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ISMF vs KMLM

Ishares Managed Futures Active ETF

ISMFBCboe

KraneShares Mount Lucas Managed Futures Index Strategy ETF

KMLMCNYSE Arca

Overlap

Expense ratio

ISMF −0.10pt a year

ISMF0.80%KMLM0.90%

Avg volume · 30D

KMLM 14.4×the volume

ISMF23.4KKMLM338K

ISMF vs KMLM Performance

Oct 31, 2025 – Oct 30, 2026

+12.1%ISMF+20.7%KMLM

Oct 31, 2025 to Oct 30, 2026. ISMF +12.1%. KMLM +20.7%. Use the arrow keys to read each point.0%5%15%25%Oct 2025Apr 2026Oct 2026
Expense ratio
ISMF 0.80%, better
KMLM 0.90%
Fund size
ISMF $37M
KMLM $596M
1Y total return
ISMF +12.1%
KMLM +20.7%, better
Yield (12M)
ISMF No data
KMLM 4.25%
Holdings
ISMF 17
KMLM 8
Avg volume (30D)
ISMF 23.4K sh
KMLM 338K sh, better
NAV per share
ISMF $28.29
KMLM $30.70
52W range

ETF.net Grade

ISMF: Cost 63, Risk 81, Mission not scored, Tradability 64, Holdings not scored, Durability 46. KMLM: Cost 33, Risk 42, Mission not scored, Tradability 65, Holdings not scored, Durability 75.
Pillar letters and Scores for ISMF, KMLM, with each pillar’s weight
PillarISMFKMLM
Cost30% weightB63HigherD33
Mission25% weightNot scoredNot scored
Risk15% weightA81HigherC42
Tradability15% weightB64B65Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC46A75Higher

Rank among Managed Futures funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ISMF and KMLM are both graded against the same 14 Managed Futures funds, so their Grades compare head to head.

Managed Futures⁠

Category · 14 funds
See all 14 ›

ISMF ranks 3rd and KMLM 8th of 14 funds in the Managed Futures Category.

  1. Rank 1AIMFInvesco Managed Futures Strategy ETFScore 80
  2. Rank 2AWTMFWisdomTree Managed Futures Strategy FundScore 75
  3. Rank 3BISMFIshares Managed Futures Active ETFScore 66
  4. Rank 4BFFUTFidelity Managed Futures ETFScore 63
  5. Rank 8BCTASimplify Managed Futures Strategy ETFScore 45
  6. Rank 8CKMLMKraneShares Mount Lucas Managed Futures Index Strategy ETFScore 45
  7. Rank 10CHOLDHarbor Alpha Layering ETF (HOLD)Score 40

Our read on each fund

ETF.net Research

ISMFBIshares Managed Futures Active ETF

KMLMCKraneShares Mount Lucas Managed Futures Index Strategy ETF

In short

ISMF No data

KMLM Trend 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

ISMF No data

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

Why people hold it

ISMF No data

  • KMLM Tracks 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
  • Long 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
  • About 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 2
  • Trades futures but sends shareholders a 1099, not a K-1, keeping tax paperwork closer to an ordinary ETF.kraneshares.com

Worth knowing

ISMF No data

  • KMLM The 0.90% expense ratio buys the futures machinery and sits well above what plain index-tracking funds in its peer group charge.
  • Trend signals need sustained moves. Choppy, direction-free markets are the environment this mechanism handles worst.kraneshares.comkraneshares.com 2
  • It 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 2

Full ISMF profile⁠

Full KMLM profile⁠

ISMF vs KMLM Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ISMF vs KMLM Cost

Overpaying KMLM vs ISMF

$1,694

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

  • ISMF 0.80%

    $15,346

  • KMLM 0.90%

    $17,040

$10,000
30 years

Cost over time

  • ISMF 0.80%
  • KMLM 0.90%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KMLM $17,040ISMF $15,346

Year by year

YearISMFKMLMOverpaying
10$1,422$1,593$171
20$5,393$6,015$622
30$15,346$17,040$1,694

Expense ratio

  • 0.80%ISMF, cheaper
  • 0.90%KMLM
  • Middle half of Managed Futures funds
  • Median 0.85%

ISMF 5th cheapest of 14 funds

KMLM 9th cheapest of 14 funds

ISMF vs KMLM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
ISMF No data
KMLM 4.25%
Payout (12M)
ISMF No data
KMLM $1.30
Last payment
ISMF $1.64
KMLM $1.30
Ex-dividend
ISMF Dec 16, 2025
KMLM Dec 22, 2025
Paid on
ISMF Dec 19, 2025
KMLM Dec 23, 2025
Frequency
ISMF Irregular
KMLM Annual

Distribution history

Per share, 2021 to 2026, same scale for both

ISMFIrregular · 1 paymentAll ISMF payments⁠
One bar per payment. 1 payment from 2021 to 2026 YTD. Dec 16, 2025 $1.64. Use the arrow keys to read each point.$0$2.5020232026YTD
KMLMAnnual · 4 paymentsAll KMLM payments⁠
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.$0$2.5020232026YTD

ISMF vs KMLM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ISMF 6.6%since Apr 2025KMLM 10.8%
Return per unit of riskSharpe ratio, 3 years
ISMF 1.10since Apr 2025KMLM −0.35
Worst fallMax drawdown, 5 years
ISMF −4.2%since Mar 2025KMLM −27.6%
Market sensitivityBeta, 5 years
ISMF 0.23KMLM −0.26

ISMF and KMLM in the news

All news⁠

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