KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 3.7% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 18.9x P/Sales
ratio		 1.2x
P/BV
ratio		 1.5x Div.
yield		 2.6%


  • 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) $52
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 June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
16.3% 32.7% 4.6% -- 1.8%

Market Correlations
versus... Beta R-squared
S&P500 0.76 11%
MSCI EAFE 1.14 26%
MSCI Emg. Mkts. 1.68 60%

Technical Indicators
Recent close $26.11
30d moving avg. $26.15
Annualized volatility 36.6%
Short interest (ETF) 4.0%
Relative strength (RSI) 51

Liquidity measures
Avg. volume (thou.) 9
Turnover 0.5%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $4,423

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 176 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™: 3.7%


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 -0.9 -4.6
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 21.5 72 7 -0.8 -4.5
CHIQ Global X MSCI China Consumer Discretionary ETF 19.0 65 14 16.3 +12.6
ERTH Invesco MSCI Sustainable Future ETF 15.8 62 17 3.7 0.0
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 14.0 55 24 8.2 +4.5
KTEC KraneShares Hang Seng TECH Index ETF 12.3 69 10 18.3 +14.6
BATT Amplify Lithium & Battery Technology ETF 12.2 59 20 3.9 +0.2
IDRV iShares Self-driving EV & Tech ETF 11.3 47 32 1.7 -2.0
OBOR KraneShares MSCI One Belt One Road Index ETF 11.1 79 0 8.8 +5.2
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 10.6 65 14 7.8 +4.1
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.7 32 47 17.4 +13.8
SDG iShares MSCI Global Sustainable Development Goals ETF 9.1 49 30 6.3 +2.7
RAYC Rayliant Quantamental China Equity ETF 8.3 80 -1 8.6 +4.9
EV Mast Global Battery Recycling & Production ETF 8.2 65 14 10.6 +7.0
ICLN iShares Global Clean Energy ETF 7.9 41 38 5.9 +2.3
LIT Global X Lithium & Battery Tech ETF 7.8 75 4 5.5 +1.9
SMOG VanEck Low Carbon Energy ETF 7.5 61 18 1.6 -2.1
CGRO CoreValues Alpha Greater China Growth ETF 7.0 75 4 3.7 +0.1
TCHI iShares MSCI China Multisector Tech ETF 7.0 59 20 17.3 +13.6
ETEC iShares Breakthrough Environmental Solutions ETF 6.9 47 32 3.5 -0.1
ECNS iShares MSCI China Small-Cap ETF 6.7 59 20 9.6 +6.0
RAYS Global X Solar ETF 6.5 51 28 7.4 +3.8
KALL KraneShares MSCI All China Index ETF 6.4 49 30 14.7 +11.1
CLNR IQ Cleaner Transport ETF 6.2 45 34 6.6 +2.9
FRNW Fidelity Clean Energy ETF 6.0 39 40 4.1 +0.5
PBD Invesco Global Clean Energy ETF 5.8 75 4 0.6 -3.1
FXI iShares China Large-Cap ETF 5.7 74 5 17.0 +13.3
FLCH Franklin FTSE China ETF 5.2 19 60 16.6 +13.0
CTEC Global X CleanTech ETF 5.1 50 29 2.8 -0.9
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 4.9 60 19 10.2 +6.5
WNDY Global X Wind Energy ETF 4.8 50 29 5.6 +2.0
MCHI iShares MSCI China ETF 4.4 59 20 17.7 +14.0
MOTO SmartETFs Smart Transportation & Technology ETF 4.3 68 11 7.3 +3.7
JCHI JPMorgan Active China ETF 4.2 65 14 15.8 +12.1
FAN First Trust Global Wind Energy ETF 4.0 60 19 4.6 +0.9
NUEM Nuveen ESG Emerging Markets Equity ETF 3.9 36 43 7.9 +4.2
GXC SPDR S&P China ETF 3.9 59 20 16.3 +12.6
RNRG Global X Renewable Energy Producers ETF 3.9 66 13 5.7 +2.1
GSFP Goldman Sachs Future Planet Equity ETF 3.8 75 4 4.6 +1.0
TAN Invesco Solar ETF 3.6 67 12 7.8 +4.1
CQQQ Invesco China Technology ETF 3.6 70 9 10.1 +6.5
MINV Matthews Asia Innovators Active ETF 3.3 79 0 7.7 +4.0
FEM First Trust Emerging Markets AlphaDEX Fund 3.3 80 -1 12.2 +8.6
MCH Matthews China Active ETF 3.2 79 0 15.2 +11.5
IPOS Renaissance International IPO ETF 3.2 80 -1 10.0 +6.4
CNYA iShares MSCI China A ETF 3.1 60 19 7.0 +3.4
IWTR iShares MSCI Water Management Multisector ETF 2.8 47 32 5.7 +2.0
BLLD JPMorgan Sustainable Infrastructure ETF 2.7 49 30 6.1 +2.4
LDEM iShares ESG MSCI EM Leaders ETF 2.7 17 62 13.2 +9.5
TEMP JPMorgan Climate Change Solutions ETF 2.6 49 30 5.7 +2.1
ECON Columbia Emerging Markets Consumer ETF 2.5 49 30 12.4 +8.8
URAN Themes Uranium & Nuclear ETF 2.4 35 44 1.8 -1.8
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.4 79 0 5.2 +1.6
