Fund Documents


Investment Strategy:

The KraneShares Dynamic Emerging Markets Strategy ETF (KEM) is an active ETF that provides investors with exposure to broad Emerging Market (EM) equities while dynamically adjusting the portfolio’s China weight based on fundamental, valuation, and technical signals. KEM has the potential to mitigate downside risk by dynamically adjusting its allocations between the Underlying ETFs and cash and cash equivalents. By combining a strategic allocation with a systematic valuation overlay between China and the rest of Emerging Markets, KEM may potentially outperform its benchmark: the MSCI Emerging Markets Index. KEM primarily invests in the following ETFs:

  • The KraneShares MSCI All China Index ETF (KALL)
  • The KraneShares MSCI Emerging Markets ex China Index ETF (KEMX)

KEM Features:

  • Considers factors such as valuation multiples of the underlying fund holdings and moving averages of the benchmark in making allocation decisions
  • Treats China and Emerging Markets ex China as separate and distinct asset classes
  • Allocations are adjusted at least quarterly and sometimes intra-quarterly if market conditions warrant
  • Has the ability to allocate up to 10% of the portfolio to cash and cash equivalents based on market conditions

EM & China Equity Highlights:

  • Emerging markets countries have accounted for over two-thirds of global GDP growth over the past ten years and accounted for 50% of global GDP in 20221.
  • Emerging markets only constitute 11% of the MSCI All Country World Index (ACWI)1.
  • China has the world’s second largest economy and stock market but is also underrepresented in global indexes2.
  • China’s equity market typically exhibits low correlations to both developed markets and EM ex China2.

1. Data from World Economics and MSCI as of 12/31/2022. Retrieved on 6/30/2023.
2. Data from MSCI as of 12/31/2022.

Premium Discount Chart

Daily Performance

Data as of 09/29/2023
Daily Net Asset Value (NAV) and Market Price
NAV $24.71
NAV Daily Change 0.32%
Market Price $24.72
Market Price Daily Change 0.37%
30 Day Median Bid/Ask Spread

Performance History

Cumulative %
Data as of: 08/31/2023
Fund NAV Closing Price Index
1 Month
3 Month
6 Month
Since Inception 1.08% 1.28% -0.19%
Cumulative %
Data as of quarter end: 06/30/2023
Fund NAV Closing Price Index
Since Inception

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.

Ex-Date Record Date Payable Date Amount

Top 10 Holdings

Data as of 10/02/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 KraneShares MSCI All China Index ETF 53.99% KALL US5007678015 136,635 2,657,387
2 KraneShares MSCI Emerging Markets ex China Index ETF 35.78% KEMX US5007677694 68,897 1,760,952
3 Cash 10.24% 503,886 503,886

Holdings are subject to change.