Krane Funds Advisors, LLC is the investment manager for KraneShares ETFs. Our suite of China-focused ETFs provides investors with solutions to capture China’s importance as an essential element of a well-designed investment portfolio. We strive to deliver innovative first-to-market strategies developed based on our strong partnerships and deep investing knowledge. We help investors stay current on global market trends and aim to provide meaningful diversification. Krane Funds Advisors, LLC, is a signatory of the United Nations-supported Principles for Responsible Investing (UN PRI). The firm is majority-owned by China International Capital Corporation (CICC).
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February 6, 2023 – KGHG Q4 Commentary: Continued Outperformance, Government Policy Driving Growth
January 17, 2023 – A Year in Review: Tracking Carbon Price Highs & Lows in 2022 and Major Policy Shifts to Watch for in 2023
January 17, 2023 – A Refined Approach to China: Jessica Chen Weiss on US-China Relations
December 27, 2022 – How to Capture a Potential Rally in China’s Property Bonds
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 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.
Ticker | KRBN |
Primary Exchange | NYSE |
CUSIP | 500767678 |
ISIN | US5007676787 |
Net Assets | $671,875,255 |
Total Annual Fund Operating Expense | 0.78% |
Inception Date | 7/30/2020 |
Distribution Frequency | Annual |
Daily Net Asset Value (NAV) and Market Price | |
NAV | $39.76 |
NAV Daily Change | -0.13% |
Market Price | $39.87 |
Market Price Daily Change | 0.08% |
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. |
NAV | Market Price | Premium/Discount |
$39.76 | $39.87 | $0.11 |
2022 Full Year | Q1 2023 | |
Days traded at premium | 74 | 15 |
Days traded at NAV | 0 | 0 |
Days traded at discount | 177 | 8 |
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 | Index | |
1 Month | 6.38% | 8.45% | 6.69% |
3 Month | 10.60% | 11.45% | 10.86% |
6 Month | 9.02% | 9.80% | 11.18% |
Since Inception | 142.12% | 142.98% | 144.35% |
Fund NAV | Closing Price | Index | |
1 Year | -6.80% | -7.22% | -5.07% |
Since Inception | 42.24% | 42.44% | 42.76% |
Fund NAV | Closing Price | Index | |
1 Year | -10.51% | -12.39% | -8.49% |
Since Inception | 40.38% | 39.47% | 40.74% |
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.
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 | 0.24781 |
With its exposure to the secular growth theme of #decarbonization, $KGHG provided relative defensiveness during the fourth quarter of 2022 and added one of the world's largest aluminum companies @NorskHydroASA. Read Roger Mortimer's latest commentary: https://t.co/NvrY6Mvo9U pic.twitter.com/8eMjt1GJLz
— KraneShares (@KraneShares) February 6, 2023
In this winter’s China Internet Report, we look at “Baidu Apollo’s Feedback Driven Innovation,” top companies’ earnings results, and how #China's reopening presents a tremendous opportunity for China's #internet/#tech sector.
— KraneShares (@KraneShares) February 3, 2023
Download: https://t.co/LozIZu2eWt$KWEB $BIDU pic.twitter.com/xY3s8lkCdk
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) 2023 Future | MOZ23 Comdty | 3,763 | 381,153,797 | 56.73% |
California Carbon Allowance (CCA) Vintage 2023 Future | LUDZ23 Comdty | 5,440 | 163,036,800 | 24.27% |
UK Allowance (UKA) 2023 Future | UKEZ3 Comdty | 341 | 34,625,555 | 5.15% |
European Union Allowance (EUA) 2024 Future | MOZ24 Comdty | 323 | 34,172,027 | 5.09% |
California Carbon Allowance (CCA) Vintage 2024 Future | CDBZ24 Comdty | 1,017 | 32,482,980 | 4.83% |
Regional Greenhouse Gas Initiative (RGGI) Vintage 2023 Future | LUIZ23 Comdty | 2,223 | 29,966,040 | 4.46% |
675,437,199 | 101% |
Name | Identifier | Position | Current Exposure($) | % NAV |
Euro FX Futures | ECH3 Curncy | 2350 | 318,087,188 | 47.34% |
STATE ST INST US GOV | GVMXX | 190,433,459 | 190,433,459 | 28.34% |
EURO | EUR | 80,058,176 | 86,923,385 | 12.94% |
USD Cash & Equivalents** | USD | 45,972,925 | 45,972,925 | 6.84% |
BRITISH STERLING POUND | GBP | 24,000,000 | 29,056,745 | 4.32% |
670,473,702 | 100% |
Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($364,060,113), and implied short USD exposure from Euro FX futures
EUA 2023 Future | 56.7% | |
CCA 2023 Future | 24.3% | |
UKA 2023 Future | 5.2% | |
EUA 2024 Future | 5.1% | |
CCA 2024 Future | 4.8% | |
RGGI 2023 Future | 4.5% |
EUR | 60.3% | |
USD | 35.2% | |
GBP | 4.3% |
Rank | Name | % of Net Assets | Ticker | Identifier | Type | Shares Held | Market Value($) | Notional Value($) |
1 | Cash | 44.54% | – | – | Cash | 299,266,342 | 299,266,342 | 0 |
2 | STATE ST INST US GOV | 28.34% | GVMXX | – | Money Market | 190,433,459 | 190,433,459 | 0 |
3 | EURO | 15.35% | – | – | Currency | 95,000,000 | 103,146,511 | 0 |
4 | EURO | 6.03% | – | – | Currency | 37,307,968 | 40,507,229 | 0 |
5 | BRITISH STERLING POUND | 4.32% | – | – | Currency | 24,000,000 | 29,056,745 | 0 |
6 | BRITISH STERLING POUND | 1.41% | – | – | Currency | 7,818,772 | 9,466,170 | 0 |
7 | CA CARBON ALLOW 24DEC24 | 0.00% | CDBZ24 | – | Future | 1,017 | 0 | 32,482,980 |
8 | CALCARBALLOWV2023 DEC23 | 0.00% | LUDZ23 | – | Future | 5,440 | 0 | 163,036,800 |
9 | ECX EMISSION DEC23 | 0.00% | MOZ23 | – | Future | 3,763 | 0 | 381,153,797 |
10 | ECX EMISSION DEC24 | 0.00% | MOZ24 | – | Future | 323 | 0 | 34,172,027 |
Holdings are subject to change.
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