KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 5.6% info Recommen-
dation		 UNDERWEIGHT
2024E    2025E
P/E
ratio		 19.3x P/Sales
ratio		 1.1x
P/BV
ratio		 1.6x Div.
yield		 2.5%


  • 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) $52
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 51
Wgt avg mkt cap (mns) $35,334
Large cap (>$10bn) 54.5%
Mid cap ($2-10bn) 39.3%
Small cap (<$2bn) 4.9%
Developed mkts 9.9%
Emerging mkts 90.2%

TOP TEN HOLDINGS
BYD CO LTD-H 9.1 %
LI AUTO, INC. CLASS A 8.4 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 6.6 %
CHINA YANGTZE POWER CO LTD-A 5.9 %
NIO INC. SPONSORED ADR CLASS A 5.8 %
CGN POWER CO LTD SHS -H- UNITARY 1 4.9 %
CHINA LONGYUAN POWER GROUP-H 4.7 %
XPENG, INC. CLASS A 4.6 %
BEIJING-SHANGHAI HIGH-SPEED RAILWA 3.9 %
KINGDEE INTERNATIONAL SFTWR 3.3 %
Total 57.1 %

TOP COUNTRY EXPOSURE
CHINA 87.7 %
HONG KONG 6.6 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
4.3% 3.6% 8.5% -- 0.7%

Market Correlations
versus... Beta R-squared
S&P500 0.58 7%
MSCI EAFE 0.82 14%
MSCI Emg. Mkts. 1.48 43%

Technical Indicators
Recent close $22.76
30d moving avg. $23.48
Annualized volatility 39.0%
Short interest (ETF) 0.2%
Relative strength (RSI) 53

Liquidity measures
Avg. volume (thou.) 21
Turnover 0.9%
Bid/Ask (% of price) 0.87%
ADV underlying (mns) $7,099

