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Overview

Performance

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

The KraneShares California Carbon Allowance Strategy ETF (KCCA) provides targeted exposure to the California Carbon Allowances (CCA) cap-and-trade carbon allowance program. KCCA is benchmarked to the IHS Markit Carbon CCA Index, which tracks the most traded CCA futures contracts. As a part of the KraneShares suite of carbon ETFs, KCCA provides a new vehicle for participating in the price of carbon and hedging risk while supporting responsible investing and impact investment goals.

KCCA Features:

  • The CCA cap-and-trade program began in 2012, implemented by the California Air Resources Board (CARB) and covers approximately 80% of the states Green House Gas (GHG) emissions. In 2014, the program was expanded to cover Quebec and its emissions1.
  • The program plans to reduce carbon levels to 60% of 1990 levels by 2030 and achieve carbon neutrality by 2045. The cap will reduce 4% per year to achieve this objective. Further, the program has a floor price that rises 5% plus inflation adjustment each year.1
  • CCA carbon allowances are among the fastest growing, strongest performing and diversifying asset classes. In 2021, CCA carbon allowance futures have traded around $1.5 billion per month.2, 3
  • Can provide potential portfolio diversification due to the historically low correlation to traditional asset classes.3, 4

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

*Formerly the KraneShares California Carbon Allowance ETF

1. California Air Resources Board, 2017.
2. Data from Bloomberg as of 8/31/2021.
3. Diversification does not ensure a profit or guarantee against a loss.
4. IHS Markit, 12/31/2020.

Premium Discount Chart

Daily Performance

Data as of 01/26/2023
Daily Net Asset Value (NAV) and Market Price
NAV $22.96
NAV Daily Change 0.21%
Market Price $22.84
Market Price Daily Change -0.35%
30 Day Median Bid/Ask Spread
0.53%
Distributions

Performance History

Cumulative %
Data as of: 12/31/2022
Fund NAV Closing Price Index
1 Month 6.59% 6.53% 6.80%
3 Month 5.14% 5.75% 5.79%
6 Month -10.14% -10.40% -7.29%
Since Inception -6.97% -6.85% -6.55%
Avg Annualized %
Data as of quarter end: 12/31/2022
Fund NAV Closing Price Index
1 Year -16.73% -17.54% -13.99%
Since Inception -5.66% -5.56% -5.31%

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.

Growth of $10,000

Data as of 01/26/2023

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.

Carbon Allowance Futures

Data as of 01/27/2023
Name Identifier Position Current Exposure ($) % NAV
California Carbon Allowance (CCA) Vintage 2023 Future LUDZ23 Comdty 7,505 223,273,750 99.93%
223,273,750 100%

Collateral and Currency Management

Data as of 01/27/2023
Name Identifier Position Current Exposure($) % NAV
STATE ST INST US GOV GVMXX 165,000,000 165,000,000 73.85%
USD Cash & Equivalents** USD 58,434,818 58,434,818 26.15%
223,434,818 100%

Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($58,434,818)

Top 10 Holdings

Data as of 01/27/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 STATE ST INST US GOV 73.85% GVMXX Money Market 165,000,000 165,000,000 0
2 Cash 26.15% Cash 58,434,818 58,434,818 0
3 CALCARBALLOWV2023 DEC23 0.00% LUDZ23 Future 7,505 0 223,273,750

Holdings are subject to change.