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Overview

Performance

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 IHS Markit Carbon 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 02/03/2023
Daily Net Asset Value (NAV) and Market Price
NAV $34.47
NAV Daily Change -0.83%
Market Price $34.65
Market Price Daily Change -1.00%
30 Day Median Bid/Ask Spread
0.55%
Distributions

Performance History

Cumulative %
Data as of: 01/31/2023
Fund NAV Closing Price Index
1 Month 12.41% 14.00% 12.91%
3 Month 23.43% 24.59% 23.26%
6 Month 22.12% 22.74% 21.73%
Since Inception 38.04% 38.40% 31.04%
Avg Annualized %
Data as of month end: 01/31/2023
Fund NAV Closing Price Index
1 Year 1.98% 0.17% -2.82%
Since Inception 27.52% 27.77% 22.61%
Avg Annualized %
Data as of quarter end: 12/31/2022
Fund NAV Closing Price Index
1 Year -0.84% -2.72% -6.17%
Since Inception 18.00% 16.91% 12.75%

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.

Growth of $10,000

Data as of 02/03/2023

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.

Carbon Allowance Futures

Data as of 02/03/2023
Name Identifier Position Current Exposure ($) % NAV
European Union Allowance (EUA) 2023 Future MOZ23 Comdty 223 22,587,642 100.81%
22,587,642 101%

Collateral and Currency Management

Data as of 02/03/2023
Name Identifier Position Current Exposure($) % NAV
Euro FX Futures ECH3 Curncy 120 16,242,750 72.49%
EURO EUR 6,612,910 7,179,985 32.04%
STATE ST INST US GOV GVMXX 2,004,563 2,004,563 8.95%
USD Cash & Equivalents** USD -3,185,204 -3,185,204 -14.22%
22,242,094 99%

Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($13,057,546), and implied short USD exposure from Euro FX futures

Top 10 Holdings

Data as of 02/06/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 Cash 39.43% Cash 8,506,365 8,506,365 0
2 EURO 28.85% Currency 5,800,000 6,224,245 0
3 EURO 22.42% Currency 4,506,676 4,836,320 0
4 STATE ST INST US GOV 9.29% GVMXX Money Market 2,004,563 2,004,563 0
5 ECX EMISSION DEC23 0.00% MOZ23 Future 223 0 21,748,626
6 EURO FX CURR FUT MAR23 0.00% ECH3 Future 120 0 16,121,250

Holdings are subject to change.