KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 3.4% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 22.2x P/Sales
ratio		 1.1x
P/BV
ratio		 1.5x Div.
yield		 1.7%


  • 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) $56
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 53
Wgt avg mkt cap (mns) $30,252
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 8.5 %
XPENG, INC. CLASS A 7.8 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 7.4 %
NIO INC-CLASS A 5.4 %
CHINA YANGTZE POWER CO LTD-A 4.8 %
CGN POWER CO LTD SHS -H- UNITARY 1 4.7 %
GDS HOLDINGS LTD. 4.0 %
CONTEMPORARY AMPEREX TECHN-H 3.5 %
ZHEJIANG LEAPMOTOR TECHNOLOGY CO., 3.2 %
Total 57.8 %

TOP COUNTRY EXPOSURE
CHINA 85.4 %
HONG KONG 6.0 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
1.0% 8.3% -7.3% -- 2.4%

Market Correlations
versus... Beta R-squared
S&P500 0.88 21%
MSCI EAFE 0.61 16%
MSCI Emg. Mkts. 0.70 36%

Technical Indicators
Recent close $25.50
30d moving avg. $27.57
Annualized volatility 33.4%
Short interest (ETF) 0.8%
Relative strength (RSI) 38

Liquidity measures
Avg. volume (thou.) 22
Turnover 1.0%
Bid/Ask (% of price) 0.81%
ADV underlying (mns) $4,423

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 181 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™: 3.4%


