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Live Webinar

Rethinking Alternatives: The Case for Carbon in 2026

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Wednesday, 4 February, 2026
15:00 - 16:00 GMT, 16:00 - 17:00 CET

What has outperformed U.S. equities over the past five years, done so again in 2025,1 and is structurally designed to see continued growth against the backdrop of concerns about the U.S. economy, increasing discussions around de-dollarization, and Europe’s accelerating reindustrialization trend?2

Compliance carbon allowances—standardized, regulated, and increasingly liquid markets that together trade close to a trillion dollars annually3—continue to show their staying power within portfolios as investors seek diversification* through an asset class that has historically delivered competitive, uncorrelated returns relative to U.S. equities.4 Looking ahead to 2026, European Union allowances (EUAs), in particular, face potential supply tightening under the EU’s established emissions trading system,5 which is structurally designed with annually declining caps on supply across several sectors of the economy.

We believe that with U.S. equity valuations potentially stretched and with rate uncertainty in fixed income, investors may benefit from rethinking alternative allocations, where carbon offers a differentiated return profile. In this session, KraneShares Head of Strategy, Luke Oliver, and Partner at CLIFI, Mark Lewis, will discuss:

  • A review of recent carbon performance and future outlook
  • What is driving the structural deficits in the European market
  • The latest on California’s regulatory developments and future timeline
  • An overview of the potential role of the KraneShares Global Carbon Strategy ETC Programme within a diversified portfolio and its relevance to alternative investment exposures

Investors can submit questions by emailing info@kraneshares.com

1 CPD Credit Available

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The views expressed are the speakers’ opinions as of the date of publication and may change without notice. Nothing herein should be interpreted as a forecast or guarantee of future events.

EU gatekeepers and UK financial professionals can access carbon allowance markets through the KraneShares ETC Programme, which offers an ETC Series that provides unique exposure to the five largest, most liquid carbon allowance futures markets.

Citations:

  1. Data from Bloomberg based on a 5-year return of +102.2% and +22.0% in 2025 for the S&P Global Carbon Credit Index as of 12/31/2025. US equities refer to the S&P 500 Index, with a 5-year return of +96.0% and 2025 return of +17.9%. The S&P Global Carbon Credit Index tracks the most liquid segment of the tradable carbon credit futures markets, including futures contracts on European Union Allowances, U.K. Allowances, California Carbon Allowances, the Regional Greenhouse Gas Initiative (RGGI), and Washington Carbon Allowances (WCA), with pricing data from ICE Futures Pricing. The S&P 500 Index is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the United States. Past performance does not guarantee future results.
  2. Center on Budget and Policy Priorities, "A Weakening Economy, and a Drastically Cut Economic Support System," November 5, 2025.
  3. Data from Bloomberg as of 12/31/2025.The five largest markets collectively traded over $900 billion in 2025. 
  4. Data from Bloomberg based on a 0.3 correlation between the S&P Global Carbon Credit Index and the S&P 500 Index (i.e., US Equities) as of 7/30/2020 (KRBN inception) to 12/31/2025. Past performance does not guarantee future results. 
  5. ING, "Falling allowance supply to tighten EU carbon market," December 8, 2025.

Content is for informational purposes only and should not be construed as investment advice. This material represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; the material is as of the dates noted and is subject to change without notice. This information should not be relied upon by the reader as research or investment advice regarding the funds or any security in particular.

This material may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or sell any securities. Investing involves risk, including possible loss of principal.

This material contains general information only and does not take into account an individual’s financial circumstances.

This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

Forward-looking statements (including Krane’s opinions, expectations, beliefs, plans, objectives, assumptions, or projections regarding future events or future results) contained in this presentation are based on a variety of estimates and assumptions by Krane. These statements generally are identified by words such as “believes,” “expects,” “predicts,” “intends,” “projects,” “plans,” “estimates,” “aims,” “foresees,” “anticipates,” “targets,” “should,” “likely,” and similar expressions. These also include statements about the future, including what “will” happen, which reflect Krane’s current beliefs. These estimates and assumptions are inherently uncertain and are subject to numerous business, industry, market, regulatory, geo-political, competitive, and financial risks that are outside of Krane’s control. The inclusion of forward-looking statements herein should not be regarded as an indication that Krane considers forward-looking statements to be a reliable prediction of future events and forward-looking statements should not be relied upon as such. Neither Krane nor any of its representatives has made or makes any representation to any person regarding forward-looking statements and neither of them intends to update or otherwise revise such forward-looking statements to reflect circumstances existing after the date when made or to reflect the occurrence of future events, even in the event that any or all of the assumptions underlying such forward-looking statements are later shown to be in error. Any investment strategies discussed herein are as of the date of the writing of this presentation and may be changed, modified, or exited at any time without notice. R_EU_KS






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