At a glance
KURE charges 0.65% a year, above the 0.45% average of the 2 funds most like it (the most expensive of 3). It has $71.2M in assets, the 3rd largest of that group; it paid 4.02% of its price in distributions over the past 12 months, annual. Over the past year it returned −5.7% with distributions reinvested (S&P 500: +11.5%), the best of those 3 funds; over three years it returned +1.8% a year. At its worst it fell 19.4% in the 2020 crash (S&P 500: 33.7%) and 40.9% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 53.9% of the fund, out of 51 in all.
The short version
KraneShares MSCI All China Health Care Index ETF (KURE) tracks the MSCI China All Shares Health Care 10/40 Index. The index holds Chinese drug makers, biotech firms, contract research companies and medical device makers listed in Hong Kong and mainland China. Few funds focus this narrowly on one country and one sector. Its 0.65% expense ratio is above the 0.45% average of the broad China funds it was compared with, and its price has swung sharply.
Price history
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KURE -5.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| KURE official prospectus, to Dec 31, 2025 | — | +24.84% | — | -11.76% | — | -2.18% |
| MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +28.94% | — | -2.45% | — | +0.50% |
| MSCI China All Shares Health Care 10/40 Index (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) index, same period | — | +25.42% | — | -11.03% | — | -1.47% |
| KURE price data to Oct 27, 2026 | +3.7% | -5.7% | +1.8% | -9.4% | — | -1.6% |
- Over the year to Oct 27, 2026, KURE returned -5.7%, 1st of 3 among similar funds.
- Its 5-year annualized return was -9.4%.
- In the 2020 COVID crash it fell 19.4% and regained its old high 1.1 months after the low.
- Its worst full calendar year was 2022 (-25.4%); its best was 2020 (+69.0%).
- The deepest fall in its price history was 68.5% (Feb 17, 2021 to Jul 8, 2024), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.7% | — |
| 2025 | +24.9% | +24.84% |
| 2024 | -17.9% | -17.44% |
| 2023 | -17.7% | -17.31% |
| 2022 | -25.4% | -25.39% |
| 2021 | -15.8% | -15.86% |
| 2020 | +69.0% | +67.28% |
| 2019 | +34.3% | +34.03% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 14.7% over that stretch · deepest drop along the way 19.4%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 40.1% over that stretch · deepest drop along the way 40.9%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7100 | +294.4% |
| 2024 | $0.1800 | +63.6% |
| 2023 | $0.1100 | +1000.0% |
| 2022 | $0.0100 | -99.8% |
| 2021 | $4.0500 | +4049900.0% |
| 2020 | $0.0001 | -99.8% |
| 2019 | $0.0573 |
What's inside
As of Jun 30, 2026, the fund held 51 securities; the ten largest made up 53.94% of assets. It also reported 3.55% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.
| Holding | Weight | |
|---|---|---|
| BeOne Medicines AG | 8.84% | |
| INNOVENT BIOLOGICS, INC. | 8.80% | |
| WUXI BIOLOGICS (CAYMAN) INC. | 7.51% | |
| WuXi AppTec Co., Ltd. | 5.79% | |
| Jiangsu Hengrui Pharmaceuticals Co.,Ltd | 4.59% | |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd | 4.27% | |
| Akeso Inc | 3.72% | |
| CSPC PHARMACEUTICAL GROUP LIMITED | 3.68% | |
| SINO BIOPHARMACEUTICAL LIMITED | 3.39% | |
| WuXi AppTec Co., Ltd. | 3.35% | |
| HANSOH PHARMACEUTICAL GROUP COMPANY LIMITED | 2.85% | |
| 3SBio Inc. | 2.49% | |
| YUNNAN BAIYAO GROUP CO., LTD | 2.30% | |
| Shanghai United Imaging Healthcare Co., Ltd. | 2.27% | |
| Aier Eye Hospital Group Co., Ltd. | 2.10% |
By country
Hong Kong 52.67%China 45.73%United States 1.28%By asset type
Stocks 99.67%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $3.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.98%, -6.60%, +2.01%.
How it works
KURE tries to match the MSCI China All Shares Health Care 10/40 Index, before fees. It must keep at least 80% of its net assets in the index's securities or in instruments that behave like them. The index, run by MSCI, covers Chinese healthcare companies as defined by the Global Industry Classification Standard. It can include every type of Chinese share. These include A-Shares traded in mainland China, which the fund mainly buys through the Stock Connect programs that link Hong Kong and mainland exchanges. They also include H-Shares, P-Chips and Red Chips listed in Hong Kong. As of March 31, 2026, the index held 46 stocks, with market values from about $2.1 billion to $53.2 billion.
