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Overview

Performance

Holdings

Listings

Security Documents

Overview

Investment Strategy:

The KraneShares California Carbon ETC (KCCA) is designed to track the level of its reference index, the S&P Carbon Credit CCA Index, providing targeted exposure to California Carbon Allowance (CCA) futures.

Why KCCA?

  • Structural growth opportunity: Access a fast-growing asset class with regulatory-driven supply constraints that support long-term structural upside potential.
  • Diversification: Low correlations to major assets, including just 0.1 to US large cap.1
  • Inflation resilience: Potential inflation hedge with a downside floor that rises annually by 5% plus the Consumer Price Index (CPI).
  • Market impact: Supports price discovery and market liquidity in one of the state’s leading tools for economy-wide decarbonization.
  • Global relevance: The California carbon allowance market covers ~80% of the state’s greenhouse gas (GHG) emissions2 across the world’s fourth-largest economy,3 with nearly $60 billion in trading volume in 2025,1 making it the second-largest carbon market by trading volume globally.

What is California’s cap-and-invest market?

  • Established in 2013 and recently extended through 2045,4 the programme operates under a declining emissions cap, tightening supply over time while demand is driven by mandatory participation from large emitters that acquire allowances through auctions or secondary markets.
  • As government-mandated and regulated programmes, cap-and-invest creates transparent and liquid markets that incentivise companies to pursue the most cost-effective emissions reduction strategies while driving broader industry innovation.
  • The programme’s annual declining cap aligns with the state’s statutory target of reducing emissions by 40% of 1990 levels by 2030 and achieving carbon neutrality by 2045.4
  • CCA auction proceeds fund community programs and provide utility bill rebates for households and small businesses.

By pairing KCCA with other KraneShares carbon securities, investors can customize their allocation to the global carbon credit market:

1. Data from Bloomberg as of 31/Dec/2025. The performance data quoted represents past performance, and current returns may be higher or lower. Past performance does not guarantee future results.
2. Congressional Research Service. The California Cap‑and‑Trade Program: Overview and Considerations for Congress. CRS Report R48314, 18/Dec/2024. Library of Congress.
3. Governor Gavin Newsom, “California is now the 4th largest economy in the world,” 23/Apr/2025.
4. International Carbon Action Partnership, “California extends cap-and-trade to 2045, renames program “Cap-and-Invest,” 29/Sep/2025.

The ETC may use FX hedging (e.g., futures and forwards) to reduce currency risk and support index tracking, though such hedging may not be fully effective and may introduce costs and risks. Diversification does not ensure a profit or guarantee against a loss.

Security Details

Data as of 27/Mar/2026
Ticker KCCA
Primary SEDOL BVY7605
Primary ISIN XS3145731611
Net Assets $1,246,194
Total Expense Ratio 0.78%
Inception Date 25/Mar/2026
Distribution Frequency Accumulating

Daily Performance

Data as of 27/Mar/2026
Daily Net Asset Value (NAV)
NAV $24.92
NAV Daily Change -0.36%

Performance History

Cumulative %
Data for USD share class as of: 28/Feb/2026
Security NAV Underlying Index
1 Month –
3 Month –
6 Month –
YTD –
Since Inception – –
Cumulative %
Data as of quarter end: 31/Dec/2025
Security NAV Underlying Index
Since Inception – –

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Related Content:

KraneShares Launches California Carbon ETC (KCCA) on London Stock Exchange

Topics:

Carbon Allowance Exposures

Data as of 27/Mar/2026
Name Identifier Position Current Exposure ($) % NAV
California Carbon Allowance (CCA) Vintage 2026 Future KBCZ26 Comdty 42 1,224,720 98.28%
1,224,720 98%

Collateral and Currency Management

Data as of 27/Mar/2026
Name Identifier Position Current Notional ($) % NAV
USD Cash & Equivalents** USD 1,246,194 1,246,194 100%
1,246,194 100%

Holdings, carbon allowance exposures, and collateral are subject to change.
**Includes USD cash deposits & cash in margin accounts ($1,246,194)

Top 10 Holdings

Data as of 27/Mar/2026 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($) Notional Value($)
1 Cash 100.00% – – Cash 1,246,194 1,246,194 0
2 CCA VINTAGE 2026 DEC26 0.00% KBCZ26 – Future 42 0 1,224,720

Holdings are subject to change.

