KraneShares MSCI China Clean Technology Index ETF
ALTAR
Score™		 0.4% info Recommen-
dation		 AVOID
2025E    2026E
P/E
ratio		 83.0x P/Sales
ratio		 3.7x
P/BV
ratio		 5.5x Div.
yield		 0.6%


  • 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) $63
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 53
Wgt avg mkt cap (mns) $2,113,280
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
CANVEST ENVIRONMENTAL PROTECTION G 220.1 %
CONTEMPORARY AMPEREX TECHNOLOGY CO 10.7 %
XPENG, INC. CLASS A 9.9 %
LI AUTO, INC. CLASS A 7.8 %
CHINA YANGTZE POWER CO LTD-A 4.4 %
NIO INC-CLASS A 4.2 %
CGN POWER CO LTD SHS -H- UNITARY 1 3.7 %
CHINA LONGYUAN POWER GROUP-H 3.5 %
KINGDEE INTERNATIONAL SFTWR 3.5 %
GDS HOLDINGS LTD. 3.2 %
Total 270.9 %

TOP COUNTRY EXPOSURE
HONG KONG 225.4 %
CHINA 82.6 %









HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
26.5% 26.5% -6.1% -- 2.7%

Market Correlations
versus... Beta R-squared
S&P500 0.67 17%
MSCI EAFE 0.91 23%
MSCI Emg. Mkts. 1.32 54%

Technical Indicators
Recent close $28.21
30d moving avg. $29.34
Annualized volatility 33.4%
Short interest (ETF) 0.8%
Relative strength (RSI) 45

Liquidity measures
Avg. volume (thou.) 46
Turnover 2.1%
Bid/Ask (% of price) 1.41%
ADV underlying (mns) $4,423

