KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 6.4% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 12.4x P/Sales
ratio		 0.9x
P/BV
ratio		 1.0x Div.
yield		 3.2%


  • 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 54
Wgt avg mkt cap (mns) $22,132
Large cap (>$10bn) 38.6%
Mid cap ($2-10bn) 49.8%
Small cap (<$2bn) 11.6%
Developed mkts 13.6%
Emerging mkts 86.4%

TOP TEN HOLDINGS
LI AUTO, INC. CLASS A 11.7 %
NIO INC. SPONSORED ADR CLASS A 7.8 %
BYD CO LTD-H 7.6 %
XPENG, INC. CLASS A 5.9 %
XINYI SOLAR HOLDINGS LTD 4.9 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 4.8 %
BEIJING-SHANGHAI HIGH-SPEED RAILWA 4.4 %
CHINA LONGYUAN POWER GROUP-H 4.4 %
YADEA GROUP HOLDINGS LTD. 4.3 %
KINGDEE INTERNATIONAL SFTWR 3.6 %
Total 59.4 %

TOP COUNTRY EXPOSURE
CHINA 90.8 %
HONG KONG 9.1 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-8.6% -25.9% 2.6% -- -1.3%

Market Correlations
versus... Beta R-squared
S&P500 0.67 10%
MSCI EAFE 0.83 14%
MSCI Emg. Mkts. 1.35 38%

Technical Indicators
Recent close $19.92
30d moving avg. $23.38
Annualized volatility 38.3%
Short interest (ETF) 0.9%
Relative strength (RSI) 43

Liquidity measures
Avg. volume (thou.) 7
Turnover 0.3%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $4,337

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 179 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™: 6.4%


