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Trending ETFs

Name

As of 05/20/2024

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

$34.93

$316 M

6.47%

$2.26

0.79%

Vitals

YTD Return

-4.3%

1 yr return

-2.7%

3 Yr Avg Return

10.7%

5 Yr Avg Return

N/A

Net Assets

$316 M

Holdings in Top 10

143.4%

52 WEEK LOW AND HIGH

$33.8
$28.53
$41.13

Expenses

OPERATING FEES

Expense Ratio 0.79%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

N/A

IRA

N/A


Fund Classification

Fund Type

Exchange Traded Fund


Name

As of 05/20/2024

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

$34.93

$316 M

6.47%

$2.26

0.79%

KRBN - Profile

Distributions

  • YTD Total Return -4.3%
  • 3 Yr Annualized Total Return 10.7%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -0.72%
DIVIDENDS
  • Dividend Yield 6.5%
  • Dividend Distribution Frequency SemiAnnual

Fund Details

  • Legal Name
    KraneShares Global Carbon Strategy ETF
  • Fund Family Name
    Krane Funds Advisors, LLC
  • Inception Date
    Jul 30, 2020
  • Shares Outstanding
    25549026
  • Share Class
    N/A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jonathan Shelon

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 various “cap and trade” regulatory regimes that seek to reduce greenhouse gas emissions over time. The Fund may also invest directly or indirectly in certain debt instruments.

The Index is designed to measure the performance of a portfolio of liquid carbon credit futures that require “physical delivery” of emission allowances issued under cap and trade regimes. 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 and that have a minimum average monthly trading volume over the previous six months of at least $10 million. The Index weights eligible carbon credit futures based on their average monthly trading volume during the relevant six-month period, subject to a 5% minimum weight per regime and a 65% maximum weight to any one of the following geographic regions: (1) Europe, the Middle East and Africa, (2) the Americas, and (3) the Asia-Pacific. In addition, no single carbon credit futures contract expiring in a particular year will receive an allocation of less than 5% or more than 60% at the semi-annual rebalancing or annual reconstitution of the Index.

As of June 29, 2023, the Index included carbon credit futures linked to the value of emissions allowances issued under the following cap and trade regimes: the European Union Emissions Trading System; the California Carbon Allowance; Regional Greenhouse Gas Initiative; and the UK Emissions Trading Scheme cap and trade regimes. As the global carbon credit market grows, additional carbon credit futures, are expected to enter the Index, and the Fund’s portfolio when they have a minimum average monthly trading volume of at least $10 million over the relevant six-month period.

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.

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. Commodity futures contracts linked to the value of emission allowances are known as “carbon credit futures”.

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.

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 use futures and forward contracts on currencies to manage its exposure to currencies.

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

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.

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).

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KRBN - Performance

Return Ranking - Trailing

Period KRBN Return Category Return Low Category Return High Rank in Category (%)
YTD -4.3% -7.5% 33.2% 96.97%
1 Yr -2.7% -33.6% 36.6% 95.45%
3 Yr 10.7%* -28.4% 299.5% 30.77%
5 Yr N/A* -26.2% 136.4% 70.86%
10 Yr N/A* -25.9% 46.1% 42.02%

* Annualized

Return Ranking - Calendar

Period KRBN Return Category Return Low Category Return High Rank in Category (%)
2023 0.1% -64.0% 30.1% 10.61%
2022 -28.3% -40.8% 2475.6% 96.18%
2021 106.7% -23.3% 106.7% 0.77%
2020 N/A -71.9% 295.5% N/A
2019 N/A -31.8% 53.9% N/A

Total Return Ranking - Trailing

Period KRBN Return Category Return Low Category Return High Rank in Category (%)
YTD -4.3% -7.5% 33.2% 96.97%
1 Yr -2.7% -33.6% 36.6% 95.45%
3 Yr 10.7%* -28.4% 299.5% 30.77%
5 Yr N/A* -26.2% 136.4% N/A
10 Yr N/A* -25.9% 46.1% N/A

* Annualized

Total Return Ranking - Calendar

Period KRBN Return Category Return Low Category Return High Rank in Category (%)
2023 8.0% -64.0% 41.1% 11.36%
2022 -12.4% -15.1% 5648.8% 99.24%
2021 107.7% -23.3% 188.1% 4.62%
2020 N/A -67.8% 296.1% N/A
2019 N/A -31.8% 53.9% N/A

KRBN - Holdings

Concentration Analysis

KRBN Category Low Category High KRBN % Rank
Net Assets 316 M 2.34 M 54.2 B 54.66%
Number of Holdings 8 1 926 84.85%
Net Assets in Top 10 629 M 2.66 M 63.2 B 37.12%
Weighting of Top 10 143.39% 23.0% 143.4% 0.79%

Top 10 Holdings

  1. ECX EMISSION DEC24 PHYSICAL COMMODITY FUTURE. 56.33%
  2. STATE ST INST US GOV 43.57%
  3. CA CARBON ALLOW 24DEC24 PHYSICAL COMMODITY FUTURE. 23.81%
  4. ECX EMISSION DEC25 PHYSICAL COMMODITY FUTURE. 5.07%
  5. UK EMISS ALLOW FU DEC24 PHYSICAL COMMODITY FUTURE. 5.01%
  6. RGGI VINTAGE 24 DEC24 PHYSICAL COMMODITY FUTURE. 4.81%
  7. CA CARBON ALLOW 25DEC25 PHYSICAL COMMODITY FUTURE. 4.72%
  8. EURO FX CURR FUT MAR24 CURRENCY FUTURE. 0.06%

Asset Allocation

Weighting Return Low Return High KRBN % Rank
Other
99.82% -47.59% 100.00% 10.77%
Cash
43.57% 0.00% 100.26% 32.31%
Stocks
0.00% 0.00% 62.82% 87.88%
Preferred Stocks
0.00% 0.00% 0.07% 79.23%
Convertible Bonds
0.00% 0.00% 3.89% 82.17%
Bonds
0.00% 0.00% 120.99% 96.97%

KRBN - Expenses

Operational Fees

KRBN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.79% 0.21% 4.07% 73.79%
Management Fee 0.78% 0.00% 1.75% 74.53%
12b-1 Fee 0.00% 0.00% 1.00% 13.79%
Administrative Fee N/A 0.02% 0.45% N/A

Sales Fees

KRBN 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

KRBN 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.

KRBN Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 162.00% 29.35%

KRBN - Distributions

Dividend Yield Analysis

KRBN Category Low Category High KRBN % Rank
Dividend Yield 6.47% 0.00% 19.94% 6.21%

Dividend Distribution Analysis

KRBN Category Low Category High Category Mod
Dividend Distribution Frequency SemiAnnual Annually Monthly Annually

Net Income Ratio Analysis

KRBN Category Low Category High KRBN % Rank
Net Income Ratio -0.72% -55.71% 52.26% 70.54%

Capital Gain Distribution Analysis

KRBN Category Low Category High Capital Mode
Capital Gain Distribution Frequency

Distributions History

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KRBN - Fund Manager Analysis

Managers

Jonathan Shelon


Start Date

Tenure

Tenure Rank

Jul 28, 2020

1.84

1.8%

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.

James Maund


Start Date

Tenure

Tenure Rank

Jul 28, 2020

1.84

1.8%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.33 17.03 6.1 11.51