KraneShares MSCI China Environment Index
ALTAR
Score™
10.2% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
13.2x P/Sales
ratio
0.9x
P/BV
ratio
0.9x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KraneShares MSCI China Environment Index ETF 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 13, 2017
Assets (mns) $2
Currency USD
Expense ratio 80 bp
Distributions Annually

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 37
Wgt avg mkt cap (mns) $5,409
Large cap (>$10bn) 19.5%
Mid cap ($2-10bn) 61.0%
Small cap (<$2bn) 17.2%
Developed mkts 41.0%
Emerging mkts 59.0%

TOP TEN HOLDINGS
CHINA CONCH VENTURE HOLDINGS 9.3 %
BYD CO LTD-H 7.4 %
CHINA EVERBRIGHT INTL LTD 7.4 %
CHINA VANKE CO LTD-H 7.1 %
SHIMAO PROPERTY HOLDINGS LTD 5.4 %
HUANENG RENEWABLES CORP-H 5.1 %
XINYI SOLAR HOLDINGS LTD 4.5 %
GZI REAL ESTATE INVMNT TRUST 4.3 %
CHINA LONGYUAN POWER GROUP-H 4.2 %
BEIJING ENTERPRISES WATER GR 4.2 %
Total 58.9 %

TOP COUNTRY EXPOSURE
CHINA 58.5 %
HONG KONG 36.8 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
0.5% -8.8% -- -- -15.5%

Market Correlations
versus... Beta R-squared
S&P500 0.95 47%
MSCI EAFE 1.18 55%
MSCI Emg. Mkts. 1.08 70%

Technical Indicators
Recent close $17.91
30d moving avg. $17.69
Annualized volatility 19.8%
Short interest (ETF) 0.0%
Relative strength (RSI) 57

Liquidity measures
Avg. volume (thou.) 4
Turnover 4.0%
Bid/Ask (% of price) 0.68%
ADV underlying (mns) $796

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the KraneShares MSCI China Environment Index 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: 80 bp ALTAR Score™: 10.2%


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
(%)
CHIU Global X MSCI China Utilities 13.3 65 15 9.5 -0.6
ICLN iShares S&P Global Clean Energy 13.3 46 34 3.8 -6.4
CHII Global X MSCI China Industrials 11.1 66 14 13.0 +2.9
CHIR Global X MSCI China Real Estate 10.5 65 15 15.1 +5.0
TAN Invesco Global Solar Energy 8.7 70 10 -3.3 -13.5
CHIK Global X MSCI China Information Technology 7.7 65 15 6.6 -3.6
PBD Invesco Gbl Clean Energy 7.1 75 5 -1.6 -11.7
ECNS iShares MSCI China Small Cap 6.8 59 21 10.0 -0.2
FAN First Trust Global Wind 6.5 60 20 5.4 -4.7
YLCO Global X YieldCo & Renewable Energy Income 5.7 65 15 4.6 -5.6
TAO Invesco China Real Estate 5.7 70 10 13.1 +3.0
FHK First Trust Hong Kong 5.1 80 0 9.5 -0.7
SDG iShares MSCI Global Impact 4.8 49 31 6.0 -4.1
LIT Global X Lithium & Battery Tech ETF 4.6 75 5 5.1 -5.1
PBW Invesco WilderHill Clean Energy 4.5 70 10 -1.9 -12.1
HAO Invesco China Small Cap ETF 4.5 75 5 9.5 -0.7
NUEM NuShares ESG Emerging Markets Equity 3.9 45 35 7.9 -2.3
GEX VanEck Vectors Global Alternative Energy 3.5 63 17 4.0 -6.2
CHIQ Global X MSCI China Consumer Discretionary 3.4 65 15 5.4 -4.8
KALL KraneShares MSCI China All Shares 2.6 49 31 9.1 -1.1

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%.

Content on this tab for subscribers only**

RESULTS & ESTIMATES

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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 Environment Index
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.7 %
Divided by: Fwd. P/BV 0.9 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 10.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.36 CATEGORY
AVERAGE
1.49
 
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.