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
(%)
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 16.6 72 7 2.1 -4.3
KTEC KraneShares Hang Seng TECH Index ETF 14.8 69 10 -4.1 -10.5
RAYS Global X Solar ETF 13.6 51 28 4.6 -1.7
CHIQ Global X MSCI China Consumer Discretionary ETF 13.3 65 14 5.6 -0.7
CGRO CoreValues Alpha Greater China Growth ETF 13.3 75 4 2.7 -3.7
FDRV Fidelity Electric Vehicles and Future Transportation ETF 13.0 39 40 -3.6 -9.9
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 12.5 55 24 8.4 +2.0
BATT Amplify Lithium & Battery Technology ETF 10.7 59 20 2.9 -3.5
ETEC iShares Breakthrough Environmental Solutions ETF 10.1 47 32 5.4 -1.0
SDG iShares MSCI Global Sustainable Development Goals ETF 9.8 49 30 5.9 -0.5
IDRV iShares Self-driving EV & Tech ETF 9.7 47 32 -0.5 -6.9
ERTH Invesco MSCI Sustainable Future ETF 9.6 62 17 3.7 -2.6
CTEC Global X CleanTech ETF 9.5 50 29 1.0 -5.4
LIT Global X Lithium & Battery Tech ETF 8.6 75 4 10.0 +3.7
SMOG VanEck Low Carbon Energy ETF 8.5 61 18 3.1 -3.3
TCHI iShares MSCI China Multisector Tech ETF 8.3 59 20 3.1 -3.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 8.2 32 47 5.9 -0.4
AFTY Pacer CSOP FTSE China A50 ETF 7.7 70 9 9.2 +2.9
FRNW Fidelity Clean Energy ETF 7.4 39 40 3.7 -2.6
EV Mast Global Battery Recycling & Production ETF 6.9 65 14 12.7 +6.4
TAN Invesco Solar ETF 6.8 67 12 6.2 -0.2
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 6.7 65 14 8.8 +2.4
PBD Invesco Global Clean Energy ETF 6.2 75 4 -3.8 -10.2
RAYC Rayliant Quantamental China Equity ETF 6.0 80 -1 8.5 +2.2
ECNS iShares MSCI China Small-Cap ETF 5.9 59 20 14.5 +8.2
ICLN iShares Global Clean Energy ETF 5.8 41 38 4.3 -2.1
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 5.7 45 34 6.4 +0.0
WNDY Global X Wind Energy ETF 5.6 50 29 5.2 -1.2
KALL KraneShares MSCI All China Index ETF 5.6 49 30 9.6 +3.3
FAN First Trust Global Wind Energy ETF 5.5 60 19 5.6 -0.8
CNYA iShares MSCI China A ETF 5.3 60 19 8.5 +2.1
FXI iShares China Large-Cap ETF 5.0 74 5 10.1 +3.8
OBOR KraneShares MSCI One Belt One Road Index ETF 4.8 79 0 10.3 +3.9
FLCH Franklin FTSE China ETF 4.7 19 60 10.0 +3.7
MCHI iShares MSCI China ETF 4.7 59 20 9.4 +3.0
CLNR IQ Cleaner Transport ETF 4.4 45 34 8.3 +2.0
CQQQ Invesco China Technology ETF 3.8 70 9 -6.0 -12.3
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 3.7 79 0 5.3 -1.1
GSFP Goldman Sachs Future Planet Equity ETF 3.4 75 4 4.6 -1.8
MCH Matthews China Active ETF 3.4 79 0 6.4 +0.1
PGJ Invesco Golden Dragon China ETF 3.4 70 9 5.2 -1.1
GXC SPDR S&P China ETF 3.1 59 20 9.4 +3.0
NUEM Nuveen ESG Emerging Markets Equity ETF 2.6 36 43 6.9 +0.6
CN Xtrackers MSCI All China Equity ETF 2.6 50 29 10.8 +4.4
FIXT Procure Disaster Recovery Strategy ETF 2.4 75 4 5.8 -0.5
JCHI JPMorgan Active China ETF 2.4 65 14 8.2 +1.9
RNRG Global X Renewable Energy Producers ETF 2.4 66 13 5.0 -1.4
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.3 20 59 7.7 +1.3
ECON Columbia Emerging Markets Consumer ETF 2.3 49 30 4.9 -1.5
EMXF iShares ESG Advanced MSCI EM ETF 2.2 16 63 7.6 +1.3
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 2.2 65 14 6.1 -0.2
ESGE iShares ESG Aware MSCI EM ETF 2.2 25 54 7.8 +1.5
DTEC ALPS Disruptive Technologies ETF 2.1 50 29 3.3 -3.0
LDEM iShares ESG MSCI EM Leaders ETF 2.1 17 62 7.9 +1.6
MOTO SmartETFs Smart Transportation & Technology ETF 2.1 68 11 6.8 +0.4
FCA First Trust China AlphaDEX Fund 2.1 80 -1 17.6 +11.3
EMIF iShares Emerging Markets Infrastructure ETF 2.1 60 19 4.8 -1.6
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 2.0 60 19 1.0 -5.3
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 2.0 80 -1 14.4 +8.0
BNE Blue Horizon BNE ETF 2.0 87 -8 5.1 -1.3
XT iShares Exponential Technologies ETF 1.9 46 33 3.9 -2.5
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.9 45 34 4.9 -1.5
IWTR iShares MSCI Water Management Multisector ETF 1.8 47 32 4.9 -1.5
BKF iShares MSCI BIC ETF 1.6 69 10 7.4 +1.0
