# KBAB (KraneShares 2x Long BABA Daily ETF)

KraneShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: KBAB returned +12.4% where its own daily promise gave +15.1%, 2.7 points short.

## Key facts

- KBAB, what BABA did: +9.8%, as of Sep 30, 2026.
- KBAB, what 2 times a day gives: +15.1%, as of Sep 30, 2026.
- KBAB, what the fund returned: +12.4%, as of Sep 30, 2026.
- KBAB, the fund itself cost: −2.7 pts, as of Sep 30, 2026.
- KBAB, net assets: $3m (issuer page, as of Sep 30, 2026).
- KBAB, expense ratio: 0.99% (485BPOS XBRL, Jul 29, 2026).

## KBAB over each window to Sep 30, 2026

| Window | Fund | BABA | +2x the move | Difference | BABA moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −12.2% | −5.7% | −11.4% | −0.9 pts | 28% |
| 3 months | +12.4% | +9.8% | +19.5% | −7.1 pts | 43% |
| 6 months | −32.9% | −12.3% | −24.6% | −8.3 pts | 42% |
| 1 year | −72.1% | −39.3% | −78.5% | +6.5 pts | 42% |
| Since launch | −59.2% | −19.5% | −39.0% | −20.2 pts | 44% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of BABA, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.27 times, against +2 stated | ETFIQ |
| Underlying | BABA | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $3m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.99% | 485BPOS XBRL, Jul 29, 2026 |
| Launched | Mar 12, 2025 | ETFIQ |
| Underlying volatility over the window | 43% annualized | ETFIQ |

## Questions

### Did KBAB return +2 times BABA?

Over the window to Sep 30, 2026, BABA moved +9.8% and KBAB returned +12.4%. 2 times that move is +19.5%, so the fund came out 7.1 points short of it.

### Why does KBAB not return +2 times over a year?

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.

### Which +2x BABA ETF tracked its stated multiple most closely?

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 figure itself.


## Cite this page

ETFIQ, KBAB, data as of Sep 30, 2026. https://etfiq.com/funds/kbab
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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