Overview

Performance

Distributions

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 S&P Carbon Credit 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.1
  • Provides potential hedge against inflation through a price floor that is pegged to inflation rates, i.e., the price floor rises 5% plus Consumer Price Index (CPI).1
  • California 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 06/17/2024
Daily Net Asset Value (NAV) and Market Price
NAV $26.59
NAV Daily Change 0.80%
Market Price $26.48
Market Price Daily Change 0.72%
30 Day Median Bid/Ask Spread
0.45%

Performance History

Cumulative %
Data as of: 05/31/2024
Fund NAV Closing Price Index
1 Month 0.28% -0.04% 0.41%
3 Month -7.23% -7.37% -7.04%
6 Month -4.13% -4.20% -3.28%
YTD -6.28% -6.60% -5.77%
Since Inception 16.88% 16.63% 20.57%
Avg Annualized %
Data as of month end: 05/31/2024
Fund NAV Closing Price Index
1 Year 18.44% 18.67% 20.80%
Since Inception 6.04% 5.96% 7.29%
Avg Annualized %
Data as of quarter end: 03/31/2024
Fund NAV Closing Price Index
1 Year 23.47% 24.13% 26.06%
Since Inception 7.08% 7.11% 8.30%

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

2024 Distributions and Calendar
Ex-Date Record Date Payable Date Amount
03/26/2024 03/27/2024 03/28/2024 0.000000
06/26/2024 06/27/2024 06/28/2024
09/26/2024 09/27/2024 09/30/2024

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.

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

Growth of $10,000

Data as of 06/17/2024

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 Futures

Data as of 06/18/2024
Name Identifier Position Current Exposure ($) % NAV
California Carbon Allowance (CCA) Vintage 2024 Future CDBZ24 Comdty 6,656 243,077,120 99.99%
243,077,120 100%

Collateral and Currency Management

Data as of 06/18/2024
Name Identifier Position Current Exposure($) % NAV
STATE ST INST US GOV GVMXX 218,734,092 218,734,092 89.97%
USD Cash & Equivalents** USD 24,374,427 24,374,427 10.03%
243,108,519 100%

Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($24,374,427)

Top 10 Holdings

Data as of 06/18/2024 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 STATE ST INST US GOV 89.97% GVMXX Money Market 218,734,092 218,734,092 0
2 Cash 10.03% Cash 24,374,427 24,374,427 0
3 CA CARBON ALLOW 24DEC24 0.00% CDBZ24 Future 6,656 0 243,077,120

Holdings are subject to change.