KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 0.4% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 75.7x P/Sales
ratio		 4.0x
P/BV
ratio		 5.7x 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) $62
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
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 %
Total 58.7 %

TOP COUNTRY EXPOSURE
CHINA 84.8 %
HONG KONG 4.7 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru July 31)
Year-to-date 1 year 5 years 10 years Since Incep.
21.9% 36.2% 1.4% -- 2.3%

Market Correlations
versus... Beta R-squared
S&P500 0.93 16%
MSCI EAFE 1.22 31%
MSCI Emg. Mkts. 1.64 59%

Technical Indicators
Recent close $28.77
30d moving avg. $27.84
Annualized volatility 35.9%
Short interest (ETF) 3.4%
Relative strength (RSI) 62

Liquidity measures
Avg. volume (thou.) 22
Turnover 1.0%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $4,423

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 176 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™: 0.4%


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
(%)
FDRV Fidelity Electric Vehicles and Future Transportation ETF 28.1 39 40 -0.9 -1.2
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 21.5 72 7 -0.9 -1.3
CHIQ Global X MSCI China Consumer Discretionary ETF 18.7 65 14 16.2 +15.9
ERTH Invesco MSCI Sustainable Future ETF 15.6 62 17 3.7 +3.3
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 14.0 55 24 7.1 +6.8
KTEC KraneShares Hang Seng TECH Index ETF 12.3 69 10 19.3 +18.9
OBOR KraneShares MSCI One Belt One Road Index ETF 11.1 79 0 9.0 +8.7
BATT Amplify Lithium & Battery Technology ETF 11.0 59 20 3.6 +3.3
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 10.6 65 14 6.9 +6.6
IDRV iShares Self-driving EV & Tech ETF 9.8 47 32 1.8 +1.5
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.7 32 47 16.1 +15.7
SDG iShares MSCI Global Sustainable Development Goals ETF 8.7 49 30 5.8 +5.5
RAYC Rayliant Quantamental China Equity ETF 8.3 80 -1 7.4 +7.1
EV Mast Global Battery Recycling & Production ETF 8.2 65 14 10.5 +10.1
ICLN iShares Global Clean Energy ETF 7.3 41 38 5.2 +4.8
ETEC iShares Breakthrough Environmental Solutions ETF 7.1 47 32 3.3 +2.9
TCHI iShares MSCI China Multisector Tech ETF 7.0 59 20 16.6 +16.3
SMOG VanEck Low Carbon Energy ETF 7.0 61 18 1.8 +1.4
RAYS Global X Solar ETF 6.8 51 28 6.5 +6.1
LIT Global X Lithium & Battery Tech ETF 6.8 75 4 4.8 +4.5
ECNS iShares MSCI China Small-Cap ETF 6.6 59 20 8.0 +7.7
KALL KraneShares MSCI All China Index ETF 6.4 49 30 14.9 +14.6
CLNR IQ Cleaner Transport ETF 6.2 45 34 6.6 +6.3
FRNW Fidelity Clean Energy ETF 6.0 39 40 3.3 +2.9
CGRO CoreValues Alpha Greater China Growth ETF 6.0 75 4 4.5 +4.1
PBD Invesco Global Clean Energy ETF 5.9 75 4 -0.3 -0.7
FLCH Franklin FTSE China ETF 5.2 19 60 16.0 +15.7
CTEC Global X CleanTech ETF 5.1 50 29 1.7 +1.3
FXI iShares China Large-Cap ETF 5.0 74 5 18.7 +18.4
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 4.9 60 19 11.1 +10.7
WNDY Global X Wind Energy ETF 4.8 50 29 5.6 +5.2
MOTO SmartETFs Smart Transportation & Technology ETF 4.3 68 11 7.2 +6.9
JCHI JPMorgan Active China ETF 4.2 65 14 15.5 +15.1
FAN First Trust Global Wind Energy ETF 4.0 60 19 4.5 +4.2
MCHI iShares MSCI China ETF 3.9 59 20 17.7 +17.3
NUEM Nuveen ESG Emerging Markets Equity ETF 3.9 36 43 8.0 +7.7
CQQQ Invesco China Technology ETF 3.8 70 9 12.2 +11.9
GSFP Goldman Sachs Future Planet Equity ETF 3.8 75 4 4.8 +4.4
TAN Invesco Solar ETF 3.6 67 12 6.9 +6.5
RNRG Global X Renewable Energy Producers ETF 3.6 66 13 5.5 +5.2
GXC SPDR S&P China ETF 3.5 59 20 15.4 +15.1
MINV Matthews Asia Innovators Active ETF 3.3 79 0 7.4 +7.1
FEM First Trust Emerging Markets AlphaDEX Fund 3.3 80 -1 11.2 +10.9
MCH Matthews China Active ETF 3.2 79 0 14.3 +14.0
IPOS Renaissance International IPO ETF 3.2 80 -1 2.3 +2.0
IWTR iShares MSCI Water Management Multisector ETF 2.9 47 32 5.8 +5.5
CNYA iShares MSCI China A ETF 2.9 60 19 6.3 +5.9
BLLD JPMorgan Sustainable Infrastructure ETF 2.7 49 30 6.1 +5.8
FCA First Trust China AlphaDEX Fund 2.6 80 -1 8.3 +8.0
TEMP JPMorgan Climate Change Solutions ETF 2.6 49 30 5.8 +5.4
