Category Review
Index option income was not one bet this year
KraneShares China Alpha Index ETF
$32.80+0.12 (+0.37%)
- 0.79%
- $3M
- +21.8%
- 32.97%
- 0M sh
- $32.72
- low $30.00high $40.84
The ETF.net KCAI Grade
C
Score 40 out of 100
- 23 of 30
Score 40 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Very small fund, grade capped at C.
The cap holds the Score at 40 or below, so B and A are out of reach.
- The pillars earned
- 41
- This cap took
- −1
- Published Score
- 40
Cost
The fund’s net expense ratio, ranked against its category.F22 out of 100Rank 22 of 30Mission
Whether the fund did what it promised, tested against its stated mandate.D33 out of 100Rank 22 of 22Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A98 out of 100Rank 1 of 30Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D26 out of 100Rank 24 of 30Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B69 out of 100Rank 8 of 28Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.F16 out of 100Rank 28 of 30
Our read on KCAI
CMost China funds hand you the index. KCAI hands you a machine-learning model that picks roughly 40 A-shares out of the CSI 300 and reshuffles them monthly, aiming to beat that benchmark rather than match it.
The fund tracks the Quant Insight (Qi) China Alpha Index and seeks to outperform the CSI 300 Index using a systematic machine-learning approach.
Why people hold it
- Rules-based, not cap-weighted: the Qi China Alpha Index screens the CSI 300 universe with a machine-learning process, caps any single stock at 5%, and rebalances monthly.kraneshares.com
- Concentrated by design: about 40 names distilled from a 300-stock benchmark, so the model's picks actually move the fund instead of getting diluted.kraneshares.com
- Pure mainland exposure: A-shares listed locally in Shanghai and Shenzhen, a corner of China that broad global indexes carry only lightly.kraneshares.com
- Built with a specialist: sub-adviser Quant Insight designed the index and supplies the signal technology behind the monthly stock selection.kraneshares.com
Worth knowing
- You pay for the model: 0.79% a year, above the roughly 0.70% typical of China funds and well north of plain trackers like FLCH at 0.19%.
- Small and thinly traded next to the giants of the China shelf, which tends to mean wider bid-ask spreads on the way in and out.
- Launched in 2024, so the strategy's track record is short, and outperforming the CSI 300 is the stated aim, not a certainty.
KCAI Holdings
- Stocks
- 40
- 32%
- 600150.SS
Sectors
- Financials42.7%
- Industrials20.0%
- Technology19.2%
- Materials9.2%
- Consumer Discretionary8.9%
Geography
- China100.00%
Developed 0% · Emerging 100%
KCAI Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.Not enough history yet.
KCAI$12,178
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | KCAI |
|---|---|
| Year to date | +7.4% |
| 1 month | −1.4% |
| 3 months | +3.4% |
| 1 year | +21.8% |
| 3 years | — |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | KCAI |
|---|---|---|
| 2026 YTD | +7.4% | |
| 2025 | +53.0% | |
| 2024 | +11.1% |
KCAI in the news
KCAI Dividends
- 32.97%
- $10.80
- $0.08 per share
- Irregular
Distribution history
KCAI Risk
- 16.8%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 1.53
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −25.5%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 0.45
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
KCAI Cost
0.79%
KCAI0.79%
- The middle half of China funds
- Median 0.65%
20 of the 29 China funds charge less.
Other funds in China
- CNBCENeuberger Berman China Equity ETFExpense ratio 5.01%1 year return +15.3%
- CCCPXCorgi ETF Trust I - Corgi China 2x Daily ETFExpense ratio 0.45%1 year return —
- DCASSimplify China A Shares PLUS Income ETFExpense ratio 0.88%1 year return +11.5%
- DMCHSMatthews China Discovery Active ETF MCHSExpense ratio 0.99%1 year return +21.0%
- DCGROCoreValues Alpha Greater China Growth ETFExpense ratio 0.85%1 year return −27.9%