KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 3.8% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 18.3x P/Sales
ratio		 1.1x
P/BV
ratio		 1.4x Div.
yield		 2.8%


  • 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 50
Wgt avg mkt cap (mns) $29,435
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
XPENG, INC. CLASS A 11.5 %
LI AUTO, INC. CLASS A 9.3 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 8.4 %
BYD CO LTD-H 7.7 %
CHINA YANGTZE POWER CO LTD-A 4.2 %
NIO INC-CLASS A 4.2 %
CGN POWER CO LTD SHS -H- UNITARY 1 3.7 %
GDS HOLDINGS LTD. 3.6 %
ZHEJIANG LEAPMOTOR TECHNOLOGY CO., 3.2 %
KINGSOFT CLOUD HOLDINGS LTD 3.0 %
Total 58.7 %

TOP COUNTRY EXPOSURE
CHINA 84.8 %
HONG KONG 4.7 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 30)
Year-to-date 1 year 5 years 10 years Since Incep.
13.3% 21.7% 7.8% -- 1.4%

Market Correlations
versus... Beta R-squared
S&P500 0.46 4%
MSCI EAFE 0.81 14%
MSCI Emg. Mkts. 1.44 43%

Technical Indicators
Recent close $25.38
30d moving avg. $25.69
Annualized volatility 37.6%
Short interest (ETF) 2.3%
Relative strength (RSI) 50

Liquidity measures
Avg. volume (thou.) 17
Turnover 0.9%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $4,423

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 175 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™: 3.8%


