KCNY

KraneShares E Fund China Commercial Paper ETF
*Unless otherwise stated, data provided by FactSet.

KCNY Fund Description

KCNY tracks an index of China onshore investment-grade commercial paper denominated in renminbi and issued by corporations and sovereign and quasi-sovereign entities.

KCNY Factset Analytics Insight

KCNY aims to provide a money market mutual fund-like combination of capital preservation, current income and liquidity in the context of the Chinese market. To do so, the fund relies on RMB Qualified Foreign Institutional Investors (R-QFII) quota and access to China's interbank market. The fund holds investment-grade coupon-bearing commercial paper issued by government and quasi-government entities and corporations (both state-owned and private). The fund tries to minimize credit and duration risk by holding only investment-grade paper with less than 1 year remaining in maturity. Since the fund holds securities denominated in renminbi and doesn't use any currency hedges, FX volatility will play a role in the fund's performance. KCNY sees poor trading volume and the spreads are sizeable, though it also experiences sporadic volume spikes. Underlying liquidity is strong, however. KCNY charges a reasonable fee for its unique exposure to China's onshore debt market, but the turnover in the commercial paper market poses a hurdle to tracking, and the fund's modest asset base raises some closure concerns.

KCNY Charts And Performance

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Total Return Chart (%)
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PERFORMANCE [as of 01/14/20] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
KCNY 1.18% 3.05% 1.19% 0.13% 3.62% 0.81% --
KCNY (NAV) 2.10% 3.33% 1.31% 0.74% 3.62% 1.02% --
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All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

KCNY Summary Data

KraneShares
12/03/14
Open-Ended Fund
0.59%
$16.64M
$39.60K
0.63%

KCNY Portfolio Data

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N/A
5

KCNY Index Data

Market Value
Credit Rating
N/A

KCNY Portfolio Management

0.59%
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KCNY Tax Exposures

20.00% / 39.60%
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Ordinary income
No

KCNY Fund Structure

Open-Ended Fund
No
No
No Policy
N/A
N/A
High
Daily
Cboe Book Viewer
Top Of Book
Last 10 Trades
Bats BZX Real-time Quote -

KCNY Factset Analytics Block Liquidity

As of 01/15/20
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of KCNY. KCNY is rated a N/A out of 5.

KCNY Tradability

1,228
$39.60K
824
$26.94K
0.63%
$0.21
-0.09%
0.75% / -0.81%
None
0.00%
50,000
0.02
0.06%
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0
$33.29
N/A

KCNY Top 10 Holdings

80.50%
5.32%
5.32%
4.43%
4.43%
100%

KCNY Performance Statistics

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KCNY Holdings Statistics

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5
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KCNY Avg Life Maturity Distribution

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KCNY OAS Breakdown

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