ECON Columbia Emerging Markets Consumer ETF 2.5 49 30 12.6 +12.3
URAN Themes Uranium & Nuclear ETF 2.4 35 44 1.5 +1.2
LDEM iShares ESG MSCI EM Leaders ETF 2.4 17 62 14.1 +13.7
DRIV Global X Autonomous & Electric Vehicles ETF 2.4 68 11 5.0 +4.7
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.4 79 0 4.9 +4.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.3 32 47 9.3 +9.0
FBOT Fidelity Disruptive Automation ETF 2.3 50 29 3.6 +3.3
DTEC ALPS Disruptive Technologies ETF 2.3 50 29 3.9 +3.5
EMIF iShares Emerging Markets Infrastructure ETF 2.3 60 19 5.0 +4.7
XT iShares Exponential Technologies ETF 2.3 46 33 4.9 +4.6
BKF iShares MSCI BIC ETF 2.2 69 10 13.8 +13.4
GTEK Goldman Sachs Future Tech Leaders Equity ETF 2.1 75 4 3.1 +2.7
AIA iShares Asia 50 ETF 2.0 50 29 12.9 +12.6
FLAX Franklin FTSE Asia Ex Japan ETF 2.0 19 60 9.4 +9.1
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.9 45 34 10.7 +10.4
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.9 60 19 8.1 +7.8
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 1.7 20 59 10.9 +10.5
BKEM BNY Mellon Emerging Markets Equity ETF 1.7 11 68 10.2 +9.8
DEHP Dimensional Emerging Markets High Profitability ETF 1.7 41 38 6.8 +6.4
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.6 66 13 9.7 +9.4
EEMO Invesco S&P Emerging Markets Momentum ETF 1.6 29 50 6.6 +6.3
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.5 36 43 10.0 +9.6
MEM Matthews Emerging Markets Equity Active ETF 1.5 79 0 8.1 +7.7
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.5 15 64 10.4 +10.0
ESGE iShares ESG Aware MSCI EM ETF 1.5 25 54 10.4 +10.0
EEMA iShares MSCI Emerging Markets Asia ETF 1.5 49 30 10.4 +10.1
CARZ First Trust NASDAQ Global Auto Index Fund 1.5 70 9 4.8 +4.5
VWO Vanguard FTSE Emerging Markets ETF 1.4 7 72 10.3 +10.0
GMF SPDR S&P Emerging Asia Pacific ETF 1.4 49 30 9.6 +9.3
WRND IQ Global Equity R&D Leaders ETF 1.4 18 61 8.2 +7.9
CCNR ALPS CoreCommodity Natural Resources ETF 1.4 39 40 11.0 +10.7
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.4 25 54 6.6 +6.2
EMC Global X Emerging Markets Great Consumer ETF 1.4 75 4 11.0 +10.6
VCLN Virtus Duff & Phelps Clean Energy ETF 1.4 59 20 5.0 +4.6
IPKW Invesco International BuyBack Achievers ETF 1.3 55 24 12.5 +12.1
JHEM John Hancock Multifactor Emerging Markets ETF 1.3 49 30 10.3 +10.0
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.3 59 20 9.0 +8.6
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.3 15 64 8.1 +7.7
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.3 70 9 9.5 +9.1
AVSE Avantis Responsible Emerging Markets Equity ETF 1.2 33 46 8.6 +8.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.2 30 49 10.6 +10.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.2 50 29 11.1 +10.7
DFAE Dimensional Emerging Core Equity Market ETF 1.2 35 44 9.4 +9.1
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.2 38 41 9.3 +8.9
SCHE Schwab Emerging Markets Equity ETF 1.2 11 68 11.1 +10.7
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.2 45 34 4.0 +3.6
EEM iShares MSCI Emerging Markets ETF 1.1 69 10 10.5 +10.1
IBAT iShares Energy Storage & Materials ETF 1.1 47 32 3.8 +3.4
IEMG iShares Core MSCI Emerging Markets ETF 1.1 9 70 10.6 +10.3
RXI iShares Global Consumer Discretionary ETF 1.1 41 38 9.3 +8.9
SPEM SPDR Portfolio Emerging Markets ETF 1.1 7 72 10.7 +10.3
DSTX Distillate International Fundamental Stability & Value ETF 1.1 55 24 7.9 +7.6
AVES Avantis Emerging Markets Value ETF 1.1 36 43 11.1 +10.7
EMXF iShares ESG Advanced MSCI EM ETF 1.1 16 63 8.6 +8.2
KSTR KraneShares SSE STAR Market 50 Index ETF 1.1 89 -10 1.1 +0.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 38 8.7 +8.4
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 1.0 80 -1 13.8 +13.5
AVEM Avantis Emerging Markets Equity ETF 1.0 33 46 8.8 +8.4
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.0 42 37 9.7 +9.4
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.9 45 34 10.5 +10.1
PBW Invesco WilderHill Clean Energy ETF 0.9 66 13 -3.7 -4.0
CNRG SPDR S&P Kensho Clean Power ETF 0.9 45 34 1.0 +0.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.9 33 46 10.2 +9.9
FMET Fidelity Metaverse ETF 0.9 39 40 4.7 +4.4