To qualify, a stock must rank within the top 85% of the investable universe by market value and pass trading-volume tests. Stocks are weighted by free-float market value, which counts only the shares available to the public. The 10/40 rule then caps any single company at 10%. It also keeps all holdings above 5% at no more than 40% combined. The index rebalances quarterly.
KURE expects to hold every stock in the index but may use a representative sample instead. Up to 20% of its assets can go into other stocks, derivatives such as swaps and futures, other funds or cash. It is non-diversified, so a few stocks can move the price a lot. Portfolio turnover was 73%.
What it really costs
- KURE charges 0.65% a year, versus an average of 0.45% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.78% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.14% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $66 in the first year and $951 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KURE | $66 | $224 | $410 | $951 |
In a retirement portfolio
KURE is a small, volatile fund that holds one sector in one emerging market, so it fits best as a small add-on rather than a foundation.
KURE adds Chinese healthcare stocks, which most US portfolios barely own. The ride has been rough. The fund launched in 2018, so it has no record from 2008. In the 2020 COVID crash it fell 19.4% and recovered in about a month. In 2022 it fell 40.9%. Its worst calendar year was 2022, at a 25.4% loss. Its deepest drop was 68.5%, from February 2021 to July 2024, and it had not recovered as of October 27, 2026. Anyone forced to sell during a slump could lock in large losses.
The trailing yield was 4.02% as of October 27, 2026, but the fund pays only once a year. That makes it a lumpy source of income. In the SEC's standard example, $10,000 invested would cost $66 in the first year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a small, targeted stake in Chinese biotech and drug makers such as BeOne Medicines, Innovent Biologics and WuXi Biologics.
- People comfortable holding a non-diversified fund that fell 68.5% from its 2021 peak and had not recovered as of October 27, 2026.
- Long-term investors who already own broad China funds and want healthcare exposure that has little overlap with them.
Look elsewhere if
- Investors who need steady income, since KURE pays once a year and its 4.02% trailing yield depends on a single payment.
- Cost-conscious buyers: its 0.65% expense ratio is above the 0.32% for CXSE and 0.59% for MCHI.
- Retirees who may need to sell in downturns, given annual volatility near 28% to 31% and a 40.9% drop in 2022.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is KURE good for a retirement portfolio?
KURE is a higher-risk satellite fund, not a core retirement holding. It holds only Chinese healthcare stocks and is non-diversified. Its deepest drop was 68.5%, from February 2021 to July 2024, and it had not recovered as of October 27, 2026. It lost money in every calendar year from 2021 through 2024. It may suit investors who want a small slice of Chinese healthcare and can wait out long slumps.
What stocks does KURE hold?
As of June 30, 2026, KURE's largest holdings were BeOne Medicines (8.8%), Innovent Biologics (8.8%), WuXi Biologics (7.5%), WuXi AppTec (5.8% in A-Shares plus 3.4% in H-Shares), Jiangsu Hengrui Pharmaceuticals (4.6%) and Shenzhen Mindray Bio-Medical (4.3%). The top 10 made up about 54% of the fund. About 53% of assets were listed in Hong Kong and 46% in mainland China, across 51 issuers.
Does KURE pay dividends?
Yes, but only once a year. The trailing 12-month payout was $0.71 per share, a yield of 4.02% as of October 27, 2026. Because the yield rests on one annual distribution, it can change a lot from year to year. Many Chinese growth and biotech companies pay little or nothing, so the income may not hold steady. KURE works better as a growth bet than as an income source.
What's the difference between KURE and MCHI?
KURE holds only Chinese healthcare stocks. The iShares MSCI China ETF (MCHI) holds the broad Chinese market. The two shared only about 6% of their holdings. MCHI is far larger, with about $6.3 billion in net assets versus KURE's $71.2 million, and it costs 0.59% a year against KURE's 0.65%. Over one year to October 27, 2026, KURE lost 5.7% and MCHI lost 23.7%. Over three years, MCHI did better.
How has KURE performed over the long term?
Poorly overall. As of December 31, 2025, KURE returned 24.84% over one year. Over five years it averaged a loss of 11.76% a year, and since its 2018 launch it averaged a loss of 2.18% a year. Results have been streaky. KURE gained 67.28% in 2020, then lost money in each year from 2021 through 2024. Its strongest quarter gained 33.43%, and its weakest lost 23.35%.