Overview

Performance

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 28/Mar/2025
Ticker KRBN
Primary SEDOL BSTJGN8
Primary ISIN XS2879867773
Net Assets $11,584,918
Total Expense Ratio 0.78%
Inception Date 03/Oct/2024
Distribution Frequency Accumulating

Daily Performance

Data as of 28/Mar/2025
Daily Net Asset Value (NAV)
NAV $24.91
NAV Daily Change 0.52%

Performance History

Cumulative %
Data as of: 28/Feb/2025
Security NAV Underlying Index
1 Month -9.83% -9.73%
3 Month -4.40% -3.08%
6 Month – –
YTD -4.32% -3.82%
Since Inception -1.72% -0.92%
Cumulative %
Data as of quarter end: 31/Dec/2024
Security NAV Underlying Index
Since Inception 2.72% 3.02%

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.

Topics:

Carbon Allowance Futures

Data as of 28/Mar/2025
Name Identifier Position Current Exposure ($) % NAV
European Union Allowance (EUA) 2025 Future MOZ25 Comdty 86 6,403,740 55.28%
California Carbon Allowance (CCA) Vintage 2025 Future BCYZ25 Comdty 63 1,946,700 16.8%
UK Allowance (UKA) 2025 Future UKEZ5 Comdty 12 692,472 5.98%
European Union Allowance (EUA) 2026 Future MOZ26 Comdty 8 612,927 5.29%
Washington Carbon Allowance (WCA) Vintage 2025 Future WKCZ25 Comdty 10 605,200 5.22%
Regional Greenhouse Gas Initiative (RGGI) Vintage 2025 Future JELZ25 Comdty 24 566,400 4.89%
California Carbon Allowance (CCA) Vintage 2026 Future KBCZ26 Comdty 16 525,920 4.54%
11,353,359 98%

Collateral and Currency Management

Data as of 28/Mar/2025
Name Identifier Position Current Exposure($) % NAV
Euro FX Futures ECM5 Curncy 50 6,795,313 58.66%
USD Cash & Equivalents** USD 3,758,678 3,758,678 32.44%
BRITISH STERLING POUND GBP 466,108 603,212 5.21%
EURO EUR 395,192 427,715 3.69%
11,584,918 100%

Holdings, carbon allowance futures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($10,553,991), and implied short USD exposure from Euro FX futures

Top 10 Holdings

Data as of 28/Mar/2025 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 Cash 91.10% – – Cash 10,553,991 10,553,991 0
2 BRITISH STERLING POUND 5.21% – – Currency 466,108 603,212 0
3 EURO 3.69% – – Currency 395,192 427,715 0
4 CA CARBON ALLOW 25DEC25 0.00% BCYZ25 – Future 63 0 1,946,700
5 CCA VINTAGE 2026 DEC26 0.00% KBCZ26 – Future 16 0 525,920
6 ECX EMISSION DEC25 0.00% MOZ25 – Future 86 0 6,403,740
7 ECX EMISSION DEC26 0.00% MOZ26 – Future 8 0 612,927
8 EURO FX CURR FUT JUN25 0.00% ECM5 – Future 50 0 6,795,313
9 REG GH GAS VNT 25 DEC25 0.00% JELZ25 – Future 24 0 566,400
10 UK EMISS ALLOW FU DEC25 0.00% UKEZ5 – Future 12 0 692,472

Holdings are subject to change.

Listings

Data as of 28/Mar/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

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 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 Management Company (IE) Limited acts as Trustee pursuant to a trust deed and as Security Trustee pursuant to an Irish law security trust deed.

Privacy Policy

Summary of Investor Rights

You are now leaving KraneShares.eu

Hyperlinks on this website are provided as a convenience and we disclaim any responsibility for information, services or products found on the websites linked hereto.

Click here to continue

Welcome to Kraneshares

Please select your region and investor type to enter the site:

United Kingdom
Denmark
Finland
Germany
Ireland
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom

Individual Investor

I manage my own money

Financial Professional

I consult with, or represent, organisations, beneficiaries or institutions

To start your visit, you have read and accepted our terms and conditions (“Terms”): 

Our corporate website www.KraneShares.eu (referred to as the “website”) is owned by KraneShares. By accessing and using the website you agree to be bound by all terms and conditions which are set out on the website from time to time, which govern such access and use (the “Terms and Conditions”).