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 28.1 39 40 -1.3 -5.1
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 21.5 72 7 -0.9 -4.7
CHIQ Global X MSCI China Consumer Discretionary ETF 19.8 65 14 15.5 +11.7
ERTH Invesco MSCI Sustainable Future ETF 19.5 62 17 3.6 -0.2
IDRV iShares Self-driving EV & Tech ETF 18.8 47 32 2.7 -1.1
BATT Amplify Lithium & Battery Technology ETF 14.5 59 20 3.8 -0.0
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 14.0 55 24 8.3 +4.5
KTEC KraneShares Hang Seng TECH Index ETF 12.3 69 10 21.6 +17.8
OBOR KraneShares MSCI One Belt One Road Index ETF 11.1 79 0 8.8 +5.0
SDG iShares MSCI Global Sustainable Development Goals ETF 10.7 49 30 6.4 +2.6
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 10.6 65 14 8.1 +4.3
SMOG VanEck Low Carbon Energy ETF 10.0 61 18 1.6 -2.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.7 32 47 19.0 +15.2
LIT Global X Lithium & Battery Tech ETF 9.2 75 4 6.5 +2.7
RAYC Rayliant Quantamental China Equity ETF 8.3 80 -1 8.9 +5.2
EV Mast Global Battery Recycling & Production ETF 8.2 65 14 10.8 +7.0
ICLN iShares Global Clean Energy ETF 7.9 41 38 6.2 +2.4
CGRO CoreValues Alpha Greater China Growth ETF 7.7 75 4 4.3 +0.5
FXI iShares China Large-Cap ETF 7.3 74 5 18.9 +15.1
TCHI iShares MSCI China Multisector Tech ETF 7.0 59 20 22.0 +18.2
ETEC iShares Breakthrough Environmental Solutions ETF 7.0 47 32 3.9 +0.1
ECNS iShares MSCI China Small-Cap ETF 6.9 59 20 10.6 +6.8
KALL KraneShares MSCI All China Index ETF 6.4 49 30 14.9 +11.1
CLNR IQ Cleaner Transport ETF 6.2 45 34 6.9 +3.1
RAYS Global X Solar ETF 6.2 51 28 6.5 +2.8
FRNW Fidelity Clean Energy ETF 6.0 39 40 4.4 +0.6
FLCH Franklin FTSE China ETF 5.2 19 60 17.9 +14.1
MCHI iShares MSCI China ETF 5.1 59 20 18.9 +15.1
CTEC Global X CleanTech ETF 5.1 50 29 3.1 -0.7
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 4.9 60 19 12.7 +8.9
GXC SPDR S&P China ETF 4.5 59 20 17.5 +13.7
MOTO SmartETFs Smart Transportation & Technology ETF 4.3 68 11 7.7 +3.9
JCHI JPMorgan Active China ETF 4.2 65 14 16.5 +12.7
FAN First Trust Global Wind Energy ETF 4.0 60 19 4.8 +1.0
RNRG Global X Renewable Energy Producers ETF 4.0 66 13 5.8 +2.0
PBD Invesco Global Clean Energy ETF 3.9 75 4 0.5 -3.3
NUEM Nuveen ESG Emerging Markets Equity ETF 3.9 36 43 8.2 +4.4
CQQQ Invesco China Technology ETF 3.9 70 9 19.5 +15.7
FEM First Trust Emerging Markets AlphaDEX Fund 3.9 80 -1 12.0 +8.3
GSFP Goldman Sachs Future Planet Equity ETF 3.8 75 4 4.7 +0.9
WNDY Global X Wind Energy ETF 3.6 50 29 4.9 +1.1
TAN Invesco Solar ETF 3.6 67 12 8.7 +4.9
MINV Matthews Asia Innovators Active ETF 3.3 79 0 7.8 +4.1
CNYA iShares MSCI China A ETF 3.3 60 19 7.2 +3.4
MCH Matthews China Active ETF 3.2 79 0 16.3 +12.5
IPOS Renaissance International IPO ETF 3.2 80 -1 2.5 -1.3
LDEM iShares ESG MSCI EM Leaders ETF 3.1 17 62 14.0 +10.2
IWTR iShares MSCI Water Management Multisector ETF 3.0 47 32 6.1 +2.3
AIA iShares Asia 50 ETF 2.9 50 29 14.7 +11.0
BKF iShares MSCI BIC ETF 2.8 69 10 13.8 +10.0
BLLD JPMorgan Sustainable Infrastructure ETF 2.7 49 30 6.2 +2.4
TEMP JPMorgan Climate Change Solutions ETF 2.6 49 30 5.9 +2.1
XT iShares Exponential Technologies ETF 2.5 46 33 5.7 +1.9
ECON Columbia Emerging Markets Consumer ETF 2.5 49 30 13.3 +9.5
URAN Themes Uranium & Nuclear ETF 2.4 35 44 2.0 -1.8
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.4 79 0 5.7 +2.0
DEHP Dimensional Emerging Markets High Profitability ETF 2.3 41 38 7.2 +3.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.3 32 47 9.7 +5.9
FBOT Fidelity Disruptive Automation ETF 2.3 50 29 3.9 +0.1
EEMO Invesco S&P Emerging Markets Momentum ETF 2.2 29 50 6.8 +3.0
FCA First Trust China AlphaDEX Fund 2.2 80 -1 9.9 +6.1
EMIF iShares Emerging Markets Infrastructure ETF 2.2 60 19 6.8 +3.0
GTEK Goldman Sachs Future Tech Leaders Equity ETF 2.1 75 4 3.3 -0.5
