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Trending ETFs

Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$28.68

$261 M

0.00%

0.81%

Vitals

YTD Return

-4.9%

1 yr return

20.7%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$261 M

Holdings in Top 10

184.2%

52 WEEK LOW AND HIGH

$28.9
$24.40
$31.49

Expenses

OPERATING FEES

Expense Ratio 0.81%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$28.68

$261 M

0.00%

0.81%

KCCA - Profile

Distributions

  • YTD Total Return -4.9%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio N/A
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    KraneShares California Carbon Allowance Strategy ETF
  • Fund Family Name
    Krane Funds Advisors, LLC
  • Inception Date
    Oct 04, 2021
  • Shares Outstanding
    N/A
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    James Maund

Fund Description

In seeking to achieve its investment objective, the Fund attempts to maintain exposure to carbon credit futures that are substantially the same as those included in the Index, which is an index comprised of futures contracts on emission allowances issued by a “cap and trade” regulatory regime that seeks to reduce greenhouse gas emissions over time. The Index is designed to measure the performance of a portfolio of futures contracts on carbon credits issued under the California Carbon Allowance “cap and trade” regime (“carbon credit futures”). An emission allowance or carbon credit is a unit of emissions (typically one ton of CO2) that the owner of the allowance or credit is permitted to emit. A cap and trade regime seeks to gradually reduce such emission allowances or carbon credits over time to incentivize companies to reduce greenhouse gas emissions in an effort to curb climate change. The Index includes only carbon credit futures that mature in December of the next one to two years. The Fund may also invest directly and indirectly in certain debt instruments.

Carbon credits issued under the California Carbon Allowance “cap and trade” regime include carbon credits issued by Quebec since the California and Quebec markets were linked pursuant to the Western Climate Initiative in 2014. Currently, carbon credits issued by Quebec each year consist of approximately 17-18% of the carbon credits issued under the California Carbon Allowance “cap and trade” regime. This percentage is subject to change and it is possible for additional markets to be added in the future.

The Fund utilizes a subsidiary (the “Subsidiary”) for purposes of investing in carbon credit futures. The Subsidiary is a corporation operating under Cayman Islands law that is wholly-owned and controlled by the Fund. The Subsidiary is advised by the Adviser. The Fund’s investment in the Subsidiary may not exceed 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary’s value), which limitation is imposed by the Internal Revenue Code of 1986, as amended, and is measured at the end of each quarter. The Subsidiary has the same investment objective as the Fund and follows the same investment policies and restrictions as the Fund. Except as noted, for purposes of this Prospectus, references to the Fund’s investment strategies and risks include those of its Subsidiary, and references to the Fund include the Subsidiary.

What is a “cap and trade” regime?

In a “cap and trade” regime, a limit (“cap”) is typically set by a regulator, such as a government entity or supranational organization, on the total amount of specific greenhouse gases, such as CO2, that can be emitted by regulated entities, such as manufacturers or energy producers. Capping and reducing the cap on greenhouse gases is viewed as a key policy tool for reaching climate change objectives. The regulator then issues or sells “emission allowances” to regulated entities which may then buy or sell (“trade”) the emission allowances on the open market. To the extent that the regulator may then reduce the cap on emission allowances, regulated entities are thereby incentivized to reduce their emissions; otherwise they must purchase emission allowances on the open market, where the price of such allowances will likely be increasing as a result of demand, and regulated entities that reduce their emissions will be able to sell unneeded emission allowances for profit. The opposite could also occur and the regulator may increase the cap on emission allowances, which would likely increase emissions and decrease the price of allowances. Commodity futures contracts linked to the value of emission allowances are known as carbon credit futures.

While the Fund generally seeks to obtain exposure to the same carbon credit futures that are in the Index, the Fund and Subsidiary may not replicate the Index. For example, the Fund may invest in carbon credit futures with different maturity dates (i.e., not one of the next two Decembers), the Fund may weight the carbon credit futures differently than the Index, or the Fund may purchase carbon credit futures on different dates than the rebalancing date for the Index.

The Fund may also invest in other instruments that are consistent with its investment objective. For example, the Fund may invest in emission allowances issued under a cap and trade regime, futures contracts that are not carbon credit futures, options on futures contracts, swap contracts, and other investment companies and notes, which may or may not be exchange-traded.

The debt instruments in which the Fund intends to invest include government securities and corporate or other non-government fixed-income securities with maturities of up to 12 months. The Fund may invest in debt instruments indirectly through short-term bond funds and exchange-traded funds (“ETFs”). The Fund may also invest in cash and cash equivalents, including money market funds.

The Commodities Futures Trading Commission (the “CFTC”) has adopted certain requirements that subject registered investment companies and their advisers to regulation by the CFTC if a registered investment company invests more than a prescribed level of its net assets in CFTC-regulated futures, options and swaps, or if a registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund’s use of CFTC-regulated futures and swaps above CFTC Rule 4.5 limits, it is considered a “commodity pool” under the Commodity Exchange Act.

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings, if any) in instruments that provide exposure to California Carbon Allowances. The notional value of any investments by the Fund (including its Subsidiary) that provide such exposure, including investments in derivatives (such as futures contracts on California Carbon Allowances), will be counted toward satisfaction of this 80% policy.

The Fund is non-diversified. To the extent the Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry (using the notional value of any futures in which it invests). The Index is rebalanced and reconstituted annually.