Listings

Data as of 27/Mar/2026
Exchange Ticker Currency Listing Date SEDOL ISIN
London Stock Exchange KCCA LN USD 26/Mar/2026 BVY7605 XS3145731611
London Stock Exchange KCCP LN GBP 26/Mar/2026 BV4J2F8 XS3323626740

Current Authorized Participants for the KraneShares ETC Programme are Jane Street Financial Limited and Flow Traders B.V.

Security Documents

©2026 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017 [email protected]

Investors will be advised that investing involves risk, including possible loss of principal. There can be no assurance that any series of ETCs will achieve its stated objectives. Under the ETC Programme, the Issuer may offer multiple different ETC Series. The performance of each ETC Series will be linked to specified reference indices comprised of futures contracts in the Global Carbon Credit Markets. The indices, and corresponding future contracts, are subject to political, social or economic changes which may cause decline in value. The Issuer may invest in derivatives, which are often more volatile than other investments and may magnify gains or losses for investors in the relevant ETC Series. Fluctuations in the currencies of foreign countries may have an adverse effect to domestic currency values. Narrowly focused investments typically exhibit higher volatility. Investors will be advised of these and other relevant risk factors before investing in any ETC Series.

The ETCs are not principal protected and are a high-risk investment. The ETCs are secured, limited recourse obligations of the Issuer. The ETCs issued under the Programme will not be guaranteed by any entity and no person other than the Issuer will be obliged to make payments on the ETCs.

For investors in the EU: The information provided is for information purposes only in order to outline the capabilities of the KraneShares ETC Securities Programme. The information contained herein is not provided for the purposes of marketing or selling the ETC or any security nor is it intended to be used for making investment decisions by either select intermediaries or their underlying clients.

For investors in the United Kingdom: Information and material provided is for information only and does not constitute an offer or recommendation to buy or sell any investment, or subscribe to any investment management or advisory service. It is not, under any circumstances, intended for distribution to the general public. You are accessing information which may constitute a financial promotion under section 21 of the Financial Services and Markets Act 2000 ("FSMA"). In relation to the United Kingdom, this information is only directed at, and may only be distributed to, persons who are “Investment Professionals” (being persons having professional experience in matters relating to investments) within the meaning of article 19(5) of the FSMA (Financial Promotion) Order 2005 (the “Financial Promotion Order”), persons to whom any of paragraphs (2)(a) to (d) of article 49 (high net worth companies, unincorporated associations etc.) of the financial promotion order apply, or persons to whom distribution may otherwise lawfully be made.

Any investment, and investment activity or controlled activity, to which this information relates is available only to such persons and will be engaged in only with such persons. Persons that do not have professional experience should not rely or act upon this information unless they are persons to whom any of paragraphs (2)(a) to (d) of article 49 apply to whom distribution of this information may otherwise lawfully be made.

Any performance quoted represents past performance and is no guarantee of future results. Past performance is not indicative or a guarantee of future performance. These materials do not take into account individual client circumstances, objectives, or needs, and are not intended as recommendations of particular securities, financial instruments, or strategies to particular clients or prospects.

Krane Funds Advisors, LLC acts as Arranger in relation to the Issuer’s ETC Programme as described in a Base Prospectus dated 13 September 2024 (supplemented 10 December 2024) approved by the Central Bank of Ireland pursuant to the EU Prospectus Regulation (Regulation (EU) 2017/1129) and available on www.kraneshares.eu. In relation to each ETC Series, Waystone Corporate Services (IE) Limited acts as Trustee pursuant to a trust deed and as Security Trustee pursuant to an Irish law security trust deed.

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