Overview

Performance

Growth of USD 10,000

Holdings

Listings

Security Documents

Overview

Investment Strategy:

The KraneShares Global Carbon Strategy ETC (KRBN) is intended to track the level of its reference index, 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. The index covers the major European and North American cap-and-trade programs: European Union Allowances (EUA), California Carbon Allowances (CCA), United Kingdom Allowances (UKA), Washington State Carbon Allowances (WCA), and the Regional Greenhouse Gas Initiative (RGGI), which covers the Northeast US Power Market.

Performance

  • Carbon portfolio historically provides annualized returns above the S&P 500.1
  • Structurally designed for long-term price appreciation due to the markets’ increasing supply scarcity.2
  • Low correlations to major asset classes, including 0.3 to US large cap.1
  • Provides alternative return profile with potential inflation and climate risk hedging.

Impact

  • Provides potential impact by supporting price discovery and liquidity in carbon markets.3
  • Counterbalance portfolio’s emissions exposure and energy transition/climate risk.
  • Cap and trade supports fuel switching and capital directed toward innovation in renewable technology.3

1. Data from Bloomberg and S&P Dow Jones Indices as of 31/Dec/2024.
2. European Commission, “What is the EU ETS?” retrieved 25/Jun/2024.
3. International Swaps and Derivatives Association, “Role of Derivatives in Carbon Markets,” Sep 2021.

Security Details

Data as of 15/Dec/2025
Ticker KRBN
Primary SEDOL BSTJGN8
Primary ISIN XS2879867773
Net Assets $10,323,929
Total Expense Ratio 0.78%
Inception Date 03/Oct/2024
Distribution Frequency Accumulating

Daily Performance

Data as of 15/Dec/2025
Daily Net Asset Value (NAV)
NAV $30.82
NAV Daily Change 1.08%

Performance History

Cumulative %
Data as of: 30/Nov/2025
Security NAV Underlying Index
1 Month 3.13% 3.27%
3 Month 10.00% 10.72%
6 Month 18.27% 20.27%
YTD 16.94% 20.26%
Since Inception 20.12% 23.89%
Avg Annualized %
Data as of month end: 30/Nov/2025
Security NAV Underlying Index
1 Year 16.85% 21.18%
Since Inception 17.09% 20.25%
Cumulative %
Data as of quarter end: 30/Sep/2025
Security NAV Underlying Index
Since Inception 13.36% 16.39%

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.

Related Content:

Navigating Global Crosswinds: Carbon Markets Respond to Tariff Tactics and Executive Orders

KraneShares 2025 Spring Carbon Report
Carbon Update: EU Market Momentum & California’s Legal Landscape for Investors

Carbon Credits: The asset class explained

California Carbon Alert: Strategic Opportunity at the Floor

The Future of Carbon in the Trump Era

What Is Next for EU Carbon? Key Developments on the Horizon

By Oktay Kurbanov, Partner at Climate Finance Partners (CLIFI)

Topics:

Growth of USD 10,000

Data as of 15/Dec/2025

The Growth of USD 10,000 chart reflects an initial investment of USD 10,000 in the Fund's USD share class on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of USD 10,000 chart since inception, the initial investment of USD 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 USD 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.

Carbon Allowance Exposures

Data as of 15/Dec/2025
Name Identifier Position Current Exposure ($) % NAV
European Union Allowance (EUA) 2026 Future MOZ26 Comdty 60 6,159,782 59.67%
California Carbon Allowance (CCA) Vintage 2026 Future KBCZ26 Comdty 78 2,510,820 24.32%
Washington Carbon Allowance (WCA) Vintage 2026 Future WKDZ26 Comdty 7 514,500 4.98%
UK Allowance (UKA) 2026 Future UKEZ6 Comdty 6 477,538 4.63%
Regional Greenhouse Gas Initiative (RGGI) Vintage 2026 Future RGYZ26 Comdty 18 471,420 4.57%
10,134,059 98%

Collateral and Currency Management

Data as of 15/Dec/2025
Name Identifier Position Current Notional ($) % NAV
Euro FX Futures ECH6 Curncy 30 4,425,938 42.87%
USD Cash & Equivalents** USD 3,654,648 3,654,648 35.4%
EURO EUR 1,510,686 1,776,943 17.21%
BRITISH STERLING POUND GBP 348,205 466,400 4.52%
10,323,929 100%

Holdings, carbon allowance exposures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($8,080,585), and implied short USD exposure from Euro FX futures

