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Launched

KraneShares Hedgeye Hedged Equity Index ETF

KSPYNYSE ArcaKraneSharesC

$29.80−0.14 (−0.47%)

At close: Nov 2, 2026, 4:00 PM ET

C40/ 100

Rank 42 of 52 in S&P 500 Option Income

C40/100Rank 42 of 52inS&P 500 Option Income
Intraday session: down, 79 prints from 29.94 to 29.80. Range 29.80 to 30.20. Use the arrow keys to read each point.30.0030.1030.2010 AM12 PM2 PM4 PM
Expense ratio
0.88%
Fund size
$133M
1Y total return
+10.5%
Yield · Last 12 months
5.93%
Holdings
3
Avg volume · 30D
52.2K sh
52W range
low $26.82high $30.48
Launched

The ETF.net KSPY Grade

Based on 5 of 6 pillars

C

Score 40 out of 100

Category
S&P 500 Option Income⁠
Rank
42 of 52
Six-pillar profile for KSPY. Scores out of 100: Cost 22, Risk 74, Mission not scored, Tradability 51, Holdings 37, Durability 36. Strongest: Risk (74). Weakest: Cost (22). Based on 5 of 6 pillars.

Score 40 of 100 falls in the C 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.
    F22 out of 100
    Rank 41 of 52

  • 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.
    A74 out of 100
    Rank 6 of 52

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C51 out of 100
    Rank 25 of 52

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D37 out of 100
    Rank 33 of 41

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D36 out of 100
    Rank 47 of 52

Our read on KSPY

ETF.net Research

In short

CMost hedged equity funds pick one options overlay and live with it. KSPY follows a Hedgeye index that can swap between three different options strategies as often as daily, based on where the S&P 500 sits inside Hedgeye's Risk Range bands.

Stated mandate

The fund tracks the Hedgeye Hedged Equity Index to provide S&P 500 exposure while actively seeking to reduce volatility and manage downside risk.

Why people hold it

  • The index rotates among three options strategies depending on where the S&P 500 trades inside Hedgeye's Risk Range bands, and it can switch as often as daily.kraneshares.com
  • It buys puts as well as selling calls, so the downside hedge is an actual options position rather than just collected premium.kraneshares.com
  • No 12-month outcome period here: unlike buffer ETFs, there is no fixed cap to sit under for a year and no reset date to time your entry around.kraneshares.com
  • Hedgeye has published its Risk Range signals since 2015. This packages that research as a rules-based index inside an ETF instead of a subscription you trade yourself.kraneshares.com

Worth knowing

  • At 0.88% a year, it prices above the typical S&P 500 options-strategy fund: the cost of an outside research firm's signals plus an active options overlay.
  • Sold calls mean giving up some upside, and hedges cost money in calm, steadily rising markets. This is a volatility-smoothing tool, not an S&P 500 clone.kraneshares.com
  • Launched in 2024 and among the smaller, thinly traded funds in its group, so spreads can run wider than at the mega-scale S&P options ETFs.

KSPY Performance

Launched Jul 15, 2024

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.Not enough history yet.Not enough history yet.
KSPY$11,054
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. KSPY $11,054. SPY $11,199. Use the arrow keys to read each point.$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 KSPY. Periods over one year show the average yearly return.
PeriodKSPY
Year to date+9.1%
1 month−0.6%
3 months+0.8%
1 year+10.5%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
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 KSPY
YearReturn barKSPY
2026 YTD+9.1%
2025+14.2%
2024+3.4%

History from Jul 16, 2024

KSPY in the news

KSPY 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.
5.93%Last 12 months
Payout per share
$1.77Last 12 months
Last payment
$1.77 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 17, 2024 $0.34; Dec 22, 2025 $1.77. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 22, 2025Dec 23, 2025$1.77
Dec 17, 2024Dec 18, 2024$0.34

$10,000 in KSPY 1 year ago paid $615 in dividends.

KSPY Risk

Risk pillarA74 out of 100Rank 6 of 52 in S&P 500 Option Income
How much the fund’s monthly returns vary, scaled to a year.
5.5%
Annualised · 27 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.
1.33
vs 3-month T-bills · 27 months 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.
−11.7%
27 months · 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.
0.45
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.

KSPY Cost

Compare KSPY and PEPS

Overpaying vs PEPS, cheapest in S&P 500 Option Income

$14,599

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

  • KSPY 0.88%

    $16,705

  • PEPS 0.10% Cheapest

    $2,106

$10,000
30 years

Cost over time

  • KSPY 0.88%
  • PEPS 0.10%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KSPY $16,705PEPS $2,106

Year by year

YearKSPYPEPSOverpaying
10$1,559$183$1,376
20$5,891$717$5,174
30$16,705$2,106$14,599

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