At a glance
OBOR charges 0.79% a year. It has $3.9M in assets; it paid 1.93% of its price in distributions over the past 12 months, annual. Over the past year it returned +5.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +13.4% a year. At its worst it fell 29.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 39 months after the low. Its ten largest positions make up 42.9% of the fund, out of 118 in all.
The short version
KraneShares MSCI One Belt One Road Index ETF (OBOR) tracks the MSCI Global China Infrastructure Exposure Index: emerging- and frontier-market stocks that MSCI links, by industry, to China's “One Belt, One Road” infrastructure initiative. Its rules set China at 45% at each rebalance and cap other countries at 10%, so most of its weight sits outside China. It charges 0.79% a year and held only about $3.9 million as of June 30, 2026.
Price history
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OBOR +5.0% 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 | |
|---|---|---|---|---|---|---|
| OBOR official prospectus, to Dec 31, 2025 | — | +27.20% | — | +3.24% | — | +3.98% |
| MSCI ACWI (Reflects no deduction for fees, expenses or taxes) index, same period | — | +22.34% | — | +11.19% | — | +11.29% |
| MSCI Global China Infrastructure Exposure Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) index, same period | — | +28.70% | — | +4.07% | — | +5.08% |
| OBOR price data to Oct 27, 2026 | -0.6% | +5.0% | +13.4% | -0.4% | — | +6.8% |
- Over the year to Oct 27, 2026, OBOR returned +5.0%.
- Its 5-year annualized return was -0.4%.
- Its worst full calendar year was 2022 (-21.9%); its best was 2025 (+27.8%).
- The deepest fall in its price history was 34% (Feb 16, 2022 to Oct 25, 2023), recovered by Jan 6, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -0.6% | — |
| 2025 | +27.8% | +27.20% |
| 2024 | +8.6% | +8.74% |
| 2023 | -7.9% | -7.93% |
| 2022 | -21.9% | -21.61% |
| 2021 | +17.1% | +17.48% |
| 2020 | — | +13.01% |
| 2019 | — | +16.32% |
| 2018 | — | -12.13% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.6% over that stretch · deepest drop along the way 29%, back to its old high 39.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5100 | -37.8% |
| 2024 | $0.8200 | +18.8% |
| 2023 | $0.6900 | -36.1% |
| 2022 | $1.0800 | +9.1% |
| 2021 | $0.9900 |
What's inside
As of Jun 30, 2026, the fund held 118 securities; the ten largest made up 42.93% of assets.
| Holding | Weight | |
|---|---|---|
| KUWAIT FINANCE HOUSE K.S.C.P | 9.35% | |
| OVERSEA-CHINESE BANKING CORPORATION LIMITED | 8.07% | |
| VALTERRA PLATINUM LIMITED | 4.57% | |
| China Yangtze Power Co., Ltd. | 4.41% | |
| KGHM POLSKA MIEDZ SPOLKA AKCYJNA | 4.23% | |
| PTT Public Company Limited | 3.56% | |
| TATA MOTORS LIMITED | 2.81% | |
| IMPALA PLATINUM HOLDINGS LIMITED | 2.50% | |
| China Petroleum & Chemical Corporation | 1.79% | |
| SINGAPORE TECHNOLOGIES ENGINEERING LTD | 1.64% | |
| Beijing-Shanghai High Speed Railway Co Ltd | 1.51% | |
| Joint stock company National atomic company Kazatomprom | 1.50% | |
| China Tungsten and Hightech Materials Co., Ltd. | 1.47% | |
| Jiangsu Zhongtian Technology Co., Ltd. | 1.44% | |
| Northam Platinum Holdings Limited | 1.36% |
By country
China 37.34%Singapore 11%Kuwait 9.53%South Africa 8.68%Hong Kong 7.85%By asset type
Stocks 99.91%Preferred stock 0%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $0.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.10%, -0.21%, +2.99%.
How it works
OBOR aims to track the MSCI Global China Infrastructure Exposure Index. The index covers companies with high revenue exposure to China's “One Belt, One Road” initiative: infrastructure investment, such as roads and communications networks, meant to tie China closer to other Eurasian countries. MSCI gauges exposure by industry. The index generally includes emerging and frontier markets (the smallest, least mature emerging markets), excluding developed ones such as the Americas, most of Europe and Japan.
