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Overview

Performance

Distributions

Growth of $10,000

Holdings

Fund Documents

Overview

Investment Strategy:

KSPY tracks the Hedgeye Hedged Equity Index, which provides exposure to the S&P 500 while actively reducing volatility and providing downside risk management. The Index is managed by Hedgeye Asset Management, LLC and utilizes a model based on Hedgeye’s proprietary Risk Range™ Signals that analyze the daily trading range of the S&P 500. The Index toggles between three options strategies based on where the S&P 500 falls within these ranges. These options strategies are intended to provide downside risk management, option income, and potential compensation for the loss of upside. Depending on market conditions, the Index can change options strategies as frequently as daily.

KSPY Features:

  • KSPY’s Index offers investors passive exposure to the S&P 500, while seeking to reduce volatility and to provide downside risk management.
  • KSPY’s Index provides the downside risk management with a combination of put and call options to hedge its underlying exposure to the S&P 500.
  • KraneShares manages the options exposure for investors, which can be more economical and time efficient than buying individual stock options.
  • KSPY’s Index strategy is guided by Hedgeye’s Risk Range™ Signals, which, on a daily basis, may buy and sell options produced using Hedgeye’s proprietary price, volume, and volatility model.
  • Hedgeye began publishing its Risk Range™ Signals in 2015 and has grown a significant user base of both institutional and individual investors.1

About Hedgeye Asset Management:

  • Hedgeye Asset Management, LLC ("HAM") is a subsidiary of Hedgeye Risk Management, LLC ("Hedgeye" or "HRM") that develops and provides indices and model portfolios based on the intellectual property of Hedgeye, for use in investment products and portfolio services offered by registered investment advisers, investment funds (including exchange traded funds) and other trading systems.

1. Data from Hedgeye Asset Management, LLC as of 05/31/2024.

Fund Details

Data as of 12/19/2024
Ticker KSPY
Primary Exchange NYSE
CUSIP 500767389
ISIN US5007673891
Net Assets $7,656,163
Total Annual Fund Operating Expense (Gross) 0.79%
Total Annual Fund Operating Expense (Net) 0.69%*
Inception Date 7/16/2024
Distribution Frequency Annual
Underlying Index Hedgeye Hedged Equity Index

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Premium Discount Chart

Daily Performance

Data as of 12/19/2024
Daily Net Asset Value (NAV) and Market Price
NAV $25.52
NAV Daily Change 0.08%
Market Price $25.60
Market Price Daily Change 0.20%
30 Day Median Bid/Ask Spread
0.12%
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.

Performance History

Cumulative %
Data as of: 11/30/2024
Fund NAV Closing Price Underlying Index
1 Month 3.61% 3.36% 3.96%
3 Month 5.19% 5.06% 5.13%
6 Month – – –
YTD – – –
Since Inception 4.56% 4.60% 5.14%
Cumulative %
Data as of quarter end: 09/30/2024
Fund NAV Closing Price Underlying Index
Since Inception 0.64% 0.84% 1.02%

*Fee waivers are contractual and in effect until August 1, 2025

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.

Distribution History

2024 Distributions
Ex-Date Record Date Payable Date Amount
12/17/2024 12/17/2024 12/18/2024 0.051950
12/17/2024 12/18/2024 12/18/2024 0.283499

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.

Topics:

Growth of $10,000

Data as of 12/19/2024

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.

Top 10 Holdings

Data as of 12/20/2024 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($)
1 SPDR S&P 500 ETF TRUST 97.38% SPY US78462F1030 Mutual Fund 12,700 7,507,605
2 Cash 2.48% – – Cash 191,072 191,072
3 SPXW US 01/10/25 P5905 0.77% – – Option 12 59,614
4 XSP US 01/10/25 P590 0.04% – – Option 7 3,381
5 XSP US 01/10/25 P580 -0.03% – – Option -7 -2,114
6 2SPY US 01/10/25 C613.34 -0.17% – – Option -127 -12,954
7 SPXW US 01/10/25 P5805 -0.48% – – Option -12 -37,098

Holdings are subject to change.

Fund Documents

©2024 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017

Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com. Read the prospectus carefully before investing.

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative. Hedges may have imperfect matching between the derivative and the underlying security; there is no assurance that hedging will be effective. Hedging may reduce or eliminate losses or gains. The Fund will use FLEX options from the Options Clearing Corporation (OCC). There's a risk of the OCC failing to meet its obligations. The Fund may face challenges in less liquid FLEX options markets and have difficulty closing positions at desired times and prices. In the unlikely event the OCC becomes insolvent, the Fund could suffer losses. Failure by market participants to enter into FLEX options transactions that reflect market value could result in losses. Some FLEX options may expire worthless.

Hedgeye Risk Management, LLC’s ("HRM") ability to publish daily Risk Range™ signals is heavily dependent on the manual activities of a single individual, HRM’S CEO and founder (“Key Man”). In Key Man’s absence, the Risk Range™ signals will be published by another individual (“Secondary Calculator”). The formula utilized by the Secondary Calculator is based on a formula that incorporates the same factors as the formula used by the Key Man but this formula is not identical to the formula utilized by the Key Man. If the Key Man were to leave HRM or is unable to calculate the Risk Range™ signals, the Risk Range™ signals and the Underlying Index may not function as designed and adversely impact KSPY.

KSPY is new and does not yet have a significant number of shares outstanding. If KSPY does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. Narrowly focused investments typically exhibit higher volatility. KSPY’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, KSPY is subject to loss due to adverse occurrences that affect that concentration.

Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies.

The Hedgeye® Hedged Equity Index (the “Index”) is a product of HAM which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) (“SPDJI”) to license the S&P 500 Index in connection with the Index. The S&P 500 Index, S&P®, S&P 500®, the 500, US 500 are the property of SPDJI and/or its affiliates (“S&P Dow Jones Indices”) and/or their third party licensors. S&P®, S&P 500®, the 500, US 500 are registered trademarks of S&P Global Inc. and/or its affiliates, Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed to S&P Dow Jones Indices and have been sublicensed for use for certain purposes by HAM. S&P Dow Jones Indices and its third party licensors shall have no liability for any errors or omissions in the S&P 500 Index and the Index is not owned, endorsed, or approved by or associated with S&P Dow Jones Indices.

The Fund is based on the Index and is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices or its third party licensors. Neither S&P Dow Jones Indices nor its third party licensors make any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index and/or the S&P 500 Index to track general market performance. S&P Dow Jones Indices’ only relationship to Hedgeye Asset Management, LLC with respect to the Index is the licensing of the S&P 500 Index and certain trademarks, service marks and trade names of S&P Dow Jones Indices or its third party licensors. S&P Dow Jones Indices and its third party licensors are not responsible for and have not participated in the determination of the prices and amount of the Fund or the timing of the issuance or sale of the Fund or in the determination or calculation of the equation by which the Fund may convert into cash or other redemption mechanics. S&P Dow Jones Indices and its third party licensors have no obligation or liability in connection with the administration, marketing or trading of the Fund. There is no assurance that investment products based on the Index will accurately track index performance or provide positive investment returns. S&P Dow Jones Indices LLC is not an investment adviser, commodity trading advisory, commodity pool operator, broker dealer, fiduciary, “promoter” (as defined in the Investment Company Act of 1940, as amended), “expert” as enumerated within 15 U.S.C. § 77k(a) or tax advisor. Inclusion of a security, commodity, crypto currency or other asset within an index is not a recommendation by S&P Dow Jones Indices to buy, sell, or hold such security, commodity, crypto currency or other asset, nor is it considered to be investment advice or commodity trading advice.

NONE OF S&P DOW JONES INDICES, ITS THIRD PARTY LICENSORS, HEDGEYE OR KRANE GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE S&P 500 INDEX, THE INDEX OR ANY DATA RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES INDICES AND ITS THIRD PARTY LICENSORS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JONES INDICES AND ITS THIRD PARTY LICENSORS MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY HEDGEYE, OWNERS OF THE HEDGEYE HEDGED EQUITY ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE S&P 500 INDEX, INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW JONES INDICES OR ITS THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. S&P DOW JONES INDICES HAS NOT REVIEWED, PREPARED AND/OR CERTIFIED ANY PORTION OF, NOR DOES S&P DOW JONES INDICES HAVE ANY CONTROL OVER, THE LICENSEE PRODUCT REGISTRATION STATEMENT, PROSPECTUS OR OTHER OFFERING MATERIALS. THERE ARE NO THIRD-PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND HEDGEYE, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.

Hedgeye Asset Management, LLC (“HAM”) is not affiliated with the Trust, Krane, the Trust’s administrator, custodian, transfer agent or Distributor, or any of their respective affiliates. Krane and HAM have entered into an index provider agreement (the “Agreement”) pursuant to which HAM has licensed the exclusive use of the Index and certain related marks to Krane for a fee, and Krane is permitted to sublicense such rights to the Fund and uses the marks for the purpose of promoting and marketing the Fund. Under the Agreement, HAM is compensated, in part, on the asset size of the Fund and therefore benefits directly from investments in the Fund. HAM is a subsidiary of HRM. HRM provides Hedgeye Risk Range™ signals to HAM under a licensing agreement. As such, HRM benefits directly from investments in the Fund.

The Fund is not in any way advised, managed, sponsored, endorsed, sold or promoted by HAM or HRM, and neither HAM nor HRM make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index, (ii) the performance or price of the Index at any particular time on any particular day or otherwise, or (iii) the merchantability, fitness or suitability of the Index for the particular purpose to which it is being put in connection with the Fund. Neither HAM nor HRM has provided, nor do they provide, any financial or investment advice or recommendation in relation to the Index to Krane or its affiliates, including the Fund. All rights in the Index vest in HAM other than those licensed to Krane under the Agreement.

Neither HAM nor HRM makes any warranty, express or implied, as to results to be obtained by Krane or its affiliates, owners of shares of the Fund or any other person or entity from the use of the Index or any data included therein. Without limiting any of the foregoing, in no event shall HAM or HRM have any liability for any special, punitive, indirect or consequential damages (including lost profits) resulting from the use of the Index or any data included therein, even if notified of the possibility of such damages.

HRM sells financial research to financial institutions and investors, including the Hedgeye Risk Range™ signals which are a critical input of the Index provided to the Fund by HRM subsidiary, HAM. HRM publishes Hedgeye Risk Range™ signals direct to its subscribers who will receive the Risk Range™ signals before the Fund due to processing time between publication and receipt of the Risk Range™ signals by the Fund.

Solactive AG (“Solactive”) is the calculation agent of the Index. The financial instrument that is referencing the Index is not sponsored, endorsed, promoted, sold or supported by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto.

KSPY is non-diversified.

ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

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