KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 0.3% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 79.8x P/Sales
ratio		 4.2x
P/BV
ratio		 6.0x Div.
yield		 0.7%


  • 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) $67
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) $30,995
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
CANVEST ENVIRONMENTAL PROTECTION G 220.1 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 10.7 %
XPENG, INC. CLASS A 9.9 %
LI AUTO, INC. CLASS A 7.8 %
CHINA YANGTZE POWER CO LTD-A 4.4 %
NIO INC-CLASS A 4.2 %
CGN POWER CO LTD SHS -H- UNITARY 1 3.7 %
CHINA LONGYUAN POWER GROUP-H 3.5 %
KINGDEE INTERNATIONAL SFTWR 3.5 %
GDS HOLDINGS LTD. 3.2 %
Total 270.9 %

TOP COUNTRY EXPOSURE
HONG KONG 225.4 %
CHINA 82.6 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
41.9% 31.4% 1.0% -- 4.3%

Market Correlations
versus... Beta R-squared
S&P500 0.76 9%
MSCI EAFE 0.97 18%
MSCI Emg. Mkts. 1.40 42%

Technical Indicators
Recent close $30.31
30d moving avg. $30.35
Annualized volatility 34.5%
Short interest (ETF) 1.0%
Relative strength (RSI) 48

Liquidity measures
Avg. volume (thou.) 84
Turnover 3.8%
Bid/Ask (% of price) 1.24%
ADV underlying (mns) $4,423

