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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December 20, 2024 – Talk Your Book: Buy Low, Sell High in China
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January 14, 2025 – Tencent & CATL: DoD List Inclusion & What It Means For Investors
January 3, 2025 – 2025 China Outlook: A Recipe For Re-Rating
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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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181 Queen Victoria Street
London EC4V 4EG
KSET tracks the S&P GSCI Global Voluntary Carbon Liquidity Weighted Index, which provides broad coverage of the voluntary carbon market by tracking carbon offset futures contracts. These futures contracts include Nature-Based Global Emission Offsets (N-GEOs) and Global Emission Offsets (GEOs), which trade through the CME Group, the world's largest financial derivatives exchange. KSET is designed to dynamically add additional offset markets as they reach scale.
*Diversification does not ensure a profit or guarantee against a loss.
1. CME Group, "Finding a Solution for Global Carbon Offsets Pricing", Jan 26, 2021.
2. CME Group, "CBL Nature-Based Global Emissions Offset (N-GEO) and CBL Global Emissions Offset (GEO) Futures ‒ Frequently Asked Questions," Jun 21 2021.
3. Data from Bloomberg as of 4/25/2022.
Ticker | KSET |
Primary Exchange | NYSE |
CUSIP | 500767538 |
ISIN | US5007675383 |
Net Assets | $818,744 |
Total Annual Fund Operating Expense | 0.79% |
Inception Date | 04/27/2022 |
Distribution Frequency | Quarterly |
Daily Net Asset Value (NAV) and Market Price | |
NAV | $0.86 |
NAV Daily Change | -2.27% |
Market Price | $0.88 |
Market Price Daily Change | 1.15% |
30 Day Median Bid/Ask Spread |
6.42% |
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 |
$0.86 | $0.88 | $0.02 |
Q1 2024 | |
Days traded at premium | 36 |
Days traded at NAV | 0 |
Days traded at discount | 15 |
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.
As of November 21, 2023, the closing market price of the shares of KSET had deviated by more than 2% from its published NAV for more than seven consecutive trading days (the “Period”). KSET invests in carbon offset credits through futures contracts traded on the Chicago Mercantile Exchange, namely Global Emission Offsets (GEOs) and Nature-Based Global Emission Offsets (N-GEOs). The markets for carbon offset credits and for GEOs and N-GEOs are volatile because carbon offset credits are newer financial instruments and the market for them is somewhat less developed. Such volatility, together with the low trading volume in KSET shares, contributed to the premiums and discounts during the Period.
Fund NAV | Closing Price | Primary Index | Secondary Index | |
1 Month | 0.84% | 2.52% | 0.78% | 0.78% |
3 Month | 2.09% | 5.79% | 23.87% | 23.87% |
6 Month | -51.00% | -50.29% | -37.84% | -37.84% |
YTD | 30.43% | 29.79% | 57.66% | 57.66% |
Since Inception* | -95.05% | -95.00% | – | -89.81% |
Fund NAV | Closing Price | Primary Index | Secondary Index | |
1 Year | -81.20% | -81.18% | -70.74% | -70.74% |
Since Inception* | -80.37% | -80.26% | – | -70.97% |
Fund NAV | Closing Price | Primary Index | Secondary Index | |
1 Year | -90.07% | -89.82% | -89.10% | -89.10% |
Since Inception* | -85.71% | -85.58% | – | -80.38% |
Index Definitions:
KSET was launched as an actively-managed ETF, and on August 1, 2022, the Fund changed into a passive, index-tracking ETF. During the period where the Fund was actively-managed, KSET was benchmarked to the IHS Markit Global Carbon Index, but did not track this Index. After becoming passively-managed, KSET began tracking its Primary Index, the S&P GSCI Global Voluntary Carbon Liquidity Weighted Index. The Secondary Index consists of the IHS Markit Global Carbon Index from the inception of the Fund through July 31, 2022, and the S&P GSCI Global Voluntary Carbon Liquidity Weighted Index going forward. Future performance may be different than past performance due to changes, including investment objectives and principal investment strategies. Additionally, before August 1, 2022, the Fund previously had an investment strategy of seeking capital appreciation and now seeks to track the performance of the Primary Index before fees and expenses.
*Since Inception refers to performance since the inception date of the Fund, and for the Primary Index, it refers to performance since the conversion of the objective to index tracking on August 1, 2022.
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.
2025 Distributions and Calendar |
Ex-Date | Record Date | Payable Date | Amount |
03/27/2025 | 03/28/2025 | 03/31/2025 | |
06/26/2025 | 06/27/2025 | 06/30/2025 | |
09/26/2025 | 09/29/2025 | 09/30/2025 |
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 |
03/22/2024 | 03/25/2024 | 03/25/2024 | 0.003800 |
2023 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
06/28/2023 | 06/29/2023 | 06/30/2023 | 0.017314 |
09/27/2023 | 09/28/2023 | 09/29/2023 | 0.000000 |
12/18/2023 | 12/19/2023 | 12/20/2023 | 0.016906 |
2022 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
12/28/2022 | 12/29/2022 | 12/30/2022 | 0.025021 |
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 |
CBL Nature-Based Global Emission Offset (NGO) 2024 Future | LGOZ4 Comdty | 142 | 174,660 | 21.33% |
CBL Global Emission Offset (GEO) 2024 Future | UGEZ4 Comdty | 159 | 73,140 | 8.93% |
247,800 | 30% |
Name | Identifier | Position | Current Exposure($) | % NAV |
USD Cash & Equivalents** | USD | 544,847 | 544,847 | 66.55% |
STATE ST INST US GOV | GVMXX | 277,525 | 277,525 | 33.9% |
822,372 | 100% |
Holdings, futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($544,847)
Rank | Name | % of Net Assets | Ticker | Identifier | Type | Shares Held | Market Value($) | Notional Value($) |
1 | Cash | 66.25% | – | – | Cash | 544,847 | 544,847 | 0 |
2 | STATE ST INST US GOV | 33.75% | GVMXX | – | Money Market | 277,525 | 277,525 | 0 |
3 | CBL GB EMIS OFFSE DEC24 | 0.00% | UGEZ4 | – | Future | 159 | 0 | 73,140 |
4 | CBL NB G EMIS OFF DEC24 | 0.00% | LGOZ4 | – | Future | 142 | 0 | 174,660 |
Holdings are subject to change.
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Closure Announcement: Upon the recommendation of Krane Funds Advisors, LLC, the adviser to KraneShares Global Carbon Offset Strategy ETF (KSET), the Board of Trustees of KraneShares Trust has approved the liquidation and termination of KSET. Accordingly, shares of KSET will cease trading on the NYSE (“Exchange”), and will be closed to purchase by investors as of the close of regular trading on the Exchange on March 14, 2024 (“Closing Date”). Shareholders may sell their holdings in the Fund prior to the Closing Date. The Fund will not accept purchase orders after the Closing Date. From the Closing Date through March 25, 2024 (“Liquidation Date”), shareholders may only be able to sell their shares to certain broker-dealers. There is no assurance that there will be a market for the Fund’s shares during this period. Read More.