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 180 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
(%)
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 29.8 59 20 8.4 +8.1
FDRV Fidelity Electric Vehicles and Future Transportation ETF 21.7 39 40 -1.3 -1.7
KARS KraneShares Electric Vehicles & Future Mobility Index ETF 20.7 72 7 -1.3 -1.7
KBA KraneShares Bosera MSCI China A 50 Connect Index ETF 15.3 55 24 7.0 +6.6
ERTH Invesco MSCI Sustainable Future ETF 14.7 62 17 3.4 +3.0
CHIQ Global X MSCI China Consumer Discretionary ETF 12.9 65 14 12.6 +12.3
BATT Amplify Lithium & Battery Technology ETF 12.5 59 20 1.9 +1.5
ASHR Xtrackers Harvest CSI 300 China A-Shares ETF 11.6 65 14 6.8 +6.5
OBOR KraneShares MSCI One Belt One Road Index ETF 11.5 79 0 7.7 +7.4
KTEC KraneShares Hang Seng TECH Index ETF 11.3 69 10 20.1 +19.8
CXSE WisdomTree China ex-State-Owned Enterprises Fund 9.7 32 47 13.3 +13.0
TCHI iShares MSCI China Multisector Tech ETF 9.3 59 20 18.1 +17.8
RAYC Rayliant Quantamental China Equity ETF 9.1 80 -1 8.2 +7.9
SDG iShares MSCI Global Sustainable Development Goals ETF 8.2 49 30 5.1 +4.8
IDRV iShares Self-driving EV & Tech ETF 7.7 47 32 3.2 +2.9
EV Mast Global Battery Recycling & Production ETF 7.7 65 14 7.6 +7.3
FRNW Fidelity Clean Energy ETF 6.9 39 40 2.3 +2.0
ICLN iShares Global Clean Energy ETF 6.6 41 38 3.1 +2.8
PBD Invesco Global Clean Energy ETF 6.4 75 4 0.8 +0.4
LIT Global X Lithium & Battery Tech ETF 6.3 75 4 6.6 +6.2
ETEC iShares Breakthrough Environmental Solutions ETF 6.3 47 32 3.4 +3.1
CTEC Global X CleanTech ETF 6.1 50 29 0.7 +0.4
KEMQ KraneShares Emerging Markets Consumer Technology Index ETF 5.9 60 19 10.7 +10.3
KALL KraneShares MSCI All China Index ETF 5.3 49 30 13.4 +13.0
JCHI JPMorgan Active China ETF 5.2 65 14 14.4 +14.0
AVES Avantis Emerging Markets Value ETF 5.1 36 43 10.5 +10.2
ECNS iShares MSCI China Small-Cap ETF 4.9 59 20 9.2 +8.8
FAN First Trust Global Wind Energy ETF 4.4 60 19 4.3 +3.9
AVEM Avantis Emerging Markets Equity ETF 4.3 33 46 8.1 +7.8
SMOG VanEck Low Carbon Energy ETF 4.1 61 18 1.5 +1.2
TAN Invesco Solar ETF 4.0 67 12 5.9 +5.5
FLCH Franklin FTSE China ETF 4.0 19 60 15.4 +15.1
GSFP Goldman Sachs Future Planet Equity ETF 3.9 75 4 4.4 +4.0
MCH Matthews China Active ETF 3.6 79 0 14.0 +13.6
CQQQ Invesco China Technology ETF 3.5 70 9 15.6 +15.2
BLLD JPMorgan Sustainable Infrastructure ETF 3.4 49 30 5.9 +5.6
RNRG Global X Renewable Energy Producers ETF 3.4 66 13 5.3 +4.9
MCHI iShares MSCI China ETF 3.4 59 20 16.9 +16.5
FXI iShares China Large-Cap ETF 3.2 74 5 16.9 +16.5
IPOS Renaissance International IPO ETF 3.2 80 -1 2.1 +1.8
CLNR IQ Cleaner Transport ETF 3.0 45 34 5.2 +4.8
GXC SPDR S & P China ETF 3.0 59 20 15.9 +15.6
NUEM Nuveen ESG Emerging Markets Equity ETF 2.8 36 43 7.2 +6.8
EEMO Invesco S&P Emerging Markets Momentum ETF 2.8 29 50 7.5 +7.2
VCLN Virtus Duff & Phelps Clean Energy ETF 2.8 59 20 3.9 +3.6
SOLR Guinness Atkinson Funds SmartETFs Sustainable Energy II Fund 2.7 79 0 5.0 +4.6
CNYA iShares MSCI China A ETF 2.6 60 19 6.9 +6.6
