The KraneShares Global Carbon Strategy ETF (KRBN) is benchmarked to the S&P Global Carbon Credit 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.
**Diversification does not ensure a profit or guarantee against a loss.
1. Data from S&P Dow Jones Indices as of 6/30/2023.
2. IHS Markit, “UN-affiliated Net-Zero Asset Owner Alliance calls for global carbon price”, Jul 7, 2021.
3. Data from Bloomberg as of 12/31/2023.
4. Data from Bloomberg, as of 3/31/2023.
5. Financial Times, April 17, 2019 “Niche asset nears mainstream as investors warm to EU carbon market”.
6. ICAP, "China National ETS," retrieved 3/31/2023.
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 $10,000 investment in the fund is hypothetical and for illustration purposes only. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.
Name | Identifier | Position | Current Exposure ($) | % NAV |
European Union Allowance (EUA) 2024 Future | MOZ24 Comdty | 2,267 | 161,063,180 | 52.45% |
California Carbon Allowance (CCA) Vintage 2024 Future | CDBZ24 Comdty | 2,009 | 79,194,780 | 25.79% |
Regional Greenhouse Gas Initiative (RGGI) Vintage 2024 Future | RJOZ24 Comdty | 1,058 | 21,826,540 | 7.11% |
California Carbon Allowance (CCA) Vintage 2025 Future | BCYZ25 Comdty | 377 | 15,860,390 | 5.16% |
European Union Allowance (EUA) 2025 Future | MOZ25 Comdty | 199 | 14,721,125 | 4.79% |
UK Allowance (UKA) 2024 Future | UKEZ4 Comdty | 305 | 14,084,274 | 4.59% |
306,750,289 | 100% |
Name | Identifier | Position | Current Exposure($) | % NAV |
STATE ST INST US GOV | GVMXX | 210,874,066 | 210,874,066 | 68.67% |
Euro FX Futures | ECM4 Curncy | 1265 | 169,462,563 | 55.18% |
EURO | EUR | 21,000,000 | 22,445,969 | 7.31% |
BRITISH STERLING POUND | GBP | 11,300,000 | 14,049,833 | 4.58% |
USD Cash & Equivalents** | USD | -110,431,453 | -110,431,453 | -35.96% |
306,400,978 | 100% |
Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($59,031,110), and implied short USD exposure from Euro FX futures
EUA 2024 Future | 52.4% | |
CCA 2024 Future | 25.8% | |
RGGI 2024 Future | 7.1% | |
CCA 2025 Future | 5.2% | |
EUA 2025 Future | 4.8% | |
UKA 2024 Future | 4.6% |
EUR | 62.5% | |
USD | 32.7% | |
GBP | 4.6% |
Rank | Name | % of Net Assets | Ticker | Identifier | Type | Shares Held | Market Value($) | Notional Value($) |
1 | STATE ST INST US GOV | 67.24% | GVMXX | – | Money Market | 210,874,066 | 210,874,066 | 0 |
2 | EURO | 15.77% | – | – | Currency | 46,148,969 | 49,439,144 | 0 |
3 | Cash | 6.85% | – | – | Cash | 21,484,502 | 21,484,502 | 0 |
4 | BRITISH STERLING POUND | 4.50% | – | – | Currency | 11,300,000 | 14,114,238 | 0 |
5 | EURO | 4.10% | – | – | Currency | 12,000,000 | 12,855,536 | 0 |
6 | BRITISH STERLING POUND | 1.54% | – | – | Currency | 3,867,507 | 4,830,700 | 0 |
7 | CA CARBON ALLOW 24DEC24 | 0.00% | CDBZ24 | – | Future | 2,009 | 0 | 79,255,050 |
8 | CA CARBON ALLOW 25DEC25 | 0.00% | BCYZ25 | – | Future | 377 | 0 | 15,867,930 |
9 | ECX EMISSION DEC24 | 0.00% | MOZ24 | – | Future | 2,267 | 0 | 166,093,663 |
10 | ECX EMISSION DEC25 | 0.00% | MOZ25 | – | Future | 199 | 0 | 15,166,169 |
Holdings are subject to change.
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