At a glance
KPDD charges 1.26% a year. It has $18.9M in assets; it paid 136.97% of its price in distributions over the past 12 months, annual. Over the past year it returned −72.8% with distributions reinvested (S&P 500: +11.5%).
The short version
KraneShares 2x Long PDD Daily ETF (KPDD) aims to deliver twice the daily percentage change of PDD Holdings' Nasdaq-listed stock, largely through swap agreements, and resets that leverage every day. It is built for short-term traders with a view on PDD. Its daily reset means results over weeks or months can differ sharply from twice PDD's return, and it charges 1.26% a year; the fund lost 72.8% in the year to October 27, 2026.
Price history
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KPDD -72.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| KPDD price data to Oct 27, 2026 | -57.7% | -72.8% | — | — | — | -51.3% |
- Over the year to Oct 27, 2026, KPDD returned -72.8%.
- The deepest fall in its price history was 77.9% (Mar 20, 2025 to Oct 2, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -57.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (89.43% of net assets), with its exposure coming from 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors added a net $14.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -19.90%, -31.05%, -6.10%.
How it works
KPDD tracks no index. It aims to return, before fees and expenses, twice (200%) the daily percentage change of PDD Holdings' Nasdaq-listed American depositary receipt (ADR), a US-traded certificate representing shares of a company based abroad. PDD runs an e-commerce platform known for team-purchase shopping. As a non-diversified fund, KPDD can concentrate in one company: at least 80% of net assets go to the stock and to swaps and options providing 2x exposure.
Most exposure comes from swaps: contracts with financial institutions that pass PDD's gains and losses on an agreed dollar amount to the fund. As of June 30, 2026, about 89% of the fund's $18.9 million in net assets was cash or cash equivalents, usable as collateral, plus one PDD swap arranged through Marex worth 1.35% of assets. That 1.35% reflects the swap's gain or loss, not the exposure's size, and collecting it depends on the other party paying.
Exposure resets daily, close to close: after PDD rises, the fund adds exposure, and after it falls, the fund cuts back. Because daily results compound, returns over weeks or months will very likely differ from twice PDD's, especially when PDD swings up and down. The prospectus warns the fund will lose money if PDD is flat over time, and can lose money even while PDD rises.
What it really costs
- KPDD charges 1.26% a year.
- Of that, 1.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $128 in the first year and $1,523 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KPDD | $128 | $400 | $692 | $1,523 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It resets 2x leverage on one stock daily, and its prospectus warns that over longer periods it can lose money even when PDD rises.
KPDD adds leveraged single-stock risk, not stability. It launched on March 11, 2025, so it has no record in the 2008, 2020 or 2022 downturns and no full calendar year; it was down 57.7% for 2026 to date, through October 27. Its deepest drop was 77.9%, from March 20, 2025 to October 2, 2026, with no recovery as of October 27, 2026. Anyone forced to cash out shares after a fall like that would lock in a deep loss.
Its trailing yield, paid annually, was 137% as of October 27, 2026 ($6.65 per share), but a sharply lower share price swells that figure; it isn't dependable income. Costs are high: 1.26% a year, or $128 in year one and $1,523 over 10 years on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders with a strong one-day view on PDD Holdings who can monitor the position daily and accept the leverage reset each close.
- Traders wanting 2x PDD exposure in an ordinary brokerage account without arranging margin loans, swaps or options themselves.
- Risk-tolerant traders who can absorb a total loss, which the prospectus warns of, and daily price swings about twice PDD's own.
Look elsewhere if
- Retirees and long-term holders: it lost 72.8% in the year to October 27, 2026, and had not recovered from a 77.9% drop.
- Cost-conscious investors: the 1.26% expense ratio costs $128 in year one on $10,000 under the SEC example; PDD shares themselves carry no fund fee.
- Investors seeking diversification or income: it rests on one e-commerce stock carrying China risk; its 137% trailing yield (October 27, 2026) isn't steady income.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is KPDD good for long-term investors?
It isn't designed for them. KPDD resets its 2x leverage every day, and its prospectus warns that returns over longer periods will very likely differ from twice PDD's return. Its record shows the risk: as of October 27, 2026, the fund was down 72.8% over one year and 57.7% for 2026 to date, and its deepest drop reached 77.9%. Its one-year volatility, a measure of how widely returns swing, was 68.9%.
Can KPDD lose money if PDD stock goes up?
Yes. Because KPDD resets daily, each day's gain or loss compounds on the last, and when PDD swings up and down that compounding can wear away value. The prospectus states the fund will lose money if PDD's performance is flat over time and can lose money even while PDD rises over periods longer than a day. Shares purchased partway through a trading day may also get more or less than 2x PDD's move until the next close.
What's the difference between KPDD and PDD stock?
KPDD is a leveraged fund; PDD is the stock itself. Owning PDD's Nasdaq-listed ADR gives one-for-one exposure with no annual fund fee. KPDD seeks twice PDD's daily move, mostly through swaps, charges 1.26% a year and resets daily, so its returns over longer stretches can drift far from twice PDD's. It also adds counterparty risk: if a swap provider fails to pay, the fund can lose money. KraneShares is not affiliated with PDD.
What is KPDD's expense ratio?
KPDD's expense ratio is 1.26% a year, according to its prospectus filed July 29, 2026, and nearly all of that is a 1.25% management fee. Under the SEC's standard example, which assumes $10,000 invested, a 5% annual return and all shares redeemed at the end of each period, total costs would be about $128 after one year, $400 after three, $692 after five and $1,523 after 10.
Does KPDD pay dividends?
Yes, it pays distributions once a year, but they aren't a reliable income stream. KPDD paid $6.65 per share over the 12 months to October 27, 2026, a trailing yield of about 137%. That number looks huge partly because the share price fell sharply. The fund's goal is twice PDD's daily return, not income, and any distribution lowers the share price by the amount paid.