KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 0.3% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 81.6x P/Sales
ratio		 3.7x
P/BV
ratio		 5.4x Div.
yield		 0.6%


  • 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) $61
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 55
Wgt avg mkt cap (mns) $2,113,280
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 8.6 %
LI AUTO, INC. CLASS A 8.0 %
XPENG, INC. CLASS A 7.4 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 6.9 %
GDS HOLDINGS LTD. 4.9 %
CHINA YANGTZE POWER CO LTD-A 4.8 %
KINGDEE INTERNATIONAL SFTWR 4.7 %
CGN POWER CO LTD SHS -H- UNITARY 1 4.0 %
NIO INC-CLASS A 4.0 %
ZHEJIANG LEAPMOTOR TECHNOLOGY CO., 3.3 %
Total 56.6 %

TOP COUNTRY EXPOSURE
CHINA 83.8 %
HONG KONG 5.8 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
21.5% 21.5% -8.4% -- 2.4%

Market Correlations
versus... Beta R-squared
S&P500 0.69 20%
MSCI EAFE 0.89 23%
MSCI Emg. Mkts. 1.26 54%

Technical Indicators
Recent close $27.74
30d moving avg. $27.52
Annualized volatility 33.4%
Short interest (ETF) 0.8%
Relative strength (RSI) 47

Liquidity measures
Avg. volume (thou.) 15
Turnover 0.7%
Bid/Ask (% of price) 1.30%
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™: 0.3%


