Key Takeaways
- • KMLM trades at $27.16 as of April 14, 2025, down 1.56% intraday, with a 52-week range of $25.77–$30.17 and net assets of $326.57 million, indicating moderate scale in the managed futures ETF category.
- • The fund delivers a 4.61% yield with a YTD return of 6.32%, outperforming a flat equity market backdrop, supported by its negative beta of -0.29, which provides meaningful downside protection during equity volatility.
- • KMLM employs a trend-following strategy across 22 liquid futures contracts spanning commodities, currencies, and global fixed income instruments traded on U.S. and foreign exchanges, with an expense ratio of 0.90%.
- • The fund exhibits low correlation to equities (beta of -0.29), positioning it as a portfolio diversifier and potential hedge against traditional stock and bond volatility for institutional allocators.
- • Net Assets Under Management of $326.57 million and average daily volume of 266,462 shares reflect sufficient liquidity for institutional entry and exit, though trading volume declined 87% versus the average on the measurement date.
Summary
The KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM), listed on NYSEArca, represents a systematic approach to alternative investing through trend-following methodologies. As of April 14, 2025, the fund was priced at $27.16 with a net asset value of $27.40, reflecting modest intraday weakness of 1.56%. The fund manages $326.57 million in net assets and has established itself within the managed futures category since its inception in December 2020.
KMLM's investment mandate centers on providing exposure to a diversified portfolio of 22 liquid futures contracts encompassing three primary asset classes: commodities, currencies, and global fixed income instruments. These contracts trade on both U.S. and foreign exchanges, enabling the fund to capture long and short trend signals across multiple markets. The underlying strategy tracks the KFA Mount Lucas Managed Futures Index, which applies quantitative trend-following logic to systematically identify and capture momentum across these diverse markets.
From a performance perspective, the fund delivered a year-to-date total return of 6.32% through the measurement date, supported by a 4.61% yield. The three-year return profile and trailing performance data (as of June 25, 2026) provide longer-term context, though current performance metrics highlight resilience in a diversified alternative framework. The fund's trailing price-to-earnings ratio of 10.14 and a negative beta of -0.29 underscore its value positioning and its potential utility as a portfolio hedge.
The 0.90% net expense ratio positions KMLM competitively within the managed futures ETF space. With average daily volume of 266,462 shares, the fund offers institutional-grade liquidity for significant allocations, though trading volume on the specific measurement date (34,065 shares) reflected lighter activity. The 52-week trading range of $25.77–$30.17 demonstrates the fund's volatility profile relative to its peers and provides context for valuation assessment.
KMLM's negative equity beta and systematic trend-following approach align with institutional demand for non-correlated return sources, particularly for family offices, hedge funds, and pension allocators seeking downside protection during equity market dislocations. The fund's exposure to multiple asset classes and its rules-based methodology distinguish it from active management approaches while maintaining diversification benefits across global markets.
KMLM's investment mandate centers on providing exposure to a diversified portfolio of 22 liquid futures contracts encompassing three primary asset classes: commodities, currencies, and global fixed income instruments. These contracts trade on both U.S. and foreign exchanges, enabling the fund to capture long and short trend signals across multiple markets. The underlying strategy tracks the KFA Mount Lucas Managed Futures Index, which applies quantitative trend-following logic to systematically identify and capture momentum across these diverse markets.
From a performance perspective, the fund delivered a year-to-date total return of 6.32% through the measurement date, supported by a 4.61% yield. The three-year return profile and trailing performance data (as of June 25, 2026) provide longer-term context, though current performance metrics highlight resilience in a diversified alternative framework. The fund's trailing price-to-earnings ratio of 10.14 and a negative beta of -0.29 underscore its value positioning and its potential utility as a portfolio hedge.
The 0.90% net expense ratio positions KMLM competitively within the managed futures ETF space. With average daily volume of 266,462 shares, the fund offers institutional-grade liquidity for significant allocations, though trading volume on the specific measurement date (34,065 shares) reflected lighter activity. The 52-week trading range of $25.77–$30.17 demonstrates the fund's volatility profile relative to its peers and provides context for valuation assessment.
KMLM's negative equity beta and systematic trend-following approach align with institutional demand for non-correlated return sources, particularly for family offices, hedge funds, and pension allocators seeking downside protection during equity market dislocations. The fund's exposure to multiple asset classes and its rules-based methodology distinguish it from active management approaches while maintaining diversification benefits across global markets.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.