Vietnam ETF: Exposure to Vietnam Market Leaders | KPHO
by Kraneshares
Investing In The Latest Asian Industrial & Consumer "Dragon"
An Overview of the KraneShares Dragon Capital Vietnam Growth Index ETF (Ticker: KPHO)
KPHO
3/31/2026
Investment Strategy
The KraneShares Dragon Capital Vietnam Growth Index ETF (Ticker: KPHO) seeks to track the performance of the Dragon Capital Merqube Vietnam Growth Index. The index is comprised of companies that display attractive growth and value metrics, good corporate governance, and align with Vietnam's underlying growth drivers.
Vietnam Current Highlights
- Since reform and opening up in 1986, a process known locally as "Doi Moi" or "Renewal", Vietnam has opened its capital markets to foreign investors, expanded exports substantially, and grown its consumer economy.
- Vietnam is forecasted to be the fastest-growing economy in the Asia-Pacific region in 2026.
- As a non-aligned nation situated near a key crossroads of ocean shipping lanes with an expansive coastline and multiple ports, Vietnam has benefited from the migration of manufacturing centers for global businesses wary of geopolitical risks to their supply chains.
- Vietnam has been upgraded from Frontier Market to Secondary Emerging Market by global index provider FTSE Russell, with the reclassification set to go into effect in September 2026. It is also on the radar for a similar upgrade from MSCI, potentially leading to significant foreign inflows.
KPHO Features
- Exposure to Vietnamese market leaders based on fundamental and proprietary growth criteria.
- Sub-advised by Dragon Capital Management Ltd., the largest fund manager in Vietnam, with over 30 years of experience in the market, and utilizing their locally-listed ETF to access Foreign Ownership Limit (FOL)-constrained stocks.
- Certain stocks in Vietnam have reached their FOLs due to strong international investor demand. KPHO is the only US-listed ETF to provide access to FOL stocks through ownership of the Dragon Capital Diamond ETF.
About Dragon Capital
Introducing the oldest and largest fund manager in Vietnam.
Pioneering investments in Vietnam's capital markets for over 30 years
Vision: Advancing the progress and prosperity of the nation and its people
Mission: Providing attractive returns to investors, value to companies, and desirable workplace for employees
Bringing global best practices to a frontier market
$5.0bn — Asset under management (as of June 2025)
30+ — Years track record
200+ — Team members on the ground in Vietnam (90% Vietnamese)
Since 1994
Vietnam's Urbanization Rate & GDP Per Capita
Vietnam's rapid urbanization is improving the quality of living for its citizens, increasing their spending power.
- GDP Per Capita (Left Axis): Rising from near zero in 1985 to approximately $5,000 by 2025.
- Urbanization Rate (Right Axis): Rising from approximately 20% in 1985 to over 40% by 2025.
Median Age Comparison
Vietnam has a much younger population than its large East Asian peers, which can support a stable workforce and lower entitlement costs.
| Country | Median Age (Years) |
|---|---|
| Japan | ~50 |
| Korea | ~46 |
| Thailand | ~41 |
| China | ~40 |
| Vietnam | ~33 |
Vietnam also boasts an educated and tech-savvy workforce.
"The Golden Population Structure"
| Vietnam / Asia-Pacific (APAC) Key Demographic Statistics | Vietnam | Japan | APAC Average / Total |
|---|---|---|---|
| Population (Millions) | 102 | 124* | 4,800 |
| % Internet Penetration | 84% | 86% | 66%* |
| Literacy Rate | 97% | 99% | 96% |
| Labor Force Participation | 73% | 63% | 61% |
*as of 2024
Vietnam At A Glance: 2025 Key Indicators
- 8.0% — GDP Growth
- $5,026 — GDP per capita
- $930 billion (+18% from '24) — Trade Turnover
- 3.3% — Inflation
- $38.4 Billion — Registered Foreign Direct Investment (FDI)
- 17 — Free Trade Agreements
Future growth in Vietnam could have three key drivers:
Urbanization
The middle-class consumer in urban settings could drive demand for more products and services.
Digitization
Vietnam is rapidly digitizing and might be "leapfrogging" legacy technologies and practices used in the West.
Infrastructure
Vietnam is significantly upgrading its infrastructure, which could lead to increased trade with the rest of the world and consumer spending.
Technology Leapfrogging in Vietnam
Vietnam's rapid adoption of new technologies might be producing the "leapfrogging" effect we have observed in other developing nations.
