 0.7 years | |||
| Average Tenure: 0.7 years | |||
| Managers (Year): Phang Sui Yang (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 38 |
| % in Top 10 Holdings: | 72.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 75.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 75.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 23.6% |
| Cash: | 1.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | KraneShares |
| Phone Number: | 855-857-2638 |
| Website: | http://www.kraneshares.com |
| Inception Date: | December 4, 2025 |
Expenses and Fees
| Expense Ratio (%): | 1.03% (Rating: High) |
| Category Average Expense Ratio (%): | 0.52% |
