ETF Evaluator:
KraneShares Global Carbon ETF (KRBN)
Follow This ETF
(as of Jul 31)
Best Performing in Commodities Focused Over the Last Year
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| 70.1% | United States Gasoline (UGA) |
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| 62.6% | iShares Silver Trust (SLV) |
| 54.9% | USCF Sustainable Battery Metals Stgy Fd (ZSB) |
Risk
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Risk
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ETF Details
KraneShares Global Carbon ETF Overview
KraneShares Global Carbon ETF (KRBN) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). KraneShares launched the ETF in 2020.
The investment seeks to provide investment results that, before fees and expenses, track the performance of the S&P Global Carbon Credit Index Excess Return, plus any returns from any available collateral.
The advisor attempts to maintain exposure to carbon credit futures that are substantially the same as those included in the index. The index is comprised of futures contracts on emission allowances issued by various “cap and trade” regulatory regimes that seek to reduce greenhouse gas emissions over time. It is non-diversified.
About KraneShares Global Carbon ETF (KRBN)
There are 3 members of the management team with an average tenure of 5.25 years: James Maund (2020), Luke Oliver (2022) and Jonathan Shelon (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and S&P Global Carbon Credit TR USD index with a weighting of 100%. KraneShares Global Carbon ETF has 7 securities in its portfolio. The top 10 holdings constitute 82.7% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is considered to have an ESG focus with its investment selection and management.
KraneShares Global Carbon ETF is part of the Real Assets global asset class and is within the Commodities ETF group. KraneShares Global Carbon ETF has 6.2% 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 61.3% (55.1% domestic bond, 6.2% foreign bond and 0.0% convertible bond). KraneShares Global Carbon ETF has 38.7% of the portfolio in cash.
Assets Under Management
The fund has $138 million in total assets, which is below the $4 billion average for the Commodities Focused 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.
KRBN 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 Global Carbon ETF expense ratio is high compared to funds in the Commodities Focused category. KraneShares Global Carbon ETF has an expense ratio of 0.90%, which is 19% 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 Global Carbon ETF has a portfolio turnover rate of 50%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of June 2026, KraneShares Global Carbon ETF returned -1.7%, which earned it a grade of A, as the Commodities Focused category had an average return of -10.3%. 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 Global Carbon ETF has a trailing yield of 2.02%, which is below the 6.89% 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 Global Carbon ETF Grades
Year to date, the ETF has returned -5.9%, 21.4 percentage points worse than the category, which translates into a grade of C. The fund has returned 14.4% over the past year (grade of D), -0.0% over the past three years (grade of D) and 5.8% per year over the past five years (grade of D).
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KRBN Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| KRBN Return (NAV) | -1.7% | 12.5% | 14.4% | -0.0% | 5.8% | na |
| KRBN Return (Price) | -1.3% | 11.7% | 13.8% | -0.3% | 5.4% | na |
| NAV +/- Price Return | -0.402% | 0.851% | 0.600% | 0.242% | 0.367% | na |
| Commodities Focused Avg | -10.3% | -8.3% | 43.7% | 14.0% | 8.9% | 5.2% |
| KRBN Grade (NAV) | A | A | D | D | D | na |
| +/- Category (NAV) | 8.6% | 20.9% | -29.3% | -14.0% | -3.1% | na |
| KRBN Tax-Cost Ratio | na | na | 0.8% | 1.7% | 2.9% | na |
KRBN Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| KRBN Return (NAV) | -5.9% | 23.1% | -13.7% | 6.6% | -10.5% | 108.8% | na | na | na | na | na |
| KRBN Return (Price) | -6.3% | 23.1% | -13.5% | 8.0% | -12.4% | 107.7% | na | na | na | na | na |
| NAV +/- Price Ret | 0.076% | -0.001% | -0.014% | 0.209% | 0.179% | -0.011% | na | na | na | na | na |
| Commodities Focused Avg | 15.5% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| KRBN Grade (NAV) | C | C | F | B | F | A | na | na | na | na | na |
| +/- Category | -21.4% | -12.5% | -20.0% | 7.7% | -19.7% | 81.0% | na | na | na | na | na |
| Risk Measures | |
| Beta: | 0.09 |
| R-Squared: | 0% |
| Standard Deviation: | 18.6% |
| Category Risk Index: | 0.74 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.53 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 2.0% |
| Total Assets: | $ 138 Mil |
| Share Class Assets: | $ 138 Mil |
| Turnover: | 50.0% |
| Expense Ratio: | 0.90% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | Yes |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.9 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Maund James (2020), Shelon Jonathan (2020), Oliver Luke (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 82.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 6.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 55.1% |
| Foreign Bond: | 6.2% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 38.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | KraneShares |
| Phone Number: | 855-857-2638 |
| Website: | http://www.kraneshares.com |
| Inception Date: | July 29, 2020 |
Expenses and Fees
| Expense Ratio (%): | 0.90% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
