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 invest at least 80% of its total assets in 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
  • 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

Fund Details

Data as of 09/13/2019
TickerKCNY
Primary ExchangeNYSE
CUSIP500767702
ISINUS5007677025
Net Assets$17,924,806
Total Annual Fund Operating Expense (Gross)0.74%
Total Annual Fund Operating Expense (Net)0.62%*
Inception Date12/02/2014
Distribution FrequencyMonthly

Daily Performance

Data as of 09/13/2019
Premium Discount Chart
NAV
Net Asset Value$32.59 
Daily Change0.62%
Price
Closing Price$32.51 
Daily Change0.84%

Performance History

Distributions
Cumulative %
Data as of: 08/31/2019
Fund NAVClosing PriceIndex
1 Month-3.53%-3.86%-3.56%
3 Month-2.48%-2.75%-2.69%
6 Month-5.37%-6.05%-5.06%
Since Inception-0.18%-0.50%3.12%
Avg Annualized %
Data as of month end: 08/31/2019
Fund NAVClosing PriceIndex
1 Year-1.55% -1.54%-1.32%
3 Year1.07%1.07%1.50%
Since Inception-0.04% -0.11%0.65%
Avg Annualized %
Data as of quarter end: 06/30/2019
Fund NAVClosing PriceIndex
1 Year-0.07%-0.40%-0.17%
3 Year2.31%2.36%2.80%
Since Inception0.76% 0.71%1.47%

* 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.

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.

KCNY Key Metrics

Data as of 08/31/2019
Credit quality of underlying securities*Investment Grade
Average Weighted Maturity0.24 yrs
Current Yield3.47%
30-day SEC Yield3.04%
Unsubsidized 30-day SEC Yield2.92%

*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 09/13/2019
Full Holdings .CSV
RankCompany Name% of Net AssetsTickerShares HeldMarket Value($)
1
ANHUI PUBLISHING GROUP
7.94%10,000,0001,423,664
2
CHINESE YUAN RENMINBI
4.91%6,183,911879,258
3
SHAANXI COAL AND CHEMICAL
4.76%6,000,000853,425
4
GUANGZHOU DEVELOPMENT
4.75%6,000,000852,189
5
JIANGSU SHAGANG GROUP
3.97%5,000,000711,007
6
SHOUGANG GROUP CO LTD
3.97%5,000,000711,077
7
SINOPHARM GROUP CO
3.97%5,000,000710,950
8
BEIJING STATE-OWNED ASSET
3.97%5,000,000710,844
9
TIANJIN CITY CONSTRUCTION
3.97%5,000,000710,734
10
CHINA NATIONAL CHEMICAL
3.97%5,000,000710,748

Holdings are subject to change.