KraneShares MSCI China Environment Index ETF
ALTAR
Score™
5.9% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
17.2x P/Sales
ratio
1.1x
P/BV
ratio
1.2x Div.
yield
2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The KraneShares MSCI China Environment Index ETF 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) $2
Currency USD
Expense ratio 80 bp
Distributions Annually

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Market Cap
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 38
Wgt avg mkt cap (mns) $6,883
Large cap (>$10bn) 27.5%
Mid cap ($2-10bn) 51.7%
Small cap (<$2bn) 18.3%
Developed mkts 32.9%
Emerging mkts 67.1%

TOP TEN HOLDINGS
NIO INC. SPONSORED ADR CLASS A 17.5 %
BYD CO LTD-H 8.8 %
SHIMAO PROPERTY HOLDINGS LTD 7.7 %
CHINA CONCH VENTURE HOLDINGS 7.1 %
XINYI SOLAR HOLDINGS LTD 5.1 %
XI'AN LONGI SILICON MATERIALS CO., 4.5 %
CHINA LONGYUAN POWER GROUP-H 4.2 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 4.1 %
TIANNENG POWER INTL LTD 4.0 %
BEIJING ENTERPRISES WATER GR 3.8 %
Total 66.7 %

TOP COUNTRY EXPOSURE
CHINA 68.1 %
HONG KONG 27.2 %









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.
15.6% 20.7% -- -- -3.6%

Market Correlations
versus... Beta R-squared
S&P500 0.74 28%
MSCI EAFE 0.91 36%
MSCI Emg. Mkts. 0.94 59%

Technical Indicators
Recent close $22.50
30d moving avg. $19.98
Annualized volatility 25.2%
Short interest (ETF) 0.5%
Relative strength (RSI) 74

Liquidity measures
Avg. volume (thou.) 1
Turnover 1.0%
Bid/Ask (% of price) 1.41%
ADV underlying (mns) $1,294

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the KraneShares MSCI China Environment 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: 80 bp ALTAR Score™: 5.9%