EMC Global X Emerging Markets Great Consumer ETF 2.0 75 4 8.4 +4.7
ESGE iShares ESG Aware MSCI EM ETF 2.0 25 54 10.7 +6.9
FLAX Franklin FTSE Asia Ex Japan ETF 2.0 19 60 10.0 +6.2
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.9 45 34 10.8 +7.0
EEMA iShares MSCI Emerging Markets Asia ETF 1.9 49 30 10.9 +7.1
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.9 60 19 7.1 +3.4
CCNR ALPS CoreCommodity Natural Resources ETF 1.8 39 40 12.0 +8.3
CARZ First Trust NASDAQ Global Auto Index Fund 1.8 70 9 6.1 +2.3
GMF SPDR S&P Emerging Asia Pacific ETF 1.8 49 30 10.1 +6.3
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.8 25 54 6.5 +2.7
VWO Vanguard FTSE Emerging Markets ETF 1.8 8 71 11.1 +7.3
IBAT iShares Energy Storage & Materials ETF 1.8 47 32 5.7 +1.9
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.7 20 59 10.8 +7.0
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.7 90 -11 8.1 +4.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.7 70 9 9.9 +6.1
DTEC ALPS Disruptive Technologies ETF 1.7 50 29 3.9 +0.1
BKEM BNY Mellon Emerging Markets Equity ETF 1.7 11 68 10.6 +6.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.6 66 13 10.5 +6.7
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.6 30 49 10.9 +7.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.5 36 43 10.4 +6.6
MEM Matthews Emerging Markets Equity Active ETF 1.5 79 0 8.5 +4.7
EEM iShares MSCI Emerging Markets ETF 1.5 69 10 10.8 +7.0
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.5 15 64 10.9 +7.1
DFAE Dimensional Emerging Core Equity Market ETF 1.5 35 44 10.2 +6.4
SCHE Schwab Emerging Markets Equity ETF 1.5 11 68 11.8 +8.0
RXI iShares Global Consumer Discretionary ETF 1.4 41 38 9.1 +5.3
WRND IQ Global Equity R&D Leaders ETF 1.4 18 61 8.9 +5.1
IEMG iShares Core MSCI Emerging Markets ETF 1.4 9 70 11.0 +7.2
VCLN Virtus Duff & Phelps Clean Energy ETF 1.4 59 20 5.9 +2.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.4 38 41 10.0 +6.2
SPEM SPDR Portfolio Emerging Markets ETF 1.3 7 72 11.0 +7.2
JHEM John Hancock Multifactor Emerging Markets ETF 1.3 49 30 10.7 +6.9
SDEM Global X MSCI SuperDividend Emerging Markets ETF 1.3 67 12 14.0 +10.3
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.3 59 20 12.3 +8.5
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.3 15 64 8.6 +4.8
JSTC Adasina Social Justice All Cap Global ETF 1.3 89 -10 4.5 +0.8
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 1.2 12 67 5.3 +1.6
EMXF iShares ESG Advanced MSCI EM ETF 1.2 16 63 8.6 +4.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.2 50 29 11.9 +8.1
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.2 45 34 4.5 +0.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.2 41 38 9.5 +5.7
AVES Avantis Emerging Markets Value ETF 1.1 36 43 12.0 +8.2
KSTR KraneShares SSE STAR Market 50 Index ETF 1.1 89 -10 1.7 -2.1
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.0 80 -1 15.1 +11.3
AVEM Avantis Emerging Markets Equity ETF 1.0 33 46 9.5 +5.7
UMMA Wahed Dow Jones Islamic World ETF 1.0 65 14 5.3 +1.5
DSTX Distillate International Fundamental Stability & Value ETF 1.0 55 24 8.3 +4.5
PATN Pacer Nasdaq International Patent Leaders ETF 1.0 65 14 6.6 +2.8
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 1.0 30 49 10.2 +6.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.9 45 34 11.1 +7.3
PBW Invesco WilderHill Clean Energy ETF 0.9 66 13 -5.3 -9.1
CNRG SPDR S&P Kensho Clean Power ETF 0.9 45 34 0.7 -3.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.9 33 46 10.7 +6.9
FMET Fidelity Metaverse ETF 0.9 39 40 5.2 +1.5
FCLD Fidelity Cloud Computing ETF 0.8 39 40 3.2 -0.6
PXH Invesco FTSE RAFI Emerging Markets ETF 0.8 49 30 17.0 +13.2
EDIV SPDR S&P Emerging Markets Dividend ETF 0.8 49 30 11.9 +8.1