At each rebalance, Chinese companies get 45% of the weight and other countries' companies 55%. Within each group, stocks are weighted by free-float market value (counting only publicly tradable shares), and no country except China may exceed 10%. Weights drift between rebalances: as of March 31, 2026, China was 43.3% and South Africa 11.7% of the 114-stock index. Materials (28.2%) and financials (23.0%) were the largest sectors.
The fund expects to hold every index stock but may use a representative sample. At least 80% of net assets must be in index securities or close equivalents; the rest may go to other stocks, derivatives such as swaps, other ETFs or cash. China's “A-shares” (mainland-listed shares traded in renminbi) are mainly reached through Stock Connect, a link via an exchange outside mainland China. As of June 30, 2026, the fund held 118 positions and no derivatives.
What it really costs
- OBOR charges 0.79% a year.
- Of that, 0.78% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OBOR | $81 | $252 | $439 | $978 |
In a retirement portfolio
It is a concentrated bet on one Chinese policy theme across emerging and frontier markets, and it has suffered a 34% peak-to-trough drop.
OBOR adds stocks from markets a US-focused portfolio may not hold, such as Kuwait, South Africa and Poland. It launched in 2017, so it missed 2008, but it lost 26.85% in the first quarter of 2020 as COVID hit. In the 2022 bear market it fell 29%; 2022 was its worst calendar year, down 21.61%, and 2023 brought another 7.93% loss. Its deepest drop, 34% from February 2022 to October 2023, was not recovered until January 6, 2026. Withdrawals during that stretch would have meant cashing out at depressed prices.
Income is modest: the yield was 1.93% as of October 27, 2026, paid once a year. The 0.79% expense ratio means about $81 in costs in the first year on $10,000, under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting a targeted stake in the “One Belt, One Road” theme, through holdings like Kuwait Finance House, Oversea-Chinese Banking and China Yangtze Power.
- Those wanting China plus other emerging and frontier markets; each rebalance gives 55% to countries such as South Africa, Singapore and Kuwait.
- Patient holders who can ride out long slumps; after falling 34% from February 2022, the fund took until January 2026 to recover.
Look elsewhere if
- Investors seeking broad global stock returns: through December 31, 2025, OBOR returned 3.24% a year over five years versus 11.19% for the MSCI ACWI.
- Anyone needing regular income: the 1.93% yield, as of October 27, 2026, is paid only once a year.
- Those wary of fees and tiny funds: it charges 0.79% a year and held only about $3.9 million as of June 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
What does the OBOR ETF invest in?
OBOR invests in emerging- and frontier-market stocks that MSCI links to China's “One Belt, One Road” infrastructure initiative. As of June 30, 2026, it held 118 positions. The largest were Kuwait Finance House (9.3%), Oversea-Chinese Banking Corp (8.1%), Valterra Platinum (4.6%), China Yangtze Power (4.4%) and Poland's KGHM Polska Miedz (4.2%). The top 10 made up 42.9% of assets. China was the largest country at 37.3%, followed by Singapore at 11%.
Does OBOR pay dividends?
Yes, once a year. OBOR paid $0.51 per share in the year to October 27, 2026, a yield of 1.93% on that date. An annual payout makes it a poor match for anyone who needs monthly or quarterly cash. The amount can also change from year to year, because it depends on dividends from the fund's holdings in markets such as China, Kuwait and South Africa.
What is OBOR's expense ratio?
OBOR's expense ratio is 0.79% a year, according to its prospectus filed July 29, 2026, and nearly all of it is a 0.78% management fee. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would total about $81 after one year, $439 after five years and $978 after 10 years. That cost is worth comparing with broader emerging-markets funds.
How has OBOR performed vs. global stocks?
It has trailed global stocks by a wide margin over longer periods. Through December 31, 2025, OBOR returned 3.24% a year over five years and 3.98% a year since its 2017 launch. The MSCI ACWI, a broad world stock index, returned 11.19% and 11.29% over the same periods. OBOR did beat the ACWI in 2025, gaining 27.2% versus 22.34%. The fund also lagged its own index, which returned 4.07% a year over five years.
Is OBOR a good investment for retirement?
OBOR is more suited to a small, higher-risk slice of a portfolio than to a core holding. It fell 34% from February 2022 to October 2023 and did not recover until January 6, 2026. Its 1.93% yield, as of October 27, 2026, is paid once a year. It charges 0.79%, and it held only about $3.9 million as of June 30, 2026. Past results don't predict future returns.