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
(%)
LIT Global X Lithium & Battery Tech ETF 13.2 75 5 3.4 -2.5
CHII Global X China Industrials ETF 12.1 66 14 12.4 +6.5
SDG iShares Sustainable MSCI Global Impact ETF 9.3 49 31 5.9 -0.1
ICLN iShares Global Clean Energy ETF 8.8 46 34 3.2 -2.7
TAN Invesco Solar ETF 8.8 71 9 1.8 -4.1
CHIU Global X MSCI China Utilities ETF 8.4 66 14 10.0 +4.1
CHIQ Global X China Consumer ETF 7.5 65 15 7.8 +1.9
CHIK Global X MSCI China Information Technology ETF 7.5 66 14 8.6 +2.7
PBD Invesco Global Clean Energy ETF 7.3 75 5 1.8 -4.2
FAN First Trust Global Wind Energy ETF 7.2 62 18 6.3 +0.3
ECNS iShares MSCI China Small-Cap ETF 7.0 59 21 12.3 +6.4
CNXT VanEck Vectors ChinaAMC SME-ChiNext ETF 6.5 65 15 3.6 -2.3
QCLN First Trust Nasdaq Clean Edge Green Energy Index Fund 6.0 60 20 0.4 -5.5
OBOR KraneShares MSCI One Belt One Road Index ETF 5.8 79 1 9.5 +3.6
PBW Invesco WilderHill Clean Energy ETF 5.6 70 10 -4.2 -10.1
CHIR Global X MSCI China Real Estate ETF 5.5 65 15 16.4 +10.5
FHK First Trust Hong Kong AlphaDEX Fund 5.3 80 0 9.7 +3.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 4.4 32 48 6.3 +0.4
GMAN Goldman Sachs Motif Manufacturing Revolution ETF 4.3 50 30 4.1 -1.8
MOTO SmartETFs Smart Transportation & Technology ETF 4.0 68 12 7.9 +2.0
EKAR Innovation Shares NextGen Vehicles & Technology ETF 3.7 95 -15 8.6 +2.7
CARZ First Trust NASDAQ Global Auto Index Fund 3.5 70 10 15.2 +9.3
XKST SPDR Kensho Smart Mobility ETF 3.4 45 35 5.3 -0.6
KALL KraneShares FTSE Emerging Markets Plus ETF 3.0 49 31 8.5 +2.6
ASHX Xtrackers MSCI China A Inclusion Equity ETF 2.9 60 20 7.3 +1.4
NUEM Nuveen ESG Emerging Markets Equity ETF 2.8 45 35 7.6 +1.7
KBA KraneShares Bosera MSCI China A Share ETF 2.8 60 20 7.3 +1.4
CNYA iShares MSCI China A ETF 2.7 60 20 7.3 +1.3
IPO Renaissance IPO ETF 2.7 60 20 23.9 +18.0
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 2.5 45 35 9.5 +3.5
EYLD Cambria Emerging Shareholder Yield ETF 2.5 66 14 16.6 +10.7
XKCP SPDR Kensho Clean Power ETF 2.4 45 35 0.3 -5.6
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 2.3 70 10 7.9 +2.0
FEM First Trust Emerging Markets AlphaDEX Fund 2.2 80 0 11.4 +5.4
CQQQ Invesco China Technology ETF 2.1 70 10 4.0 -1.9
WCHN WisdomTree ICBCCS S&P China 500 Fund 2.0 55 25 8.7 +2.7
EMIF iShares Emerging Markets Infrastructure ETF 2.0 60 20 8.4 +2.5
YLCO Global X YieldCo Index ETF 2.0 65 15 4.6 -1.3
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 1.9 64 16 4.8 -1.1
MCHI iShares MSCI China ETF 1.9 59 21 8.0 +2.1
GEX VanEck Vectors Global Alternative Energy ETF 1.9 62 18 4.6 -1.4
FCA First Trust China AlphaDEX Fund 1.9 80 0 14.7 +8.8
DTEC ALPS Disruptive Technologies ETF 1.9 50 30 3.6 -2.3
TBLU Tortoise Water Fund 1.8 40 40 5.0 -0.9
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 1.8 65 15 7.7 +1.8
FEMS First Trust Emerging Markets Small Cap Alphadex Fund 1.7 80 0 18.3 +12.4
GXC SPDR S&P China ETF 1.7 59 21 8.3 +2.4
FPA First Trust Asia Pacific ex-Japan AlphaDEX Fund 1.7 80 0 8.1 +2.2
FLCH Franklin FTSE China ETF 1.7 19 61 8.5 +2.6
RNEM Emerging Markets Equity Select ETF 1.6 75 5 10.5 +4.6
PEK VanEck Vectors ChinaAMC CSI 300 ETF 1.6 60 20 7.5 +1.6
BKF iShares MSCI BRIC ETF 1.5 69 11 7.7 +1.8
FNI First Trust Chindia ETF 1.4 60 20 2.9 -3.1
EELV Invesco S&P Emerging Markets Low Volatility ETF 1.4 29 51 9.9 +4.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.4 59 21 11.4 +5.5
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.4 30 50 8.1 +2.2
ESGE iShares ESG MSCI EM ETF 1.3 25 55 9.0 +3.1
KOMP SPDR Kensho New Economies Composite ETF 1.2 20 60 2.6 -3.4
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 1.2 32 48 6.4 +0.5
EEMO Invesco S&P Emerging Markets Momentum ETF 1.2 29 51 6.9 +1.0
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 1.2 45 35 13.8 +7.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 1.2 63 17 12.7 +6.8
CHIL Global X MSCI China Large-Cap 50 ETF 1.1 29 51 8.5 +2.6
CGW Invesco S&P Global Water Index ETF 1.1 59 21 4.3 -1.6
EMCG WisdomTree Emerging Markets Consumer Growth Fund 1.1 32 48 7.5 +1.6
DRIV Global X Autonomous & Electric Vehicles ETF 1.1 68 12 5.6 -0.3
AVEM Avantis Emerging Markets Equity ETF 1.1 33 47 9.2 +3.3
CN Xtrackers MSCI All China Equity ETF 1.1 50 30 8.3 +2.4
IDRV iShares Self-driving EV & Tech ETF 1.0 47 33 7.2 +1.2
ZHOK SPDR Solactive Hong Kong ETF 1.0 14 66 6.9 +1.0
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 1.0 65 15 4.9 -1.0
EEMA iShares MSCI Emerging Markets Asia ETF 1.0 50 30 7.9 +2.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.0 20 60 7.1 +1.2
DRW WisdomTree Global ex-US Real Estate Fund 1.0 58 22 10.6 +4.7
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 1.0 65 15 3.8 -2.1
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.9 69 11 8.1 +2.2
GMF SPDR S&P Emerging Asia Pacific ETF 0.9 49 31 7.6 +1.7
KFYP KraneShares CICC China Leaders 100 Index ETF 0.9 70 10 13.7 +7.7
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 0.9 32 48 9.2 +3.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 0.9 68 12 7.4 +1.4
DVEM WisdomTree Emerging Markets Dividend Fund 0.9 32 48 8.5 +2.6
EWX SPDR S&P Emerging Markets Small Cap ETF 0.8 65 15 6.3 +0.4
FLAX Franklin FTSE Asia Ex Japan ETF 0.8 19 61 8.0 +2.1
PXH Invesco FTSE RAFI Emerging Markets ETF 0.8 50 30 13.4 +7.5
IEMG iShares Core MSCI Emerging Markets ETF 0.8 13 67 8.2 +2.3
ISEM Invesco Strategic Emerging Markets ETF 0.8 35 45 10.7 +4.8
EEM iShares MSCI Emerging Markets ETF 0.8 68 12 7.7 +1.8
SCHE Schwab Emerging Markets Equity ETF 0.8 11 69 8.2 +2.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 0.8 65 15 7.7 +1.8
FLHK Franklin FTSE Hong Kong ETF 0.8 9 71 8.2 +2.3
SPEM SPDR Portfolio Emerging Markets ETF 0.8 11 69 8.1 +2.2
VIDI Vident International Equity Fund 0.8 59 21 11.5 +5.6
VWO Vanguard FTSE Emerging Markets ETF 0.7 10 70 8.4 +2.5
PIE Invesco DWA Emerging Markets Momentum ETF 0.7 90 -10 5.4 -0.5
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 0.7 50 30 10.4 +4.5
PIO Invesco Global Water ETF 0.7 75 5 4.0 -1.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.6 30 50 9.0 +3.0
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 0.6 95 -15 9.6 +3.7
PBEE Invesco PureBeta FTSE Emerging Markets ETF 0.6 15 65 9.0 +3.1
ECON Columbia Emerging Markets Consumer ETF 0.6 59 21 4.6 -1.3

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%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
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
  2019 2020E 2021E
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 Environment 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 7.7 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 80 bp
Equals: ALTAR Score 5.9 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.44 CATEGORY
AVERAGE
1.45
 
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.