KSTR KraneShares SSE STAR Market 50 Index ETF 1.6 89 -10 2.6 -3.8
AIA iShares Asia 50 ETF 1.6 50 29 7.1 +0.7
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.6 32 47 6.4 +0.0
BLLD JPMorgan Sustainable Infrastructure ETF 1.6 49 30 6.3 -0.0
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.5 45 34 12.9 +6.5
EEMA iShares MSCI Emerging Markets Asia ETF 1.5 49 30 6.8 +0.5
DEHP Dimensional Emerging Markets High Profitability ETF 1.4 41 38 7.4 +1.1
FLAX Franklin FTSE Asia Ex Japan ETF 1.4 19 60 7.3 +1.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.4 70 9 6.5 +0.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.4 66 13 7.4 +1.0
PBW Invesco WilderHill Clean Energy ETF 1.3 66 13 -19.8 -26.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.3 36 43 7.6 +1.2
GMF SPDR S&P Emerging Asia Pacific ETF 1.2 49 30 6.5 +0.2
KFVG KraneShares CICC China 5G & Semiconductor Index ETF 1.2 65 14 4.9 -1.5
CCSO Carbon Collective Climate Solutions US Equity ETF 1.2 35 44 2.3 -4.0
CARZ First Trust NASDAQ Global Auto Index Fund 1.2 70 9 3.5 -2.9
BKEM BNY Mellon Emerging Markets Equity ETF 1.2 11 68 7.8 +1.5
VCLN Virtus Duff & Phelps Clean Energy ETF 1.2 59 20 3.6 -2.8
VWO Vanguard FTSE Emerging Markets ETF 1.1 8 71 7.7 +1.4
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 1.1 18 61 8.0 +1.6
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.1 15 64 7.2 +0.8
LUXX Roundhill S&P Global Luxury ETF 1.0 45 34 2.7 -3.6
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.0 30 49 7.6 +1.3
JHEM John Hancock Multifactor Emerging Markets ETF 1.0 49 30 8.5 +2.1
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.0 75 4 3.2 -3.2
EEM iShares MSCI Emerging Markets ETF 0.9 69 10 7.1 +0.7
IEMG iShares Core MSCI Emerging Markets ETF 0.9 9 70 7.7 +1.3
SCHE Schwab Emerging Markets Equity ETF 0.9 11 68 7.7 +1.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 0.9 38 41 8.4 +2.0
FCLD Fidelity Cloud Computing ETF 0.9 39 40 2.4 -4.0
DFAE Dimensional Emerging Core Equity Market ETF 0.9 35 44 7.8 +1.5
SPEM SPDR Portfolio Emerging Markets ETF 0.9 7 72 7.6 +1.3
MEM Matthews Emerging Markets Equity Active ETF 0.9 79 0 5.9 -0.5
AVES Avantis Emerging Markets Value ETF 0.8 36 43 12.3 +5.9
DSTX Distillate International Fundamental Stability & Value ETF 0.8 55 24 8.1 +1.8
HAIL SPDR S&P Kensho Smart Mobility ETF 0.8 45 34 -2.0 -8.4
AVEM Avantis Emerging Markets Equity ETF 0.7 33 46 9.3 +3.0
BECO BlackRock Future Climate and Sustainable Economy ETF 0.7 70 9 14.0 +7.7
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 0.7 59 20 9.7 +3.4
RXI iShares Global Consumer Discretionary ETF 0.7 41 38 5.6 -0.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 0.7 41 38 7.9 +1.6
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.7 45 34 8.7 +2.4
WFH Direxion Work From Home ETF 0.7 45 34 0.0 -6.4
IVES Wedbush ETFMG Global Cloud Technology ETF 0.7 68 11 1.5 -4.9
WRND IQ Global Equity R&D Leaders ETF 0.7 18 61 7.2 +0.8
EMGF iShares Emerging Markets Equity Factor ETF 0.7 25 54 8.8 +2.4
CGW Invesco S&P Global Water Index ETF 0.7 57 22 3.8 -2.5
DRIV Global X Autonomous & Electric Vehicles ETF 0.7 68 11 3.4 -3.0
SFYF SoFi Social 50 ETF 0.7 29 50 -2.6 -9.0
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.5 47 32 10.4 +4.0
AQWA Global X Clean Water ETF 0.5 50 29 4.4 -2.0
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.5 70 9 7.3 +1.0
ECOW Pacer Emerging Markets Cash Cows 100 ETF 0.5 70 9 11.4 +5.0
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.5 33 46 7.3 +0.9
QINT American Century Quality Diversified International ETF 0.5 39 40 7.5 +1.2
PXH Invesco FTSE RAFI Emerging Markets ETF 0.4 49 30 12.7 +6.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.4 86 -7 2.1 -4.3
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 38 6.8 +0.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.4 47 32 5.3 -1.0
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.4 12 67 5.1 -1.3
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.4 39 40 12.8 +6.5
