ETF Evaluator:
KraneShares Mount LucasMgdFutsIdxStgyETF ()
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(as of Aug 26)
Best Performing in Systematic Trend Over the Last Year
| 35.2% | American Beacon AHL Trend ETF (AHLT) |
| 31.5% | Cambria Chesapeake Pure Trend ETF (MFUT) |
| 28.1% | Blueprint Chesapeake Multi-Asst Trnd ETF (TFPN) |
| 27.5% | iMGP DBi Managed Futures Strategy ETF (DBMF) |
| 22.1% | Fidelity Managed Futures ETF (FFUT) |
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ETF Details
KraneShares Mount LucasMgdFutsIdxStgyETF Overview
KraneShares Mount LucasMgdFutsIdxStgyETF (KMLM) is a passively managed Alternative Systematic Trend exchange-traded fund (ETF). KraneShares launched the ETF in 2020.
The investment seeks to provide investment results that, before fees and expenses, track the price performance of the KFA MLM Index (the “index”).
The fund seeks to achieve its goal by investing in commodity, currency, and global fixed income futures contracts traded on U.S. and foreign exchanges that are the same as or similar to those included in the index. It may also invest directly and indirectly in certain debt instruments. The index measures the performance of a portfolio of commodity, currency, and global fixed income futures contracts traded on U.S. and foreign exchanges using a trend following methodology. It is non-diversified.
About KraneShares Mount LucasMgdFutsIdxStgyETF (KMLM)
There are 3 members of the management team with an average tenure of 5.67 years: Timothy Rudderow (2020), Gerald Prior (2020) and David Aspell (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and KFA MLM TR USD index with a weighting of 100%. KraneShares Mount LucasMgdFutsIdxStgyETF has 23 securities in its portfolio. The top 10 holdings constitute 405.1% 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 Mount LucasMgdFutsIdxStgyETF is part of the Alternative Strategies global asset class and is within the Alternative ETF group. KraneShares Mount LucasMgdFutsIdxStgyETF has -210.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is -207.1% (3.7% domestic bond, -210.8% foreign bond and 0.0% convertible bond). KraneShares Mount LucasMgdFutsIdxStgyETF has 295.5% of the portfolio in cash.
Assets Under Management
The fund has $419 million in total assets, which is below the $487 million average for the Systematic Trend 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.
KMLM 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 Mount LucasMgdFutsIdxStgyETF expense ratio is high compared to funds in the Systematic Trend category. KraneShares Mount LucasMgdFutsIdxStgyETF has an expense ratio of 0.90%, which is 9% higher than its category average, making the fund expense ratio grade a D. 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 Mount LucasMgdFutsIdxStgyETF has a portfolio turnover rate of 251%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 57% for the Systematic Trend category.
Recently, in the month of July 2026, KraneShares Mount LucasMgdFutsIdxStgyETF returned 6.5%, which earned it a grade of A, as the Systematic Trend category had an average return of 1.4%. 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 Mount LucasMgdFutsIdxStgyETF has a trailing yield of 4.46%, which is above the 2.42% category average.
The fund normally distributes its income 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 Mount LucasMgdFutsIdxStgyETF Grades
Year to date, the ETF has returned 12.5%, 3.0 percentage points better than the category, which translates into a grade of B. The fund has returned 17.5% over the past year (grade of C), 0.4% over the past three years (grade of F) and 5.5% per year over the past five years (grade of D).
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KMLM 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 |
|
| KMLM Return (NAV) | 6.5% | -0.9% | 17.5% | 0.4% | 5.5% | na |
| KMLM Return (Price) | 6.5% | -1.1% | 17.7% | 0.4% | 5.8% | na |
| NAV +/- Price Return | 0.014% | 0.232% | -0.237% | -0.024% | -0.279% | na |
| Systematic Trend Avg | 1.4% | -1.4% | 20.5% | 6.5% | 6.1% | 3.0% |
| KMLM Grade (NAV) | A | D | C | F | D | na |
| +/- Category (NAV) | 5.1% | 0.5% | -3.0% | -6.1% | -0.6% | na |
| KMLM Tax-Cost Ratio | na | na | 2.0% | 0.8% | 1.8% | na |
KMLM Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KMLM Return (NAV) | 12.5% | -3.2% | -1.1% | -6.0% | 30.5% | 7.6% | na | na | na | na | na |
| KMLM Return (Price) | 12.9% | -3.0% | -1.7% | -5.7% | 30.4% | 7.3% | na | na | na | na | na |
| NAV +/- Price Ret | 0.036% | -0.059% | 0.581% | -0.054% | -0.005% | -0.038% | na | na | na | na | na |
| Systematic Trend Avg | 9.5% | 5.1% | 7.3% | -0.4% | 13.3% | 7.6% | 2.4% | -3.6% | -1.4% | -0.7% | -2.6% |
| KMLM Grade (NAV) | B | F | F | D | A | D | na | na | na | na | na |
| +/- Category | 3.0% | -8.3% | -8.4% | -5.6% | 17.2% | 0.0% | na | na | na | na | na |
| Risk Measures | |
| Beta: | -0.29 |
| R-Squared: | 11% |
| Standard Deviation: | 10.6% |
| Category Risk Index: | 1.01 |
| Category Risk Rating: | High |
| Total Risk Index: | 0.87 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 4.5% |
| Total Assets: | $ 420 Mil |
| Share Class Assets: | $ 420 Mil |
| Turnover: | 251.0% |
| Expense Ratio: | 0.90% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg Global Aggregate TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.7 years | |||
| Average Tenure: 5.7 years | |||
| Managers (Year): Rudderow Timothy (2020), Prior Gerald (2020), Aspell David (2020) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 23 |
| % in Top 10 Holdings: | 405.1% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | -210.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 3.7% |
| Foreign Bond: | -210.8% |
| Convertible Bond: | 0.0% |
| Other: | 11.7% |
| Cash: | 295.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | KraneShares |
| Phone Number: | 855-857-2638 |
| Website: | http://www.kraneshares.com |
| Inception Date: | December 1, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.90% (Rating: High) |
| Category Average Expense Ratio (%): | 0.83% |