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™: 5.6%


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 21.1 72 7 1.0 -4.7
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 16.5 55 24 8.5 +2.8
CHIQ Global X MSCI China Consumer Discretionary ETF 15.3 65 14 5.9 +0.3
AFTY Pacer CSOP FTSE China A50 ETF 14.4 70 9 9.0 +3.4
IDRV iShares Self-driving EV & Tech ETF 14.3 47 32 -0.4 -6.1
BATT Amplify Lithium & Battery Technology ETF 13.7 59 20 -0.1 -5.8
ETEC iShares Breakthrough Environmental Solutions ETF 13.4 47 32 8.0 +2.3
OBOR KraneShares MSCI One Belt One Road Index ETF 13.0 79 0 10.3 +4.6
FDRV Fidelity Electric Vehicles and Future Transportation ETF 12.5 39 40 -1.7 -7.3
CGRO CoreValues Alpha Greater China Growth ETF 11.9 75 4 2.0 -3.7
SMOG VanEck Low Carbon Energy ETF 11.0 61 18 2.4 -3.3
KTEC KraneShares Hang Seng TECH Index ETF 10.9 69 10 -3.6 -9.3
SDG iShares MSCI Global Sustainable Development Goals ETF 10.7 49 30 5.6 0.0
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 10.7 65 14 7.9 +2.3
ICLN iShares Global Clean Energy ETF 9.0 41 38 6.0 +0.3
CNYA iShares MSCI China A ETF 8.9 60 19 8.0 +2.3
CXSE WisdomTree China ex-State-Owned Enterprises Fund 8.8 32 47 6.1 +0.4
TCHI iShares MSCI China Multisector Tech ETF 8.7 59 20 1.9 -3.8
EV Mast Global Battery Recycling & Production ETF 8.5 65 14 12.2 +6.6
CTEC Global X CleanTech ETF 8.2 50 29 2.9 -2.8
IBAT iShares Energy Storage & Materials ETF 8.1 47 32 3.1 -2.5
RAYS Global X Solar ETF 8.1 51 28 6.9 +1.3
LIT Global X Lithium & Battery Tech ETF 8.0 75 4 9.1 +3.4
GCLN Goldman Sachs Bloomberg Clean Energy Equity ETF 8.0 45 34 5.7 +0.0
ERTH Invesco MSCI Sustainable Future ETF 8.0 62 17 3.6 -2.0
PBD Invesco Global Clean Energy ETF 7.8 75 4 -5.3 -10.9
RAYC Rayliant Quantamental China Equity ETF 7.4 80 -1 8.6 +3.0
FRNW Fidelity Clean Energy ETF 7.1 39 40 2.6 -3.1
KALL KraneShares MSCI All China Index ETF 7.0 49 30 9.0 +3.4
FAN First Trust Global Wind Energy ETF 5.7 60 19 5.5 -0.1
TAN Invesco Solar ETF 5.7 67 12 10.4 +4.8
WNDY Global X Wind Energy ETF 5.7 50 29 6.1 +0.4
FXI iShares China Large-Cap ETF 5.3 74 5 8.2 +2.5
JCHI JPMorgan Active China ETF 5.1 65 14 8.0 +2.3
ECNS iShares MSCI China Small-Cap ETF 5.0 59 20 14.2 +8.5
FLCH Franklin FTSE China ETF 4.8 19 60 8.8 +3.2
CLNR IQ Cleaner Transport ETF 4.7 45 34 6.8 +1.2
MCHI iShares MSCI China ETF 4.6 59 20 8.4 +2.7
GSFP Goldman Sachs Future Planet Equity ETF 4.1 75 4 4.2 -1.4
PGJ Invesco Golden Dragon China ETF 4.0 70 9 4.9 -0.7
BNE Blue Horizon BNE ETF 3.5 87 -8 4.6 -1.1
GXC SPDR S&P China ETF 3.4 59 20 8.3 +2.7
RNRG Global X Renewable Energy Producers ETF 3.2 66 13 5.5 -0.1
URAN Themes Uranium & Nuclear ETF 3.1 35 44 1.9 -3.8
MCH Matthews China Active ETF 2.9 79 0 5.4 -0.3
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.7 79 0 5.1 -0.6
MOTO SmartETFs Smart Transportation & Technology ETF 2.7 68 11 7.3 +1.6
FIXT Procure Disaster Recovery Strategy ETF 2.6 75 4 5.8 +0.2
EMIF iShares Emerging Markets Infrastructure ETF 2.6 60 19 8.5 +2.9
PBW Invesco WilderHill Clean Energy ETF 2.5 66 13 -13.7 -19.4
NUEM Nuveen ESG Emerging Markets Equity ETF 2.5 36 43 6.5 +0.8
MINV Matthews Asia Innovators Active ETF 2.5 79 0 3.0 -2.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 2.5 60 19 9.8 +4.2
XT iShares Exponential Technologies ETF 2.4 46 33 4.8 -0.9
BKF iShares MSCI BIC ETF 2.3 69 10 6.9 +1.3
ESGE iShares ESG Aware MSCI EM ETF 2.3 25 54 7.1 +1.5
LDEM iShares ESG MSCI EM Leaders ETF 2.3 17 62 7.6 +2.0
IPOS Renaissance International IPO ETF 2.3 80 -1 -0.8 -6.5
DTEC ALPS Disruptive Technologies ETF 2.3 50 29 3.7 -2.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.1 32 47 6.2 +0.6
CQQQ Invesco China Technology ETF 2.1 70 9 -7.9 -13.6
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 2.0 80 -1 12.3 +6.6
CARZ First Trust NASDAQ Global Auto Index Fund 2.0 70 9 3.8 -1.8
IWTR iShares MSCI Water Management Multisector ETF 2.0 47 32 5.0 -0.6