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 17.5 39 40 -1.3 -1.6
KTEC KraneShares Hang Seng TECH Index ETF 17.3 69 10 16.9 +16.6
CHIQ Global X MSCI China Consumer Discretionary ETF 17.1 65 14 11.1 +10.8
ERTH Invesco MSCI Sustainable Future ETF 16.8 62 17 3.1 +2.8
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 15.3 72 7 -1.3 -1.6
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 15.0 55 24 6.3 +6.0
BATT Amplify Lithium & Battery Technology ETF 13.4 59 20 1.7 +1.4
IDRV iShares Self-driving EV & Tech ETF 12.0 47 32 3.1 +2.8
OBOR KraneShares MSCI One Belt One Road Index ETF 11.6 79 0 7.2 +6.9
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 10.7 65 14 6.2 +5.9
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.9 32 47 11.2 +10.9
TCHI iShares MSCI China Multisector Tech ETF 8.9 59 20 14.9 +14.6
EV Mast Global Battery Recycling & Production ETF 8.1 65 14 7.2 +6.9
SDG iShares MSCI Global Sustainable Development Goals ETF 8.0 49 30 4.8 +4.5
SMOG VanEck Low Carbon Energy ETF 7.4 61 18 1.5 +1.2
VCLN Virtus Duff & Phelps Clean Energy ETF 7.3 59 20 3.7 +3.4
FRNW Fidelity Clean Energy ETF 6.9 39 40 2.1 +1.8
ETEC iShares Breakthrough Environmental Solutions ETF 6.7 47 32 3.1 +2.8
LIT Global X Lithium & Battery Tech ETF 6.7 75 4 5.6 +5.3
ICLN iShares Global Clean Energy ETF 6.4 41 38 2.9 +2.5
MCH Matthews China Active ETF 6.3 79 0 12.6 +12.3
PBD Invesco Global Clean Energy ETF 5.8 75 4 0.7 +0.4
FLCH Franklin FTSE China ETF 5.0 19 60 14.2 +13.9
ECNS iShares MSCI China Small-Cap ETF 4.9 59 20 9.0 +8.7
CTEC Global X CleanTech ETF 4.9 50 29 0.7 +0.4
CGRO CoreValues Alpha Greater China Growth ETF 3.9 75 4 2.9 +2.6
MINV Matthews Asia Innovators Active ETF 3.9 79 0 5.5 +5.2
FXI iShares China Large-Cap ETF 3.6 74 5 16.0 +15.7
CQQQ Invesco China Technology ETF 3.5 70 9 12.3 +12.0
MOTO SmartETFs Smart Transportation & Technology ETF 3.4 68 11 5.5 +5.2
MCHI iShares MSCI China ETF 3.4 59 20 15.4 +15.1
IPOS Renaissance International IPO ETF 3.3 80 -1 1.7 +1.4
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 3.3 60 19 8.8 +8.5
JCHI JPMorgan Active China ETF 3.1 65 14 13.0 +12.6
CLNR IQ Cleaner Transport ETF 3.1 45 34 4.9 +4.6
GXC SPDR S & P China ETF 3.0 59 20 14.5 +14.2
RNRG Global X Renewable Energy Producers ETF 3.0 66 13 5.0 +4.7
TAN Invesco Solar ETF 2.9 67 12 5.2 +4.9
CNYA iShares MSCI China A ETF 2.9 60 19 6.2 +5.9
EEMO Invesco S&P Emerging Markets Momentum ETF 2.8 29 50 7.0 +6.7
FAN First Trust Global Wind Energy ETF 2.8 60 19 3.8 +3.5
JADE JPMorgan Active Developing Markets Equity ETF 2.6 65 14 6.6 +6.2
WBAT WisdomTree Battery Value Chain and Innovation Fund 2.6 45 34 1.6 +1.3
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.3 79 0 4.5 +4.2
POW VistaShares Electrification Supercycle ETF 2.2 75 4 3.0 +2.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.1 32 47 7.0 +6.7
BOTT Themes Robotics & Automation ETF 2.1 35 44 -1.4 -1.8
MEM Matthews Emerging Markets Equity Active ETF 2.1 79 0 6.4 +6.1
URAN Themes Uranium & Nuclear ETF 2.1 35 44 1.1 +0.8
DTEC ALPS Disruptive Technologies ETF 2.0 50 29 3.3 +3.0
EMIF iShares Emerging Markets Infrastructure ETF 2.0 60 19 3.1 +2.8
ECON Columbia Emerging Markets Consumer ETF 2.0 49 30 10.0 +9.7
LDEM iShares ESG MSCI EM Leaders ETF 2.0 17 62 11.4 +11.1
CARZ First Trust NASDAQ Global Auto Index Fund 1.9 70 9 3.4 +3.1
BKF iShares MSCI BIC ETF 1.9 69 10 11.8 +11.5
FCA First Trust China AlphaDEX Fund 1.9 80 -1 8.6 +8.2
NUEM Nuveen ESG Emerging Markets Equity ETF 1.8 36 43 6.7 +6.4
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.8 15 64 6.6 +6.3
FLAX Franklin FTSE Asia Ex Japan ETF 1.7 19 60 7.4 +7.1
KSTR KraneShares SSE STAR Market 50 Index ETF 1.6 89 -10 0.6 +0.3
EMC Global X Emerging Markets Great Consumer ETF 1.6 75 4 7.0 +6.7
ECOW Pacer Emerging Markets Cash Cows 100 ETF 1.6 70 9 11.8 +11.5
IPKW Invesco International BuyBack Achievers ETF 1.5 55 24 8.0 +7.7
DRIV Global X Autonomous & Electric Vehicles ETF 1.5 68 11 4.1 +3.8
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.5 25 54 5.9 +5.6
DEHP Dimensional Emerging Markets High Profitability ETF 1.5 41 38 5.3 +4.9
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.4 66 13 7.7 +7.4
FCLD Fidelity Cloud Computing ETF 1.4 39 40 2.8 +2.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.4 36 43 8.0 +7.7
BKEM BNY Mellon Emerging Markets Equity ETF 1.3 11 68 8.0 +7.7
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.3 42 37 8.6 +8.3
VWO Vanguard FTSE Emerging Markets ETF 1.3 7 72 9.1 +8.8
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 1.3 65 14 4.0 +3.7
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.3 15 64 8.5 +8.2
EEMA iShares MSCI Emerging Markets Asia ETF 1.3 49 30 7.9 +7.6
JHEM John Hancock Multifactor Emerging Markets ETF 1.3 49 30 8.3 +8.0
GMF SPDR S&P Emerging Asia Pacific ETF 1.2 49 30 8.4 +8.1
FBOT Fidelity Disruptive Automation ETF 1.2 50 29 2.8 +2.5
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.2 33 46 8.2 +7.9
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.2 38 41 7.6 +7.3
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.2 42 37 5.5 +5.2
ESGE iShares ESG Aware MSCI EM ETF 1.1 25 54 8.5 +8.2
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.1 20 59 8.4 +8.1
AIA iShares Asia 50 ETF 1.1 50 29 10.5 +10.2
DFAE Dimensional Emerging Core Equity Market ETF 1.1 35 44 7.5 +7.2
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.1 41 38 7.1 +6.8
CCNR ALPS CoreCommodity Natural Resources ETF 1.1 39 40 7.6 +7.3
JIG JPMorgan International Growth ETF 1.1 55 24 4.0 +3.6
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.1 70 9 7.2 +6.9
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.1 45 34 9.5 +9.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 1.0 30 49 8.1 +7.8
