Overview

Performance

Distributions

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

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

KEUA Features:

  • The EUA cap-and-trade program is the world's oldest and most liquid carbon allowance market. It covers approximately 40% of the EUs total emissions covering 27 EU Member States plus Iceland, Liechtenstein and Norway1.
  • The program targets reducing emissions by at least 55% of 1990 levels by 2030 and climate neutrality by 2050. The "Fit for 55" package released in 2021 set out an expansion and tightening of the program, including an increased cap reduction from 2.2% to 4.2% per year2.
  • EUA carbon allowances are among the fastest-growing, strongest performing, and diversifying asset classes. In 2021, EU carbon allowance futures have traded around $30 billion per month.3, 4
  • Can provide potential portfolio diversification due to the historically low correlation to traditional asset classes.1, 4

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

*Formerly the KraneShares European Carbon Allowance ETF

1. IHS Markit, 12/31/2020.
2. Europe Commission, 7/14/2021
3. Data from Bloomberg as of 8/31/2021.
4. Diversification does not ensure a profit or guarantee against a loss.
5. California Air Resources Board, 2017.

Premium Discount Chart

Daily Performance

Data as of 04/17/2024
Daily Net Asset Value (NAV) and Market Price
NAV $23.49
NAV Daily Change -4.67%
Market Price $23.62
Market Price Daily Change -4.72%
30 Day Median Bid/Ask Spread
0.55%

Performance History

Cumulative %
Data as of: 03/31/2024
Fund NAV Closing Price Index
1 Month 10.73% 10.10% 10.47%
3 Month -23.58% -22.90% -24.08%
6 Month -23.06% -22.52% -24.69%
YTD -23.58% -22.90% -24.08%
Since Inception -9.92% -9.53% -13.75%
Avg Annualized %
Data as of quarter end: 03/31/2024
Fund NAV Closing Price Index
1 Year -33.81% -33.59% -33.69%
Since Inception -4.11% -3.94% -5.76%

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
09/27/2023 09/28/2023 09/29/2023 0.000000
12/18/2023 12/19/2023 12/20/2023 1.563416
2022 Distributions
Ex-Date Record Date Payable Date Amount
12/28/2022 12/29/2022 12/30/2022 0.000000
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 04/17/2024

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 04/17/2024
Name Identifier Position Current Exposure ($) % NAV
European Union Allowance (EUA) 2024 Future MOZ24 Comdty 175 13,025,974 100.81%
13,025,974 101%

Collateral and Currency Management

Data as of 04/17/2024
Name Identifier Position Current Exposure($) % NAV
Euro FX Futures ECM4 Curncy 88 11,766,700 91.06%
STATE ST INST US GOV GVMXX 6,216,638 6,216,638 48.11%
EURO EUR 1,700,000 1,808,203 13.99%
USD Cash & Equivalents** USD -5,927,157 -5,927,157 -45.87%
13,864,384 107%

Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($5,839,543), and implied short USD exposure from Euro FX futures

Top 10 Holdings

Data as of 04/17/2024 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 STATE ST INST US GOV 48.11% GVMXX Money Market 6,216,638 6,216,638 0
2 EURO 25.83% Currency 3,137,618 3,337,323 0
3 EURO 13.99% Currency 1,700,000 1,808,203 0
4 Cash 12.07% Cash 1,559,809 1,559,809 0
5 ECX EMISSION DEC24 0.00% MOZ24 Future 175 0 13,025,974
6 EURO FX CURR FUT JUN24 0.00% ECM4 Future 88 0 11,766,700

Holdings are subject to change.