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Launched · SEC filings

KraneShares California Carbon Allowance Strategy ETF

KCCANYSE ArcaKraneSharesD

$17.09+0.12 (+0.71%)

As of Nov 2, 2026, 3:58 PM ET

D29/ 100

Rank 12 of 14 in Commodity Futures

D29/100Rank 12 of 14inCommodity Futures
Intraday session: up, 75 prints from 16.97 to 17.09. Range 16.97 to 17.12. Use the arrow keys to read each point.17.0017.0217.0517.1310 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$121M
1Y total return
−0.6%
Yield · Last 12 months
2.85%
Holdings
3
Avg volume · 30D
24.1K sh
52W range
low $14.57high $17.95
Launched
Filings
SEC EDGAR

The ETF.net KCCA Grade

Based on 5 of 6 pillars

D

Score 29 out of 100

Category
Commodity Futures⁠
Rank
12 of 14
Six-pillar profile for KCCA. Scores out of 100: Cost 16, Risk 32, Mission not scored, Tradability 45, Holdings 39, Durability 55. Strongest: Durability (55). Weakest: Cost (16). Based on 5 of 6 pillars.

Score 29 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F16 out of 100
    Rank 12 of 14

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D32 out of 100
    Rank 11 of 14

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 7 of 14

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D39 out of 100
    Rank 4 of 5

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B55 out of 100
    Rank 6 of 14

Our read on KCCA

ETF.net Research

In short

DMost commodity funds ride weather and geology. KCCA tracks futures on California carbon allowances, a market where supply is set by state regulators and the auction floor price ratchets up 5% plus inflation every year.

Stated mandate

KCCA provides targeted exposure to California Carbon Allowances through the cap-and-invest market and is benchmarked to an index tracking actively traded CCA futures.

Why people hold it

  • A pure play, not a blend: the fund is benchmarked to an index of the most traded California carbon allowance futures, giving you one compliance market rather than a mixed commodity basket.kraneshares.comsec.gov
  • The supply side is written into regulation. California's allowance cap declines over time toward the state's 2045 carbon-neutrality goal, and the program's auction floor price rises 5% plus CPI each year.sec.govcongress.gov
  • Running since 2021 and part of a dedicated KraneShares carbon lineup spanning global, European, California and Eastern US programs. The California sleeve is a deliberate slice, not a one-off launch.sec.gov

Worth knowing

  • The 0.95% fee sits above the typical futures-based commodity fund, where diversified baskets like PDBC (0.74%) and DBB (0.81%) charge less. Specialist access carries a specialist price.
  • One market, one rule-maker. Pricing turns on California regulators, auction outcomes and legislation, so this reacts to Sacramento policy news rather than global commodity cycles.congress.govsec.gov
  • Thinly traded next to the big commodity ETFs, so spreads and order size deserve a look. It also holds futures through a Cayman subsidiary and is regulated as a commodity pool.kraneshares.com

KCCA Performance

Launched Oct 4, 2021

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.
KCCA$9,942
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. KCCA $9,942. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for KCCA. Periods over one year show the average yearly return.
PeriodKCCA
Year to date+1.0%
1 month+1.7%
3 months+0.2%
1 year−0.6%
3 yearsper year−8.0%
5 yearsper year−2.9%
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for KCCA
YearReturn barKCCA
2026 YTD+1.0%
2025−11.8%
2024−16.4%
2023+34.1%
2022−17.5%
2021+8.9%

History from Oct 5, 2021

KCCA in the news

KCCA Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
2.85%Last 12 months
Payout per share
$0.48Last 12 months
Last payment
$0.48 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2022–2026

One bar per payment. 6 payments from 2022 to 2026 YTD. Dec 28, 2022 $0.06; Jun 28, 2023 $0.20; Dec 18, 2023 $0.74; Jun 27, 2024 $5.03; Dec 17, 2024 $0.97; Dec 22, 2025 $0.48. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Dec 22, 2025Dec 23, 2025$0.48
Dec 17, 2024Dec 18, 2024$0.97
Jun 27, 2024Jun 28, 2024$5.03
Dec 18, 2023Dec 20, 2023$0.74
Jun 28, 2023Jun 30, 2023$0.20
Dec 28, 2022Dec 30, 2022$0.06

$10,000 in KCCA 5 years ago paid $2,679 in dividends.

KCCA Risk

Risk pillarD32 out of 100Rank 11 of 14 in Commodity Futures
How much the fund’s monthly returns vary, scaled to a year.
19.3%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.56
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−41.1%
Trough Apr 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.14
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

KCCA Cost

Compare KCCA and USG

Overpaying vs USG, cheapest in Commodity Futures

$8,828

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • KCCA 0.95%

    $17,869

  • USG 0.45% Cheapest

    $9,041

$10,000
30 years

Cost over time

  • KCCA 0.95%
  • USG 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KCCA $17,869USG $9,041

Year by year

YearKCCAUSGOverpaying
10$1,678$812$866
20$6,322$3,128$3,194
30$17,869$9,041$8,828

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