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 2.0 20 59 6.8 +1.2
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 2.0 60 19 0.5 -5.2
HAIL SPDR S&P Kensho Smart Mobility ETF 1.9 45 34 -3.0 -8.7
BLLD JPMorgan Sustainable Infrastructure ETF 1.8 49 30 5.7 +0.0
DEHP Dimensional Emerging Markets High Profitability ETF 1.8 41 38 5.0 -0.7
FCA First Trust China AlphaDEX Fund 1.7 80 -1 16.2 +10.5
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.7 45 34 -0.6 -6.2
CCNR ALPS CoreCommodity Natural Resources ETF 1.7 39 40 11.0 +5.4
AIA iShares Asia 50 ETF 1.6 50 29 6.6 +1.0
EEMA iShares MSCI Emerging Markets Asia ETF 1.6 49 30 6.5 +0.9
GTEK Goldman Sachs Future Tech Leaders Equity ETF 1.5 75 4 2.9 -2.8
NTZG Nuveen Global Net Zero Transition ETF 1.5 56 23 4.7 -0.9
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.4 70 9 6.2 +0.5
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.4 25 54 6.6 +1.0
KSTR KraneShares SSE STAR Market 50 Index ETF 1.4 89 -10 2.1 -3.5
GMF SPDR S&P Emerging Asia Pacific ETF 1.4 49 30 6.1 +0.5
FEM First Trust Emerging Markets AlphaDEX Fund 1.3 80 -1 13.0 +7.4
FLAX Franklin FTSE Asia Ex Japan ETF 1.3 19 60 6.9 +1.2
CCSO Carbon Collective Climate Solutions US Equity ETF 1.3 35 44 1.9 -3.7
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.3 66 13 10.0 +4.3
VWO Vanguard FTSE Emerging Markets ETF 1.3 8 71 6.9 +1.3
ECON Columbia Emerging Markets Consumer ETF 1.3 49 30 7.3 +1.7
EEM iShares MSCI Emerging Markets ETF 1.2 69 10 6.9 +1.2
BKEM BNY Mellon Emerging Markets Equity ETF 1.2 11 68 8.4 +2.7
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.2 36 43 7.8 +2.2
VCLN Virtus Duff & Phelps Clean Energy ETF 1.2 59 20 3.9 -1.8
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.2 15 64 7.2 +1.6
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.2 15 64 10.2 +4.6
CNRG SPDR S&P Kensho Clean Power ETF 1.2 45 34 2.8 -2.8
DRIV Global X Autonomous & Electric Vehicles ETF 1.2 68 11 4.8 -0.8
FBOT Fidelity Disruptive Automation ETF 1.2 50 29 3.6 -2.0
MEM Matthews Emerging Markets Equity Active ETF 1.2 79 0 5.4 -0.2
DFAE Dimensional Emerging Core Equity Market ETF 1.1 35 44 7.3 +1.7
IEMG iShares Core MSCI Emerging Markets ETF 1.1 9 70 7.5 +1.8
EMXF iShares ESG Advanced MSCI EM ETF 1.1 16 63 6.8 +1.2
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.1 50 29 13.0 +7.3
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.1 38 41 7.8 +2.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 1.1 59 20 11.3 +5.7
AVES Avantis Emerging Markets Value ETF 1.1 36 43 11.6 +6.0
FEEM FlexShares ESG & Climate Emerging Markets Core Index ETF 1.0 18 61 6.8 +1.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 1.0 30 49 7.3 +1.7
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.0 41 38 7.4 +1.8
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 1.0 65 14 6.2 +0.5
SCHE Schwab Emerging Markets Equity ETF 1.0 11 68 7.1 +1.5
SPEM SPDR Portfolio Emerging Markets ETF 1.0 7 72 7.3 +1.7
TEMP JPMorgan Climate Change Solutions ETF 1.0 49 30 5.5 -0.2
WRND IQ Global Equity R&D Leaders ETF 1.0 18 61 7.5 +1.9
LUXX Roundhill S&P Global Luxury ETF 0.9 45 34 2.9 -2.8
FCLD Fidelity Cloud Computing ETF 0.8 39 40 3.1 -2.6
EMGF iShares Emerging Markets Equity Factor ETF 0.8 25 54 8.5 +2.9
BECO BlackRock Future Climate and Sustainable Economy ETF 0.8 70 9 11.9 +6.3
JHEM John Hancock Multifactor Emerging Markets ETF 0.8 49 30 8.2 +2.5
RXI iShares Global Consumer Discretionary ETF 0.8 41 38 5.4 -0.3
KFVG KraneShares CICC China 5G & Semiconductor Index ETF 0.8 65 14 3.9 -1.7
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.8 33 46 8.2 +2.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 49 8.1 +2.5
SFYF SoFi Social 50 ETF 0.7 29 50 -2.2 -7.8
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.7 45 34 11.0 +5.3
AVEM Avantis Emerging Markets Equity ETF 0.7 33 46 8.9 +3.2
UEVM VictoryShares Emerging Markets Value Momentum ETF 0.7 45 34 12.3 +6.7