Top 10 Holdings

Data as of 15/Dec/2025 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 Cash 78.27% – – Cash 8,080,585 8,080,585 0
2 EURO 17.21% – – Currency 1,510,686 1,776,943 0
3 BRITISH STERLING POUND 4.52% – – Currency 348,205 466,400 0
4 CCA VINTAGE 2026 DEC26 0.00% KBCZ26 – Future 78 0 2,510,820
5 ECX EMISSION DEC26 0.00% MOZ26 – Future 60 0 6,159,782
6 EURO FX CURR FUT MAR26 0.00% ECH6 – Future 30 0 4,425,938
7 REGIONAL GAS FUTDEC26 0.00% RGYZ26 – Future 18 0 471,420
8 UK EMISS ALLOW FU DEC26 0.00% UKEZ6 – Future 6 0 477,538
9 WSH CAR ALL V2026 DEC26 0.00% WKDZ26 – Future 7 0 514,500

Holdings are subject to change.

Listings

Data as of 15/Dec/2025
Exchange Ticker Currency Listing Date SEDOL ISIN
Deutsche Börse KRBN GY EUR 03/Oct/2024 BSRH0H6 XS2879867773
Borsa Italiana KRBN IM EUR 03/Oct/2024 BSTJGN8 XS2879867773
London Stock Exchange KRBN LN USD 16/Jan/2025 BSRH0B0 XS2879867773
London Stock Exchange KRBP LN GBP 16/Jan/2025 BR4Y040 XS2879867773

Current Authorized Participants for the KraneShares ETC Programme are Jane Street Financial Limited and Flow Traders B.V.

Security Documents

©2025 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017 [email protected]

Investors will be advised that investing involves risk, including possible loss of principal. There can be no assurance that any series of ETCs will achieve its stated objectives. Under the ETC Programme, the Issuer may offer multiple different ETC Series. The performance of each ETC Series will be linked to specified reference indices comprised of futures contracts in the Global Carbon Credit Markets. The indices, and corresponding future contracts, are subject to political, social or economic changes which may cause decline in value. The Issuer may invest in derivatives, which are often more volatile than other investments and may magnify gains or losses for investors in the relevant ETC Series. Fluctuations in the currencies of foreign countries may have an adverse effect to domestic currency values. Narrowly focused investments typically exhibit higher volatility. Investors will be advised of these and other relevant risk factors before investing in any ETC Series.

The ETCs are not principal protected and are a high-risk investment. The ETCs are secured, limited recourse obligations of the Issuer. The ETCs issued under the Programme will not be guaranteed by any entity and no person other than the Issuer will be obliged to make payments on the ETCs.

For investors in the EU: The information provided is for information purposes only in order to outline the capabilities of the KraneShares ETC Securities Programme. The information contained herein is not provided for the purposes of marketing or selling the ETC or any security nor is it intended to be used for making investment decisions by either select intermediaries or their underlying clients.

For investors in the United Kingdom: Information and material provided is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. It is not, under any circumstances, intended for distribution to the general public. You are accessing information which may constitute a financial promotion under section 21 of the Financial Services and Markets Act 2000 ("FSMA"). In relation to the United Kingdom, this information is only directed at, and may only be distributed to, persons who are “Investment Professionals” (being persons having professional experience in matters relating to investments) within the meaning of article 19(5) of the FSMA (Financial Promotion) Order 2005 (the “Financial Promotion Order”), persons to whom any of paragraphs (2)(a) to (d) of article 49 (high net worth companies, unincorporated associations etc.) of the financial promotion order apply, or persons to whom distribution may otherwise lawfully be made.

Any investment, and investment activity or controlled activity, to which this information relates is available only to such persons and will be engaged in only with such persons. Persons that do not have professional experience should not rely or act upon this information unless they are persons to whom any of paragraphs (2)(a) to (d) of article 49 apply to whom distribution of this information may otherwise lawfully be made.

Any performance quoted represents past performance and is no guarantee of future results. Past performance is not indicative or a guarantee of future performance. These materials do not take into account individual client circumstances, objectives, or needs, and are not intended as recommendations of particular securities, financial instruments, or strategies to particular clients or prospects.

Krane Funds Advisors, LLC acts as Arranger in relation to the Issuer’s ETC Programme as described in a Base Prospectus dated 13 September 2024 (supplemented 10 December 2024) approved by the Central Bank of Ireland pursuant to the EU Prospectus Regulation (Regulation (EU) 2017/1129) and available on www.kraneshares.eu. In relation to each ETC Series, Waystone Corporate Services (IE) Limited acts as Trustee pursuant to a trust deed and as Security Trustee pursuant to an Irish law security trust deed.

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