KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 4.1% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 19.3x P/Sales
ratio		 1.0x
P/BV
ratio		 1.3x Div.
yield		 2.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
KGRN tracks an index of Chinese companies of all capitalization sizes that derive at least 50% of their revenue from environmentally beneficial products and services.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor KraneShares
Website kraneshares.com
Inception date Oct 12, 2017
Assets (mns) $49
Currency USD
Expense ratio 79 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 53
Wgt avg mkt cap (mns) $30,252
Large cap (>$10bn) 67.7%
Mid cap ($2-10bn) 26.0%
Small cap (<$2bn) 5.3%
Developed mkts 10.0%
Emerging mkts 90.1%

TOP TEN HOLDINGS
BYD CO LTD-H 8.0 %
NIO INC-CLASS A 6.4 %
XPENG, INC. CLASS A 5.8 %
LI AUTO, INC. CLASS A 5.7 %
CONTEMPORARY AMPEREX TECHN-H 5.2 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 5.1 %
CHINA YANGTZE POWER CO LTD-A 5.1 %
CGN POWER CO LTD SHS -H- UNITARY 1 4.3 %
GDS HOLDINGS LTD. 3.9 %
SUNGROW POWER SUPPLY CO., LTD. CLA 3.5 %
Total 53.0 %

TOP COUNTRY EXPOSURE
CHINA 85.7 %
HONG KONG 7.6 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-15.5% -19.7% -12.6% -- 0.3%

Market Correlations
versus... Beta R-squared
S&P500 0.90 25%
MSCI EAFE 0.67 20%
MSCI Emg. Mkts. 0.55 34%

Technical Indicators
Recent close $22.21
30d moving avg. $23.86
Annualized volatility 33.4%
Short interest (ETF) 3.0%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 12
Turnover 0.6%
Bid/Ask (% of price) 1.04%
ADV underlying (mns) $4,423

