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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.

Premium Discount Chart

Daily Performance

Data as of 01/26/2023
Daily Net Asset Value (NAV) and Market Price
NAV $28.03
NAV Daily Change 0.16%
Market Price $28.08
Market Price Daily Change 0.21%
30 Day Median Bid/Ask Spread
0.21%
Distributions

Performance History

Cumulative %
Data as of: 12/31/2022
Fund NAV Closing Price Index
1 Month 3.98% 2.74% 7.20%
3 Month 8.71% 9.29% 11.99%
6 Month 4.20% 4.39% 6.66%
Since Inception -9.86% -9.81% -10.22%
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 01/26/2023
30-day SEC Yield 10.51%
Unsubsidized 30-day SEC Yield 10.51%

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.

Growth of $10,000

Data as of 01/26/2023

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 01/27/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 Cash 3.77% 787,659 787,659
2 MEDCIJ 6 3/8 01/30/27 2.78% USY56607AA51 600,000 580,500
3 SHUION 5 3/4 11/12/23 2.34% XS2075800743 500,000 488,550
4 INAPIN 6 1/4 10/25/25 2.29% USV2335LAA99 500,000 478,750
5 MPEL 4 7/8 06/06/25 2.03% USG5975LAA47 450,000 424,152
6 YLLGSP 6.8 02/27/24 1.96% XS2030531938 431,000 410,312
7 NWSZF 5 3/4 PERP 1.89% XS1940852145 400,000 394,200
8 HONGQI 7 3/8 05/02/23 1.88% XS2055625839 400,000 393,400
9 JSTLIN 5.95 04/19/26 1.86% XS2224065289 400,000 388,552
10 STDCTY 7 02/15/27 1.85% USG8539EAC96 400,000 386,250

Holdings are subject to change.