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Overview Performance Distributions Growth of $10,000 Holdings Fund Documents FAQ

Overview

Why KCCA?

  • Structural growth opportunity: Access an asset class with regulatory-driven supply constraints that help support long-term structural upside potential.
  • Diversification: Low correlations to major assets, including just 0.1 to US large cap.1
  • Inflation resilience: Potential inflation hedge with a downside floor that rises annually by 5% plus the Consumer Price Index (CPI).
  • Market impact: Supports price discovery and market liquidity in one of the state’s leading tools for state-economy-wide decarbonization.
  • Global relevance: The California carbon allowance market covers ~80% of the state’s greenhouse gas (GHG) emissions2 across the world’s fourth-largest economy,3 with nearly $60 billion in trading volume in 2025,1 making it the second-largest carbon market by trading volume globally.

What is California’s cap-and-invest market?

  • Established in 2013 and recently extended through 2045,4 the programme operates under a declining emissions cap, tightening supply over time while demand is driven by mandatory participation from large emitters that acquire allowances through auctions or secondary markets.
  • As government-mandated and regulated programmes, cap-and-invest creates transparent and liquid markets that incentivise companies to pursue the most cost-effective emissions reduction strategies while driving broader industry innovation.
  • The programme’s annual declining cap aligns with the state’s statutory target of reducing emissions by 40% of 1990 levels by 2030 and achieving carbon neutrality by 2045.4
  • CCA auction proceeds fund community programs and provide utility bill rebates for households and small businesses.

By pairing KCCA with other KraneShares carbon securities, investors can customize their allocation to the global carbon credit market:

1. Data from Bloomberg since fund index inception to 3/31/2026, based on monthly correlations of KCCA to the S&P 500 Index ("US large cap"). The S&P 500 is widely regarded as the best single gauge of large-cap U.S. equities. The index includes 500 leading companies and covers approximately 80% of available market capitalization. The performance data quoted represents past performance, and current returns may be higher or lower. Past performance does not guarantee future results.
2. Congressional Research Service. The California Cap‑and‑Trade Program: Overview and Considerations for Congress. CRS Report R48314, 12/18/2024. Library of Congress.
3. Governor Gavin Newsom, “California is now the 4th largest economy in the world,” 04/23/2025.
4. International Carbon Action Partnership, “California extends cap-and-trade to 2045, renames program “Cap-and-Invest,” 9/29/2025.

Fund Details

Data as of 07/02/2026
Ticker KCCA
Primary Exchange NYSE
CUSIP 500767553
ISIN US5007675532
Net Assets $117,501,750
Shares Outstanding 6,850,002
Total Annual Fund Operating Expense 0.91%
Inception Date 10/4/2021
Distribution Frequency Quarterly
Underlying Index S&P Carbon Credit CCA Index

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Premium Discount Chart

Daily Performance

Data as of 07/02/2026
Daily Net Asset Value (NAV) and Market Price
NAV $17.15
NAV Daily Change 0.47%
Market Price $17.08
Market Price Daily Change 0.29%
30 Day Median Bid/Ask Spread
0.55%
30 Day Median Bid/Ask Spread as of 07/01/2026.The ETF’s 30 Day Median Bid-Ask Spread is calculated by identifying the ETF’s national best bid and national best offer ("NBBO") as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

Performance History

Cumulative %

Data as of: 06/30/2026

Fund NAV Closing Price Underlying Index
1 Month 5.32% 5.85% 5.10%
3 Month 14.92% 14.78% 14.17%
6 Month 1.31% 1.19% 0.18%
YTD 1.31% 1.19% 0.18%
Since Inception -6.73% -6.78% -2.44%

Avg Annualized %

Data as of quarter end: 06/30/2026

Fund NAV Closing Price Underlying Index
1 Year 12.86% 12.81% 11.88%
3 Year -3.11% -3.20% -2.09%
Since Inception -1.46% -1.47% -0.52%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Distribution History

2025 Distributions
Ex-Date Record Date Payable Date Amount
12/22/2025 12/22/2025 12/23/2025 0.483210

Future calendar dates are subject to change. There is no guarantee that dividends will be paid. Past distributions are not indicative of future trends. This material is provided for educational purposes only and does not constitute investment advice.