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 178 potential alternatives to the KraneShares MSCI China Clean Technology Index ETF ETF based on the alternatives' overlap in portfolio holdings with KGRN. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: KGRN Expense: 79 bp ALTAR Score™: 4.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH KGRN
Ticker Fund
Name		 Overlap1
vs KGRN
(%)		 Expense
ratio
(bp)		 Savings
vs KGRN
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs KGRN
(%)
FDRV Fidelity Electric Vehicles and Future Transportation ETF 20.2 39 40 1.2 -2.9
ERTH Invesco MSCI Sustainable Future ETF 17.0 62 17 3.4 -0.7
CHIQ Global X MSCI China Consumer Discretionary ETF 16.7 65 14 15.9 +11.8
ETEC iShares Breakthrough Environmental Solutions ETF 15.5 47 32 3.3 -0.8
KTEC KraneShares Hang Seng TECH Index ETF 14.6 69 10 24.8 +20.6
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 14.2 72 7 2.6 -1.5
BATT Amplify Lithium & Battery Technology ETF 12.7 59 20 2.0 -2.1
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 12.7 55 24 6.6 +2.5
OBOR KraneShares MSCI One Belt One Road Index ETF 11.5 79 0 7.0 +2.8
SDG iShares MSCI Global Sustainable Development Goals ETF 10.6 49 30 4.6 +0.5
CTEC Global X CleanTech ETF 10.4 50 29 -0.0 -4.1
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.7 32 47 15.4 +11.3
ICLN iShares Global Clean Energy ETF 9.5 41 38 2.1 -2.0
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 9.4 65 14 6.5 +2.4
SMOG VanEck Low Carbon Energy ETF 9.3 61 18 1.3 -2.8
VCLN Virtus Duff & Phelps Clean Energy ETF 8.8 59 20 2.7 -1.4
JCHI JPMorgan Active China ETF 8.0 65 14 16.2 +12.1
PBD Invesco Global Clean Energy ETF 7.2 75 4 0.4 -3.8
LIT Global X Lithium & Battery Tech ETF 6.9 75 4 5.6 +1.5
TCHI iShares MSCI China Multisector Tech ETF 6.8 59 20 15.6 +11.5
EV Mast Global Battery Recycling & Production ETF 6.5 65 14 6.4 +2.3
ECNS iShares MSCI China Small-Cap ETF 5.7 59 20 10.2 +6.1
FRNW Fidelity Clean Energy ETF 5.5 39 40 2.1 -2.1
FLCH Franklin FTSE China ETF 5.4 19 60 19.1 +15.0
FPXI First Trust International Equity Opportunities ETF 5.2 70 9 4.1 0.0
CGRO CoreValues Alpha Greater China Growth ETF 4.7 75 4 5.8 +1.7
FXI iShares China Large-Cap ETF 4.7 74 5 21.6 +17.5
FCA First Trust China AlphaDEX Fund 4.1 80 -1 8.4 +4.3
RNRG Global X Renewable Energy Producers ETF 4.1 66 13 4.9 +0.8
MCHI iShares MSCI China ETF 3.8 59 20 21.4 +17.3
IBAT iShares Energy Storage & Materials ETF 3.7 47 32 1.6 -2.5
DRIV Global X Autonomous & Electric Vehicles ETF 3.3 68 11 3.5 -0.7
GXC SPDR S & P China ETF 3.1 59 20 19.8 +15.7
CARZ First Trust NASDAQ Global Auto Index Fund 3.0 70 9 2.4 -1.7
MCH Matthews China Active ETF 3.0 79 0 15.4 +11.2
TAN Invesco Solar ETF 2.9 67 12 5.5 +1.4
CNYA iShares MSCI China A ETF 2.7 60 19 6.7 +2.6
FAN First Trust Global Wind Energy ETF 2.6 60 19 3.0 -1.1
ABLG Abacus FCF International Leaders ETF 2.4 59 20 6.6 +2.5
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.3 79 0 3.7 -0.4
MOTO SmartETFs Smart Transportation & Technology ETF 2.3 68 11 5.6 +1.5
MINV Matthews Asia Innovators Active ETF 2.3 79 0 5.8 +1.7
NUEM Nuveen ESG Emerging Markets Equity ETF 2.2 36 43 5.7 +1.6
BKF iShares MSCI BIC ETF 2.2 69 10 15.1 +11.0
URAN Themes Uranium & Nuclear ETF 2.2 35 44 1.2 -3.0
EMC Global X Emerging Markets Great Consumer ETF 2.1 75 4 7.1 +2.9
JADE JPMorgan Active Developing Markets Equity ETF 2.0 65 14 5.8 +1.7
ECOW Pacer Emerging Markets Cash Cows 100 ETF 1.9 70 9 9.4 +5.3
LDEM iShares ESG MSCI EM Leaders ETF 1.9 17 62 12.6 +8.5
MEM Matthews Emerging Markets Equity Active ETF 1.8 79 0 8.5 +4.3
PGJ Invesco Golden Dragon China ETF 1.7 70 9 17.3 +13.2
POW VistaShares Electrification Supercycle ETF 1.7 75 4 2.4 -1.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.6 32 47 7.4 +3.3
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.6 45 34 9.5 +5.4
DTCR Global X Data Center & Digital Infrastructure ETF 1.6 50 29 3.5 -0.6
REAI Intelligent Real Estate ETF 1.6 59 20 5.7 +1.6
DTEC ALPS Disruptive Technologies ETF 1.6 50 29 3.5 -0.6
EMIF iShares Emerging Markets Infrastructure ETF 1.5 60 19 2.9 -1.2
KSTR KraneShares SSE STAR Market 50 Index ETF 1.5 89 -10 0.8 -3.3
ESGE iShares ESG Aware MSCI EM ETF 1.4 25 54 8.0 +3.9
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.4 42 37 7.6 +3.5
FLAX Franklin FTSE Asia Ex Japan ETF 1.3 19 60 7.0 +2.9
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.3 33 46 6.6 +2.5
DEHP Dimensional Emerging Markets High Profitability ETF 1.2 41 38 4.7 +0.6
