- Issuer
- KraneShares
- Inception Date
- Feb 7, 2024
- Category
- Options Trading
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Asset Class Size
- Large-Cap
- Asset Class Style
- Growth
- Assets Under Management
- $7M
Share Price Chart
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Performance
KBUF Performance Chart
KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) is down 15.0% since the beginning of the year. KBUF is currently trading at $26 per share.
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Returns By Period
KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) has returned -14.97% so far this year and -7.35% over the past 12 months.
KraneShares 90% KWEB Defined Outcome January 2026 ETF
- 1D
- -0.78%
- 1M
- -4.12%
- YTD
- -14.97%
- 6M
- -15.54%
- 1Y
- -7.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
KBUF Monthly Returns History
Based on dividend-adjusted daily data since Feb 8, 2024, KBUF's average daily return is +0.03%, while the average monthly return is +0.58%. At this rate, an investment would double in approximately 10.0 years.
Historically, 52% of months were positive and 48% were negative. The best month was Sep 2024 with a return of +11.8%, while the worst month was Feb 2026 at -6.0%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 5 months.
On a daily basis, KBUF closed higher 50% of trading days. The best single day was Sep 24, 2024 with a return of +4.6%, while the worst single day was Apr 4, 2025 at -4.2%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.29% | -5.96% | -4.42% | -0.01% | -3.87% | -3.78% | -14.97% | ||||||
| 2025 | 2.49% | 3.33% | 2.20% | -1.84% | 1.00% | 2.97% | 1.07% | 4.13% | 6.87% | -2.37% | -1.95% | -0.79% | 18.04% |
| 2024 | 1.45% | 1.74% | 2.53% | 2.81% | -1.81% | -0.85% | -0.51% | 11.77% | -2.17% | -0.75% | 1.30% | 15.85% |
Benchmark Metrics
KraneShares 90% KWEB Defined Outcome January 2026 ETF has an annualized alpha of 0.89%, beta of 0.36, and R2 of 0.16 versus S&P 500 Index. Calculated based on daily prices since February 08, 2024.
- This ETF participated in 46.59% of S&P 500 Index downside but only 34.81% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.36 may look defensive, but with R2 of 0.16 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.16 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.89%
- Beta
- 0.36
- R²
- 0.16
- Upside Capture
- 34.81%
- Downside Capture
- 46.59%
Expense Ratio
KBUF has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
KBUF ranks 5 for risk / return — in the bottom 5% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for KraneShares 90% KWEB Defined Outcome January 2026 ETF (KBUF) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| KBUF | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.59 | ||
| Sortino ratioReturn per unit of downside risk | -3.47 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.37 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.78 | -3.15 |
| Martin ratioReturn relative to average drawdown | -0.87 | 12.44 | -13.31 |
Dividends
Dividend History
KraneShares 90% KWEB Defined Outcome January 2026 ETF provided a 8.83% dividend yield over the last twelve months, with an annual payout of $2.30 per share.
| Period | TTM | 2025 | 2024 |
|---|---|---|---|
| Dividend | $2.30 | $2.30 | $0.98 |
Dividend yield | 8.83% | 7.51% | 3.53% |
Monthly Dividends
The table displays the monthly dividend distributions for KraneShares 90% KWEB Defined Outcome January 2026 ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $2.30 | $2.30 |
| 2024 | $0.98 | $0.98 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the KraneShares 90% KWEB Defined Outcome January 2026 ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the KraneShares 90% KWEB Defined Outcome January 2026 ETF was 19.99%, occurring on Jun 22, 2026. The portfolio has not yet recovered.
The current KraneShares 90% KWEB Defined Outcome January 2026 ETF drawdown is 19.99%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 correction2026 | -19.99%Jun 2026 | 8mo 22d | — | 8mo 23dOct 2025 - now |
2025 selloff2025 | -8.33%Apr 2025 | 21d | 2mo 17d | 3mo 8dMar 2025 - Jun 2025 |
2024 pullback2024 | -7.99%Aug 2024 | 3mo 10d | 27d | 4mo 7dMay 2024 - Sep 2024 |
2025 pullback2025 | -7.92%Jan 2025 | 3mo 9d | 1mo 1d | 4mo 10dOct 2024 - Feb 2025 |
2025 selloff2025 | -2.83%Mar 2025 | 7d | 2d | 9dFeb 2025 - Mar 2025 |
Drawdown Indicators
| KBUF | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -19.99% | -56.78% | +36.79% |
Max Drawdown (1Y)Largest decline over 1 year | -19.99% | -9.10% | -10.89% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -19.99% | -1.80% | -18.19% |
Average DrawdownAverage peak-to-trough decline | -4.44% | -10.71% | +6.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 2.03% | +6.46% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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