{
 "ticker": "KBAB",
 "name": "KraneShares 2x Long BABA Daily ETF",
 "issuer": "KraneShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/KBAB",
 "html": "https://etfiq.com/funds/KBAB",
 "markdown": "https://etfiq.com/funds/KBAB.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: KBAB returned \u221212.4% where its own daily promise gave \u221210.4%, 2.1 points short.",
 "key_facts": [
  {
   "key": "what_baba_did",
   "label": "What BABA did",
   "value": "\u22123.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "KBAB, what BABA did: \u22123.1%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u221210.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "KBAB, what +2 times a day gives: \u221210.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221212.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "KBAB, what the fund returned: \u221212.4%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22122.1 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "KBAB, the fund itself cost: \u22122.1 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "source, as filed for Jun 30, 2026",
   "as_of": "2026-09-11",
   "sentence": "KBAB, net assets: $2m (source, as filed for Jun 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.99%",
   "source": "485BPOS XBRL, Jul 29, 2026",
   "as_of": "2026-09-11",
   "sentence": "KBAB, expense ratio: 0.99% (485BPOS XBRL, Jul 29, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of BABA, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "BABA moved \u22123.1% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "BABA",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "source, as filed for Jun 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.99%",
   "source": "485BPOS XBRL, Jul 29, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Mar 12, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "44% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221225.7%",
   "BABA": "\u221212.7%",
   "+2x the move": "\u221225.4%",
   "Difference": "\u22120.2 pts",
   "BABA moved about": "39%"
  },
  {
   "window": "3 months",
   "Fund": "\u221212.4%",
   "BABA": "\u22123.1%",
   "+2x the move": "\u22126.2%",
   "Difference": "\u22126.2 pts",
   "BABA moved about": "44%"
  },
  {
   "window": "6 months",
   "Fund": "\u221242.4%",
   "BABA": "\u221218.4%",
   "+2x the move": "\u221236.8%",
   "Difference": "\u22125.6 pts",
   "BABA moved about": "43%"
  },
  {
   "window": "1 year",
   "Fund": "\u221262.2%",
   "BABA": "\u221229.0%",
   "+2x the move": "\u221258.1%",
   "Difference": "\u22124.1 pts",
   "BABA moved about": "43%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221257.5%",
   "BABA": "\u221218.2%",
   "+2x the move": "\u221236.4%",
   "Difference": "\u221221.1 pts",
   "BABA moved about": "45%"
  }
 ],
 "questions": [
  {
   "q": "Did KBAB return +2 times BABA?",
   "a": "Over the window to Sep 11, 2026, BABA moved \u22123.1% and KBAB returned \u221212.4%. 2 times that move is \u22126.2%, so the fund came out 6.2 points short of it."
  },
  {
   "q": "Why does KBAB not return +2 times over a year?",
   "a": "Because it resets daily. KBAB aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  },
  {
   "q": "Which +2x BABA ETF tracked its stated multiple most closely?",
   "a": "4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}