Overview

Performance

Distributions

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

KCAI tracks the Quant Insight (Qi) China Alpha Index, which seeks to outperform the CSI 300 Index by applying a systematic machine learning approach. KCAI’s index was developed by its sub-advisor Qi to generate excess returns in China A-Shares through an alpha optimization filtering process combined with proprietary AI technology.

KCAI Features:

  • Long Only: stock selection from the CSI 300 Index universe.
  • Diversified: No individual stock can make up more than 5% of the ETF.
  • Dynamic: Rebalanced monthly using proprietary AI investment decision making technology.

China A-Shares Highlights:

  • China A-Shares are vastly underrepresented in global indexes. While the United States has a weight of 64.70% in the MSCI All Country World Index, China only has a weight of 2.57%.1
  • China A shares have exhibited an unusually low correlation to global markets of less than 0.4 over the past ten years,2 demonstrating the potential diversification* benefits of adding an allocation to China A shares to a global portfolio.
  • The inefficiency of the China A-Shares market makes it a potentially important source of alpha.

1.) Data from MSCI as of 12/31/2023.
2.) Data from MSCI and Bloomberg as of 6/30/2024. Correlation is based on weekly observations of the MSCI China A Index and the MSCI All Country World Index (ACWI).
*Diversification does not ensure a profit or guarantee against a loss.

Premium Discount Chart

Daily Performance

Data as of 10/14/2025
Daily Net Asset Value (NAV) and Market Price
NAV $37.07
NAV Daily Change -0.72%
Market Price $37.20
Market Price Daily Change -0.48%
30 Day Median Bid/Ask Spread
0.43%

Performance History

Cumulative %
Data as of: 09/30/2025
Fund NAV Closing Price Underlying Index
1 Month 2.43% 2.57% 2.59%
3 Month 24.19% 24.40% 24.82%
6 Month 38.05% 38.52% 39.22%
YTD 38.61% 38.98% 39.84%
Since Inception 53.26% 53.65% 55.62%
Avg Annualized %
Data as of quarter end: 09/30/2025
Fund NAV Closing Price Underlying Index
1 Year 30.36% 32.60% 31.79%
Since Inception 47.78% 48.13% 49.87%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Distribution History

2025 Distributions and Calendar
Ex-Date Record Date Payable Date Amount
12/22/2025 12/22/2025 12/23/2025

Future calendar dates are subject to change. There is no guarantee that dividends will be paid. Past distributions are not indicative of future trends. This material is provided for educational purposes only and does not constitute investment advice.

Distributions are issued to brokers on the payable date, and are subject to broker payment schedules.

2024 Distributions
Ex-Date Record Date Payable Date Amount
12/17/2024 12/17/2024 12/18/2024 0.194652
12/17/2024 12/18/2024 12/18/2024 0.398069

Growth of $10,000

Data as of 10/14/2025

The Growth of $10,000 chart reflects an initial investment of $10,000 on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of $10,000 chart since inception, the initial investment of $10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a $10,000 investment in the fund is hypothetical and for illustration purposes only. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.

Top 10 Holdings

Data as of 10/14/2025 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 CHONGQING RURA-A 3.40% 601077 CNE100003NZ9 376,800 377,707
2 AGRICULTURAL-A 3.28% 601288 CNE100000RJ0 365,400 364,745
3 BANK OF JIANGSU CO LTD-A 3.28% 600919 CNE100002G76 243,000 364,697
4 BANK OF SHANGHAI CO LTD-A 3.26% 601229 CNE100002FM5 269,500 362,211
5 BANK OF NANJING CO LTD -A 3.24% 601009 CNE100000627 223,200 360,605
6 CHINA CITIC BK-A 3.18% 601998 CNE1000000R4 336,800 354,114
7 COSCO SHIPPING-A 3.18% 601919 CNE100000601 169,900 353,701
8 CHINA CONSTRUCTION BANK-A 3.16% 601939 CNE100000742 282,800 351,976
9 IND & COMM BK OF CHINA-A 3.15% 601398 CNE000001P37 333,600 350,283
10 BANK OF BEIJING CO LTD -A 3.12% 601169 CNE100000734 439,100 347,331

Holdings are subject to change.