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 0.3 50 29 10.7 +4.3
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 45 6.8 +0.5
TEMP JPMorgan Climate Change Solutions ETF 0.3 49 30 4.7 -1.6
DFEV Dimensional Emerging Markets Value ETF 0.3 43 36 11.1 +4.7
FEM First Trust Emerging Markets AlphaDEX Fund 0.3 80 -1 16.5 +10.2
ROAM Hartford Multifactor Emerging Markets ETF 0.3 44 35 11.8 +5.5
UMMA Wahed Dow Jones Islamic World ETF 0.3 65 14 4.4 -2.0
VEU Vanguard FTSE All-World ex-US Index Fund 0.3 8 71 7.3 +0.9
HAP VanEck Natural Resources ETF 0.3 50 29 9.6 +3.3
MVPS Amplify Thematic All-Stars ETF 0.3 49 30 1.7 -4.7
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.3 65 14 1.6 -4.7
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 72 7.0 +0.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.3 30 49 8.7 +2.3
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 14 7.7 +1.4
VXUS Vanguard Total International Stock ETF 0.3 7 72 7.2 +0.9
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 49 6.9 +0.6
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 0.2 25 54 7.1 +0.7
VSGX Vanguard ESG International Stock ETF 0.2 12 67 6.9 +0.6
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.2 30 49 7.9 +1.5
DVYE iShares Emerging Markets Dividend ETF 0.2 49 30 16.8 +10.4
GINN Goldman Sachs Innovate Equity ETF 0.2 52 27 2.7 -3.6
TRFM AAM Transformers ETF 0.2 49 30 1.3 -5.1
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.2 58 21 10.2 +3.8
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.2 58 21 4.6 -1.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 59 5.7 -0.7
CLOU Global X Cloud Computing ETF 0.2 68 11 2.1 -4.3
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.1 47 32 6.0 -0.3
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 32 10.9 +4.5
GLOF iShares Global Equity Factor ETF 0.1 20 59 7.1 +0.7
ACWI iShares MSCI ACWI ETF 0.1 32 47 5.5 -0.8
KOMP SPDR S&P Kensho New Economies Composite ETF 0.1 20 59 2.1 -4.2
ZSB USCF Sustainable Battery Metals Strategy Fund 0.1 61 18 14.6 +8.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 5.8 -0.6
IGF iShares Global Infrastructure ETF 0.1 41 38 5.2 -1.2
VT Vanguard Total World Stock ETF 0.1 7 72 5.9 -0.5
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 5.2 -1.2
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 9.0 +2.6
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.7 -0.6
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 7 72 6.6 +0.2
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 59 6.8 +0.4
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.1 42 37 6.9 +0.5
VNQI Vanguard Global ex-U.S. Real Estate ETF 0.1 12 67 8.8 +2.4
GWX SPDR S&P International Small Cap ETF 0.1 40 39 6.6 +0.3
WPS iShares International Developed Property ETF 0.0 48 31 7.3 +0.9
HDAW Xtrackers MSCI All World ex US High Dividend Yield Equity ET 0.0 20 59 10.9 +4.6
APIE ActivePassive International Equity ETF 0.0 45 34 7.9 +1.5
HAUZ DBX ETF Trust - Xtrackers International Real Estate ETF 0.0 10 69 8.2 +1.9
REET iShares Global REIT ETF 0.0 14 65 7.3 +0.9
VYMI Vanguard International High Dividend Yield ETF 0.0 22 57 9.9 +3.5
JSTC Adasina Social Justice All Cap Global ETF 0.0 89 -10 4.8 -1.5
DFGR Dimensional Global Real Estate ETF 0.0 22 57 7.2 +0.8
ONEQ Fidelity Nasdaq Composite Index ETF 0.0 21 58 3.9 -2.5
KRUZ Unusual Whales Subversive Republican Trading ETF 0.0 75 4 5.0 -1.4
SPDW SPDR Portfolio Developed World ex-US ETF 0.0 3 76 7.0 +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

  2019 2020 2021 2022 2023 2024E 2025E
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
  2023 2024E 2025E
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:

UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 7.2 %
Divided by: Fwd. P/BV 1.0 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 6.4 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.29 CATEGORY
AVERAGE		 1.39
 
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.