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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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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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 | $743,425 |
Total Annual Fund Operating Expense | 0.79% |
Inception Date | 04/27/2022 |
Distribution Frequency | Annual |
Daily Net Asset Value (NAV) and Market Price | |
NAV | $1.86 |
NAV Daily Change | -7.46% |
Market Price | $1.79 |
Market Price Daily Change | -13.11% |
30 Day Median Bid/Ask Spread |
3.52% |
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 |
$1.86 | $1.79 | $-0.07 |
2022 Full Year | Q1 2023 | Q2 2023 | |
Days traded at premium | 96 | 39 | 25 |
Days traded at NAV | 0 | 0 | 0 |
Days traded at discount | 63 | 16 | 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 | Primary Index | Secondary Index | |
1 Month | -54.32% | -53.91% | -54.02% | -54.02% |
3 Month | -69.36% | -68.88% | -68.23% | -68.23% |
6 Month | -83.16% | -82.80% | -84.84% | -84.84% |
Since Inception* | -91.94% | -91.74% | – | -88.94% |
Fund NAV | Closing Price | Primary Index | Secondary Index | |
1 Year | -91.70% | -91.49% | – | -89.28% |
Since Inception* | -89.95% | -89.72% | – | -86.59% |
Fund NAV | Closing Price | Primary Index | Secondary Index | |
Since Inception* | -76.74% | -76.90% | – | -68.00% |
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.
2022 Distributions |
Ex-Date | Record Date | Payable Date | Amount |
12/28/2022 | 12/29/2022 | 12/30/2022 | 0.025021 |
Join us Wednesday, June 7 at 9:00am EDT for our Global Climate & Carbon Virtual Investment Summit. Diplomats, executives, and industry experts will discuss the role of cap and trade and #carboncredits, clean technology #investing, and more.
— KraneShares (@KraneShares) May 24, 2023
Register: https://t.co/cFQ2LthKn9 pic.twitter.com/bK5nzoMrex
#China’s recent robust #economic data was a positive surprise for analysts. @KraneShares' @ahern_brendan introduces our China suite and explains why it currently may be an attractive entry point for China.$KWEB #ETFs #investing pic.twitter.com/FTacLQAkIY
— KraneShares (@KraneShares) May 3, 2023
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 |
CBL Nature-Based Global Emission Offset (NGO) 2023 Future | LGOZ3 Comdty | 540 | 599,400 | 80.63% |
CBL Global Emission Offset (GEO) 2023 Future | UGEZ3 Comdty | 200 | 132,000 | 17.76% |
731,400 | 98% |
Name | Identifier | Position | Current Exposure($) | % NAV |
USD Cash & Equivalents** | USD | 612,479 | 612,479 | 82.39% |
STATE ST INST US GOV | GVMXX | 112,153 | 112,153 | 15.09% |
724,632 | 97% |
Holdings, futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($612,479)
Rank | Name | % of Net Assets | Ticker | Identifier | Type | Shares Held | Market Value($) | Notional Value($) |
1 | Cash | 84.52% | – | – | Cash | 612,479 | 612,479 | 0 |
2 | STATE ST INST US GOV | 15.48% | GVMXX | – | Money Market | 112,153 | 112,153 | 0 |
3 | CBL GB EMIS OFFSE DEC23 | 0.00% | UGEZ3 | – | Future | 200 | 0 | 132,000 |
4 | CBL NB G EMIS OFF DEC23 | 0.00% | LGOZ3 | – | Future | 540 | 0 | 599,400 |
Holdings are subject to change.
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