Payment
Cash → Checking → Credit → Mobile Pay
Commerce
Local Market → Big Box Retailer → E-Commerce
Transportation
Taxi → Car Ownership → App-Based Ride Sharing
Healthcare
Local Medical Care → Hospitals → E-Health
FTSE Russell's Upgrade of Vietnam: Implications for Foreign Inflows
FTSE Russell's upgrade of Vietnam from Frontier to Secondary Emerging Market could lead to a similar upgrade from MSCI and significant inflows to Vietnam's equity market.
- Vietnam was upgraded by FTSE Russell in October of 2025 following improvements to market mechanics, foreign ownership limits, and its disclosure regime.
- FTSE Russell will implement the upgrade in its global indexes in September of 2026.
- While Vietnam would occupy a smaller weight in Emerging Markets benchmarks, it would share in a far larger opportunity set of benchmarked assets.
- Inclusion could lead to $2.5 billion to $7.5 billion in active flow before and $500 million to $1 billion in passive flow immediately after.
- The World Bank estimates that improvements to market structures and their inclusion in global investable benchmarks could account for $25 billion worth of inflow into Vietnam's equity market by 2030, about 8% of Vietnam's current total market capitalization of all listed stocks.
Vietnam Weight / Potential Index Driven Investment $
| Index | Benchmarked AUM | Vietnam Weight | Potential Investment |
|---|---|---|---|
| FTSE Frontier Markets Index | $4.9B* | 35% | $1.7B |
| FTSE Emerging Markets Index | $200B* | 1% | $2.0B (+$0.3B) |
| MSCI Frontier Markets Index | $5.0B* | 31% | $1.6B |
| MSCI Emerging Markets Index | $1.4T* | 1% | $14.0B (+$12.4B) |
Impact of Past Upgrades
Saudi Arabia and Kuwait were upgraded from Frontier to Emerging markets by both MSCI and FTSE in recent years.
| FTSE Upgrade Date | MSCI Upgrade Date | Stock Market Foreign Ownership (%) | |
|---|---|---|---|
| Saudi Arabia | 2019 | 2019 | 13% |
| Kuwait | 2018 | 2020 | 15% |
Foreign Ownership in Vietnam
Certain stocks in Vietnam have reached their Foreign Ownership Limits (FOLs) due to strong demand from international investors. KPHO is the only US-listed ETF to provide access to FOL stocks through our partnership with Dragon Capital.†
- We provide FOL exposure through the Dragon Capital Diamond ETF, which has an approximate 20% weight in KPHO.
- Since May of 2020, the Diamond Index has outperformed the Market Vector Vietnam Index by 108%.
- The Diamond ETF tracks the Vietnam Diamond Index, which exclusively holds stocks that have reached their foreign ownership limits.
- Dragon Capital's Diamond ETF is the largest ETF listed in Vietnam.*
- The Index is dynamically rebalanced quarterly to ensure only FOL stocks are included.
Performance Comparison
Vietnam Diamond Index vs. Market Vector Vietnam Local Index (Growth of 10,000 units, May 2020 – May 2025)
KPHO Index Valuation Comparison
The Dragon Capital Merqube Vietnam Growth Index (KPHO Index) currently offers a lower average multiple compared to other Vietnam indexes, MSCI Emerging Markets, and the S&P 500 Index.
| Dragon Capital Merqube Vietnam Growth Index (KPHO Index) | Market Vector Vietnam Local Index | MSCI Emerging Markets | S&P 500 | |
|---|---|---|---|---|
| Price/Earnings (P/E) Ratio | 9.5 | 14.5 | 15.8 | 25.6 |
| P/E Ratio using FY1 Estimate | 9.3 | 15.7 | 11.7 | 20.4 |
| Price-to-Earnings-to-Growth (PEG) Ratio using FY1 P/E and FY1 to FY2 Growth Estimate | 0.5 | 0.8 | 0.7 | 1.1 |
Dragon Capital MerQube Vietnam Growth Index Methodology & Screening Process
By Listing Conditions
No stocks with publicly announced violations, warnings, or suspended trading. Stocks must have been listed on the Ho Chi Minh Stock Exchange for at least 3 years.
Free Float Market Cap & Turnover
Free float market cap must be VND 1 trillion (approx. $38 million) or greater and daily turnover must be 0.05% of their FFMC, except for stocks with average daily turnover of VND 50 billion or greater.
Fundamental Ratios & Growth Ranking
Assets to Equity Ratio for capital markets companies must be above 2.5. Assets to Equity Ratio for all others must be greater than 2. 1 and 3-year Forward Price-to-Earnings (P/E) must be less than 30. Banks are automatically selected. Stocks are ranked and weighted by ASCG and TEG.
KPHO: 40 Stocks + Diamond ETF
Maximum 24% weight for the Diamond ETF.