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
(%)
CHIQ Global X MSCI China Consumer Discretionary ETF 18.5 65 14 13.9 +10.5
IDRV iShares Self-driving EV & Tech ETF 17.3 47 32 1.2 -2.2
ERTH Invesco MSCI Sustainable Future ETF 16.8 62 17 3.0 -0.4
KTEC KraneShares Hang Seng TECH Index ETF 16.6 69 10 21.5 +18.1
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 15.1 72 7 2.1 -1.3
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 14.8 55 24 6.2 +2.7
BATT Amplify Lithium & Battery Technology ETF 13.3 59 20 1.8 -1.7
ETEC iShares Breakthrough Environmental Solutions ETF 11.8 47 32 2.7 -0.7
OBOR KraneShares MSCI One Belt One Road Index ETF 11.6 79 0 7.3 +3.9
CXSE WisdomTree China ex-State-Owned Enterprises Fund 10.9 32 47 13.7 +10.3
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 10.8 65 14 6.1 +2.6
SMOG VanEck Low Carbon Energy ETF 9.3 61 18 1.2 -2.2
SDG iShares MSCI Global Sustainable Development Goals ETF 9.0 49 30 4.5 +1.0
VCLN Virtus Duff & Phelps Clean Energy ETF 8.9 59 20 2.2 -1.2
TCHI iShares MSCI China Multisector Tech ETF 8.7 59 20 13.6 +10.2
CTEC Global X CleanTech ETF 8.6 50 29 -0.1 -3.5
ICLN iShares Global Clean Energy ETF 8.4 41 38 1.7 -1.7
EV Mast Global Battery Recycling & Production ETF 8.0 65 14 6.3 +2.9
JCHI JPMorgan Active China ETF 7.6 65 14 15.3 +11.9
LIT Global X Lithium & Battery Tech ETF 6.9 75 4 4.7 +1.3
ECNS iShares MSCI China Small-Cap ETF 5.8 59 20 9.1 +5.7
FLCH Franklin FTSE China ETF 5.7 19 60 17.9 +14.5
PBD Invesco Global Clean Energy ETF 5.5 75 4 0.2 -3.2
FXI iShares China Large-Cap ETF 5.3 74 5 20.7 +17.3
FRNW Fidelity Clean Energy ETF 5.2 39 40 1.8 -1.6
CGRO CoreValues Alpha Greater China Growth ETF 4.9 75 4 5.3 +1.9
MCHI iShares MSCI China ETF 4.4 59 20 20.1 +16.7
BOTT Themes Robotics & Automation ETF 3.9 35 44 -4.1 -7.6
MINV Matthews Asia Innovators Active ETF 3.7 79 0 4.9 +1.4
MCH Matthews China Active ETF 3.6 79 0 14.4 +11.0
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 3.5 79 0 3.6 +0.2
FPXI First Trust International Equity Opportunities ETF 3.5 70 9 3.5 +0.1
GXC SPDR S & P China ETF 3.4 59 20 18.4 +15.0
MOTO SmartETFs Smart Transportation & Technology ETF 3.0 68 11 5.1 +1.7
CLNR IQ Cleaner Transport ETF 3.0 45 34 3.9 +0.5
TAN Invesco Solar ETF 2.9 67 12 3.9 +0.5
ABLG Abacus FCF International Leaders ETF 2.8 59 20 6.2 +2.8
RNRG Global X Renewable Energy Producers ETF 2.8 66 13 4.3 +0.9
CNYA iShares MSCI China A ETF 2.7 60 19 6.2 +2.8
BKF iShares MSCI BIC ETF 2.6 69 10 14.7 +11.2
EEMO Invesco S&P Emerging Markets Momentum ETF 2.6 29 50 6.0 +2.6
FAN First Trust Global Wind Energy ETF 2.6 60 19 2.8 -0.6
JADE JPMorgan Active Developing Markets Equity ETF 2.6 65 14 5.8 +2.4
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 2.5 60 19 8.9 +5.5
NUEM Nuveen ESG Emerging Markets Equity ETF 2.2 36 43 5.8 +2.4
CARZ First Trust NASDAQ Global Auto Index Fund 2.2 70 9 2.1 -1.3
LDEM iShares ESG MSCI EM Leaders ETF 2.2 17 62 12.3 +8.9
MEM Matthews Emerging Markets Equity Active ETF 2.2 79 0 8.0 +4.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.0 32 47 7.1 +3.7
DRIV Global X Autonomous & Electric Vehicles ETF 1.9 68 11 2.8 -0.6
ECON Columbia Emerging Markets Consumer ETF 1.8 49 30 6.2 +2.8
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.8 45 34 9.4 +6.0
KSTR KraneShares SSE STAR Market 50 Index ETF 1.7 89 -10 0.7 -2.7
EMC Global X Emerging Markets Great Consumer ETF 1.7 75 4 6.8 +3.4
EMIF iShares Emerging Markets Infrastructure ETF 1.7 60 19 2.8 -0.6
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.7 80 -1 11.8 +8.4
CQQQ Invesco China Technology ETF 1.7 70 9 15.2 +11.8
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.7 42 37 7.3 +3.9
FBOT Fidelity Disruptive Automation ETF 1.7 50 29 2.9 -0.6
URAN Themes Uranium & Nuclear ETF 1.6 35 44 1.1 -2.4
FLAX Franklin FTSE Asia Ex Japan ETF 1.5 19 60 6.8 +3.4
ESGE iShares ESG Aware MSCI EM ETF 1.5 25 54 7.8 +4.4
IPKW Invesco International BuyBack Achievers ETF 1.5 55 24 8.1 +4.7