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction. This website is for information only. It is not an invitation to buy or sell an investment. It does not provide investment, tax or legal advice or recommendations and is not intended to be independent investment research.   

Distribution of Information: 

The distribution of the information and material on this website may be restricted by law in certain countries. None of the information is directed at, or is intended for distribution to, or use by, any person or entity in any jurisdiction (by virtue of nationality, place of residence, domicile or registered office) where publication, distribution or use of such information would be contrary to local law or regulation, or would subject KraneShares or any funds it markets to any registration or licensing requirements in such jurisdiction. 

You must inform yourself about, and observe any such restrictions in your jurisdiction and by accessing the website applicable to you. The information on this website is not for distribution and does not constitute an offer to sell or the solicitation of any offer to buy any securities in the United States to or for the benefit of any United States person (being residents of the United States or partnerships or corporations organised under the laws thereof). The funds on this Website have not been registered in the United States under the Investment Company Act of 1940 and interests therein are not registered in the United States under the Securities Act of 1933. 

Liability & Indemnity: 

KraneShares is not responsible for the accuracy, completeness or reliability of any data, statistics, commentary or content in any media format on www.KraneShares.eu. KraneShares will not be held responsible for any financial losses incurred as a result of believing the content of materials on this website; or materials and content linked to from this website. Investors should read the Prospectus, KID or KIID as applicable and take independent legal, tax and investment advice before investing in any fund.

If you do not comply with the Terms and Conditions of this website, you may not hold KraneShares responsible for any liabilities, losses or damages derived from use of this website.

Specific risk warnings are set out in the prospectus and if applicable the supplement for the relevant product.

Website User Categorisation:

ONLY APPLICABLE IF YOU ARE AN INSTITUTIONAL INVESTOR 

By entering the institutional investor section of the website, you affirm either that you are a Per Se Professional Client, or that you wish to be treated as an Elective Professional Client, both as defined under the Markets in Financial Instruments Directive, or a Qualified Investor as defined under the Prospectus Regulation, Regulation (EU) 2017/1129 or an equivalent in a jurisdiction outside the EEA (e.g. the equivalent term In Switzerland, the equivalent term is Professional Client or Institutional Client according to the Federal Act on Financial Services) (“Institutional Investor”) and you have read, understood and accepted the Terms and Conditions. The institutional investor section of the website is not intended for retail or private investors. 

In accessing the website as an Institutional Investor you will be undertaking, warranting and representing to KraneShares that you are an Institutional Investor. Please note that KraneShares will be acting in reliance upon your undertaking, warranty and representation and you shall indemnify us and hold us harmless against all claims liabilities, losses, damages, costs and expenses incurred or suffered by us by reason of any breach of such undertaking, warranty and representation. 

As a matter of general policy, KraneShares will not conduct regulated investment activities with any person as a result of their receiving information from the website, unless agreed otherwise with an Institutional Investor. 

Disclaimer: 

  • This material may not be suitable for all investors. Any performance quoted represents past performance and is no guarantee of future results. Past performance is not indicative or a guarantee of future performance. 
  • 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 price, value, yield and liquidity of any security or fund can go up and down and may be impacted by Currency Risks, Liquidity Risks, Political Risks, Credit Risks, Tax Risks and Market Risks. Professional advice should be taken before investing in any of our funds (or in any security).
  • Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. 
  • KraneShares may change the Terms and Conditions of use for www.KraneShares.eu at any time, for any reason, without notice. 

To find out more about how personal data is collected on our websites, please see our Privacy Policy.

Edit your location and investor type below

United Kingdom
Denmark
Finland
Germany
Ireland
Italy
Netherlands
Norway
Portugal
Spain
Sweden
Switzerland
United Kingdom

Individual Investor

I manage my own money

Financial Professional

I consult with, or represent, organisations, beneficiaries or institutions

Invest in KRBNLN Through Your Broker

You are now leaving KraneShares.com. Hyperlinks on these websites are provided as a convenience and we disclaim any responsibility for information, services or products found on the websites linked hereto.