Overview

Performance

Distributions

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

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).

KRBN Features

  • Structurally designed for long-term price appreciation due to the markets’ increasing supply scarcity5, with low correlation to other major asset classes.
  • Provides potential impact by supporting price discovery and liquidity in carbon markets.
  • Counterbalance portfolio’s emissions exposure and energy transition/climate risk.

*Formerly the KraneShares Global Carbon ETF.
**Diversification does not ensure a profit or guarantee against a loss.

Premium Discount Chart

Daily Performance

Data as of 02/06/2025
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%

Performance History

Cumulative %
Data as of: 01/31/2025
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%
Avg Annualized %
Data as of month end: 01/31/2025
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%
Avg Annualized %
Data as of quarter end: 12/31/2024
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.

Distribution History

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

Growth of $10,000

Data as of 02/06/2025

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.

Carbon Allowance Futures

Data as of 02/07/2025
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%

Collateral and Currency Management

Data as of 02/07/2025
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

Carbon Allowance Futures
Breakdown

Data as of: 02/07/2025
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%

Currency Exposure
Breakdown

Data as of: 02/07/2025
EUR 57.8%
USD 39.2%
GBP 3.1%

Top 10 Holdings

Data as of 02/07/2025 Full Holdings .CSV
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.