Krane Funds Advisors, LLC is the investment manager for KraneShares ETFs. KraneShares offers innovative investment solutions tailored to three key pillars: China, Climate, and Alternatives. Our team is determined to provide industry-leading, differentiated, and high-conviction investment strategies that offer access to key market trends. Our mission is to empower investors with the knowledge and tools necessary to capture the importance of these themes as an essential element of a well-designed investment portfolio.
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Information about KraneShares ETFs, China's markets and culture, and general investing resources.
Our market update is a collaboration between the KraneShares internal research department, our local Chinese partners, and select China thought leaders from around the world. Our goal is to deliver a differentiated perspective on Chinese capital markets, business, government, and culture.
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The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit 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.
Distinct from the project-based carbon offset market, compliance cap-and-trade is a government mandated & regulated, transparent, liquid market valued at nearly a trillion in 2023.1 Cap-and-trade programs, also known as Emissions Trading Systems (ETS), are a market-based approach to regulating a region’s emissions, with mandatory participation for specified industries. Supply is managed by government agencies and adjusted primarily through an annually declining cap.
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), United Kingdom Allowances (UKA), and Washington State Carbon Allowances (WCA).
*Formerly the KraneShares Global Carbon ETF.
**Diversification does not ensure a profit or guarantee against a loss.
Ticker | KRBN |
Primary Exchange | NYSE |
CUSIP | 500767678 |
ISIN | US5007676787 |
Net Assets | $199,502,809 |
Total Annual Fund Operating Expense | 0.85% |
Inception Date | 7/29/2020 |
Distribution Frequency | Quarterly |
Underlying Index | S&P Global Carbon Credit Index |
Daily Net Asset Value (NAV) and Market Price | |
NAV | $30.46 |
NAV Daily Change | 0.40% |
Market Price | $30.39 |
Market Price Daily Change | 0.36% |
30 Day Median Bid/Ask Spread |
0.46% |
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. |
NAV | Market Price | Premium/Discount |
$30.46 | $30.39 | $-0.07 |
2024 Full Year | Q1 2025 | |
Days traded at premium | 101 | 7 |
Days traded at NAV | 0 | 0 |
Days traded at discount | 151 | 17 |
The Premium/Discount History chart demonstrates the difference between the daily market price of shares of the Fund and the Fund’s net asset value (NAV). The vertical axis of the chart shows the premium or discount of the daily market price as a percentage of the NAV. The horizontal axis shows each trading day in the time period, and each data point in the chart represents the Premium/Discount on that day. The data presented in the chart and table above represent past performance and cannot be used to predict future results.
Fund NAV | Closing Price | Underlying Index | |
1 Month | 6.21% | 5.73% | 6.55% |
3 Month | 5.05% | 5.45% | 6.46% |
6 Month | 4.46% | 3.88% | 5.17% |
YTD | 6.21% | 5.73% | 6.55% |
Since Inception | 122.28% | 121.10% | 132.63% |
Fund NAV | Closing Price | Underlying Index | |
1 Year | 5.18% | 5.22% | 7.73% |
3 Year | -5.06% | -5.49% | -3.32% |
Since Inception | 19.37% | 19.23% | 20.58% |
Fund NAV | Closing Price | Underlying Index | |
1 Year | -13.73% | -13.55% | -12.18% |
3 Year | -6.29% | -6.49% | -4.45% |
Since Inception | 18.15% | 18.13% | 19.29% |
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.
Ex-Date | Record Date | Payable Date | Amount |
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.
2024 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
03/26/2024 | 03/27/2024 | 03/28/2024 | 0.000000 |
06/27/2024 | 06/27/2024 | 06/28/2024 | 0.000000 |
09/27/2024 | 09/27/2024 | 09/30/2024 | 0.000000 |
12/17/2024 | 12/17/2024 | 12/18/2024 | 2.081890 |
2023 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
06/28/2023 | 06/29/2023 | 06/30/2023 | 1.641497 |
09/27/2023 | 09/28/2023 | 09/29/2023 | 0.000000 |
12/18/2023 | 12/19/2023 | 12/20/2023 | 1.130139 |
2022 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
12/28/2022 | 12/29/2022 | 12/30/2022 | 8.355256 |
2021 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
12/29/2021 | 12/30/2021 | 12/31/2021 | 0.247810 |
Read our 2025 China outlook and investment case for why we believe forward-looking investors should consider China this year. China offers a strong investment outlook for 2025, driven by 2024’s robust stimulus measures, including rate cuts and market stabilization, which fueled… pic.twitter.com/o3aacz1drx
— KraneShares (@KraneShares) January 13, 2025
According to Bloomberg, as of 12/31/24, the KraneShares Artificial Intelligence and Technology ETF (Ticker: $AGIX), since inception, has outperformed significant market benchmarks and AI-themed indexes. Its strategic inclusion of AI frontrunners like @PalantirTech, transforming… pic.twitter.com/SKOpEhUZak
— KraneShares (@KraneShares) January 6, 2025
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 $10,000 investment in the fund is hypothetical and for illustration purposes only. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.
