ETF Evaluator:
KraneShares 90% KWEB Dfnd Outcm Jan27ETF ()
Follow This ETF
(as of Aug 25)
Best Performing in Defined Outcome Over the Last Year
| 23.7% | Innovator U.S. Small Cp Pwr Buf ETF -Nov (KNOV) |
| 23.2% | Innovator U.S. Small Cp Pwr Buf ETF -Feb (KFEB) |
| 21.9% | Innovator U.S. Small Cp Pwr Buf ETF -Mar (KMAR) |
| 21.9% | Innovator US Small Cap Pwr Buff ETF™ Oct (KOCT) |
| 21.1% | FT Vest U.S. Small Cap Mod Buf ETF-Feb (SFEB) |
Risk
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Risk
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ETF Details
KraneShares 90% KWEB Dfnd Outcm Jan27ETF Overview
KraneShares 90% KWEB Dfnd Outcm Jan27ETF (KBUF) is an actively managed Nontraditional Equity Defined Outcome exchange-traded fund (ETF). KraneShares launched the ETF in 2024.
The investment seeks to provide investors with returns that match the total return of the KraneShares CSI China Internet ETF.
Under normal circumstances, the fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the KraneShares CSI China Internet ETF (the “Underlying ETF”) and options, including FLexible EXchange® Options (“FLEX options”) that reference the underlying ETF. The fund is non-diversified.
About KraneShares 90% KWEB Dfnd Outcm Jan27ETF (KBUF)
There are 2 members of the management team with an average tenure of 2.48 years: James Maund (2024) and Jonathan Shelon (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
KraneShares 90% KWEB Dfnd Outcm Jan27ETF has 4 securities in its portfolio. The top 10 holdings constitute 100.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
KraneShares 90% KWEB Dfnd Outcm Jan27ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. KraneShares 90% KWEB Dfnd Outcm Jan27ETF has 93.9% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 5.4% There is 93.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). KraneShares 90% KWEB Dfnd Outcm Jan27ETF has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $6 million in total assets, which is below the $183 million average for the Defined Outcome category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
KBUF Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The KraneShares 90% KWEB Dfnd Outcm Jan27ETF expense ratio is high compared to funds in the Defined Outcome category. KraneShares 90% KWEB Dfnd Outcm Jan27ETF has an expense ratio of 1.01%, which is 41% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. KraneShares 90% KWEB Dfnd Outcm Jan27ETF has a portfolio turnover rate of 1%, which indicates that it holds its assets around / 1.0 years. By way of comparison, the average portfolio turnover is 3% for the Defined Outcome category.
Recently, in the month of July 2026, KraneShares 90% KWEB Dfnd Outcm Jan27ETF returned 6.2%, which earned it a grade of A, as the Defined Outcome category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
KraneShares 90% KWEB Dfnd Outcm Jan27ETF has a trailing yield of 6.74%, which is above the 0.48% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
KraneShares 90% KWEB Dfnd Outcm Jan27ETF Grades
Year to date, the ETF has returned -9.6%, 15.5 percentage points worse than the category, which translates into a grade of F. The fund has returned -4.6% over the past year (grade of F).
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KBUF Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KBUF Return (NAV) | 6.2% | -1.9% | -4.6% | na | na | na |
| KBUF Return (Price) | 4.2% | -3.7% | -6.6% | na | na | na |
| NAV +/- Price Return | 2.076% | 1.811% | 1.992% | na | na | na |
| Defined Outcome Avg | 0.2% | 2.2% | 11.3% | 11.8% | 8.6% | na |
| KBUF Grade (NAV) | A | F | F | na | na | na |
| +/- Category (NAV) | 6.0% | -4.0% | -15.9% | na | na | na |
| KBUF Tax-Cost Ratio | na | na | 2.9% | na | na | na |
KBUF Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KBUF Return (NAV) | -9.6% | 18.1% | na | na | na | na | na | na | na | na | na |
| KBUF Return (Price) | -11.4% | 18.0% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.187% | -0.004% | na | na | na | na | na | na | na | na | na |
| Defined Outcome Avg | 5.8% | 11.3% | 12.4% | 18.5% | -8.8% | 9.7% | 7.7% | 16.4% | -6.7% | 15.8% | na |
| KBUF Grade (NAV) | F | A | na | na | na | na | na | na | na | na | na |
| +/- Category | -15.5% | 6.8% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 6.7% |
| Total Assets: | $ 7 Mil |
| Share Class Assets: | $ 7 Mil |
| Turnover: | 1.0% |
| Expense Ratio: | 1.01% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.5 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Maund James (2024), Shelon Jonathan (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 100.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 93.9% |
Portfolio Allocation |
|
| Domestic Stock: | 5.4% |
| Foreign Stock: | 93.9% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | KraneShares |
| Phone Number: | 855-857-2638 |
| Website: | http://www.kraneshares.com |
| Inception Date: | February 7, 2024 |
Expenses and Fees
| Expense Ratio (%): | 1.01% (Rating: High) |
| Category Average Expense Ratio (%): | 0.72% |