BKF iShares MSCI BIC ETF 2.4 69 10 13.2 +9.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.3 32 47 9.3 +5.7
FBOT Fidelity Disruptive Automation ETF 2.3 50 29 3.7 +0.1
AIA iShares Asia 50 ETF 2.3 50 29 13.4 +9.7
XT iShares Exponential Technologies ETF 2.3 46 33 4.8 +1.2
EMIF iShares Emerging Markets Infrastructure ETF 2.2 60 19 6.7 +3.0
FCA First Trust China AlphaDEX Fund 2.2 80 -1 9.0 +5.4
GTEK Goldman Sachs Future Tech Leaders Equity ETF 2.1 75 4 3.1 -0.6
FLAX Franklin FTSE Asia Ex Japan ETF 2.0 19 60 9.5 +5.9
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.9 45 34 10.7 +7.1
DTEC ALPS Disruptive Technologies ETF 1.9 50 29 3.8 +0.1
DEHP Dimensional Emerging Markets High Profitability ETF 1.9 41 38 6.9 +3.2
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.9 60 19 7.2 +3.5
CCNR ALPS CoreCommodity Natural Resources ETF 1.8 39 40 11.6 +8.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.7 20 59 10.7 +7.1
EEMO Invesco S&P Emerging Markets Momentum ETF 1.7 29 50 6.5 +2.9
BKEM BNY Mellon Emerging Markets Equity ETF 1.7 11 68 10.2 +6.5
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.6 66 13 10.0 +6.3
ESGE iShares ESG Aware MSCI EM ETF 1.6 25 54 10.1 +6.5
EEMA iShares MSCI Emerging Markets Asia ETF 1.6 49 30 10.2 +6.5
EMC Global X Emerging Markets Great Consumer ETF 1.6 75 4 8.8 +5.1
GMF SPDR S&P Emerging Asia Pacific ETF 1.5 49 30 9.6 +5.9
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.5 36 43 9.9 +6.3
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 1.5 90 -11 7.7 +4.1
MEM Matthews Emerging Markets Equity Active ETF 1.5 79 0 8.0 +4.3
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.5 15 64 10.4 +6.7
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.5 25 54 6.5 +2.8
CARZ First Trust NASDAQ Global Auto Index Fund 1.5 70 9 5.3 +1.7
VWO Vanguard FTSE Emerging Markets ETF 1.4 7 72 10.6 +6.9
WRND IQ Global Equity R&D Leaders ETF 1.4 18 61 8.4 +4.8
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.4 70 9 9.3 +5.7
VCLN Virtus Duff & Phelps Clean Energy ETF 1.4 59 20 5.6 +2.0
JHEM John Hancock Multifactor Emerging Markets ETF 1.3 49 30 10.5 +6.8
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.3 30 49 10.4 +6.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.3 59 20 11.8 +8.2
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.3 15 64 8.2 +4.5
SCHE Schwab Emerging Markets Equity ETF 1.3 11 68 11.2 +7.5
DFAE Dimensional Emerging Core Equity Market ETF 1.3 35 44 9.5 +5.8
AVSE Avantis Responsible Emerging Markets Equity ETF 1.2 33 46 8.7 +5.0
EEM iShares MSCI Emerging Markets ETF 1.2 69 10 10.3 +6.7
RXI iShares Global Consumer Discretionary ETF 1.2 41 38 9.1 +5.5
IBAT iShares Energy Storage & Materials ETF 1.2 47 32 5.4 +1.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.2 50 29 11.5 +7.8
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.2 38 41 9.5 +5.8
IEMG iShares Core MSCI Emerging Markets ETF 1.2 9 70 10.5 +6.9
SPEM SPDR Portfolio Emerging Markets ETF 1.2 7 72 10.6 +7.0
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.2 45 34 4.5 +0.9
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.1 41 38 8.9 +5.3
EMXF iShares ESG Advanced MSCI EM ETF 1.1 16 63 8.5 +4.9
AVES Avantis Emerging Markets Value ETF 1.1 36 43 11.6 +8.0
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.1 80 -1 14.4 +10.7
KSTR KraneShares SSE STAR Market 50 Index ETF 1.1 89 -10 1.7 -1.9
AVEM Avantis Emerging Markets Equity ETF 1.0 33 46 9.2 +5.6
UMMA Wahed Dow Jones Islamic World ETF 1.0 65 14 5.1 +1.5
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.0 42 37 9.9 +6.3
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.9 45 34 10.5 +6.9
PBW Invesco WilderHill Clean Energy ETF 0.9 66 13 -4.8 -8.4
CNRG SPDR S&P Kensho Clean Power ETF 0.9 45 34 0.6 -3.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.9 33 46 10.1 +6.5
FMET Fidelity Metaverse ETF 0.9 39 40 4.8 +1.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.9 12 67 5.3 +1.6
DSTX Distillate International Fundamental Stability & Value ETF 0.8 55 24 8.2 +4.5
FCLD Fidelity Cloud Computing ETF 0.8 39 40 3.1 -0.5
PATN Pacer Nasdaq International Patent Leaders ETF 0.8 65 14 6.3 +2.7