Name | Identifier | Position | Current Exposure ($) | % NAV |
European Union Allowance (EUA) 2025 Future | MOZ25 Comdty | 1,409 | 119,926,058 | 60.15% |
California Carbon Allowance (CCA) Vintage 2025 Future | BCYZ25 Comdty | 1,057 | 31,657,150 | 15.88% |
UK Allowance (UKA) 2025 Future | UKEZ5 Comdty | 194 | 11,315,542 | 5.68% |
European Union Allowance (EUA) 2026 Future | MOZ26 Comdty | 124 | 10,844,067 | 5.44% |
Regional Greenhouse Gas Initiative (RGGI) Vintage 2025 Future | JELZ25 Comdty | 405 | 8,885,700 | 4.46% |
Washington Carbon Allowance (WCA) Vintage 2025 Future | WKCZ25 Comdty | 160 | 8,664,000 | 4.35% |
California Carbon Allowance (CCA) Vintage 2026 Future | KBCZ26 Comdty | 249 | 7,958,040 | 3.99% |
199,250,558 | 100% |
Name | Identifier | Position | Current Exposure($) | % NAV |
KraneShares Sustainable Ultra Short Duration Index ETF | KCSH | 4,876,050 | 122,315,714 | 61.35% |
Euro FX Futures | ECH5 Curncy | 805 | 104,146,875 | 52.23% |
EURO | EUR | 10,800,000 | 11,172,029 | 5.6% |
BRITISH STERLING POUND | GBP | 4,898,845 | 6,083,406 | 3.05% |
STATE ST INST US GOV | GVMXX | 1,219,012 | 1,219,012 | 0.61% |
USD Cash & Equivalents** | USD | -45,487,501 | -45,487,501 | -22.81% |
199,449,534 | 100% |
Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($58,659,374), and implied short USD exposure from Euro FX futures
EUA 2025 Future | 60.1% | |
CCA 2025 Future | 15.9% | |
UKA 2025 Future | 5.7% | |
EUA 2026 Future | 5.4% | |
RGGI 2025 Future | 4.5% | |
WCA 2025 Future | 4.3% | |
CCA 2026 Future | 4.0% |
EUR | 57.8% | |
USD | 39.2% | |
GBP | 3.1% |
Rank | Name | % of Net Assets | Ticker | Identifier | Type | Shares Held | Market Value($) | Notional Value($) |
1 | KraneShares Sustainable Ultra Short Duration Index ETF | 61.35% | KCSH | US5007673552 | ETF | 4,876,050 | 122,315,714 | 0 |
2 | Cash | 20.08% | – | – | Cash | 40,031,352 | 40,031,352 | 0 |
3 | EURO | 6.51% | – | – | Currency | 12,542,285 | 12,974,330 | 0 |
4 | EURO | 5.60% | – | – | Currency | 10,800,000 | 11,172,029 | 0 |
5 | BRITISH STERLING POUND | 3.05% | – | – | Currency | 4,898,845 | 6,083,406 | 0 |
6 | BRITISH STERLING POUND | 2.80% | – | – | Currency | 4,500,000 | 5,588,118 | 0 |
7 | STATE ST INST US GOV | 0.61% | GVMXX | – | Money Market | 1,219,012 | 1,219,012 | 0 |
8 | CA CARBON ALLOW 25DEC25 | 0.00% | BCYZ25 | – | Future | 1,057 | 0 | 31,657,150 |
9 | CCA VINTAGE 2026 DEC26 | 0.00% | KBCZ26 | – | Future | 249 | 0 | 7,958,040 |
10 | ECX EMISSION DEC25 | 0.00% | MOZ25 | – | Future | 1,409 | 0 | 119,926,058 |
Holdings are subject to change.
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