ETF Research Center

KraneShares MSCI China Clean Technology Index ETF

ALTAR
Score™

4.1%

Recommen-
dation

AVOID

2025E 2026E
P/E ratio	16.8x	P/Sales ratio	1.0x
P/BV ratio	1.4x	Div. yield	2.8%

Description
Performance
Comps
Fundamentals
Valuation
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)	$46
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)	$37,898
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
Total	58.7 %
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 %

TOP COUNTRY EXPOSURE
	CHINA	84.8 %
	HONG KONG	4.7 %

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
15.9%	23.5%	6.8%	--	1.8%

Market Correlations
versus...	Beta	R-squared
S&P500	0.51	5%
MSCI EAFE	0.90	16%
MSCI Emg. Mkts.	1.53	46%

Technical Indicators
Recent close	$23.98
30d moving avg.	$26.48
Annualized volatility	39.3%
Short interest (ETF)	0.1%
Relative strength (RSI)	51

Liquidity measures
Avg. volume (thou.)	12
Turnover	0.6%
Bid/Ask (% of price)	0.87%
ADV underlying (mns)	$4,423

FINDING ALTERNATIVE FUNDS

Below is a list of 173 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™:

4.1%

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	-1.2	-5.4
KARS	KraneShares Electric Vehicles & Future Mobility Index ETF	21.5	72	7	-1.2	-5.3
CHIQ	Global X MSCI China Consumer Discretionary ETF	19.8	65	14	15.4	+11.2
ERTH	Invesco MSCI Sustainable Future ETF	19.7	62	17	2.7	-1.4
IDRV	iShares Self-driving EV & Tech ETF	18.6	47	32	2.8	-1.3
BATT	Amplify Lithium & Battery Technology ETF	16.2	59	20	4.4	+0.3
KBA	KraneShares Bosera MSCI China A 50 Connect Index ETF	14.0	55	24	8.5	+4.4
KTEC	KraneShares Hang Seng TECH Index ETF	12.3	69	10	21.8	+17.6
ETEC	iShares Breakthrough Environmental Solutions ETF	12.2	47	32	6.5	+2.4
SDG	iShares MSCI Global Sustainable Development Goals ETF	11.5	49	30	6.4	+2.3
OBOR	KraneShares MSCI One Belt One Road Index ETF	11.1	79	0	8.2	+4.1
LIT	Global X Lithium & Battery Tech ETF	11.1	75	4	6.7	+2.5
ASHR	Xtrackers Harvest CSI 300 China A-Shares ETF	10.6	65	14	8.3	+4.2
SMOG	VanEck Low Carbon Energy ETF	10.2	61	18	1.7	-2.5
CXSE	WisdomTree China ex-State-Owned Enterprises Fund	9.7	32	47	19.4	+15.3
ICLN	iShares Global Clean Energy ETF	9.5	41	38	6.6	+2.5
EV	Mast Global Battery Recycling & Production ETF	8.5	65	14	13.0	+8.9
CNYA	iShares MSCI China A ETF	8.5	60	19	7.6	+3.5
RAYC	Rayliant Quantamental China Equity ETF	8.3	80	-1	9.5	+5.4
ECNS	iShares MSCI China Small-Cap ETF	7.7	59	20	11.9	+7.7
CGRO	CoreValues Alpha Greater China Growth ETF	7.7	75	4	4.5	+0.4
IBAT	iShares Energy Storage & Materials ETF	7.6	47	32	5.9	+1.7
TCHI	iShares MSCI China Multisector Tech ETF	7.0	59	20	24.9	+20.8
FXI	iShares China Large-Cap ETF	6.6	74	5	19.8	+15.6
KALL	KraneShares MSCI All China Index ETF	6.4	49	30	16.4	+12.3
RAYS	Global X Solar ETF	6.3	51	28	6.7	+2.5
CLNR	IQ Cleaner Transport ETF	6.2	45	34	8.1	+4.0
FRNW	Fidelity Clean Energy ETF	6.0	39	40	4.5	+0.4
FLCH	Franklin FTSE China ETF	5.2	19	60	18.7	+14.5
CTEC	Global X CleanTech ETF	5.1	50	29	2.4	-1.7
MCHI	iShares MSCI China ETF	4.9	59	20	19.4	+15.3
KEMQ	KraneShares Emerging Markets Consumer Technology Index ETF	4.9	60	19	14.7	+10.5
PBD	Invesco Global Clean Energy ETF	4.6	75	4	0.5	-3.6
MOTO	SmartETFs Smart Transportation & Technology ETF	4.3	68	11	9.0	+4.8