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KCCA - Performance

Return Ranking - Trailing

Period KCCA Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -39.0% 55.2% 95.77%
1 Yr 20.7% -60.4% 1743.4% N/A
3 Yr N/A* -24.7% 188.9% N/A
5 Yr N/A* -26.1% 82.1% N/A
10 Yr N/A* -20.5% 27.8% N/A

* Annualized

Return Ranking - Calendar

Period KCCA Return Category Return Low Category Return High Rank in Category (%)
2023 29.8% -58.5% 2475.6% N/A
2022 -17.7% -87.8% 170.8% N/A
2021 N/A -38.3% 438.4% N/A
2020 N/A -81.2% 208.1% N/A
2019 N/A -29.0% 34.3% N/A

Total Return Ranking - Trailing

Period KCCA Return Category Return Low Category Return High Rank in Category (%)
YTD -4.9% -49.6% 119.0% 89.67%
1 Yr 20.7% -60.4% 1743.4% N/A
3 Yr N/A* -24.7% 188.9% N/A
5 Yr N/A* -26.1% 82.1% N/A
10 Yr N/A* -20.5% 28.7% N/A

* Annualized

Total Return Ranking - Calendar

Period KCCA Return Category Return Low Category Return High Rank in Category (%)
2023 34.1% -58.5% 2475.6% N/A
2022 -17.5% -87.8% 170.8% N/A
2021 N/A -38.3% 438.4% N/A
2020 N/A -81.2% 208.1% N/A
2019 N/A -29.0% 34.3% N/A

KCCA - Holdings

Concentration Analysis

KCCA Category Low Category High KCCA % Rank
Net Assets 261 M 348 K 63.1 B 51.54%
Number of Holdings 2 1 846 92.05%
Net Assets in Top 10 495 M 0 63.2 B 100.00%
Weighting of Top 10 184.16% 20.7% 100.0% 96.27%

Top 10 Holdings

  1. CA CARBON ALLOW 24DEC24 PHYSICAL COMMODITY FUTURE. 99.91%
  2. STATE ST INST US GOV 84.25%

Asset Allocation

Weighting Return Low Return High KCCA % Rank
Other
99.91% -47.59% 165.73% 38.93%
Cash
84.25% -81.87% 100.00% 20.13%
Stocks
0.00% 0.00% 92.26% 65.56%
Preferred Stocks
0.00% 0.00% 0.00% 55.41%
Convertible Bonds
0.00% 0.00% 3.89% 68.92%
Bonds
0.00% 0.00% 96.71% 88.74%

KCCA - Expenses

Operational Fees

KCCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.81% 0.10% 3.08% 42.53%
Management Fee 0.78% 0.00% 1.75% 75.00%
12b-1 Fee N/A 0.00% 1.00% 19.18%
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

KCCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 4.50% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

KCCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A N/A N/A N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

KCCA Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 460.74% N/A

KCCA - Distributions

Dividend Yield Analysis

KCCA Category Low Category High KCCA % Rank
Dividend Yield 0.00% 0.00% 44.18% 76.85%

Dividend Distribution Analysis

KCCA Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly Annually Monthly Annually

Net Income Ratio Analysis

KCCA Category Low Category High KCCA % Rank
Net Income Ratio N/A -55.71% 52.26% N/A

Capital Gain Distribution Analysis

KCCA Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

KCCA - Fund Manager Analysis

Managers

James Maund


Start Date

Tenure

Tenure Rank

Sep 29, 2021

0.67

0.7%

James Maund, Head of Capital Markets at Krane Funds Advisors LLC. He joined the Krane Funds Advisors in 2020 and has been in the investment management industry since 2005. Previously, he was a Vice President in the Institutional ETF Group and a member of the ETF Capital Markets Group at State Street Global Advisors (2010-2019); and an ETF trader at Goldman Sachs & Co (2005-2010). Mr. Maund graduated with a bachelor’s degree in economics from Wesleyan University.

Jonathan Shelon


Start Date

Tenure

Tenure Rank

Sep 29, 2021

0.67

0.7%

Jonathan Shelon, Managing Partner and Chief Operating Officer at Krane, also serves as a portfolio manager of each Fund and supports Mr. Schlarbaum and Krane’s investment team with respect to each Fund. Mr. Shelon has been a portfolio manager of each Fund since August 2018 (in the case of KraneShares CSI China Internet ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI All China Healthcare Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI China Environment Index ETF, KraneShares MSCI One Belt One Road Index ETF and KraneShares Zacks New China ETF) or since inception (in the case of KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI All China Consumer Discretionary Index ETF, KraneShares MSCI All China Consumer Staples Index ETF and KraneShares MSCI China A Inclusion Hedged Index ETF,). Mr. Shelon joined Krane in 2015 as a Managing Partner. Mr. Shelon has spent the majority of his career managing investment portfolios and diverse teams at leading asset management organizations. Most recently, he was the Chief Investment Officer of a 40-person global Specialized Strategies Team at J.P. Morgan with $40 billion AUM. Prior to joining J.P. Morgan, Mr. Shelon spent ten years as a portfolio manager at Fidelity Investments since 2001 where he was responsible for the investment performance, process and evolution of their target-date strategies for retirement savings, college savings and income generation. Prior to joining, he was a quantitative consultant at Callan Associates, Inc.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 5.81 11.51