ETF Evaluator:
KraneShares Hedgeye Hedged Eq Idx ETF ()
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(as of Aug 26)
Best Performing in Equity Hedged Over the Last Year
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ETF Details
KraneShares Hedgeye Hedged Eq Idx ETF Overview
KraneShares Hedgeye Hedged Eq Idx ETF (KSPY) is a passively managed Nontraditional Equity Equity Hedged exchange-traded fund (ETF). KraneShares launched the ETF in 2024.
The investment seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Hedgeye Hedged Equity Index.
Under normal circumstances, the fund invests at least 80% of its net assets in securities of the underlying index and other instruments that have economic characteristics similar to those in the underlying index. The underlying index is designed to track the performance of a portfolio of large cap securities that is subject to downside hedging and seeks to exhibit less volatility than would a portfolio of large cap securities alone. The fund is non-diversified.
About KraneShares Hedgeye Hedged Eq Idx ETF (KSPY)
There are 3 members of the management team with an average tenure of 1.54 years: James Maund (2024), John McNamara III (2026) and Jonathan Shelon (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Hedgeye Hedged Equity PR USD index with a weighting of 100%. KraneShares Hedgeye Hedged Eq Idx ETF has 5 securities in its portfolio. The top 10 holdings constitute 101.8% 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 Hedgeye Hedged Eq Idx ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. KraneShares Hedgeye Hedged Eq Idx ETF has 0.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.9% There is 0.5% 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 Hedgeye Hedged Eq Idx ETF has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $118 million in total assets, which is below the $294 million average for the Equity Hedged 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.
KSPY 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 Hedgeye Hedged Eq Idx ETF expense ratio is high compared to funds in the Equity Hedged category. KraneShares Hedgeye Hedged Eq Idx ETF has an expense ratio of 0.88%, which is 15% 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 Hedgeye Hedged Eq Idx ETF has a portfolio turnover rate of 30%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 97% for the Equity Hedged category.
Recently, in the month of July 2026, KraneShares Hedgeye Hedged Eq Idx ETF returned 1.4%, which earned it a grade of A, as the Equity Hedged 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 Hedgeye Hedged Eq Idx ETF has a trailing yield of 0.26%, which is below the 3.45% 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 Hedgeye Hedged Eq Idx ETF Grades
Year to date, the ETF has returned 8.0%, 0.9 percentage points better than the category, which translates into a grade of B. The fund has returned 16.8% over the past year (grade of B).
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KSPY 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 |
|
| KSPY Return (NAV) | 1.4% | 4.7% | 16.8% | na | na | na |
| KSPY Return (Price) | 1.4% | 4.8% | 16.9% | na | na | na |
| NAV +/- Price Return | 0.074% | -0.033% | -0.117% | na | na | na |
| Equity Hedged Avg | -1.4% | 1.7% | 13.6% | 12.0% | 6.6% | 7.6% |
| KSPY Grade (NAV) | A | A | B | na | na | na |
| +/- Category (NAV) | 2.8% | 3.0% | 3.2% | na | na | na |
| KSPY Tax-Cost Ratio | na | na | 2.5% | na | na | na |
KSPY Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KSPY Return (NAV) | 8.0% | 14.3% | na | na | na | na | na | na | na | na | na |
| KSPY Return (Price) | 8.2% | 14.2% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.021% | -0.006% | na | na | na | na | na | na | na | na | na |
| Equity Hedged Avg | 7.1% | 12.6% | 14.6% | 14.8% | -12.9% | 15.6% | 10.2% | 9.9% | -6.3% | 12.2% | 3.0% |
| KSPY Grade (NAV) | B | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.9% | 1.7% | 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: | 0.3% |
| Total Assets: | $ 119 Mil |
| Share Class Assets: | $ 119 Mil |
| Turnover: | 30.0% |
| Expense Ratio: | 0.88% |
| Index Fund: | Yes |
| Index Tracked: | Hedgeye Hedged Equity PR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.0 years | |||
| Average Tenure: 1.5 years | |||
| Managers (Year): Maund James (2024), Shelon Jonathan (2024), McNamara III John (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 5 |
| % in Top 10 Holdings: | 101.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.5% |
Portfolio Allocation |
|
| Domestic Stock: | 98.9% |
| Foreign Stock: | 0.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | KraneShares |
| Phone Number: | 855-857-2638 |
| Website: | http://www.kraneshares.com |
| Inception Date: | July 15, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.88% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