AQWA Global X Clean Water ETF 0.7 50 29 5.0 +1.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.7 70 9 7.8 +4.1
CGW Invesco S&P Global Water Index ETF 0.7 57 22 4.7 +0.9
VSGX Vanguard ESG International Stock ETF 0.6 12 67 8.0 +4.2
FDEM Fidelity Emerging Markets Multifactor ETF 0.6 25 54 13.6 +9.8
PGJ Invesco Golden Dragon China ETF 0.6 70 9 15.0 +11.3
ROAM Hartford Multifactor Emerging Markets ETF 0.6 44 35 12.3 +8.5
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.6 47 32 8.5 +4.7
ION ProShares S&P Global Core Battery Metals ETF 0.5 58 21 12.7 +8.9
EMGF iShares Emerging Markets Equity Factor ETF 0.5 25 54 12.3 +8.5
VEU Vanguard FTSE All-World ex-US Index Fund 0.5 8 71 8.3 +4.5
FFLC Fidelity Fundamental Large Cap Core ETF 0.5 38 41 4.9 +1.1
EFRA iShares Environmental Infrastructure and Industrials ETF 0.5 47 32 5.3 +1.5
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.5 65 14 6.2 +2.4
VXUS Vanguard Total International Stock ETF 0.5 7 72 8.2 +4.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.5 39 40 17.2 +13.4
EWX SPDR S&P Emerging Markets Small Cap ETF 0.5 65 14 8.3 +4.5
DFEV Dimensional Emerging Markets Value ETF 0.5 43 36 14.1 +10.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.4 34 45 7.9 +4.2
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.4 58 21 5.0 +1.2
DVYE iShares Emerging Markets Dividend ETF 0.4 49 30 18.7 +14.9
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 61 8.0 +4.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 38 7.8 +4.0
CWI SPDR MSCI ACWI ex-US ETF 0.4 30 49 7.9 +4.1
IXUS iShares Core MSCI Total International Stock ETF 0.4 7 72 8.1 +4.3
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.3 35 44 20.9 +17.2
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 34 6.3 +2.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 59 6.0 +2.2
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 8.3 +4.5
DEM WisdomTree Emerging Markets High Dividend Fund 0.3 63 16 13.6 +9.8
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.2 44 35 10.9 +7.1
VT Vanguard Total World Stock ETF 0.2 7 72 6.2 +2.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.2 42 37 6.8 +3.0
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.2 58 21 9.9 +6.1
KLMT Invesco MSCI Global Climate 500 ETF 0.2 10 69 6.0 +2.3
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 32 5.7 +1.9
ACWI iShares MSCI ACWI ETF 0.2 32 47 5.9 +2.1
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 59 5.8 +2.1
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 32 9.3 +5.5
VYMI Vanguard International High Dividend Yield ETF 0.1 22 57 9.8 +6.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 6.1 +2.3
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.1 86 -7 14.1 +10.3
CCSO Carbon Collective Climate Solutions US Equity ETF 0.1 35 44 1.2 -2.6
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.4 +1.6
GLOF iShares Global Equity Factor ETF 0.1 20 59 6.9 +3.1
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 10.7 +6.9
GINN Goldman Sachs Innovate Equity ETF 0.1 52 27 4.2 +0.4
IGF iShares Global Infrastructure ETF 0.1 41 38 4.7 +0.9
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.7 +0.9
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 7 72 7.0 +3.2
GWX SPDR S&P International Small Cap ETF 0.1 40 39 6.5 +2.8
VIGI Vanguard International Dividend Appreciation ETF 0.0 15 64 6.1 +2.3
KOMP SPDR S&P Kensho New Economies Composite ETF 0.0 20 59 3.6 -0.2
DEW WisdomTree Global High Dividend Fund 0.0 58 21 8.8 +5.0
APIE ActivePassive International Equity ETF 0.0 45 34 7.6 +3.8

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 6.4 %
Divided by: Fwd. P/BV 1.4 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 3.8 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.42 CATEGORY
AVERAGE		 1.50
 
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.