PATN Pacer Nasdaq International Patent Leaders ETF 0.6 65 14 6.5 +0.9
AQWA Global X Clean Water ETF 0.6 50 29 4.2 -1.4
CGW Invesco S&P Global Water Index ETF 0.6 57 22 4.4 -1.3
ION ProShares S&P Global Core Battery Metals ETF 0.6 58 21 15.5 +9.9
PXH Invesco FTSE RAFI Emerging Markets ETF 0.6 49 30 12.2 +6.6
EQLT iShares MSCI Emerging Markets Quality Factor ETF 0.6 35 44 7.4 +1.7
BIGFX Baron International Growth Retail 0.5 75 4 3.1 -2.5
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.5 12 67 4.8 -0.9
UMMA Wahed Dow Jones Islamic World ETF 0.5 65 14 4.6 -1.1
EWX SPDR S&P Emerging Markets Small Cap ETF 0.5 65 14 8.2 +2.5
EDIV SPDR S&P Emerging Markets Dividend ETF 0.5 49 30 12.0 +6.4
DVYE iShares Emerging Markets Dividend ETF 0.4 49 30 18.8 +13.1
ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF 0.4 65 14 0.2 -5.4
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.4 47 32 9.4 +3.7
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.4 70 9 7.7 +2.1
DFEV Dimensional Emerging Markets Value ETF 0.4 43 36 11.1 +5.4
EFRA iShares Environmental Infrastructure and Industrials ETF 0.4 47 32 4.9 -0.7
ACWX iShares MSCI ACWI ex U.S. ETF 0.4 34 45 7.0 +1.3
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 8 71 7.3 +1.6
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.4 41 38 7.4 +1.8
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.4 35 44 12.4 +6.8
VXUS Vanguard Total International Stock ETF 0.4 7 72 7.2 +1.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.3 20 59 5.2 -0.5
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 72 7.2 +1.5
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 61 7.0 +1.4
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 40 12.5 +6.8
MVPS Amplify Thematic All-Stars ETF 0.3 49 30 2.7 -3.0
JSTC Adasina Social Justice All Cap Global ETF 0.3 89 -10 4.9 -0.7
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 49 6.9 +1.3
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 8.0 +2.3
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.3 58 21 4.6 -1.1
VSGX Vanguard ESG International Stock ETF 0.3 12 67 6.8 +1.1
ACWV iShares MSCI Global Min Vol Factor ETF 0.3 20 59 6.3 +0.7
TRFM AAM Transformers ETF 0.2 49 30 2.0 -3.7
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.2 86 -7 1.6 -4.0
KOMP SPDR S&P Kensho New Economies Composite ETF 0.2 20 59 1.0 -4.6
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.2 44 35 10.6 +5.0
GLOF iShares Global Equity Factor ETF 0.2 20 59 7.0 +1.4
VYMI Vanguard International High Dividend Yield ETF 0.2 22 57 9.8 +4.2
GINN Goldman Sachs Innovate Equity ETF 0.2 52 27 2.8 -2.9
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 32 5.5 -0.2
ACWI iShares MSCI ACWI ETF 0.1 32 47 5.3 -0.4
VT Vanguard Total World Stock ETF 0.1 7 72 5.5 -0.1
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 9.3 +3.7
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 4.9 -0.8
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.1 58 21 10.2 +4.6
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 5.4 -0.2
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 32 12.9 +7.2
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.3 -1.3
IGF iShares Global Infrastructure ETF 0.1 41 38 4.3 -1.4
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 7 72 6.7 +1.0
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 5.4 -0.3
GWX SPDR S&P International Small Cap ETF 0.1 40 39 6.5 +0.8
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.1 42 37 8.1 +2.4
VIGI Vanguard International Dividend Appreciation ETF 0.0 15 64 6.4 +0.8
APIE ActivePassive International Equity ETF 0.0 45 34 8.1 +2.5
IGRO iShares International Dividend Growth ETF 0.0 15 64 7.5 +1.9

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 9.4 %
Divided by: Fwd. P/BV 1.5 x
Less: Expense ratio 79 bp
Equals: ALTAR Score 5.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.38 CATEGORY
AVERAGE		 1.48
 
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.