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Overview

Performance

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

KHYB is an active ETF managed by sub-advisor Nikko Asset Management Americas, Inc. (“Nikko”). KHYB is benchmarked to the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index. The fund provides exposure to USD-denominated high yield debt securities issued by companies in Asia.

Asia Bond Market Features:

  • The Asia Bond Market has witnessed steady growth over the last decade. The JP Morgan Asia Credit Index grew from a market capitalization of $250 billion in 2010 to over $1.2 trillion in 2021, an increase of 377%1.
  • The Asia high yield bond market currently offers higher yields than other global high yield bond markets. As of December 2021, Asia high yield bonds had a yield of 8.1% compared to 4.74 for US high yield bonds.2
  • The default rate of Asia high-yield corporate bonds has been lower than that of high yield bonds in other emerging market regions in six of the past nine years, and was lower than the US high yield default rate in both 2019 and 2020.3

KHYB Features:

    • Sub-advised by Nikko. Nikko was established in 1959 and is one of Asia's largest asset managers with over $282 billion in assets under management. Nikko is a leader in Asia fixed income with 30+ years of experience in the market4.
    • KHYB portfolio manager Wai Hoong Leong is supported by one of the largest Asia fixed income teams. His team uses top-down macro research and bottom-up credit research to construct the Fund’s portfolio.
    • The portfolio management team uses a proprietary process that involves both quantitative and qualitative factors, the team assesses an issuer’s credit profile, security value, and relative value compared to other similar securities.

    *Formerly the KraneShares Asia Pacific High Yield Bond ETF, and prior to August 2, 2021, the KraneShares CCBS China Corporate High Yield Bond USD Index ETF (ticker: KCCB)

    1.) Data from JP Morgan as of 12/31/2021.
    2.) Data from JP Morgan and St. Louis Federal Reserve as of 12/31/2021. Asia high yield bond market represented by the Bloomberg Barclays Asia USD High Yield Diversified Credit Index. US high yield bond market represented by the ICE BofA US High Yield Index.
    3.) Data from JP Morgan as of December, 2021.
    4.) Data from Nikko Asset Management as of 12/31/2021.

Fund Details

Data as of 02/03/2023
Ticker KHYB
Primary Exchange NYSE
CUSIP 500767843
ISIN US5007678437
Net Assets $20,985,189
Total Annual Fund Operating Expense 0.68%
Inception Date 6/26/2018
Distribution Frequency Monthly

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Daily Performance

Data as of 02/03/2023
Daily Net Asset Value (NAV) and Market Price
NAV $27.98
NAV Daily Change 0.04%
Market Price $27.91
Market Price Daily Change -0.04%
30 Day Median Bid/Ask Spread
0.18%
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.
Distributions

Performance History

Cumulative %
Data as of: 01/31/2023
Fund NAV Closing Price Index
1 Month 4.55% 4.13% 7.18%
3 Month 20.34% 19.79% 32.98%
6 Month 10.88% 10.02% 16.43%
Since Inception -5.77% -6.09% -3.77%
Avg Annualized %
Data as of month end: 01/31/2023
Fund NAV Closing Price Index
1 Year -2.60% -3.13% -3.91%
3 Year -5.04% -5.33% -5.57%
Since Inception -1.28% -1.36% -0.83%
Avg Annualized %
Data as of quarter end: 12/31/2022
Fund NAV Closing Price Index
1 Year -9.36% -10.15% -13.83%
3 Year -6.31% -6.38% -7.54%
Since Inception -2.27% -2.26% -2.36%

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.

KHYB Key Metrics

Data as of 02/03/2023
30-day SEC Yield 9.62%
Unsubsidized 30-day SEC Yield 9.62%

30-day SEC Yield (Subsidized/Unsubsidized) is a standard yield calculation developed by the U.S. Securities and Exchange Commission (SEC) that allows for fairer comparisons of bond funds. It is based on the most recent 30-day period covered by the fund's filings with the SEC. Unsubsidized yield does not adjust for any fee waivers and/or expense reimbursements in effect.

Topics:

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.

Top 10 Holdings

Data as of 02/06/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 Cash 4.33% – – 906,435 906,435
2 MEDCIJ 6 3/8 01/30/27 2.74% – USY56607AA51 600,000 573,205
3 SHUION 5 3/4 11/12/23 2.34% – XS2075800743 500,000 488,700
4 MPEL 4 7/8 06/06/25 2.02% – USG5975LAA47 450,000 423,414
5 YLLGSP 6.8 02/27/24 2.00% – XS2030531938 431,000 418,286
6 HONGQI 7 3/8 05/02/23 1.90% – XS2055625839 400,000 396,720
7 NWSZF 5 3/4 PERP 1.88% – XS1940852145 400,000 392,400
8 STDCTY 7 02/15/27 1.85% – USG8539EAC96 400,000 386,293
9 PCORPM 4.6 PERP 1.82% – XS1740858540 400,000 380,040
10 JSTLIN 5.95 04/19/26 1.82% – XS2224065289 400,000 380,000

Holdings are subject to change.

Fund Documents

©2023 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 and summary prospectus, which may be obtained by visiting: KWEB, KLIP, KBA, KURE, KFYP, KRBN, KEUA, KCCA, KGRN, KALL, KBND, KHYB, OBOR, KARS, KEMQ, KMED, KEMX, KESG, KSTR, KFVG, KBUY, KTEC, KGRO, KGHG, KSET, KDIV, KMET, IVOL, KMLM, KLCD, KSCD, BNDD, KVLE. 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. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s 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. The Fund is 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. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative.

The Fund is subject to the legal, regulatory, political and economic instability associated with investing in Asia-Pacific countries including China and Japan which may cause a decline in value. Japan has also experienced natural disasters of varying degrees of severity, which could negatively affect the Fund. Emerging markets involve heightened risk related to the same factors as well as increase volatility and lower trading volume. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. The Fund can invest in bonds generally and high yield bonds specifically. High yield bonds involve greater risks of default or downgrade and are more volatile than investment grade securities. The Fund is subject to interest rate risk, which is the chance that bonds will decline in value as interest rates rise. The Fund is 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.

The Fund is subject to sovereign and quasi-sovereign debt risk. The governmental authority that controls the repayment of sovereign and quasi-sovereign debt may be unwilling or unable to repay the principal and/or interest when due. KHYB is non-diversified.

ETF 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, KFA Funds ETFs, and KraneShares Mutual Funds 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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