FEM First Trust Emerging Markets AlphaDEX Fund 0.9 80 -1 10.3 +9.9
SPEM SPDR Portfolio Emerging Markets ETF 0.9 7 72 9.3 +9.0
SCHE Schwab Emerging Markets Equity ETF 0.9 11 68 9.5 +9.2
EMXF iShares ESG Advanced MSCI EM ETF 0.9 16 63 7.2 +6.9
EEM iShares MSCI Emerging Markets ETF 0.9 69 10 8.1 +7.8
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.9 59 20 7.6 +7.3
FMET Fidelity Metaverse ETF 0.9 39 40 4.3 +3.9
IEMG iShares Core MSCI Emerging Markets ETF 0.9 9 70 8.5 +8.2
PBW Invesco WilderHill Clean Energy ETF 0.8 66 13 -3.0 -3.3
CNRG State Street SPDR S&P Kensho Clean Power ETF 0.8 45 34 1.5 +1.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.8 50 29 9.4 +9.0
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 49 7.6 +7.3
AVEM Avantis Emerging Markets Equity ETF 0.7 33 46 7.3 +7.0
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.7 45 34 8.5 +8.2
PGJ Invesco Golden Dragon China ETF 0.7 70 9 12.4 +12.1
RXI iShares Global Consumer Discretionary ETF 0.7 41 38 7.0 +6.7
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.7 12 67 4.3 +4.0
TTAI FCF International Quality ETF 0.7 59 20 6.5 +6.2
IBAT iShares Energy Storage & Materials ETF 0.7 47 32 2.5 +2.2
AQWA Global X Clean Water ETF 0.7 50 29 4.6 +4.3
PXH Invesco FTSE RAFI Emerging Markets ETF 0.7 49 30 13.7 +13.4
DSTX Distillate International Fundamental Stability & Value ETF 0.6 55 24 6.7 +6.4
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 0.6 80 -1 8.5 +8.2
CGW Invesco S&P Global Water Index ETF 0.6 57 22 4.2 +3.9
AVES Avantis Emerging Markets Value ETF 0.6 36 43 9.6 +9.3
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 0.6 90 -11 4.5 +4.2
DRGN Themes China Generative Artificial Intelligence ETF 0.6 39 40 8.5 +8.2
XT iShares Exponential Technologies ETF 0.6 46 33 4.2 +3.9
UMMA Wahed Dow Jones Islamic World ETF 0.6 65 14 3.9 +3.6
GINN Goldman Sachs Innovate Equity ETF 0.6 52 27 3.2 +2.9
PATN Pacer Nasdaq International Patent Leaders ETF 0.5 65 14 4.6 +4.3
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 0.5 88 -9 7.4 +7.1
ION ProShares S&P Global Core Battery Metals ETF 0.5 58 21 5.5 +5.2
DFEV Dimensional Emerging Markets Value ETF 0.5 43 36 10.6 +10.2
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.5 70 9 6.9 +6.6
AVSE Avantis Responsible Emerging Markets Equity ETF 0.5 33 46 7.0 +6.7
TBLU Tortoise Global Water ESG ETF 0.5 40 39 4.2 +3.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.5 58 21 8.6 +8.3
VSGX Vanguard ESG International Stock ETF 0.4 10 69 6.7 +6.4
WRND IQ Global Equity R&D Leaders ETF 0.4 18 61 6.6 +6.3
IQM Franklin Intelligent Machines ETF 0.4 50 29 1.5 +1.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 38 6.4 +6.1
DVYE iShares Emerging Markets Dividend ETF 0.4 49 30 17.0 +16.7
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.4 29 50 8.1 +7.8
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 61 6.5 +6.2
ROAM Hartford Multifactor Emerging Markets ETF 0.4 44 35 10.4 +10.1
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 4 75 6.9 +6.6
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.4 80 -1 12.6 +12.3
EFRA iShares Environmental Infrastructure and Industrials ETF 0.4 47 32 4.8 +4.5
VXUS Vanguard Total International Stock ETF 0.4 5 74 6.8 +6.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 6.6 +6.3
CCSO Carbon Collective Climate Solutions US Equity ETF 0.3 35 44 1.1 +0.8
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 14 7.1 +6.8
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 40 14.6 +14.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 45 6.5 +6.2
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 72 6.7 +6.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.3 44 35 9.5 +9.2
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 49 6.5 +6.2
JSTC Adasina Social Justice All Cap Global ETF 0.3 89 -10 4.2 +3.9
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.2 58 21 3.9 +3.5
ANEW ProShares MSCI Transformational Changes ETF 0.2 45 34 4.6 +4.2
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.2 35 44 11.9 +11.5
EMGF iShares Emerging Markets Equity Factor ETF 0.2 25 54 9.5 +9.2
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.2 20 59 2.6 +2.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 59 4.8 +4.5
GEW Cambria Global EW ETF 0.2 29 50 5.3 +5.0
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 32 5.8 +5.4
DEM WisdomTree Emerging Markets High Dividend Fund 0.2 63 16 12.0 +11.7
VT Vanguard Total World Stock ETF 0.1 6 73 5.1 +4.8
VYMI Vanguard International High Dividend Yield ETF 0.1 17 62 8.3 +8.0
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 59 5.3 +5.0
ACWI iShares MSCI ACWI ETF 0.1 32 47 4.7 +4.4
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.1 80 -1 7.4 +7.1
IGPT Invesco AI and Next Gen Software ETF 0.1 60 19 3.3 +3.0
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 4.9 +4.6
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.5 +5.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 4.9 +4.6
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 8.5 +8.2
IGF iShares Global Infrastructure ETF 0.1 41 38 4.5 +4.1
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.5 +4.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 71 6.5 +6.2
VIGI Vanguard International Dividend Appreciation ETF 0.0 10 69 5.7 +5.4
APIE ActivePassive International Equity ETF 0.0 45 34 6.4 +6.1
GLOF iShares Global Equity Factor ETF 0.0 20 59 5.9 +5.6

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 6.0 %
Divided by: Fwd. P/BV 5.4 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 0.3 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 2.17 CATEGORY
AVERAGE		 1.54
 
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.