Distributions are issued to brokers on the payable date, and are subject to broker payment schedules.

2024 Distributions
Ex-Date Record Date Payable Date Amount
03/26/2024 03/27/2024 03/28/2024 0.000000
06/27/2024 06/27/2024 06/28/2024 5.027550
09/27/2024 09/27/2024 09/30/2024 0.000000
12/17/2024 12/17/2024 12/18/2024 0.971937
2023 Distributions
Ex-Date Record Date Payable Date Amount
06/28/2023 06/29/2023 06/30/2023 0.203350
09/27/2023 09/28/2023 09/29/2023 0.000000
12/18/2023 12/19/2023 12/20/2023 0.735938
2022 Distributions
Ex-Date Record Date Payable Date Amount
12/28/2022 12/29/2022 12/30/2022 0.056293
2021 Distributions
Ex-Date Record Date Payable Date Amount
12/29/2021 12/30/2021 12/31/2021 0.000000

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Growth of $10,000

Data as of 07/02/2026

The Growth of $10,000 chart reflects an initial investment of $10,000 on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of $10,000 chart since inception, the initial investment of $10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a $10,000 investment in the fund is hypothetical and for illustration purposes only. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.

Carbon Allowance Exposures

Data as of 07/02/2026
Name Identifier Position Current Exposure ($) % NAV
California Carbon Allowance (CCA) Vintage 2026 Future KBCZ26 Comdty 3,538 117,496,980 100%
117,496,980 100%

Collateral and Currency Management

Data as of 07/02/2026
Name Identifier Position Current Notional ($) % NAV
KraneShares Sustainable Ultra Short Duration Index ETF 500767355 3,678,400 92,199,096 78.47%
USD Cash & Equivalents** USD 21,346,119 21,346,119 18.17%
State Street Institutional U.S. Government Money Market Fund GVMXX 3,960,621 3,960,620 3.37%
117,505,835 100%

Holdings, carbon allowance exposures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($21,346,119)

Top 10 Holdings

Data as of 07/02/2026 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 KraneShares Sustainable Ultra Short Duration Index ETF 78.46% KCSH US5007673552 ETF 3,678,400 92,199,096 0
2 Cash 18.17% – – Cash 21,346,119 21,346,119 0
3 STATE ST INST US GOV 3.37% GVMXX – Money Market 3,960,621 3,960,620 0
4 CCA VINTAGE 2026 DEC26 0.00% KBCZ26 – Future 3,538 0 117,496,980

Holdings are subject to change.

Fund Documents

FAQ

©2026 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017 [email protected]

Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting www.kraneshares.com. Read the prospectus carefully before investing.

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative.

The Fund relies on the existence of cap and trade regimes. There is no assurance that cap and trade regimes will continue to exist, or that they will prove to be an effective method of reduction in GHG emissions. Changes in U.S. law and related regulations may impact the way the Fund operates, increase Fund costs and/or change the competitive landscape. New technologies may arise that may diminish or eliminate the need for cap and trade markets. Ultimately, the cost of emissions credits is determined by the cost of actually reducing emissions levels. If the price of credits becomes too high, it will be more economical for companies to develop or invest in green technologies, thereby suppressing the demand for credits. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values.

The use of futures contracts is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors; and (e) if the Fund has insufficient cash, it may have to sell securities or financial instruments from its portfolio to meet daily variation margin requirements, which may lead to the Fund selling securities or financial instruments at a loss.

The Fund invests through a subsidiary, and is indirectly exposed to the risks associated with the Subsidiary’s investments. Since the Subsidiary is organized under the law of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940, as such the Fund will not receive all of the protections offered to shareholders of registered investment companies. The Fund and the Subsidiary will be considered commodity pools upon commencement of operations, and each will be subject to regulation under the Commodity Exchange Act and CFTC rules. Commodity pools are subject to additional laws, regulations and enforcement policies, which may increase compliance costs and may affect the operations and performance of the Fund and the Subsidiary. Futures and other contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by changes in overall market movements, volatility of the Index, changes in interest rates, or factors affecting a particular industry or commodity.

The Fund is subject to interest rate risk, which is the chance that bonds will decline in value as interest rates rise.

Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration. KCCA is non-diversified.

ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

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