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KMLM vs WTMF

KraneShares Mount Lucas Managed Futures Index Strategy ETF

KMLMCNYSE Arca

WisdomTree Managed Futures Strategy Fund

WTMFANYSE Arca

Overlap

Expense ratio

WTMF −0.24pt a year

KMLM0.90%WTMF0.66%

Avg volume · 30D

KMLM 9.5×the volume

KMLM338KWTMF35.5K

5Y return · a year

WTMF +1.2pt

KMLM+5.5%WTMF+6.7%

KMLM vs WTMF Performance

Oct 29, 2021 – Oct 30, 2026

+30.5%KMLM+38.6%WTMF

Oct 29, 2021 to Oct 30, 2026. KMLM +30.5%. WTMF +38.6%. Use the arrow keys to read each point.−10%0%10%20%Oct 2021Apr 2024Oct 2026
Expense ratio
KMLM 0.90%
WTMF 0.66%, better
Fund size
KMLM $596M
WTMF $264M
1Y total return
KMLM +20.7%, better
WTMF +13.5%
Yield (12M)
KMLM 4.25%
WTMF 7.87%, better
Holdings
KMLM 8
WTMF 27
Avg volume (30D)
KMLM 338K sh, better
WTMF 35.5K sh
NAV per share
KMLM $30.70
WTMF $39.66
52W range

ETF.net Grade

KMLM: Cost 33, Risk 42, Mission not scored, Tradability 65, Holdings not scored, Durability 75. WTMF: Cost 90, Risk 72, Mission not scored, Tradability 51, Holdings 36, Durability 80.
Pillar letters and Scores for KMLM, WTMF, with each pillar’s weight
PillarKMLMWTMF
Cost30% weightD33A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightC42A72Higher
Tradability15% weightB65HigherC51
Holdings10% weightNot scoredD36
Durability5% weightA75A80Higher

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. KMLM and WTMF 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 ›

WTMF ranks 2nd 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 8BCTASimplify Managed Futures Strategy ETFScore 45
  5. Rank 8CKMLMKraneShares Mount Lucas Managed Futures Index Strategy ETFScore 45
  6. Rank 10CHOLDHarbor Alpha Layering ETF (HOLD)Score 40

Our read on each fund

ETF.net Research

KMLMCKraneShares Mount Lucas Managed Futures Index Strategy ETF

WTMFAWisdomTree Managed Futures Strategy Fund

In short

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.

WTMF A managed futures veteran. Trading since 2011, WTMF takes rules-based long and short positions across commodity, currency, equity and rate futures, aiming for returns with limited direct link to stocks or bonds.

Stated mandate

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

WTMF The Fund seeks positive total returns in rising or falling markets with limited direct correlation to broad equity or fixed-income returns. It uses a quantitative, rules-based approach with long and short futures positions across commodity, currency, equity, and interest-rate markets.

Why people hold it

  • 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
  • WTMF Live since January 5, 2011, making it one of the longest-tenured managed futures ETFs, and it follows a published rules-based strategy rather than a discretionary trader's judgment.wisdomtree.com
  • Charges 0.66% net of a waiver through December 31, 2026 (0.67% gross), below the median fee in the managed futures category.
  • A registered 1940 Act fund, so tax time brings a 1099 instead of the partnership K-1 that trails many futures products.
  • Spreads exposure across roughly 40 positions in commodity, currency, equity and rate futures, and sits among the stronger implementations in its peer group.

Worth knowing

  • 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
  • WTMF Cheaper shelf-mates exist: JPFP at 0.59%, and IMF at 0.65% net of a waiver through August 31, 2027.
  • Thinly traded next to mainstream ETFs, so bid-ask spreads can run wider and order type matters more than with a big index fund.
  • The strategy can place up to 10% of net assets in bitcoin-holding exchange-traded products and bitcoin futures (never bitcoin directly), adding a volatile sleeve.wisdomtree.com

Full KMLM profile⁠

Full WTMF profile⁠

KMLM vs WTMF 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.

KMLM vs WTMF Cost

Overpaying KMLM vs WTMF

$4,144

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

  • KMLM 0.90%

    $17,040

  • WTMF 0.66%

    $12,896

$10,000
30 years

Cost over time

  • KMLM 0.90%
  • WTMF 0.66%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530KMLM $17,040WTMF $12,896

Year by year

YearKMLMWTMFOverpaying
10$1,593$1,180$413
20$6,015$4,504$1,511
30$17,040$12,896$4,144

Expense ratio

  • 0.90%KMLM
  • 0.66%WTMF, cheaper
  • Middle half of Managed Futures funds
  • Median 0.85%

WTMF 3rd cheapest of 14 funds

KMLM 9th cheapest of 14 funds

KMLM vs WTMF Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
KMLM 4.25%
WTMF 7.87%, better
Payout (12M)
KMLM $1.30
WTMF $3.14
Last payment
KMLM $1.30
WTMF $2.81
Ex-dividend
KMLM Dec 22, 2025
WTMF Oct 27, 2026
Paid on
KMLM Dec 23, 2025
WTMF Oct 29, 2026
Frequency
KMLM Annual
WTMF Annual

Distribution history

Per share, 2017 to 2026, same scale for both

KMLMAnnual · 4 paymentsAll KMLM payments⁠
One bar per payment. 4 payments from 2017 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$52017202020232026YTD
WTMFAnnual · 13 paymentsAll WTMF payments⁠
One bar per payment. 13 payments from 2017 to 2026 YTD. Dec 24, 2018 $1.39; Dec 23, 2019 $0.60; Dec 21, 2020 $0.17; Oct 8, 2021 $5.21; Oct 25, 2022 $1.44; Dec 23, 2022 $0.22; Oct 25, 2023 $1.32; Dec 22, 2023 $0.34; Oct 28, 2024 $0.82; Dec 26, 2024 $0.43; Oct 28, 2025 $0.83; Dec 26, 2025 $0.33; Oct 27, 2026 $2.81. Use the arrow keys to read each point.$0$52017202020232026YTD

KMLM vs WTMF Risk

Fall from peak · 5 years

  • KMLM
  • WTMF
Oct 29, 2021 to Oct 30, 2026. Worst fall: KMLM −27.6% · Jun 2025. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
KMLM 10.8%WTMF 6.4%, better
Return per unit of riskSharpe ratio, 3 years
KMLM −0.35WTMF 0.98, better
Worst fallMax drawdown, 5 years
KMLM −27.6%WTMF −13.2%, better
Market sensitivityBeta, 5 years
KMLM −0.26WTMF 0.29

KMLM and WTMF in the news

All news⁠

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