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.
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||3,455||304,406,916||53.25%|
|California Carbon Allowance (CCA) Vintage 2023 Future||LUDZ23 Comdty||4,998||158,986,380||27.81%|
|California Carbon Allowance (CCA) Vintage 2024 Future||CDBZ24 Comdty||938||31,892,000||5.58%|
|Regional Greenhouse Gas Initiative (RGGI) Vintage 2023 Future||LUIZ23 Comdty||2,031||28,027,800||4.9%|
|European Union Allowance (EUA) 2024 Future||MOZ24 Comdty||300||27,771,117||4.86%|
|UK Allowance (UKA) 2023 Future||UKEZ3 Comdty||314||20,558,487||3.6%|
|Name||Identifier||Position||Current Exposure($)||% NAV|
|STATE ST INST US GOV||GVMXX||293,178,708||293,178,708||51.29%|
|Euro FX Futures||ECM3 Curncy||1975||265,230,156||46.4%|
|BRITISH STERLING POUND||GBP||17,400,000||21,458,434||3.75%|
|USD Cash & Equivalents**||USD||-87,510,855||-87,510,855||-15.31%|
Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($177,719,301), and implied short USD exposure from Euro FX futures
|EUA 2023 Future||53.2%|
|CCA 2023 Future||27.8%|
|CCA 2024 Future||5.6%|
|RGGI 2023 Future||4.9%|
|EUA 2024 Future||4.9%|
|UKA 2023 Future||3.6%|
|Rank||Name||% of Net Assets||Ticker||Identifier||Type||Shares Held||Market Value($)||Notional Value($)|
|1||STATE ST INST US GOV||51.29%||GVMXX||–||Money Market||293,178,708||293,178,708||0|
|5||BRITISH STERLING POUND||3.75%||–||–||Currency||17,400,000||21,458,434||0|
|6||BRITISH STERLING POUND||0.60%||–||–||Currency||2,778,487||3,426,551||0|
|7||EURO FX CURR FUT JUN23||0.00%||ECM3||–||Future||1,975||0||265,230,156|
|8||RGGI VINTAGE 2023 DEC23||0.00%||LUIZ23||–||Future||2,031||0||28,027,800|
|9||UK EMISS ALLOW FU DEC23||0.00%||UKEZ3||–||Future||314||0||20,558,487|
|10||CA CARBON ALLOW 24DEC24||0.00%||CDBZ24||–||Future||938||0||31,892,000|
Holdings are subject to change.
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