KraneShares California Carbon Allowance Strategy ETF (KCCA)

The fund's benchmark index monitors the performance of futures contracts tied to California Carbon Allowances (CCA), which are issued under the state's "cap and trade" regulatory framework. Crucially, the index's holdings are limited to futures contracts that mature in December, looking one to two years into the future. Generally, the fund's portfolio aims to replicate the specific carbon credit futures contracts contained within its benchmark index. A significant portion – at least 80% – of the fund's net assets will be allocated to financial instruments that provide direct exposure to California Carbon Allowances. Furthermore, it operates as a non-diversified investment vehicle.