VWO Vanguard FTSE Emerging Markets ETF 1.2 7 72 9.1 +5.0
CLNR IQ Cleaner Transport ETF 1.2 45 34 4.0 -0.1
CCNR ALPS CoreCommodity Natural Resources ETF 1.2 39 40 7.8 +3.7
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.2 80 -1 12.1 +8.0
FBOT Fidelity Disruptive Automation ETF 1.2 50 29 2.9 -1.2
CLOU Global X Cloud Computing ETF 1.1 68 11 2.2 -1.9
CQQQ Invesco China Technology ETF 1.1 70 9 17.7 +13.6
EEMA iShares MSCI Emerging Markets Asia ETF 1.1 49 30 7.4 +3.2
BKEM BNY Mellon Emerging Markets Equity ETF 1.1 11 68 23.9 +19.8
JIG JPMorgan International Growth ETF 1.1 55 24 3.6 -0.5
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.0 88 -9 8.5 +4.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.0 42 37 4.1 +0.0
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.0 15 64 8.8 +4.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.0 66 13 7.3 +3.2
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.0 15 64 7.9 +3.8
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.0 36 43 7.4 +3.3
JHEM John Hancock Multifactor Emerging Markets ETF 0.9 49 30 7.3 +3.2
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.9 25 54 5.9 +1.7
GMF SPDR S&P Emerging Asia Pacific ETF 0.9 49 30 8.5 +4.4
FMET Fidelity Metaverse ETF 0.9 39 40 4.3 +0.2
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.9 70 9 6.7 +2.6
EMXF iShares ESG Advanced MSCI EM ETF 0.8 16 63 6.5 +2.4
AIA iShares Asia 50 ETF 0.8 50 29 7.4 +3.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.8 38 41 6.8 +2.7
DFAE Dimensional Emerging Core Equity Market ETF 0.8 35 44 6.8 +2.7
SCHE Schwab Emerging Markets Equity ETF 0.8 11 68 9.3 +5.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 0.8 30 49 7.8 +3.7
CGW Invesco S&P Global Water Index ETF 0.8 57 22 4.6 +0.5
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.8 69 10 7.6 +3.5
EEM iShares MSCI Emerging Markets ETF 0.8 69 10 7.7 +3.5
AVES Avantis Emerging Markets Value ETF 0.8 36 43 8.9 +4.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.8 50 29 7.9 +3.8
SPEM SPDR Portfolio Emerging Markets ETF 0.8 7 72 9.4 +5.3
ION ProShares S&P Global Core Battery Metals ETF 0.8 58 21 6.4 +2.3
PBW Invesco WilderHill Clean Energy ETF 0.7 66 13 -3.3 -7.4
PATN Pacer Nasdaq International Patent Leaders ETF 0.7 65 14 4.0 -0.1
CNRG State Street SPDR S&P Kensho Clean Power ETF 0.7 45 34 0.0 -4.1
IEMG iShares Core MSCI Emerging Markets ETF 0.7 9 70 8.0 +3.9
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 0.7 80 -1 7.0 +2.9
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 0.7 60 19 9.3 +5.2
TTAI FCF International Quality ETF 0.7 59 20 7.1 +3.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.7 59 20 8.3 +4.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.7 45 34 7.9 +3.7
ECON Columbia Emerging Markets Consumer ETF 0.6 49 30 6.4 +2.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.6 41 38 6.8 +2.6
DRGN Themes China Generative Artificial Intelligence ETF 0.6 39 40 10.7 +6.6
RXI iShares Global Consumer Discretionary ETF 0.6 41 38 8.7 +4.6
IQM Franklin Intelligent Machines ETF 0.6 50 29 1.2 -2.9
LEGR First Trust Indxx Innovative Transaction & Process ETF 0.6 65 14 7.1 +3.0
PXH Invesco FTSE RAFI Emerging Markets ETF 0.6 49 30 13.0 +8.8
XT iShares Exponential Technologies ETF 0.6 46 33 4.0 -0.1
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.6 65 14 4.8 +0.7
AVEM Avantis Emerging Markets Equity ETF 0.6 33 46 6.9 +2.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.6 30 49 7.3 +3.2
GINN Goldman Sachs Innovate Equity ETF 0.6 52 27 3.7 -0.4
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.5 70 9 6.4 +2.3
AQWA Global X Clean Water ETF 0.5 50 29 5.3 +1.2
UMMA Wahed Dow Jones Islamic World ETF 0.5 65 14 3.6 -0.5
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.5 29 50 8.7 +4.6
SRVR Pacer Data & Infrastructure Real Estate ETF 0.4 55 24 4.3 +0.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.4 44 35 9.2 +5.0
VSGX Vanguard ESG International Stock ETF 0.4 10 69 6.4 +2.3
EMGF iShares Emerging Markets Equity Factor ETF 0.4 25 54 8.7 +4.6
EMMF WisdomTree Emerging Markets Multifactor Fund 0.4 48 31 8.4 +4.3
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.4 58 21 8.4 +4.3
DFEV Dimensional Emerging Markets Value ETF 0.3 43 36 9.0 +4.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 4 75 6.6 +2.4
AVSE Avantis Responsible Emerging Markets Equity ETF 0.3 33 46 6.5 +2.4
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 61 6.2 +2.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 40 13.1 +9.0