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.8 12 67 5.2 +4.8
UMMA Wahed Dow Jones Islamic World ETF 0.8 65 14 5.4 +5.1
FCLD Fidelity Cloud Computing ETF 0.8 39 40 3.2 +2.8
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.8 70 9 7.8 +7.4
PGJ Invesco Golden Dragon China ETF 0.7 70 9 12.5 +12.1
AQWA Global X Clean Water ETF 0.7 50 29 4.8 +4.4
CGW Invesco S&P Global Water Index ETF 0.7 57 22 4.6 +4.2
PATN Pacer Nasdaq International Patent Leaders ETF 0.7 65 14 6.2 +5.9
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 49 9.2 +8.9
PXH Invesco FTSE RAFI Emerging Markets ETF 0.6 49 30 15.9 +15.6
FDEM Fidelity Emerging Markets Multifactor ETF 0.6 25 54 13.0 +12.6
ROAM Hartford Multifactor Emerging Markets ETF 0.6 44 35 12.2 +11.9
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.6 47 32 8.4 +8.0
ION ProShares S&P Global Core Battery Metals ETF 0.5 58 21 9.7 +9.3
FFLC Fidelity Fundamental Large Cap Core ETF 0.5 38 41 4.5 +4.2
EMGF iShares Emerging Markets Equity Factor ETF 0.5 25 54 11.9 +11.5
VSGX Vanguard ESG International Stock ETF 0.5 10 69 7.7 +7.3
EWX SPDR S&P Emerging Markets Small Cap ETF 0.5 65 14 7.8 +7.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.5 47 32 5.1 +4.8
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.5 65 14 4.9 +4.6
DVYE iShares Emerging Markets Dividend ETF 0.5 49 30 18.5 +18.1
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.4 18 61 7.9 +7.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 38 7.5 +7.1
DFEV Dimensional Emerging Markets Value ETF 0.4 43 36 13.4 +13.1
JSTC Adasina Social Justice All Cap Global ETF 0.4 89 -10 4.8 +4.4
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 4 75 8.1 +7.8
VXUS Vanguard Total International Stock ETF 0.4 5 74 7.9 +7.6
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 40 16.5 +16.1
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 45 7.8 +7.4
ANEW ProShares MSCI Transformational Changes ETF 0.3 45 34 6.1 +5.7
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 72 7.9 +7.6
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 49 7.7 +7.3
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 21 4.7 +4.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 7.9 +7.5
DEM WisdomTree Emerging Markets High Dividend Fund 0.3 63 16 13.3 +13.0
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.3 35 44 18.6 +18.2
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.2 44 35 10.7 +10.3
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 7.2 +6.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.2 58 21 9.8 +9.4
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 32 5.8 +5.4
KOMP SPDR S&P Kensho New Economies Composite ETF 0.2 20 59 2.5 +2.2
VT Vanguard Total World Stock ETF 0.1 6 73 5.9 +5.5
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 32 8.9 +8.6
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 59 6.2 +5.8
VYMI Vanguard International High Dividend Yield ETF 0.1 17 62 9.5 +9.2
CCSO Carbon Collective Climate Solutions US Equity ETF 0.1 35 44 1.0 +0.7
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.1 86 -7 13.6 +13.2
ACWI iShares MSCI ACWI ETF 0.1 32 47 5.5 +5.2
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.6 +5.3
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 5.7 +5.4
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 9.9 +9.5
GINN Goldman Sachs Innovate Equity ETF 0.1 52 27 3.7 +3.3
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 5.7 +5.4
IGPT Invesco AI and Next Gen Software ETF 0.1 60 19 4.3 +3.9
IGF iShares Global Infrastructure ETF 0.1 41 38 4.7 +4.3
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.7 +4.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 71 6.1 +5.8
GLOF iShares Global Equity Factor ETF 0.1 20 59 6.5 +6.1
VIGI Vanguard International Dividend Appreciation ETF 0.0 10 69 6.3 +6.0
APIE ActivePassive International Equity ETF 0.0 45 34 7.6 +7.2
DEW WisdomTree Global High Dividend Fund 0.0 58 21 8.4 +8.0

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 5.5 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 0.4 %
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.