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 174 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
(%)
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 29.8 59 20 8.7 +8.4
FDRV Fidelity Electric Vehicles and Future Transportation ETF 21.7 39 40 -0.9 -1.2
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 20.7 72 7 -0.9 -1.2
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 15.3 55 24 7.0 +6.7
CHIQ Global X MSCI China Consumer Discretionary ETF 14.1 65 14 16.3 +16.0
ERTH Invesco MSCI Sustainable Future ETF 13.9 62 17 3.6 +3.3
SDG iShares MSCI Global Sustainable Development Goals ETF 11.8 49 30 5.8 +5.5
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 11.6 65 14 6.8 +6.5
BATT Amplify Lithium & Battery Technology ETF 11.5 59 20 2.9 +2.6
OBOR KraneShares MSCI One Belt One Road Index ETF 11.5 79 0 8.5 +8.2
KTEC KraneShares Hang Seng TECH Index ETF 11.3 69 10 18.9 +18.6
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.7 32 47 15.6 +15.3
TCHI iShares MSCI China Multisector Tech ETF 9.3 59 20 15.8 +15.5
RAYC Rayliant Quantamental China Equity ETF 9.1 80 -1 7.3 +7.0
IDRV iShares Self-driving EV & Tech ETF 8.9 47 32 1.8 +1.5
EV Mast Global Battery Recycling & Production ETF 7.7 65 14 10.6 +10.3
ICLN iShares Global Clean Energy ETF 7.2 41 38 4.6 +4.3
FRNW Fidelity Clean Energy ETF 6.9 39 40 2.8 +2.5
ETEC iShares Breakthrough Environmental Solutions ETF 6.7 47 32 3.3 +3.0
PBD Invesco Global Clean Energy ETF 6.7 75 4 -0.4 -0.7
LIT Global X Lithium & Battery Tech ETF 6.4 75 4 3.7 +3.4
CTEC Global X CleanTech ETF 6.1 50 29 -0.2 -0.5
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 5.9 60 19 10.3 +10.0
KALL KraneShares MSCI All China Index ETF 5.3 49 30 15.1 +14.8
JCHI JPMorgan Active China ETF 5.2 65 14 14.8 +14.5
AVES Avantis Emerging Markets Value ETF 5.1 36 43 11.0 +10.7
SMOG VanEck Low Carbon Energy ETF 4.7 61 18 1.6 +1.3
FAN First Trust Global Wind Energy ETF 4.7 60 19 4.2 +3.9
AVEM Avantis Emerging Markets Equity ETF 4.3 33 46 8.4 +8.1
ECNS iShares MSCI China Small-Cap ETF 4.2 59 20 8.1 +7.8
CQQQ Invesco China Technology ETF 4.0 70 9 11.9 +11.6
TAN Invesco Solar ETF 4.0 67 12 6.1 +5.8
FLCH Franklin FTSE China ETF 4.0 19 60 15.5 +15.2
GSFP Goldman Sachs Future Planet Equity ETF 3.9 75 4 4.9 +4.6
RNRG Global X Renewable Energy Producers ETF 3.7 66 13 1.2 +0.9
MCHI iShares MSCI China ETF 3.6 59 20 17.1 +16.8
MCH Matthews China Active ETF 3.6 79 0 13.9 +13.6
FXI iShares China Large-Cap ETF 3.5 74 5 18.5 +18.2
BLLD JPMorgan Sustainable Infrastructure ETF 3.4 49 30 6.2 +5.9
GXC SPDR S&P China ETF 3.2 59 20 15.0 +14.7
FEM First Trust Emerging Markets AlphaDEX Fund 3.2 80 -1 11.3 +11.0
IPOS Renaissance International IPO ETF 3.2 80 -1 2.2 +1.9
CLNR IQ Cleaner Transport ETF 3.0 45 34 6.7 +6.4
NUEM Nuveen ESG Emerging Markets Equity ETF 2.8 36 43 7.6 +7.3
VCLN Virtus Duff & Phelps Clean Energy ETF 2.8 59 20 4.3 +4.0
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.7 79 0 4.7 +4.4
BOTT Themes Robotics & Automation ETF 2.7 35 44 3.5 +3.2
CNYA iShares MSCI China A ETF 2.6 60 19 6.2 +5.9
TEMP JPMorgan Climate Change Solutions ETF 2.5 49 30 5.7 +5.4
DTEC ALPS Disruptive Technologies ETF 2.4 50 29 3.8 +3.5
EMIF iShares Emerging Markets Infrastructure ETF 2.4 60 19 5.0 +4.7
FCA First Trust China AlphaDEX Fund 2.3 80 -1 8.1 +7.8
DRIV Global X Autonomous & Electric Vehicles ETF 2.3 68 11 4.5 +4.2
URAN Themes Uranium & Nuclear ETF 2.3 35 44 1.1 +0.8
MINV Matthews Asia Innovators Active ETF 2.3 79 0 7.0 +6.7
CGRO CoreValues Alpha Greater China Growth ETF 2.3 75 4 4.5 +4.2
LDEM iShares ESG MSCI EM Leaders ETF 2.2 17 62 13.7 +13.4
XT iShares Exponential Technologies ETF 2.2 46 33 4.7 +4.4
BKF iShares MSCI BIC ETF 2.1 69 10 13.5 +13.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.1 32 47 8.9 +8.6
ECON Columbia Emerging Markets Consumer ETF 2.0 49 30 11.9 +11.6
AIA iShares Asia 50 ETF 1.8 50 29 11.7 +11.4
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.8 60 19 8.4 +8.1
FCLD Fidelity Cloud Computing ETF 1.6 39 40 3.2 +2.9
DEHP Dimensional Emerging Markets High Profitability ETF 1.6 41 38 6.5 +6.2
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.6 45 34 10.8 +10.5
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.6 45 34 4.0 +3.7
EEMO Invesco S&P Emerging Markets Momentum ETF 1.5 29 50 6.6 +6.3
FLAX Franklin FTSE Asia Ex Japan ETF 1.5 19 60 8.9 +8.6
CCNR ALPS CoreCommodity Natural Resources ETF 1.5 39 40 10.1 +9.8
VWO Vanguard FTSE Emerging Markets ETF 1.5 7 72 10.0 +9.7
ESGE iShares ESG Aware MSCI EM ETF 1.4 25 54 9.8 +9.5
EMC Global X Emerging Markets Great Consumer ETF 1.4 75 4 10.9 +10.6
EEMA iShares MSCI Emerging Markets Asia ETF 1.4 49 30 9.9 +9.6
CARZ First Trust NASDAQ Global Auto Index Fund 1.4 70 9 4.4 +4.1
GMF SPDR S&P Emerging Asia Pacific ETF 1.4 49 30 9.2 +8.9
IPKW Invesco International BuyBack Achievers ETF 1.3 55 24 12.8 +12.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.3 25 54 6.5 +6.2
BKEM BNY Mellon Emerging Markets Equity ETF 1.3 11 68 9.8 +9.5
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.3 50 29 11.0 +10.7
MOTO SmartETFs Smart Transportation & Technology ETF 1.3 68 11 7.2 +6.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.3 70 9 9.0 +8.7
DFAE Dimensional Emerging Core Equity Market ETF 1.2 35 44 9.1 +8.8
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.2 66 13 9.2 +8.9
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.2 38 41 9.1 +8.8
EMXF iShares ESG Advanced MSCI EM ETF 1.2 16 63 8.4 +8.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.2 30 49 10.0 +9.7
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.2 42 37 9.8 +9.5
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.1 80 -1 14.3 +14.0