GEW Cambria Global EW ETF 0.3 29 50 5.3 +1.2
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 0.3 40 39 6.0 +1.9
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.3 12 67 4.4 +0.3
VXUS Vanguard Total International Stock ETF 0.3 5 74 6.5 +2.4
DVYE iShares Emerging Markets Dividend ETF 0.3 49 30 16.7 +12.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 38 5.9 +1.8
TBLU Tortoise Global Water ESG ETF 0.3 40 39 4.7 +0.6
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 45 6.2 +2.1
AIPO Defiance AI & Power Infrastructure ETF 0.3 69 10 0.9 -3.2
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.2 58 21 3.6 -0.5
IXUS iShares Core MSCI Total International Stock ETF 0.2 7 72 6.5 +2.3
WRND IQ Global Equity R&D Leaders ETF 0.2 18 61 4.1 -0.0
IPAV Global X Infrastructure Development ex-U.S. ETF 0.2 55 24 5.9 +1.8
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 49 6.2 +2.1
FEM First Trust Emerging Markets AlphaDEX Fund 0.2 80 -1 8.5 +4.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.2 47 32 5.2 +1.0
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 49 6.3 +2.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 59 4.7 +0.6
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.2 80 -1 6.6 +2.5
EWX SPDR S&P Emerging Markets Small Cap ETF 0.2 65 14 6.6 +2.5
TRFM AAM Transformers ETF 0.1 49 30 1.0 -3.1
DEM WisdomTree Emerging Markets High Dividend Fund 0.1 63 16 9.8 +5.7
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.1 20 59 0.8 -3.3
VT Vanguard Total World Stock ETF 0.1 6 73 4.9 +0.8
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 59 5.6 +1.5
ANEW ProShares MSCI Transformational Changes ETF 0.1 45 34 4.3 +0.2
ACWI iShares MSCI ACWI ETF 0.1 32 47 4.6 +0.5
VYMI Vanguard International High Dividend Yield ETF 0.1 17 62 7.6 +3.5
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 7.3 +3.2
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.4 +1.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 4.8 +0.7
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 4.9 +0.8
CCSO Carbon Collective Climate Solutions US Equity ETF 0.1 35 44 1.0 -3.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 71 6.3 +2.1
IGF iShares Global Infrastructure ETF 0.1 41 38 4.5 +0.3
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 32 5.0 +0.9
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.5 +0.4
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.1 35 44 9.8 +5.7
IGPT Invesco AI and Next Gen Software ETF 0.1 60 19 2.4 -1.7
RNEM First Trust Emerging Markets Equity Select ETF 0.0 75 4 7.8 +3.7
APIE ActivePassive International Equity ETF 0.0 45 34 6.3 +2.2
GLOF iShares Global Equity Factor ETF 0.0 20 59 5.5 +1.3
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 61 0.0 -4.1
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 58 3.0 -1.2

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2020 2021 2022 2023 2024 2025E 2026E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
Book value per share ** ** ** ** ** ** **

 

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

Sales per share growth   **% **% **% **% **% **%
EPS growth   **% **% **% **% **% **%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est. **%   Debt-to-equity **x
Asset turnover **%   Assets-to-equity **x

Return on equity

Revision activity*
*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS
  2024 2025E 2026E
Price-to-sales ** ** **
Price-to-earnings ** ** **
Price-to-cash flow ** ** **
Price-to-growth ** ** **
Price-to-book value ** ** **
Yield ** ** **

Historical valuation trends

Forward
multiple:		 KraneShares MSCI China Clean Technology Index ETF
Relative
to:		 S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

AVOID
Not worthwhile for most investors. A rating of AVOID is assigned to ETFs with ALTAR Scores in the lowest quintile (the bottom 20%) of their category. Often, funds in this category consist of stocks with little if any history or expectation of profitability, and as a result our fundamentally-driven analysis may not be relevant.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 6.1 %
Divided by: Fwd. P/BV 1.3 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 4.1 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.46 CATEGORY
AVERAGE		 1.53
 
The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale:

BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3.

Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.