KraneShares MSCI All China Index ETF

KraneShares MSCI All China Index ETF (KALL) tracks the MSCI China All Shares Index. It holds large and mid-sized Chinese companies whose shares trade in mainland China, Hong Kong and the US. After a fee waiver, its annual cost of 0.49% is below the 0.60% average of seven similar China funds. It is also very small, with about $10.2 million in assets as of March 31, 2025.

• Over the year to Oct 27, 2026, KALL returned 0.0%, 1st of 8 among similar funds.
• Its 5-year annualized return was -4.5% and its 10-year +2.0%.
• In the 2020 COVID crash it fell 18% and regained its old high 3.2 months after the low.
• Its worst full calendar year was 2022 (-25.0%); its best was 2017 (+33.7%).
• The deepest fall in its price history was 56.3% (Feb 17, 2021 to Oct 31, 2022), not yet recovered.

As of Mar 31, 2025, the fund held 201 securities; the ten largest made up 33.88% of assets.

• Over the three months to Mar 31, 2025, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.70%, +8.04%, -0.48%.

KALL aims to match the MSCI China All Shares Index, before fees. MSCI's index covers large and mid-sized Chinese companies across all share types. A-shares trade in mainland China in renminbi. B-shares are listed in mainland China but quoted in foreign currencies. H-shares are mainland companies listed in Hong Kong. Red Chips and P-Chips are Hong Kong-listed companies controlled by Chinese government bodies and private owners, respectively. MSCI weights stocks by free-float market value, meaning the value of shares foreign investors can trade, so the biggest companies count most. The index rebalances quarterly.

The fund does not hold every index stock. Instead it uses representative sampling, which means owning a smaller set chosen to behave like the index. As of March 31, 2025, it held 201 positions; the index had 708 stocks as of May 31, 2024. Tencent (10.2%) and Alibaba (6.9%) led, and the top 10 made up 33.9%. The fund reaches mainland A-shares mainly through Stock Connect, which routes trades through an exchange outside mainland China.

At least 80% of net assets must be in index stocks or close equivalents. Up to 20% may go to non-index stocks, derivatives such as swaps and futures, other ETFs or cash. It held no derivatives as of March 31, 2025. Turnover, the share of holdings replaced in a year, was a low 4%. It may also lend securities for extra income.

• KALL charges 0.49% a year, versus an average of 0.6% for the similar funds below (2nd of 8, cheapest first).
• Of that, 0.68% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.2% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $50 in the first year and $840 over 10 years (assuming a 5% annual return).

KALL is a single-country stock fund that fell 56.3% from its February 2021 peak and had not regained it as of October 27, 2026, which points to a small, higher-risk role.

KALL could add a slice of China's stock market, led by Tencent and Alibaba, for 0.49% a year ($50 in year one on $10,000, per the SEC's standard example). Launched in 2015, it missed the 2008 crisis. In the 2020 COVID crash it fell 18% but recovered in about three months. In 2022 it dropped 33.9% from January to October and lost 25% for the full year, its worst. It still had not made up its deepest decline, a 56.3% drop from February 2021 to October 2022, as of October 27, 2026.

For someone drawing on savings, that history means possibly cashing out shares at a steep loss in a bad year. It also paid no distributions in the 12 months through October 27, 2026, so it adds no income. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.