Key:
- FFMC = Free-float market cap
- A/E = Assets to equity
- ASCG = Adjusted Share Capital Growth
- TEG = Total equity growth
- VND = Vietnamese Dong
KPHO Sector Allocation
KPHO utilizes a sector-agnostic approach that reflects Vietnam's current tilt toward financials in the equity market.
- KPHO is currently composed of 60% financials, which is similar in concentration to the Ho Chi Minh City Stock Exchange.
- As a developing economy, Vietnam's stock market is still heavily concentrated in the banking and financial industries.
- As the government accelerates credit growth, the bank channel is expected to be utilized as a medium for capital to permeate the economy more broadly and deeply, a process from which major banks are poised to benefit.
- As Vietnam's market develops, the index is likely to gradually include fewer financial companies and shift toward more consumer and technology-oriented industries.
- Dragon Capital views the current pipeline of initial public offerings (IPOs) as potentially adding more diversity to the index in the medium term.
Dragon Capital Vietnam Growth Fundamental-Infused Index — Sector Breakdown
| Sector | Weight |
|---|---|
| Financials | 60% |
| Industrials | 12% |
| Materials | 7% |
| Consumer Staples | 7% |
| Information Technology | 6% |
| Consumer Discretionary | 3% |
| Real Estate | 3% |
| Energy | 1% |
| Health Care | 1% |
Vietnam IPO Pipeline
We believe the equity market's tilt toward financials could change over time as more Vietnamese companies list publicly.
Vietnam has a strong IPO pipeline in the coming years, according to Dragon Capital.
$40 Billion In the Next 3 Years
| Sector | Estimated Value |
|---|---|
| Conglomerates | $13.8bn |
| Consumer | $12.8bn |
| Financial Services | $5bn |
| Tech & IT Services | $4.7bn |
| Healthcare | $1.9bn |
| Infrastructure | $1.3bn |
| Entertainment | $0.8bn |
KPHO Top 10 Holdings Including Underlying Diamond ETF Holdings
KPHO holds many of the companies focused on Vietnam's growth & development.
| Name | Holding % Weight | Primary Business | Company Description |
|---|---|---|---|
| Vietnam Prosperity Bank | 9.70 | Bank | Vietnam Prosperity Joint Stock Commercial Bank (VP Bank) provides commercial banking services including domestic remittance, savings, personal loans, e-banking, trade financing, deposits, tax payment, foreign exchange, and cash management. |
| HD Bank | 9.13 | Bank | Ho Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers including personal and car loans, overdraft, business financing, term deposits, current accounts, mobile banking, and online bills payment. |
| Vietcombank | 7.84 | Bank | Vietcombank or Bank for Foreign Trade of Vietnam is a commercial bank offering deposits, consumer and corporate loans, foreign exchange services, and credit cards. |
| Gemadept Corp. | 6.27 | Shipping | Gemadept Corporation is a shipping company with business activities including port operations, container liner service, shipping and forwarding agency logistics, project cargo transport, real estate, and financial investment. |
| Saigon-Hanoi Bank | 4.26 | Bank | Saigon-Hanoi Commercial Bank provides banking services including saving accounts, account checking, consumer and business loans, credit and debit cards, online and mobile banking, and bill payment. |
| Tien Phong Commercial Bank | 4.22 | Bank | Tien Phong Commercial Joint Stock Bank provides banking services including savings, investments, financing, cards, insurance, direct deposit, auto loan, account management, and treasury services. |
| Hoa Phat Group | 4.04 | Manufacturing | Hoa Phat Group JSC is a multi-disciplinary manufacturing company producing steel, steel pipe, furniture, and refrigeration equipment. |
| Vix Securities | 3.99 | Securities Brokerage | VIX Securities Joint Stock Company provides securities brokerage, dealing, underwriting, and investment consulting services. |
| Mobile World Group | 3.66 | Retail | Mobile World Investment Corporation operates consumer electronic stores providing digital mobile devices, tablets, laptops, accessories, and electronic goods. |
| Bank For Investment & Development | 3.60 | Bank | Bank for Investment and Development of Vietnam provides commercial banking services including deposits, personal loans, e-banking, guarantees, trade finance, foreign exchange, money market, derivatives, and debt market services. |
KraneShares Dragon Capital Vietnam Growth Index ETF
Investment Strategy
The KraneShares Dragon Capital Vietnam Growth Index ETF (Ticker: KPHO) seeks to track the performance of the Dragon Capital Merqube Vietnam Growth Index. The index is comprised of companies that display attractive growth and value metrics, good corporate governance, and align with Vietnam's underlying growth drivers.