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.1 36 43 9.5 +9.2
SCHE Schwab Emerging Markets Equity ETF 1.1 11 68 10.7 +10.4
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.1 41 38 8.6 +8.3
EEM iShares MSCI Emerging Markets ETF 1.1 69 10 9.9 +9.6
AVSE Avantis Responsible Emerging Markets Equity ETF 1.1 33 46 8.2 +7.9
IBAT iShares Energy Storage & Materials ETF 1.1 47 32 3.2 +2.9
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.1 15 64 10.0 +9.7
SPEM SPDR Portfolio Emerging Markets ETF 1.0 7 72 10.3 +10.0
PBW Invesco WilderHill Clean Energy ETF 1.0 66 13 -3.0 -3.3
CNRG SPDR S&P Kensho Clean Power ETF 1.0 45 34 0.7 +0.4
IEMG iShares Core MSCI Emerging Markets ETF 1.0 9 70 10.2 +9.9
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.0 15 64 7.6 +7.3
RXI iShares Global Consumer Discretionary ETF 1.0 41 38 9.3 +9.0
DSTX Distillate International Fundamental Stability & Value ETF 1.0 55 24 7.7 +7.4
KSTR KraneShares SSE STAR Market 50 Index ETF 1.0 89 -10 1.0 +0.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.9 33 46 9.7 +9.4
JHEM John Hancock Multifactor Emerging Markets ETF 0.9 49 30 9.9 +9.6
FMET Fidelity Metaverse ETF 0.9 39 40 4.6 +4.3
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.8 12 67 5.1 +4.8
UMMA Wahed Dow Jones Islamic World ETF 0.8 65 14 5.2 +4.9
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.7 45 34 10.0 +9.7
PGJ Invesco Golden Dragon China ETF 0.7 70 9 12.1 +11.8
ION ProShares S&P Global Core Battery Metals ETF 0.7 58 21 8.0 +7.7
WRND IQ Global Equity R&D Leaders ETF 0.7 18 61 8.0 +7.7
FBOT Fidelity Disruptive Automation ETF 0.7 50 29 3.6 +3.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 49 9.1 +8.8
CGW Invesco S&P Global Water Index ETF 0.7 57 22 4.8 +4.5
AQWA Global X Clean Water ETF 0.7 50 29 5.1 +4.8
GTEK Goldman Sachs Future Tech Leaders Equity ETF 0.6 75 4 2.9 +2.6
PXH Invesco FTSE RAFI Emerging Markets ETF 0.6 49 30 15.6 +15.3
PATN Pacer Nasdaq International Patent Leaders ETF 0.6 65 14 5.8 +5.5
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.6 65 14 4.7 +4.4
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.5 47 32 8.4 +8.1
EWX SPDR S&P Emerging Markets Small Cap ETF 0.5 65 14 7.8 +7.5
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 0.5 20 59 10.0 +9.7
VSGX Vanguard ESG International Stock ETF 0.5 10 69 7.6 +7.3
EMGF iShares Emerging Markets Equity Factor ETF 0.5 25 54 11.4 +11.1
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.5 70 9 7.7 +7.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.5 47 32 5.3 +5.0
MEM Matthews Emerging Markets Equity Active ETF 0.5 79 0 7.6 +7.3
DFEV Dimensional Emerging Markets Value ETF 0.4 43 36 13.2 +12.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 4 75 8.0 +7.7
DVYE iShares Emerging Markets Dividend ETF 0.4 49 30 19.1 +18.8
JSTC Adasina Social Justice All Cap Global ETF 0.4 89 -10 4.9 +4.6
VXUS Vanguard Total International Stock ETF 0.4 5 74 7.8 +7.5
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.4 35 44 17.6 +17.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 40 16.1 +15.8
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 45 7.6 +7.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 38 7.3 +7.0
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 49 7.5 +7.2
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 61 7.9 +7.6
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 72 7.8 +7.5
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 7.8 +7.5
DEM WisdomTree Emerging Markets High Dividend Fund 0.3 63 16 13.8 +13.5
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 21 4.5 +4.2
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.3 86 -7 13.5 +13.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.3 44 35 10.6 +10.3
ANEW ProShares MSCI Transformational Changes ETF 0.2 45 34 6.2 +5.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.2 58 21 10.0 +9.7
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 32 5.8 +5.5
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 59 5.6 +5.3
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.2 42 37 7.1 +6.8
FDEM Fidelity Emerging Markets Multifactor ETF 0.2 25 54 12.7 +12.4
KOMP SPDR S&P Kensho New Economies Composite ETF 0.2 20 59 2.3 +2.0
ROAM Hartford Multifactor Emerging Markets ETF 0.2 44 35 12.0 +11.7
FFLC Fidelity Fundamental Large Cap Core ETF 0.2 38 41 4.5 +4.2
CCSO Carbon Collective Climate Solutions US Equity ETF 0.1 35 44 0.9 +0.6
VT Vanguard Total World Stock ETF 0.1 6 73 5.8 +5.5
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 32 9.0 +8.7
VYMI Vanguard International High Dividend Yield ETF 0.1 17 62 9.7 +9.4
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 59 6.2 +5.9
ACWI iShares MSCI ACWI ETF 0.1 32 47 5.5 +5.2
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 9.8 +9.5
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.7 +5.4
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 5.6 +5.3
IGF iShares Global Infrastructure ETF 0.1 41 38 4.6 +4.3
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.7 +4.4
IGPT Invesco AI and Next Gen Software ETF 0.1 60 19 4.0 +3.7
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 5.7 +5.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 71 6.1 +5.8
GINN Goldman Sachs Innovate Equity ETF 0.1 52 27 3.5 +3.2
GLOF iShares Global Equity Factor ETF 0.1 20 59 6.4 +6.1
APIE ActivePassive International Equity ETF 0.0 45 34 7.3 +7.0
VIGI Vanguard International Dividend Appreciation ETF 0.0 10 69 6.4 +6.1
DEW WisdomTree Global High Dividend Fund 0.0 58 21 8.5 +8.2

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 6.2 %
Divided by: Fwd. P/BV 5.7 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		 1.43 CATEGORY
AVERAGE		 1.51
 
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.