At a glance
KPRO charges 1.0% a year, above the 0.86% average of the 7 funds most like it (the most expensive of 8). It has $3.3M in assets, the 8th largest of that group; it paid 2.86% of its price in distributions over the past 12 months, annual. Over the past year it returned −13.8% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds.
The short version
KraneShares 100% KWEB Defined Outcome January 2027 ETF (KPRO) holds the KraneShares CSI China Internet ETF (KWEB) plus options designed to pass along KWEB's gains up to a 20% cap while guarding against 100% of its losses, before fees, from January 27, 2025 to January 15, 2027. Its 1.00% expense ratio tops seven similar buffer funds, which average 0.86%, and the protection applies only to shares held for that entire period.
Price history
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KPRO -13.8% 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 | |
|---|---|---|---|---|---|---|
| KPRO official prospectus, to Dec 31, 2025 | — | +14.27% | — | — | — | +13.51% |
| MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +28.94% | — | — | — | +27.67% |
| CSI Overseas China Internet Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +23.29% | — | — | — | +24.47% |
| KPRO price data to Oct 27, 2026 | -7.4% | -13.8% | — | — | — | +4.5% |
- Over the year to Oct 27, 2026, KPRO returned -13.8%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+8.0%); its best was 2025 (+8.0%).
- The deepest fall in its price history was 13.9% (Oct 2, 2025 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.4% | — |
| 2025 | +8.0% | +14.27% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.7500 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 79.81% of assets.
| Fund held | Weight | |
|---|---|---|
| KRANESH CSI CHINA INTERNET MUTUAL FUND | 79.81% |
By country
United States 79.81%By asset type
Stocks 79.81%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $742K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.82%, -2.12%, -0.11%.
How it works
KPRO is a fund of funds: it invests at least 80% of net assets in another fund, the KraneShares CSI China Internet ETF (KWEB), and options on it. Its adviser, Krane Funds Advisors, also runs KWEB, which tracks the CSI Overseas China Internet Index of China-based internet companies listed outside mainland China.
As of June 30, 2026, KWEB was 79.8% of assets; the rest was FLEX options (customizable exchange-traded options) expiring January 15, 2027. A purchased put, which pays off if KWEB ends below $30.54, was 21.3%. A call the fund wrote at $36.65 was -1.3%; it gives up KWEB's gains above that price. Together they set the cap (a 20% ceiling on gains) and the buffer (protection against 100% of losses), before fees. After the 0.25% management fee, the prospectus puts them at about 19.42% and 99.41%, and other expenses reduce both.
The cap and buffer were set on January 27, 2025 and apply only to shares held from then until January 15, 2027; later entrants and early leavers can see different results. KPRO's daily moves tend to be smaller than KWEB's, because option values also depend on time to expiry. If KWEB pays large distributions, the Options Clearing Corporation may adjust the options' terms, which can change the cap and buffer.
What it really costs
- KPRO charges 1% a year, versus an average of 0.86% for the similar funds below (8th of 8, cheapest first).
- Of that, 0.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $102 in the first year and $1,225 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| KPRO | $102 | $318 | $552 | $1,225 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Uses options to limit losses within a range (the buffer) in exchange for a cap on gains over each outcome period; results depend on when you buy relative to the period start.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
It offers capped, buffered exposure to one narrow market, Chinese internet stocks, through a tiny, high-cost fund whose protection holds only for the full outcome period.
KPRO launched February 8, 2024, so it has no record from the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, produced a 14.27% total return. Despite the 100% buffer, its price fell 13.9% from October 2, 2025 to October 23, 2026 and had not recovered as of October 27, 2026. The buffer covers only shares held for the whole outcome period, January 27, 2025 to January 15, 2027, so anyone who entered later or needs cash sooner can face losses.
The trailing 12-month yield was 2.86% as of October 27, 2026, and payments have come once a year. Costs are high: a 1.00% expense ratio versus a 0.86% average for seven similar buffer funds. Assets were $3.3 million as of June 30, 2026. Past results don't predict future ones, and a plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who entered at the January 27, 2025 period start and can hold until January 15, 2027, when the stated cap and buffer apply.
- Investors wanting Chinese internet stock exposure through KWEB who accept giving up gains above roughly 20% in exchange for loss protection.
- Investors who prefer smaller day-to-day swings than KWEB; KPRO's one-year volatility, a gauge of price swings, was 8.5% as of October 27, 2026.
Look elsewhere if
- Anyone entering mid-period or needing cash before January 15, 2027; their results can differ sharply from the stated cap and buffer.
- Cost-conscious investors: the 1.00% expense ratio tops seven similar buffer funds, which average 0.86%; PJAN and PDEC charge 0.79%.
- Investors seeking diversification: KPRO rests on one fund of China-based internet stocks, with $3.3 million in assets as of June 30, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| KPRO this fund | 1% | $3.3M | -13.8% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Can you lose money in KPRO with a 100% buffer?
Yes. The 100% buffer is measured before fees and applies only to shares held from January 27, 2025 through January 15, 2027. After the 0.25% management fee, the prospectus puts it near 99.41%, and other expenses lower it further. Investors who enter late or leave early can see very different results: the share price fell 13.9% from October 2, 2025 to October 23, 2026. The prospectus also says there is no guarantee and warns of the risk of total loss.
How does the KPRO cap work?
The cap means KPRO's return over its outcome period, January 27, 2025 to January 15, 2027, can't exceed 20%, before fees, even if KWEB rises more. After the 0.25% management fee, the prospectus puts the cap at about 19.42%, and other expenses trim it further. A call option the fund wrote gives up KWEB's gains above that level. The structure can also lag in rising markets: in 2025, KPRO returned 14.27% while the CSI Overseas China Internet Index, which KWEB tracks, returned 23.29%, per the prospectus.
What's the difference between KPRO and PJAN?
Both are buffer ETFs, but they protect very different assets. KPRO wraps options around KWEB, a fund of Chinese internet stocks, with a 100% buffer and 20% cap before fees through January 15, 2027. PJAN, the Innovator U.S. Equity Power Buffer ETF - January, applies its buffer to U.S. stocks, as its name indicates. PJAN charges 0.79% versus KPRO's 1.00% and had about $1.4 billion in assets as of July 31, 2026. Over the year to October 27, 2026, PJAN returned 10.5% while KPRO lost 13.8%.
What is KPRO's expense ratio?
KPRO's expense ratio is 1.00%, according to its prospectus filed July 29, 2026, including a 0.25% management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $102 over one year, $318 over three, $552 over five and $1,225 over ten, assuming the shares are redeemed at the end of each period. That tops all seven similar buffer funds compared here, which average 0.86%; PJAN and PDEC charge 0.79%.
Does KPRO pay dividends?
Yes, though income is not the fund's main purpose. As of October 27, 2026, it had paid $0.75 per share over the trailing 12 months, a 2.86% yield, and its payments have come once a year. The prospectus says option premium income is generally reported as a return of capital, meaning a payback of invested money rather than earnings, on the fund's distribution notices. Those notices may not show how a payout is taxed; year-end tax forms do.