Fund Details (Data as of 3/31/2026)
| Primary Exchange | NYSE Arca |
| CUSIP | 500767215 |
| ISIN | US5007672158 |
| Total Annual Fund Operating Expense | 1.03% |
| Inception Date | 12/02/2025 |
| Distribution Frequency | Annual |
| Underlying Index | Dragon Capital MerQube Vietnam Growth Total Return Index |
| Number of Constituents | 39 |
Top 10 Index Constituents as of 3/31/2026
| Name | Ticker | % |
|---|---|---|
| DCVFMVN Diamond ETF | FUEVFVND | 23.47 |
| Vietnam Prosperity JSC Bank | VPB | 8.01 |
| HDBank | HDB | 7.77 |
| Bank for Foreign Trade JSC | VCB | 7.70 |
| Gemadept Corp | GMD | 4.24 |
| Saigon - Hanoi Commercial | SHB | 4.18 |
| Hoa Phat Group JSC | HPG | 3.97 |
| Tien Phong Commercial Joint | TPB | 3.85 |
| Bank for Investment and Development | BID | 3.53 |
| VIX Securities JSC | VIX | 3.46 |
KPHO Performance History as of 3/31/2026
| Cumulative % | Average Annualized % | ||||||
|---|---|---|---|---|---|---|---|
| 3 Mo | 6 Mo | Since Inception | 1 Yr | 3 Yr | 5 Yr | Since Inception | |
| Fund NAV | -3.74% | - | -5.25% | - | - | - | - |
| Closing Price | -4.47% | - | -4.97% | - | - | - | - |
| Underlying Index | -3.70% | - | -4.81% | - | - | - | - |
KraneShares
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Extensive ETF Product Suite Spanning High Growth Sectors
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- KWEB – Internet & E-Commerce
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Broader Emerging Markets
- KEMX – MSCI Emerging Markets ex China
- KEMQ – Emerging Markets Consumer Tech
- KPHO – Dragon Capital Vietnam Growth
Levered & High-Conviction Exposure
- KBAB – 2X Long BABA Daily
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Definitions:
Market Vector Vietnam Local Index: The Market Vector™ Vietnam Local Index (MVVNML) covers the largest and most liquid local Vietnamese companies. The index is reviewed on a quarterly basis, float market capitalization is weighted, and the maximum component weight is 8%. The index was launched on November 24, 2008.
MSCI Kuwait Index: The MSCI Kuwait Index is designed to measure the performance of the large and mid cap segments of the Kuwait market. With 7 constituents, the index covers approximately 85% of the Kuwait equity universe. The index was launched on January 23, 2006.
MSCI Saudi Arabia Index: The MSCI Saudi Arabia Index is designed to measure the performance of the large and mid-cap segments of the Saudi Arabia market. The index incorporates foreign ownership limit restrictions. With 39 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in Saudi Arabia. The index was launched on October 3, 2025.
S&P 500 Index: The S&P 500 Index is widely regarded as the best single gauge of large-cap U.S. equities. There is over USD 9.9 trillion indexed or benchmarked to the index, with indexed assets comprising approximately USD 3.4 trillion of this total. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The index was launched on March 4, 1957.
Vietnam Diamond Index: The Vietnam Diamond Index is composed of equity securities that have reached their issuers' designated 49% cap on foreign ownership. Component securities are excluded from the index once their foreign ownership drops below 40%. The index is maintained by the Ho Chi Minh Stock Exchange and was launched on November 18, 2019.
Dragon Capital MerQube Vietnam Growth Total Return Index: The Dragon Capital MerQube Vietnam Growth Index is designed to track a portfolio of Vietnam Large-Cap stocks listed on the Ho Chi Minh Stock Exchange (HOSE), selected by fundamental factors and filtered by liquidity and growth screens. The constituents' weights are based on the Adjusted Free Float Market Cap with specific constraints on weight limits. After the weighting criteria are applied, all securities classified as having a Foreign Ownership limitation are proxied in the index calculation by the largest market capitalization Diamond ETF.
MSCI Emerging Markets Index: The MSCI Emerging Markets Index is a free-float weighted equity index that captures large and mid cap representation across Emerging Market (EM) countries. The index covers approximately 85% of the free-float adjusted market capitalization in each country. The index was launched on January 1, 2001.
MSCI Frontier Markets Index: The MSCI Frontier Markets Index captures large and mid cap representation across 28 Frontier Markets (FM) countries, as defined by MSCI's global index methodology. The index includes 238 constituents, covering 85% of the free float-adjusted market capitalization in each country. The index was launched on December 8, 2007.
