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KCNY

KraneShares E Fund China Commercial Paper ETF

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Investment Strategy:

The KraneShares E Fund China Commercial Paper ETF (NYSE: KCNY) seeks to track the CSI Diversified High Grade Commercial Paper Index. The Fund seeks to deliver a diversified basket of investment-grade1 commercial paper denominated in on-shore renminbi issued by sovereign, quasi-sovereign and corporate issuers in the People’s Republic of China and traded in the inter-bank bond market. Commercial paper in the Fund is investment-grade and has a remaining term to final maturity of no more than one year and no less than one month.

KCNY features:

  • Only invests in money market securities (i.e. commercial paper) and attempts to preserve principal investment while providing attractive monthly distributions
  • The average maturity for the fund is less than six months
  • Only invests into commercial paper that has received an investment grade credit rating

China commercial paper may be appropriate for investors who have a(n)…

  • allocation to investment products that only invest in money market securities
  • investment goal with a short time horizon
  • low tolerance for volatility
  • daily liquidity requirement 

1.) For purposes of the Underlying Index, investment grade commercial paper is commercial paper that is issued by an issuer whose long-term bonds are rated AAA or equivalent by one or more Chinese credit rating agencies; or commercial paper that is issued by an issuer whose long-term bonds are rated AA+ or equivalent by one or more Chinese credit rating agencies and commercial paper is rated A-1 or equivalent by one or more Chinese credit rating agencies

Daily Performance

Data as of 12/02/2016
Premium Discount Chart
NAV
Net Asset Value$32.55 
Daily Change 0.19%
Price
Closing Price $32.45 
Daily Change-0.25%

Performance History

Data as of: 11/30/2016
Total Annual Fund Operating Expense (Gross): 0.69% Total Annual Fund Operating Expense (Net): 0.57%*
Distributions
Cumulative Annualized Annualized Calendar QTR
09/30/2016
1 Mo 3 Mo 6 Mo Since Inception
12/02/2014
1 Yr Since Inception
12/02/2014
1 Yr Since Inception
12/02/2014
Fund Nav -1.57% -2.60% -3.27% -5.72% -5.02% -2.91% -2.39% -1.59%
Closing Price -1.67% -2.77% -3.43% -6.30% -5.58% -3.21% -2.57% -1.88%
Index -1.71% -2.51% -3.11% -3.98% -4.31% -2.01% -1.43% -0.57%

* Pursuant to the terms of an Expense Limitation Agreement, KraneShares has contractually agreed to reduce its management fee from exceeding 0.56% of the Fund’s average daily net assets until July 31, 2017. In the absence of current fee waivers, performance would be reduced.

Cumulative return is the aggregate amount that an investment has gained or lost over time. Annualized Return is the average return gained or lost by an investment each year over a given time period.

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.

ETF shares are not redeemable with the issuing fund other than in large Creation Unit aggregations. Instead, investors must buy or sell ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling. The NAV of the Fund’s shares is calculated each day the national securities exchanges are open for trading as of the close of regular trading on the New York Stock Exchange (“NYSE”), normally 4:00 p.m. Eastern time (the “NAV Calculation Time”). Shares are bought and sold at market price (closing price) not NAV. Market price returns are based on the midpoint of the bid/ask spread at 4:00 pm Eastern Time (when NAV is normally determined).

An active secondary market for the Fund’s shares may not exist. Although the Fund’s shares will be listed on an exchange, subject to notice of issuance, it is possible that an active trading market may not develop or be maintained. There is no guarantee that distributions will be paid.

KCNY Key Metrics

Data as of 11/30/2016
Credit quality of underlying securities*Investment Grade
Effective Maturity0.46 yrs
Yield to Maturity3.53%
30-day SEC Yield2.1%
Unsubsidized 30-day SEC Yield2.1%

*For purposes of the Underlying Index, investment grade commercial paper is commercial paper that is issued by an issuer whose long-term bonds are rated AAA or equivalent by one or more Chinese credit rating agencies; or commercial paper that is issued by an issuer whose long-term bonds are rated AA+ or equivalent by one or more Chinese credit rating agencies and commercial paper is rated A-1 or equivalent by one or more Chinese credit rating agencies

Top 10 Holdings

Data as of 12/02/2016
Full Holdings .CSV
RankCompany Name% of Net AssetsTickerShares HeldMarket Value($)
1
WENZHOU CITY CONS INV
11.15%10,000,0001,452,304
2
GD POWER DEVELOPMENT
11.14%10,000,0001,450,244
3
HAIDIAN STATE-OWNED CP
7.8%7,000,0001,015,160
4
GDSHEL 2.93 01/28/17 CORP
5.58%5,000,000726,403
5
SHELEC 2 3/4 03/11/17
5.58%5,000,000726,054
6
COFCO CORP
5.57%5,000,000724,759
7
GUIZHOU EXPRESSWAY GR
4.46%4,000,000580,758
8
CHINESE YUAN RENMINBI
3.4%3,043,683442,229
9
QINGHAI STATE ASSET INV
3.35%3,000,000436,413
10
HENAN ZHONGYUAN EXPRESSW
3.35%3,000,000435,913

Holdings are subject to change.