TEMP JPMorgan Climate Change Solutions ETF 2.5 49 30 5.8 +5.4
JADE JPMorgan Active Developing Markets Equity ETF 2.5 65 14 7.7 +7.3
URAN Themes Uranium & Nuclear ETF 2.3 35 44 1.3 +1.0
BOTT Themes Robotics & Automation ETF 2.3 35 44 -1.6 -2.0
MINV Matthews Asia Innovators Active ETF 2.3 79 0 7.0 +6.7
CGRO CoreValues Alpha Greater China Growth ETF 2.3 75 4 3.3 +3.0
CARZ First Trust NASDAQ Global Auto Index Fund 2.2 70 9 4.0 +3.6
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 2.1 32 47 8.5 +8.1
FCA First Trust China AlphaDEX Fund 2.1 80 -1 9.4 +9.1
POW VistaShares Electrification Supercycle ETF 2.1 75 4 3.4 +3.1
LDEM iShares ESG MSCI EM Leaders ETF 2.0 17 62 12.8 +12.5
ECON Columbia Emerging Markets Consumer ETF 2.0 49 30 11.5 +11.1
EMIF iShares Emerging Markets Infrastructure ETF 2.0 60 19 3.3 +2.9
BKF iShares MSCI BIC ETF 1.9 69 10 13.1 +12.7
DTEC ALPS Disruptive Technologies ETF 1.8 50 29 3.6 +3.3
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 1.8 60 19 7.9 +7.5
EMC Global X Emerging Markets Great Consumer ETF 1.7 75 4 8.6 +8.3
FCLD Fidelity Cloud Computing ETF 1.6 39 40 3.5 +3.1
DRIV Global X Autonomous & Electric Vehicles ETF 1.6 68 11 4.7 +4.3
DEHP Dimensional Emerging Markets High Profitability ETF 1.6 41 38 6.4 +6.0
UEVM VictoryShares Emerging Markets Value Momentum ETF 1.6 45 34 10.0 +9.7
WBAT WisdomTree Battery Value Chain and Innovation Fund 1.6 45 34 1.7 +1.4
IPKW Invesco International BuyBack Achievers ETF 1.5 55 24 8.8 +8.4
FLAX Franklin FTSE Asia Ex Japan ETF 1.5 19 60 8.4 +8.1
VWO Vanguard FTSE Emerging Markets ETF 1.3 7 72 10.2 +9.8
BKEM BNY Mellon Emerging Markets Equity ETF 1.3 11 68 9.2 +8.9
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 1.3 50 29 10.2 +9.9
EEMV iShares MSCI Emerging Markets Min Vol Factor ETF 1.3 25 54 6.3 +5.9
MOTO SmartETFs Smart Transportation & Technology ETF 1.3 68 11 6.4 +6.0
GMF SPDR S&P Emerging Asia Pacific ETF 1.2 49 30 9.4 +9.1
EEMA iShares MSCI Emerging Markets Asia ETF 1.2 49 30 9.2 +8.8
ESGE iShares ESG Aware MSCI EM ETF 1.2 25 54 9.7 +9.4
DFEM Dimensional Emerging Markets Core Equity 2 ETF 1.2 38 41 8.6 +8.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 1.2 66 13 9.0 +8.6
DFSE Dimensional Emerging Markets Sustainability Core 1 ETF 1.2 41 38 8.1 +7.8
CCNR ALPS CoreCommodity Natural Resources ETF 1.2 39 40 8.3 +7.9
AIA iShares Asia 50 ETF 1.2 50 29 12.6 +12.3
AVEE Avantis Emerging Markets Small Cap Equity ETF 1.2 42 37 9.3 +8.9
XT iShares Exponential Technologies ETF 1.2 46 33 4.5 +4.1
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 1.1 36 43 9.1 +8.8
DFAE Dimensional Emerging Core Equity Market ETF 1.1 35 44 8.6 +8.3
AAXJ iShares MSCI All Country Asia ex Japan ETF 1.1 70 9 8.4 +8.0
AVSE Avantis Responsible Emerging Markets Equity ETF 1.1 33 46 7.8 +7.5
BBEM JPMorgan BetaBuilders Emerging Markets Equity ETF 1.1 15 64 9.5 +9.2
FEM First Trust Emerging Markets AlphaDEX Fund 1.1 80 -1 11.4 +11.1
EEMX SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF 1.0 30 49 9.6 +9.2