JCHI	JPMorgan Active China ETF	4.2	65	14	18.3	+14.2
XT	iShares Exponential Technologies ETF	4.2	46	33	6.2	+2.1
FAN	First Trust Global Wind Energy ETF	4.0	60	19	5.7	+1.6
NUEM	Nuveen ESG Emerging Markets Equity ETF	3.9	36	43	8.7	+4.6
RNRG	Global X Renewable Energy Producers ETF	3.8	66	13	6.4	+2.3
GSFP	Goldman Sachs Future Planet Equity ETF	3.8	75	4	5.3	+1.1
WNDY	Global X Wind Energy ETF	3.6	50	29	3.4	-0.8
GXC	SPDR S&P China ETF	3.6	59	20	18.0	+13.9
TAN	Invesco Solar ETF	3.6	67	12	9.3	+5.2
CQQQ	Invesco China Technology ETF	3.6	70	9	20.3	+16.2
MINV	Matthews Asia Innovators Active ETF	3.3	79	0	8.6	+4.5
FEMS	First Trust Emerging Markets Small Cap AlphaDEX Fund	3.2	80	-1	14.9	+10.7
MCH	Matthews China Active ETF	3.2	79	0	16.8	+12.7
IPOS	Renaissance International IPO ETF	3.2	80	-1	2.8	-1.4
LDEM	iShares ESG MSCI EM Leaders ETF	3.1	17	62	13.9	+9.7
BKF	iShares MSCI BIC ETF	2.8	69	10	14.1	+9.9
IWTR	iShares MSCI Water Management Multisector ETF	2.8	47	32	7.1	+3.0
FCA	First Trust China AlphaDEX Fund	2.7	80	-1	12.3	+8.1
BLLD	JPMorgan Sustainable Infrastructure ETF	2.7	49	30	4.8	+0.7
TEMP	JPMorgan Climate Change Solutions ETF	2.6	49	30	6.5	+2.4
ESGE	iShares ESG Aware MSCI EM ETF	2.5	25	54	11.6	+7.4
ECON	Columbia Emerging Markets Consumer ETF	2.5	49	30	14.1	+9.9
URAN	Themes Uranium & Nuclear ETF	2.4	35	44	3.0	-1.2
EMIF	iShares Emerging Markets Infrastructure ETF	2.4	60	19	8.2	+4.1
SOLR	Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund	2.4	79	0	6.5	+2.4
XSOE	WisdomTree Emerging Markets ex-State-Owned Enterprises Fund	2.3	32	47	10.5	+6.3
FBOT	Fidelity Disruptive Automation ETF	2.3	50	29	4.5	+0.4
AIA	iShares Asia 50 ETF	2.3	50	29	16.3	+12.1
CARZ	First Trust NASDAQ Global Auto Index Fund	2.3	70	9	7.0	+2.8
DEHP	Dimensional Emerging Markets High Profitability ETF	2.2	41	38	7.1	+3.0
GTEK	Goldman Sachs Future Tech Leaders Equity ETF	2.1	75	4	4.1	-0.0
DTEC	ALPS Disruptive Technologies ETF	2.1	50	29	4.6	+0.5
CCNR	ALPS CoreCommodity Natural Resources ETF	2.0	39	40	12.6	+8.5
EEMA	iShares MSCI Emerging Markets Asia ETF	2.0	49	30	11.6	+7.5
FLAX	Franklin FTSE Asia Ex Japan ETF	2.0	19	60	11.7	+7.6
UEVM	VictoryShares Emerging Markets Value Momentum ETF	1.9	45	34	11.9	+7.8
EMDV	ProShares MSCI Emerging Markets Dividend Growers ETF	1.9	60	19	8.4	+4.2
EEMV	iShares MSCI Emerging Markets Min Vol Factor ETF	1.8	25	54	6.8	+2.7
SDEM	Global X MSCI SuperDividend Emerging Markets ETF	1.8	67	12	14.2	+10.1
AAXJ	iShares MSCI All Country Asia ex Japan ETF	1.8	70	9	10.7	+6.6
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF	1.7	20	59	12.3	+8.2
BKEM	BNY Mellon Emerging Markets Equity ETF	1.7	11	68	12.9	+8.7
GMF	SPDR S&P Emerging Asia Pacific ETF	1.7	49	30	10.9	+6.8
DBEM	Xtrackers MSCI Emerging Markets Hedged Equity ETF	1.6	66	13	11.0	+6.9
VWO	Vanguard FTSE Emerging Markets ETF	1.6	8	71	11.8	+7.6
FEM	First Trust Emerging Markets AlphaDEX Fund	1.6	80	-1	14.9	+10.7
GSEE	Goldman Sachs MarketBeta Emerging Markets Equity ETF	1.5	36	43	12.1	+8.0
EEM	iShares MSCI Emerging Markets ETF	1.5	69	10	11.7	+7.5
MEM	Matthews Emerging Markets Equity Active ETF	1.5	79	0	9.3	+5.1
BBEM	JPMorgan BetaBuilders Emerging Markets Equity ETF	1.5	15	64	11.6	+7.5
DFAE	Dimensional Emerging Core Equity Market ETF	1.5	35	44	11.0	+6.9
