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KCCB

KraneShares CCBS China Corporate High Yield Bond USD Index ETF

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Investment Strategy:

KCCB seeks to provide investment results that, before fees and expenses, track the price and yield performance of the Solactive USD China Corporate High Yield Bond Index. The Index seeks to track the performance of outstanding high yield debt securities denominated in U.S. dollars issued by Chinese companies.

USD China Corporate High Yield Bond Market Features:

  • As dollar investors seek yield globally, the U.S. Dollar China Corporate High Yield Bond Market has grown considerably to meet investor demand.
  • Since 2014, China has accounted for more than half of all new annual USD Bond issuance in Asia.1
  • The total value of Chinese USD denominated high yield bonds increased over 300% from 2017 to 2018, and the number of issuing companies increased by almost 150% over the same period.2
  • By the end of 2018, the total USD China Corporate High Yield Bond market size reached $232 billion USD with over 250 issuing companies.2

KCCB Features

    • USD-denominated exposure to China’s high yield bond market.
    • Low correlation to U.S. and global markets.
    • Co-managed by China Construction Bank (CCB), the second largest bank in the world by assets.3

1.) Data from Bloomberg as of 12/31/17. Retrieved on 3/31/2019.
2.) Data from Bloomberg as of 3/31/2019.
3.) Global Finance, “Biggest Banks In The World 2018”, 11/1/2018, retrieved 3/31/2019.

Fund Details

Data as of 04/13/2021
TickerKCCB
Primary ExchangeNYSE
CUSIP500767843
ISINUS5007678437
Net Assets$9,768,094
Total Annual Fund Operating Expense0.70%
Inception Date6/28/2018
Distribution FrequencyMonthly

Fund Documents

Daily Performance

Data as of 04/13/2021
Premium Discount Chart
NAV
Net Asset Value$39.07 
Daily Change-0.10%
Price
Market Price$39.20 
Daily Change-0.14%
30 Day Median Bid/Ask Spread
Value0.51%

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

Distributions
Cumulative %
Data as of: 03/31/2021		Fund NAVClosing PriceIndex
1 Month0.30%-0.52%0.21%
3 Month0.21%-0.33%-0.03%
6 Month2.53%2.64%2.08%
Since Inception14.32%14.09%18.69%
Avg Annualized %
Data as of quarter end: 03/31/2021		Fund NAVClosing PriceIndex
1 Year12.32%10.36%12.75%
Since Inception4.97% 4.89%6.40%
Growth of $10,000
Data as of 04/13/2021

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.

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.

KCCB Key Metrics

Data as of 03/31/2021
Current Yield4.74%
30-day SEC Yield3.34%
Unsubsidized 30-day SEC Yield 3.34%

Top 10 Holdings

Data as of 04/13/2021
Full Holdings .CSV
RankCompany Name% of Net AssetsTickerIdentifierShares HeldMarket Value($)
1Cash9.35%––912,397912,397
2KAISAG 9 3/8 06/30/245.85%–XS1627598094600,000570,336
3NANYAN 5 PERP5.72%–XS1618163452550,000558,209
4SHIMAO 6 1/8 02/21/243.22%–XS1953029284300,000314,303
5BOCOM 3.8 PERP3.14%–XS2238561281300,000306,750
6MPEL 4 7/8 06/06/253.13%–US58547DAA72300,000304,962
7FWDGRP 0 PERP2.79%–XS1628340538300,000272,397
8CIMWLB 6 1/2 PERP2.75%–XS1892343762250,000268,599
9BNKEA 5 7/8 PERP2.72%–XS2049804896250,000265,400
10NWDEVL 5 3/4 PERP2.58%–XS1497605805250,000251,614

Holdings are subject to change.

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Topics

©2021 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017

Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds' full & summary prospectus, which may be obtained here: KWEB, KBA, KURE, KFYP, KGRN, KALL, KCNY, KCCB, OBOR, KARS, KEMQ, KMED, KEMX, KESG, KFVG, KBUY, KSTR, KRBN. Read the prospectus carefully before investing. Please note these links also contain the Funds' top ten holdings, performance, and other important information.

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives.

The Funds are subject to political, social or economic instability within China which may cause decline in value. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. Emerging markets involve heightened risk related to the same factors as well as increase volatility and lower trading volume. The funds may invest in derivatives, which are often more volatile than other investments and may magnify the Funds' gains or losses. The Funds are 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.

Narrowly focused investments typically exhibit higher volatility. The Funds' assets are expected to be concentrated in an industry or group of industries to the extent that the Underlying Index concentrates in a particular industry or group of industries. The securities of companies in an industry or group of industries could react similarly to market developments. Thus, the Funds are subject to loss due to adverse occurrences that affect one industry or group of industries or sector. KWEB, KURE, KFYP, KGRN, KCNY, KCCB, OBOR, KARS, KEMQ, KMED, KESG, KFVG, KBUY, KSTR, and KRBN are non-diversified.

The ability of KBA, KALL, OBOR, KEMQ, KARS, KURE, KMED, KBUY, KSTR, and KESG to achieve their respective investment objectives is dependent, in part, on the continuous availability of A Shares and the ability to obtain, if necessary, additional A Shares quota. If a Fund is unable to obtain sufficient exposure to limited availability of A Share quota, the Fund could seek exposure to the component securities of the Underlying Index by investment in other types of securities.

KCNY and KCCB are subject to interest rate risk, which is the chance that bonds will decline in value as interest rates rise. The components of the securities held by these Funds will be rated by Chinese credit rating agencies, which may use different criteria and methodology than U.S. entities or international credit rating agencies. The Funds may invest in high yield and unrated securities, whose prices are generally more sensitive to adverse economic changes and consequently more volatile.

KCCB invests in perpetual bonds, which offer fixed return with no maturity date. Perpetual bonds can be more volatile than other types of bonds that have a maturity date and may be more sensitive to changes to interest rates.The Fund depends on the CIBM Program to invest directly in RMB Bonds. There is no guarantee the Fund will be able to continue to participate in the program.

KGRN and KESG may underperform other similar funds that do not consider conscious company/ESG guidelines when making investment decisions.

KSTR may invest in Initial Public Offerings (IPOs). Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

The Funds may invest in derivatives, which are often more volatile than other investments and may magnify the Funds’ 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.

KRBN 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 how the way the Fund operates, increase Fund costs and/or change the competitive landscape. Funds may underperform other similar funds that do not consider conscious company/ESG guidelines when making investment decisions.

KRBN invests through a subsidiary and is indirectly exposed to the risks associated with the respective 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.

KRBN and its subsidiary will be considered commodity pools upon commencement of operations, and 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.

Investments in non-U.S. instruments may involve risk of loss due to foreign currency fluctuations and political or economic instability. The Fund’s assets are expected to be concentrated in an industry or group of industries to the extent that the Index concentrates in a particular industry or group of industries.

Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

Fund 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 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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