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KMLM

GradeCNew York Stock Exchange Arca

KraneShares Mount Lucas Managed Futures Index Strategy ETF

Multi-Asset & Alternatives · KraneShares · Inception 2020-12-01 · SEC filings

$30.98+0.35 (+1.16%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 30.62 to 30.98. Range 30.63 to 31.07. Use the arrow keys to read each point.$30.60$30.8010 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$539M
1Y return
+18.1%
Yield · Last 12 months
4.26%
Volume · 30D
0.3M sh
NAV per share
$30.64
52W range
low $25.77high $31.18

The ETF.net KMLM Grade

C

45/ 100

Rank 11 of 16 in Managed Futures⁠

Confidence Medium

Six-pillar profile for KMLM. Scores out of 100: Cost 33, Risk 32, Mission not scored, Tradability 72, Holdings not scored, Durability 75. Strongest: Durability (75). Weakest: Risk (32). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 45 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 33
    Category rank11/16 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 32
    Category rank11/15 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 72
    Category rank3/16 · top 19%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 75
    Category rank5/16 · top 31%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on KMLM

ETF.net Research

CTrend following in its purest form: a rules-based index Mount Lucas has published since 1988, going long or short across commodities, currencies and global bonds. No stocks in the mix, by design.

Stated mandate

The Fund seeks to track, before fees and expenses, the price performance of the KFA MLM Index.

Why people hold it

  1. 01Tracks the KFA MLM Index, a continuation of the MLM Index first published in 1988, so the rulebook comes with decades of live history rather than a backtest.kraneshares.comkraneshares.com
  2. 02Long or short, set by rule: a daily signal compares each market's price to its long-term moving average, so the fund can be positioned short a falling market.kraneshares.com
  3. 03About two dozen futures markets across commodities, currencies and global bonds, with the three baskets weighted by relative historical volatility and members equal-dollar weighted.kraneshares.comkraneshares.com
  4. 04Trades futures but sends shareholders a 1099, not a K-1, keeping tax paperwork closer to an ordinary ETF.kraneshares.com

Worth knowing

  1. 01The 0.90% expense ratio buys the futures machinery and sits well above what plain index-tracking funds in its peer group charge.
  2. 02Trend signals need sustained moves. Choppy, direction-free markets are the environment this mechanism handles worst.kraneshares.comkraneshares.com
  3. 03It is a non-diversified commodity pool with no equity futures at all, so it moves on its own schedule instead of alongside a stock portfolio.kraneshares.comkraneshares.com

KMLM Holdings

As of Sep 21, 2026, 3:49 AM
Asset class
Stocks
Holdings
—
Top-10 weight
100%
Largest holding
Cash32.6%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Cash32.60%176,735,831$177M104
002—B 09/29/2614.74%80,000,000$80M14
003—B 10/29/2614.70%80,000,000$80M17
004—B 10/20/2612.87%70,000,000$70M19
005—B 11/17/2612.83%70,000,000$70M14
006—B 11/03/2611.02%60,000,000$60M19
007—BRITISH STERLING POUND0.38%1,550,056$2M13
008—EURO0.33%1,537,890$2M183
009—CANADIAN DOLLAR0.30%2,296,345$2M113
010—JAPANESE YEN0.23%197,603,382$1M120

Showing 1–10 of 10 holdings

KMLM Performance

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

KMLM$11,809
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. KMLM $11,809. SPY $11,723. Use the arrow keys to read each point.$9,334$10,765$12,195Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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 KMLM. Periods over one year show the average yearly return.
PeriodKMLM
Year to date+18.0%
1 month+4.3%
3 months+9.4%
1 year+18.1%
3 years+0.1%per year
5 years+6.6%per year
10 yearsFund is under 10 years old—per year

As of the close, 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 KMLM
YearReturn barKMLM
2026 YTD+18.0%
2025−3.0%
2024−1.7%
2023−5.7%
2022+30.4%
2021+7.0%
2020+5.4%

History from Dec 2, 2020

KMLM in the news

KMLM 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 Sep 22, 2026.
4.26%Last 12 months
Payout per share
$1.30Last 12 months
Last payment
$1.30 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2021–2026

One bar per payment. 4 payments from 2021 to 2026 YTD. Dec 29, 2021 $1.84; Dec 28, 2022 $4.04; Dec 17, 2024 $0.23; Dec 22, 2025 $1.30. Use the arrow keys to read each point.202120222023202420252026YTD
Ex-datePay dateAmount per share
Dec 22, 2025Dec 23, 2025$1.30
Dec 17, 2024Dec 18, 2024$0.23
Dec 28, 2022Dec 30, 2022$4.04
Dec 29, 2021Dec 31, 2021$1.84

KMLM Risk

How much the fund’s monthly returns vary, scaled to a year.
10.9%
Annualised · 36 months to Aug 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.
−0.31
vs 3-month T-bills · to Aug 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.
−27.6%
Trough Jun 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.
−0.26
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.

KMLM Cost

Expense ratio0.90%
  • The middle half of Managed Futures funds
  • Median 0.85%

7 of the 13 Managed Futures funds charge less.

KMLM costs $90.00 a year on $10,000. The median Managed Futures fund costs $85.00.