EDIV SPDR S&P Emerging Markets Dividend ETF 0.8 49 30 12.0 +8.3
PGJ Invesco Golden Dragon China ETF 0.7 70 9 9.9 +6.3
VSGX Vanguard ESG International Stock ETF 0.7 10 69 7.9 +4.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.7 70 9 7.8 +4.1
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 49 9.9 +6.3
PXH Invesco FTSE RAFI Emerging Markets ETF 0.7 49 30 16.0 +12.4
VXUS Vanguard Total International Stock ETF 0.6 5 74 8.0 +4.4
AQWA Global X Clean Water ETF 0.6 50 29 4.8 +1.2
FDEM Fidelity Emerging Markets Multifactor ETF 0.6 25 54 12.9 +9.2
CGW Invesco S&P Global Water Index ETF 0.6 57 22 4.5 +0.9
EMGF iShares Emerging Markets Equity Factor ETF 0.6 25 54 12.0 +8.3
ROAM Hartford Multifactor Emerging Markets ETF 0.6 44 35 12.0 +8.3
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.6 47 32 8.5 +4.9
ION ProShares S&P Global Core Battery Metals ETF 0.5 58 21 11.6 +8.0
FFLC Fidelity Fundamental Large Cap Core ETF 0.5 38 41 4.7 +1.0
EWX SPDR S&P Emerging Markets Small Cap ETF 0.5 65 14 8.2 +4.5
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.5 65 14 5.9 +2.2
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 61 7.7 +4.0
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 38 7.8 +4.1
JSTC Adasina Social Justice All Cap Global ETF 0.4 89 -10 4.8 +1.1
DFEV Dimensional Emerging Markets Value ETF 0.4 43 36 13.4 +9.7
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.4 8 71 6.8 +3.2
DVYE iShares Emerging Markets Dividend ETF 0.4 49 30 19.0 +15.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.4 47 32 5.2 +1.5
VT Vanguard Total World Stock ETF 0.4 6 73 6.0 +2.4
ACWX iShares MSCI ACWI ex U.S. ETF 0.4 34 45 7.9 +4.2
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.4 39 40 16.3 +12.7
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.4 58 21 4.7 +1.1
CWI SPDR MSCI ACWI ex-US ETF 0.4 30 49 7.8 +4.1
IXUS iShares Core MSCI Total International Stock ETF 0.4 7 72 8.0 +4.4
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 4 75 8.2 +4.6
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 34 6.0 +2.4
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.3 35 44 19.3 +15.7
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 8.1 +4.5
DEM WisdomTree Emerging Markets High Dividend Fund 0.3 63 16 13.3 +9.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.2 44 35 11.0 +7.3
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 59 5.8 +2.2
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.2 42 37 6.7 +3.1
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.2 58 21 9.8 +6.1
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 32 5.7 +2.1
KOMP SPDR S&P Kensho New Economies Composite ETF 0.2 20 59 2.8 -0.9
ACWV iShares MSCI Global Min Vol Factor ETF 0.2 20 59 5.9 +2.2
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 32 9.3 +5.7
CCSO Carbon Collective Climate Solutions US Equity ETF 0.1 35 44 1.1 -2.5
VYMI Vanguard International High Dividend Yield ETF 0.1 17 62 9.9 +6.2
ACWI iShares MSCI ACWI ETF 0.1 32 47 5.7 +2.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.1 86 -7 13.2 +9.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 5.9 +2.3
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 5.9 +2.3
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.6 +1.9
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 10.4 +6.8
GINN Goldman Sachs Innovate Equity ETF 0.1 52 27 3.7 +0.1
IGF iShares Global Infrastructure ETF 0.1 41 38 4.7 +1.1
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.7 +1.1
IGPT Invesco AI and Next Gen Software ETF 0.1 60 19 4.2 +0.6
GLOF iShares Global Equity Factor ETF 0.1 20 59 6.7 +3.1
VIGI Vanguard International Dividend Appreciation ETF 0.0 10 69 6.1 +2.5
APIE ActivePassive International Equity ETF 0.0 45 34 7.5 +3.9
DEW WisdomTree Global High Dividend Fund 0.0 58 21 8.7 +5.1

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%.

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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 3.7 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.45 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.