PBW Invesco WilderHill Clean Energy ETF 1.0 66 13 -3.0 -3.4
CNRG State Street SPDR S&P Kensho Clean Power ETF 1.0 45 34 1.5 +1.2
EMCR Xtrackers Emerging Markets Carbon Reduction and Climate Impr 1.0 15 64 7.4 +7.1
EMXF iShares ESG Advanced MSCI EM ETF 1.0 16 63 7.9 +7.5
SCHE Schwab Emerging Markets Equity ETF 1.0 11 68 10.6 +10.2
KSTR KraneShares SSE STAR Market 50 Index ETF 1.0 89 -10 0.9 +0.6
EEM iShares MSCI Emerging Markets ETF 1.0 69 10 9.5 +9.1
SPEM SPDR Portfolio Emerging Markets ETF 0.9 7 72 10.4 +10.1
JEMA JPMorgan ActiveBuilders Emerging Markets Equity ETF 0.9 33 46 9.4 +9.0
JHEM John Hancock Multifactor Emerging Markets ETF 0.9 49 30 9.4 +9.0
IEMG iShares Core MSCI Emerging Markets ETF 0.9 9 70 9.8 +9.4
FMET Fidelity Metaverse ETF 0.9 39 40 4.7 +4.4
IBAT iShares Energy Storage & Materials ETF 0.8 47 32 2.6 +2.2
DSTX Distillate International Fundamental Stability & Value ETF 0.8 55 24 7.6 +7.2
GEM Goldman Sachs ActiveBeta Emerging Markets Equity ETF 0.7 45 34 9.6 +9.3
RXI iShares Global Consumer Discretionary ETF 0.7 41 38 8.3 +7.9
ION ProShares S&P Global Core Battery Metals ETF 0.7 58 21 7.2 +6.9
WRND IQ Global Equity R&D Leaders ETF 0.7 18 61 7.5 +7.2
PGJ Invesco Golden Dragon China ETF 0.7 70 9 13.7 +13.3
FBOT Fidelity Disruptive Automation ETF 0.7 50 29 3.3 +3.0
AQWA Global X Clean Water ETF 0.7 50 29 5.1 +4.7
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 0.7 30 49 8.4 +8.1
UMMA Wahed Dow Jones Islamic World ETF 0.7 65 14 4.7 +4.4
DRGN Themes China Generative Artificial Intelligence ETF 0.7 39 40 10.8 +10.5
NZAC SPDR MSCI ACWI Climate Paris Aligned ETF 0.6 12 67 4.9 +4.5
PXH Invesco FTSE RAFI Emerging Markets ETF 0.6 49 30 14.9 +14.5
GTEK Goldman Sachs Future Tech Leaders Equity ETF 0.6 75 4 2.9 +2.6
CGW Invesco S&P Global Water Index ETF 0.6 57 22 4.7 +4.4
ASHS Xtrackers Harvest CSI 500 China A-Shares Small Cap ETF 0.6 65 14 5.1 +4.7
PIE Invesco Dorsey Wright Emerging Markets Momentum ETF 0.6 90 -11 5.1 +4.7
IQDY FlexShares International Quality Dividend Dynamic Index Fund 0.5 47 32 7.7 +7.3
PATN Pacer Nasdaq International Patent Leaders ETF 0.5 65 14 5.3 +5.0
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 0.5 20 59 27,699.8 +27,699.5
TBLU Tortoise Global Water ESG ETF 0.5 40 39 4.6 +4.3
EEMS iShares MSCI Emerging Markets Small Cap ETF 0.5 70 9 7.5 +7.2
VSGX Vanguard ESG International Stock ETF 0.5 10 69 7.5 +7.1
MEM Matthews Emerging Markets Equity Active ETF 0.5 79 0 7.3 +6.9
DFEV Dimensional Emerging Markets Value ETF 0.4 43 36 11.7 +11.4
FEMS First Trust Emerging Markets Small Cap AlphaDEX Fund 0.4 80 -1 14.2 +13.8
DVYE iShares Emerging Markets Dividend ETF 0.4 49 30 18.1 +17.8
EFRA iShares Environmental Infrastructure and Industrials ETF 0.4 47 32 5.4 +5.0
VEU Vanguard FTSE All-World ex-US Index Fund 0.4 4 75 7.6 +7.3
VXUS Vanguard Total International Stock ETF 0.4 5 74 7.6 +7.2
EMGF iShares Emerging Markets Equity Factor ETF 0.4 25 54 10.8 +10.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 0.3 41 38 7.1 +6.8