FTSE Emerging Markets Index: The FTSE Emerging Markets Index provides investors with a comprehensive means of measuring the performance of the most liquid large and midcap companies in emerging markets. FTSE Emerging Markets indexes are part of the FTSE Global Equity Index Series (GEI). The series includes large and mid cap securities from advanced and secondary emerging markets, in accordance with FTSE's transparent Country Classification Review Process. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 99% of the world's investable market capitalization. The index was launched on June 30, 2000.
Definitions (Continued):
Earnings per Share (EPS) Growth: The rate at which a company's earnings per share increases over a specific period, typically quarterly or annually. It is a key metric used by investors to address a company's profitability and growth potential.
Trade Turnover: The total monetary value of all executed foreign trade transactions over a period.
Registered Foreign Direct Investment (FDI): Investment by foreign entities in non-financial entities that is registered with the government of the target country.
Free Trade Agreement: An agreement between two or more countries not to tax the buying and selling of goods and services across their borders.
Assets-to-Equity (A/E) Ratio: A financial leverage ratio that is calculated by dividing a company's total assets by its total shareholders' equity. It shows how much of a company's assets are financed by shareholders' equity versus debt.
Dragon Capital: Dragon Capital Management (HK) Limited.
Median Age: The age lying at the midpoint of a frequency distribution of observed age values or quantities, such that there is an equal probability of falling above or below it.
Dragon Capital Merqube Vietnam Growth Total Return Index: The Dragon Capital MerQube Vietnam Growth Index is designed to track a portfolio of Vietnam Large-Cap stocks listed on the Ho Chi Minh Stock Exchange (HOSE), selected by fundamental factors and filtered by liquidity and growth screens. The constituents' weights are based on the Adjusted Free Float Market Cap with specific constraints on weight limits. After the weighting criteria are applied, all securities classified as having a Foreign Ownership limitation are proxied in the index calculation by the largest market capitalization Diamond ETF.
Price-to-Earnings (P/E): A stock valuation metric that compares a company's current share price to its earnings per share (EPS), indicating how much investors are willing to pay for $1 of a company's earnings, often expressed as "times earnings" (e.g., a P/E of 20 means $20 per $1 of earnings). It helps investors gauge if a stock is overvalued, undervalued, or reasonably priced relative to its profitability.
Price to Earnings to Growth (PEG): Price/Earnings to Growth (PEG) ratio is a stock valuation metric that adjusts the Price/Earnings (P/E) ratio by dividing it by the company's expected earnings growth rate, helping investors assess if a stock is overvalued or undervalued relative to its growth potential, with a PEG under 1 often suggesting undervaluation and over 1 suggesting overvaluation, though it's more comprehensive than the P/E alone by factoring in future growth.
Ho Chi Minh Stock Exchange: Vietnam's main stock exchange, located in Ho Chi Minh City.
Definitions (Continued):
Free-Float Adjusted Market Capitalization: The total value of all shares offered to the public on an exchange, excluding the value of restricted and privately-held shares.
Adjusted Share Capital Growth: The increase in a company's total equity over time, after accounting for numerous factors that can affect its value and the number of shares outstanding.
Total Equity Growth (TEG): Shareholders' equity, or the rate at which a company's net worth is increasing. It is a crucial metric for investors as it reflects the company's health, performance, and future potential.
Foreign Ownership Limit: A limit on the percentage of a company that can be owned by foreign investors, which are defined as entities or persons located outside of the country's jurisdiction.
Vietnamese Dong: The official currency of Vietnam.
Gross Domestic Product (GDP): The total value of all goods and services produced within a country in one year.
Important Notes:
Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds' full and summary prospectus, which may be obtained by visiting www.kraneshares.com/kpho. Read the prospectus carefully before investing.
Risk Disclosures:
Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.
Investing in Vietnamese companies involves significant risks that are greater than those found in developed markets and are typical of both emerging and frontier markets. These risks include political and economic instability, government intervention, and the potential for expropriation or nationalization of assets. The Vietnamese government may impose restrictions on foreign investment, capital repatriation, or ownership limits, which could affect your ability to access or withdraw your investment.
As an ETF, the Fund may trade at prices above or below its net asset value, especially during periods of market volatility or if there are few financial institutions creating and redeeming shares. The Fund's use of cash for creations and redemptions can lead to higher taxes and transaction costs, which may reduce returns.
The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. Derivatives are also subject to liquidity and counterparty risk.
Narrowly focused investments typically exhibit higher volatility. The Fund's assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. KPHO is non-diversified.
Risk Disclosures (Continued):
ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.
The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.