PGJ Invesco Golden Dragon China ETF 1.4 70 9 15.4 +11.9
VWO Vanguard FTSE Emerging Markets ETF 1.4 7 72 9.0 +5.6
DTEC ALPS Disruptive Technologies ETF 1.4 50 29 3.7 +0.3
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.4 15 64 8.5 +5.1
CCNR ALPS CoreCommodity Natural Resources ETF 1.4 39 40 8.0 +4.6
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 1.4 65 14 4.4 +1.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 1.4 33 46 6.4 +3.0
EEMA iShares MSCI Emerging Markets Asia ETF 1.3 49 30 7.2 +3.8
ECOW Pacer Emerging Markets Cash Cows 100 ETF 1.3 70 9 9.4 +6.0
BKEM BNY Mellon Emerging Markets Equity ETF 1.3 11 68 7.5 +4.1
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 1.3 42 37 3.9 +0.5
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.3 36 43 7.3 +3.9
POW VistaShares Electrification Supercycle ETF 1.2 75 4 1.9 -1.5
AADR AdvisorShares Dorsey Wright ADR ETF 1.2 110 -31 3.0 -0.4
CLOU Global X Cloud Computing ETF 1.2 68 11 2.6 -0.8
DTCR Global X Data Center & Digital Infrastructure ETF 1.2 50 29 3.1 -0.3
REAI Intelligent Real Estate ETF 1.2 59 20 5.5 +2.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.2 66 13 6.8 +3.4
DEHP Dimensional Emerging Markets High Profitability ETF 1.2 41 38 4.5 +1.1
JHEM John Hancock Multifactor Emerging Markets ETF 1.2 49 30 7.2 +3.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.2 15 64 7.6 +4.2
RAYE Rayliant Quantamental Emerging Market ex-China Equity ETF 1.1 88 -9 7.5 +4.1
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.1 20 59 8.0 +4.6
GMF SPDR S&P Emerging Asia Pacific ETF 1.0 49 30 8.4 +5.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.0 70 9 6.6 +3.1
JIG JPMorgan International Growth ETF 1.0 55 24 3.5 +0.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.0 38 41 6.7 +3.3
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 1.0 80 -1 6.4 +3.0
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 1.0 30 49 7.6 +4.2
SCHE Schwab Emerging Markets Equity ETF 0.9 11 68 9.3 +5.9
DFAE Dimensional Emerging Core Equity Market ETF 0.9 35 44 6.6 +3.2
EMXF iShares ESG Advanced MSCI EM ETF 0.9 16 63 6.4 +3.0
EEM iShares MSCI Emerging Markets ETF 0.9 69 10 7.4 +4.0
HEEM iShares Currency Hedged MSCI Emerging Markets ETF 0.9 69 10 7.1 +3.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.9 41 38 6.6 +3.2
FMET Fidelity Metaverse ETF 0.9 39 40 4.4 +1.0
SPEM SPDR Portfolio Emerging Markets ETF 0.9 7 72 9.2 +5.8
IEMG iShares Core MSCI Emerging Markets ETF 0.9 9 70 7.8 +4.4
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.8 25 54 5.9 +2.5
LEGR First Trust Indxx Innovative Transaction & Process ETF 0.8 65 14 7.1 +3.7
AIA iShares Asia 50 ETF 0.8 50 29 7.3 +3.8
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.8 50 29 7.8 +4.4
AQWA Global X Clean Water ETF 0.8 50 29 5.0 +1.6
PBW Invesco WilderHill Clean Energy ETF 0.8 66 13 -2.7 -6.1
CNRG State Street SPDR S&P Kensho Clean Power ETF 0.8 45 34 -0.1 -3.5
ION ProShares S&P Global Core Battery Metals ETF 0.7 58 21 5.4 +1.9
XT iShares Exponential Technologies ETF 0.7 46 33 3.8 +0.4
DSTX Distillate International Fundamental Stability & Value ETF 0.7 55 24 6.6 +3.1
AVES Avantis Emerging Markets Value ETF 0.7 36 43 8.6 +5.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.7 59 20 8.1 +4.7
AVEM Avantis Emerging Markets Equity ETF 0.7 33 46 6.7 +3.3
DRGN Themes China Generative Artificial Intelligence ETF 0.7 39 40 9.6 +6.2
TTAI FCF International Quality ETF 0.7 59 20 6.8 +3.4
RXI iShares Global Consumer Discretionary ETF 0.7 41 38 8.1 +4.7
PXH Invesco FTSE RAFI Emerging Markets ETF 0.7 49 30 13.1 +9.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.6 30 49 7.3 +3.9
GINN Goldman Sachs Innovate Equity ETF 0.6 52 27 3.7 +0.3
CGW Invesco S&P Global Water Index ETF 0.6 57 22 4.6 +1.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.6 45 34 7.7 +4.3
IQM Franklin Intelligent Machines ETF 0.6 50 29 1.0 -2.4