GXUS Goldman Sachs MarketBeta Total International Equity ETF 0.3 18 61 7.3 +6.9
DFAX Dimensional World ex U.S. Core Equity 2 ETF 0.3 30 49 7.4 +7.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 0.3 39 40 15.5 +15.2
ACWX iShares MSCI ACWI ex U.S. ETF 0.3 34 45 7.3 +6.9
IXUS iShares Core MSCI Total International Stock ETF 0.3 7 72 7.5 +7.1
CCSO Carbon Collective Climate Solutions US Equity ETF 0.3 35 44 1.2 +0.9
DEM WisdomTree Emerging Markets High Dividend Fund 0.3 63 16 12.7 +12.3
CWI SPDR MSCI ACWI ex-US ETF 0.3 30 49 7.3 +7.0
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 0.3 86 -7 14.3 +14.0
JSTC Adasina Social Justice All Cap Global ETF 0.3 89 -10 4.8 +4.4
EWX SPDR S&P Emerging Markets Small Cap ETF 0.3 65 14 7.8 +7.5
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 0.3 44 35 10.3 +10.0
GRID First Trust Nasdaq Clean Edge Smart GRID Infrastructure 0.2 58 21 4.4 +4.0
ANEW ProShares MSCI Transformational Changes ETF 0.2 45 34 5.3 +4.9
DGS WisdomTree Emerging Markets SmallCap Dividend Fund 0.2 58 21 9.5 +9.1
EVLU iShares MSCI Emerging Markets Value Factor ETF 0.2 35 44 12.5 +12.1
NFRA FlexShares STOXX Global Broad Infrastructure Index Fund 0.2 47 32 5.8 +5.5
DNL WisdomTree Global ex-US Quality Dividend Growth Fund 0.2 42 37 6.5 +6.2
FDEM Fidelity Emerging Markets Multifactor ETF 0.2 25 54 12.2 +11.9
GEW Cambria Global EW ETF 0.2 29 50 5.9 +5.5
ROAM Hartford Multifactor Emerging Markets ETF 0.2 44 35 11.2 +10.9
KOMP State Street SPDR S&P Kensho New Economies Composite ETF 0.2 20 59 3.0 +2.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 0.2 20 59 5.3 +5.0
FFLC Fidelity Fundamental Large Cap Core ETF 0.2 38 41 4.5 +4.2
VT Vanguard Total World Stock ETF 0.1 6 73 5.7 +5.4
IQDF FlexShares International Quality Dividend Index Fund 0.1 47 32 8.4 +8.0
VYMI Vanguard International High Dividend Yield ETF 0.1 17 62 9.0 +8.7
ACWV iShares MSCI Global Min Vol Factor ETF 0.1 20 59 5.7 +5.3
GUNR FlexShares Morningstar Global Upstream Natural Resources Ind 0.1 46 33 9.5 +9.2
TOLZ ProShares DJ Brookfield Global Infrastructure ETF 0.1 46 33 5.7 +5.3
ACWI iShares MSCI ACWI ETF 0.1 32 47 5.3 +5.0
IGPT Invesco AI and Next Gen Software ETF 0.1 60 19 4.3 +4.0
KLMT Invesco MSCI Global Climate 500 ETF 0.1 10 69 5.6 +5.2
SPGM SPDR Portfolio MSCI Global Stock Market ETF 0.1 9 70 5.5 +5.1
VSS Vanguard FTSE All-World ex-US Small-Cap ETF 0.1 8 71 7.1 +6.7
IGF iShares Global Infrastructure ETF 0.1 41 38 4.6 +4.3
GII SPDR S&P Global Infrastructure ETF 0.1 40 39 4.6 +4.3
GINN Goldman Sachs Innovate Equity ETF 0.1 52 27 3.6 +3.3
VIGI Vanguard International Dividend Appreciation ETF 0.0 10 69 6.3 +5.9
GLOF iShares Global Equity Factor ETF 0.0 20 59 6.6 +6.3
APIE ActivePassive International Equity ETF 0.0 45 34 7.1 +6.7
DEW WisdomTree Global High Dividend Fund 0.0 58 21 8.2 +7.8

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 6.0 %
Divided by: Fwd. P/BV 5.2 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		 2.17 CATEGORY
AVERAGE		 1.54
 
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.