IEMG	iShares Core MSCI Emerging Markets ETF	1.5	9	70	11.8	+7.7
WRND	IQ Global Equity R&D Leaders ETF	1.4	18	61	8.8	+4.6
DFEM	Dimensional Emerging Markets Core Equity 2 ETF	1.4	38	41	10.7	+6.6
SCHE	Schwab Emerging Markets Equity ETF	1.4	11	68	12.5	+8.4
EMC	Global X Emerging Markets Great Consumer ETF	1.4	75	4	9.2	+5.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free ETF	1.4	30	49	11.5	+7.4
VCLN	Virtus Duff & Phelps Clean Energy ETF	1.4	59	20	6.6	+2.5
JHEM	John Hancock Multifactor Emerging Markets ETF	1.3	49	30	11.4	+7.3
TLTE	FlexShares Morningstar Emerging Markets Factor Tilt Index	1.3	59	20	14.7	+10.5
EMCR	Xtrackers Emerging Markets Carbon Reduction and Climate Impr	1.3	15	64	9.3	+5.2
EMXF	iShares ESG Advanced MSCI EM ETF	1.3	16	63	9.1	+4.9
RXI	iShares Global Consumer Discretionary ETF	1.2	41	38	10.2	+6.1
SPEM	SPDR Portfolio Emerging Markets ETF	1.2	7	72	11.8	+7.7
NZAC	SPDR MSCI ACWI Climate Paris Aligned ETF	1.2	12	67	5.7	+1.5
MFEM	PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF	1.2	50	29	12.4	+8.3
DFSE	Dimensional Emerging Markets Sustainability Core 1 ETF	1.2	41	38	10.1	+6.0
JSTC	Adasina Social Justice All Cap Global ETF	1.2	89	-10	5.0	+0.8
WBAT	WisdomTree Battery Value Chain and Innovation Fund	1.2	45	34	0.0	-4.1
AVES	Avantis Emerging Markets Value ETF	1.1	36	43	13.1	+9.0
KSTR	KraneShares SSE STAR Market 50 Index ETF	1.1	89	-10	1.7	-2.4
AVEM	Avantis Emerging Markets Equity ETF	1.0	33	46	10.5	+6.4
EMGF	iShares Emerging Markets Equity Factor ETF	1.0	25	54	13.4	+9.3
GEM	Goldman Sachs ActiveBeta Emerging Markets Equity ETF	0.9	45	34	11.9	+7.8
QEMM	SPDR MSCI Emerging Markets StrategicFactors ETF	0.9	30	49	10.0	+5.9
PBW	Invesco WilderHill Clean Energy ETF	0.9	66	13	-6.6	-10.7
CNRG	SPDR S&P Kensho Clean Power ETF	0.9	45	34	-0.1	-4.2
JEMA	JPMorgan ActiveBuilders Emerging Markets Equity ETF	0.9	33	46	11.6	+7.4
FMET	Fidelity Metaverse ETF	0.9	39	40	5.8	+1.7
PATN	Pacer Nasdaq International Patent Leaders ETF	0.8	65	14	4.4	+0.2
EEMS	iShares MSCI Emerging Markets Small Cap ETF	0.8	70	9	8.4	+4.3
FCLD	Fidelity Cloud Computing ETF	0.8	39	40	3.5	-0.6
EDIV	SPDR S&P Emerging Markets Dividend ETF	0.8	49	30	12.2	+8.1
CGW	Invesco S&P Global Water Index ETF	0.7	57	22	5.1	+1.0
AQWA	Global X Clean Water ETF	0.7	50	29	5.3	+1.2
PXH	Invesco FTSE RAFI Emerging Markets ETF	0.7	49	30	18.0	+13.9
PGJ	Invesco Golden Dragon China ETF	0.7	70	9	15.6	+11.5
UMMA	Wahed Dow Jones Islamic World ETF	0.6	65	14	5.8	+1.7
FDEM	Fidelity Emerging Markets Multifactor ETF	0.6	25	54	14.3	+10.2
ROAM	Hartford Multifactor Emerging Markets ETF	0.6	44	35	12.2	+8.0
IQDY	FlexShares International Quality Dividend Dynamic Index Fund	0.6	47	32	9.8	+5.7
EWX	SPDR S&P Emerging Markets Small Cap ETF	0.5	65	14	8.7	+4.5
ION	ProShares S&P Global Core Battery Metals ETF	0.5	58	21	12.9	+8.7
DFEV	Dimensional Emerging Markets Value ETF	0.5	43	36	15.6	+11.5
FFLC	Fidelity Fundamental Large Cap Core ETF	0.5	38	41	5.6	+1.5
EFRA	iShares Environmental Infrastructure and Industrials ETF	0.5	47	32	4.7	+0.6
VEU	Vanguard FTSE All-World ex-US Index Fund	0.5	8	71	9.2	+5.1
ASHS	Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF	0.5	65	14	4.6	+0.5
DVYE	iShares Emerging Markets Dividend ETF	0.5	49	30	20.4	+16.3