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 0.6 90 -11 3.5 +0.0
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.6 70 9 6.2 +2.8
DVYE iShares Emerging Markets Dividend ETF 0.5 49 30 17.4 +14.0
VSGX Vanguard ESG International Stock ETF 0.5 10 69 6.4 +3.0
DFEV Dimensional Emerging Markets Value ETF 0.5 43 36 8.9 +5.5
IBAT iShares Energy Storage & Materials ETF 0.5 47 32 1.5 -1.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 38 5.8 +2.4
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.4 58 21 8.1 +4.7
AVSE Avantis Responsible Emerging Markets Equity ETF 0.4 33 46 6.3 +2.9
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 4 75 6.5 +3.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 0.4 29 50 8.6 +5.2
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.4 12 67 4.4 +1.0
PATN Pacer Nasdaq International Patent Leaders ETF 0.4 65 14 3.9 +0.5
GEW Cambria Global EW ETF 0.4 29 50 5.3 +1.9
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 61 6.2 +2.8
TBLU Tortoise Global Water ESG ETF 0.4 40 39 4.6 +1.2
VXUS Vanguard Total International Stock ETF 0.4 5 74 6.5 +3.1
SRVR Pacer Data & Infrastructure Real Estate ETF 0.4 55 24 3.8 +0.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.4 47 32 5.0 +1.6
UMMA Wahed Dow Jones Islamic World ETF 0.3 65 14 3.3 -0.1
EMGF iShares Emerging Markets Equity Factor ETF 0.3 25 54 8.4 +5.0
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 40 13.4 +10.0
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 45 6.2 +2.8
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 72 6.4 +3.0
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.3 44 35 9.3 +5.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 6.2 +2.8
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 34 4.4 +1.0
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 21 3.4 -0.1
WRND IQ Global Equity R&D Leaders ETF 0.3 18 61 4.0 +0.6
AIPO Defiance AI & Power Infrastructure ETF 0.2 69 10 0.7 -2.7
CWI SPDR MSCI ACWI ex-US ETF 0.2 30 49 6.3 +2.9
FDT First Trust Developed Markets ex-US AlphaDEX Fund 0.2 80 -1 6.4 +3.0
TRFM AAM Transformers ETF 0.2 49 30 0.9 -2.5
EWX SPDR S&P Emerging Markets Small Cap ETF 0.2 65 14 6.3 +2.9
IPAV Global X Infrastructure Development ex-U.S. ETF 0.2 55 24 5.6 +2.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 59 4.7 +1.2
DEM WisdomTree Emerging Markets High Dividend Fund 0.2 63 16 9.9 +6.5
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.2 35 44 9.8 +6.4
VT Vanguard Total World Stock ETF 0.1 6 73 4.9 +1.5
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.1 20 59 0.8 -2.7
VYMI Vanguard International High Dividend Yield ETF 0.1 17 62 7.9 +4.5
ACWI iShares MSCI ACWI ETF 0.1 32 47 4.6 +1.2
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 59 5.7 +2.3
CCSO Carbon Collective Climate Solutions US Equity ETF 0.1 35 44 0.9 -2.5
IGPT Invesco AI and Next Gen Software ETF 0.1 60 19 2.2 -1.2
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 4.9 +1.5
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 7.7 +4.3
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 71 6.2 +2.8
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 4.8 +1.4
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.0 +1.6
IGF iShares Global Infrastructure ETF 0.1 41 38 4.2 +0.8
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.2 +0.8
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 32 4.9 +1.5
RNEM First Trust Emerging Markets Equity Select ETF 0.1 75 4 7.9 +4.5
APIE ActivePassive International Equity ETF 0.0 45 34 6.3 +2.9
GLOF iShares Global Equity Factor ETF 0.0 20 59 5.5 +2.1
AQLT iShares MSCI Global Quality Factor ETF 0.0 18 61 0.0 -3.4
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 58 2.8 -0.6

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 6.1 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 3.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.46 CATEGORY
AVERAGE		 1.53
 
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.