The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to IHS Markit’s Global Carbon Index, which offers broad coverage of cap-and-trade carbon allowances by tracking the most traded carbon credit futures contracts. The index introduces a new measure for hedging risk and going long the price of carbon while supporting responsible investing.
Currently, the index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), the Regional Greenhouse Gas Initiative (RGGI), and United Kingdom Allowances (UKA).
*Formerly the KraneShares Global Carbon ETF
1. IHS Markit, 12/31/2021
2. Financial Times, “Global Carbon Pricing, Too Important to Leave to Governments”, Jul 7, 2021.
3. Financial Times, April 17, 2019 “Niche asset nears mainstream as investors warm to EU carbon market”
4. Environmental Defense Fund, “China’s National ETS Open for Business”, Jan 5, 2021; World Bank State of Carbon Markets, June 2019.
NAV | |
Net Asset Value | $47.62 |
Daily Change | 1.29% |
Price | |
Market Price | $46.97 |
Daily Change | 0.34% |
30 Day Median Bid/Ask Spread |
0.19% |
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.
Cumulative %Data as of: 05/31/2022 |
Fund NAV | Closing Price | Index |
1 Month | 2.96% | 3.73% | 2.68% |
3 Month | 0.78% | 0.35% | 0.88% |
6 Month | 3.66% | 3.31% | 3.67% |
Since Inception | 148.27% | 147.06% | 146.78% |
Avg Annualized %Data as of month end: 05/31/2022 |
Fund NAV | Closing Price | Index |
1 Year | 47.17% | 43.64% | 44.59% |
Since Inception | 63.99% | 63.56% | 63.46% |
Avg Annualized %
Data as of quarter end: 03/31/2022
|
Fund NAV | Closing Price | Index |
1 Year | 64.71% | 63.44% | 65.18% |
Since Inception | 66.23% | 66.50% | 66.28% |
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.
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 $10,000 investment in the fund is hypothetical and for illustration purposes only.
Name | Identifier | Position | Current Exposure($) | % NAV |
European Union Allowance (EUA) 2022 Future | MOZ22 Comdty | 7,371 | 677,846,879 | 57.3% |
California Carbon Allowance (CCA) Vintage 2022 Future | CTIZ22 Comdty | 9,239 | 272,365,720 | 23.02% |
European Union Allowance (EUA) 2023 Future | MOZ23 Comdty | 649 | 61,635,906 | 5.21% |
Regional Greenhouse Gas Initiative (RGGI) Vintage 2022 Future | WQCZ22 Comdty | 4,330 | 60,620,000 | 5.12% |
UK Allowance (UKA) 2022 Future | UKEZ2 Comdty | 592 | 59,755,381 | 5.05% |
California Carbon Allowance (CCA) Vintage 2023 Future | LUDZ23 Comdty | 1,749 | 55,110,990 | 4.66% |
1,187,334,876 | 100% |
Name | Identifier | Position | Current Exposure($) | % NAV |
Euro FX Futures | ECU2 Curncy | 5000 | 661,500,000 | 55.91% |
USD Cash & Equivalents** | USD | 329,825,697 | 329,825,697 | 27.88% |
SCHWAB SHORT-TER | SCHO | 1,494,950 | 73,327,298 | 6.2% |
BRITISH STERLING POUND | GBP | 53,018,608 | 64,677,347 | 5.47% |
EURO | EUR | 49,930,982 | 52,499,798 | 4.44% |
1,181,830,139 | 100% |
Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($991,325,697), and implied short USD exposure from Euro FX futures
EUA 2022 Future | 57.3% | |
CCA 2022 Future | 23.0% | |
EUA 2023 Future | 5.2% | |
RGGI 2022 Future | 5.1% | |
UKA 2022 Future | 5.1% | |
CCA 2023 Future | 4.7% |
EUR | 60.4% | |
USD | 34.1% | |
GBP | 5.5% |
Rank | Name | % of Net Assets | Ticker | Identifier | Type | Shares Held | Market Value($) | Notional Value($) |
1 | Cash | 57.25% | – | – | Cash | 677,269,026 | 677,269,026 | 0 |
2 | EURO | 22.21% | – | – | Currency | 249,868,837 | 262,723,919 | 0 |
3 | SCHWAB SHORT-TER | 6.20% | SCHO | US8085248628 | Mutual Fund | 1,494,950 | 73,327,298 | 0 |
4 | BRITISH STERLING POUND | 5.47% | – | – | Currency | 53,018,608 | 64,677,347 | 0 |
5 | EURO | 4.44% | – | – | Currency | 49,930,982 | 52,499,798 | 0 |
6 | BRITISH STERLING POUND | 2.33% | – | – | Currency | 22,612,830 | 27,585,369 | 0 |
7 | B 07/14/22 | 2.11% | – | US912796K576 | Treasury Bill | 25,000,000 | 24,989,271 | 0 |
8 | CA CARBON ALLOW 21DEC22 | 0.00% | CTIZ22 | – | Future | 9,239 | 0 | 272,365,720 |
9 | CALCARBALLOWV2023 DEC23 | 0.00% | LUDZ23 | – | Future | 1,749 | 0 | 55,110,990 |
10 | ECX EMISSION DEC22 | 0.00% | MOZ22 | – | Future | 7,371 | 0 | 677,369,069 |
Holdings are subject to change.
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