ACWX	iShares MSCI ACWI ex U.S. ETF	0.5	34	45	8.9	+4.8
GXUS	Goldman Sachs MarketBeta Total International Equity ETF	0.4	18	61	8.8	+4.7
DBAW	Xtrackers MSCI All World ex US Hedged Equity ETF	0.4	41	38	7.9	+3.7
IXUS	iShares Core MSCI Total International Stock ETF	0.4	7	72	9.0	+4.9
VXUS	Vanguard Total International Stock ETF	0.4	7	72	9.0	+4.9
GRID	First Trust Nasdaq Clean Edge Smart GRID Infrastructure	0.4	58	21	6.1	+2.0
FNDE	Schwab Fundamental Emerging Markets Large Co. Index ETF	0.4	39	40	18.3	+14.2
ACWV	iShares MSCI Global Min Vol Factor ETF	0.4	20	59	8.0	+3.9
DFAX	Dimensional World ex U.S. Core Equity 2 ETF	0.4	30	49	9.4	+5.3
CRBN	iShares MSCI ACWI Low Carbon Target ETF	0.4	20	59	7.0	+2.9
CWI	SPDR MSCI ACWI ex-US ETF	0.4	30	49	8.9	+4.8
EVLU	iShares MSCI Emerging Markets Value Factor ETF	0.4	35	44	23.4	+19.3
ANEW	ProShares MSCI Transformational Changes ETF	0.3	45	34	7.8	+3.7
VSGX	Vanguard ESG International Stock ETF	0.3	12	67	8.9	+4.8
DEM	WisdomTree Emerging Markets High Dividend Fund	0.3	63	16	14.5	+10.4
JPEM	JPMorgan Diversified Return Emerging Markets Equity ETF	0.2	44	35	11.7	+7.6
DNL	WisdomTree Global ex-US Quality Dividend Growth Fund	0.2	42	37	7.4	+3.3
DGS	WisdomTree Emerging Markets SmallCap Dividend Fund	0.2	58	21	10.8	+6.7
GLOF	iShares Global Equity Factor ETF	0.2	20	59	7.7	+3.6
ACWI	iShares MSCI ACWI ETF	0.2	32	47	6.8	+2.6
NFRA	FlexShares STOXX Global Broad Infrastructure Index Fund	0.2	47	32	6.0	+1.8
VT	Vanguard Total World Stock ETF	0.2	7	72	7.1	+2.9
KLMT	Invesco MSCI Global Climate 500 ETF	0.2	10	69	6.8	+2.6
IQDF	FlexShares International Quality Dividend Index Fund	0.1	47	32	10.4	+6.3
VYMI	Vanguard International High Dividend Yield ETF	0.1	22	57	10.9	+6.7
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	0.1	9	70	6.6	+2.5
CCSO	Carbon Collective Climate Solutions US Equity ETF	0.1	35	44	2.1	-2.0
EMQQ	EMQQ The Emerging Markets Internet & Ecommerce ETF	0.1	86	-7	15.2	+11.1
TOLZ	ProShares DJ Brookfield Global Infrastructure ETF	0.1	46	33	5.2	+1.1
GUNR	FlexShares Morningstar Global Upstream Natural Resources Ind	0.1	46	33	11.7	+7.5
GINN	Goldman Sachs Innovate Equity ETF	0.1	52	27	5.0	+0.8
VSS	Vanguard FTSE All-World ex-US Small-Cap ETF	0.1	7	72	7.6	+3.5
IGF	iShares Global Infrastructure ETF	0.1	41	38	5.2	+1.1
GII	SPDR S&P Global Infrastructure ETF	0.1	40	39	5.2	+1.1
GWX	SPDR S&P International Small Cap ETF	0.1	40	39	7.3	+3.2
APIE	ActivePassive International Equity ETF	0.0	45	34	8.4	+4.3
VIGI	Vanguard International Dividend Appreciation ETF	0.0	15	64	6.7	+2.6
KOMP	SPDR S&P Kensho New Economies Composite ETF	0.0	20	59	4.2	+0.1
IGRO	iShares International Dividend Growth ETF	0.0	15	64	7.8	+3.6
DEW	WisdomTree Global High Dividend Fund	0.0	58	21	8.5	+4.3

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%.

	2020	2021	2022	2023	2024	2025E	2026E
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Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

	2024	2025E	2026E
Price-to-sales	**	**	**
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Forward multiple:	KraneShares MSCI China Clean Technology Index ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

	Custom date range	Compare to
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