Quadratic Interest Rate Volatility and Inflation Hedge ETF
IVOL
New York Stock Exchange Arca- -
USD
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- -
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- 280 Park Avenue, 32nd Floor New York NY United States of America 10017
- IPO Date
- May 14, 2019
- CIK
- 0001547576
- Website
- ivoletf.com
- Similar Companies
- Business
- KraneShares Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL) is an actively managed exchange-traded fund that seeks to hedge against increases in fixed income volatility and inflation expectations while providing inflation-protected income; it primarily invests in U.S. Treasury Inflation-Protected Securities (TIPS), such as the Schwab U.S. TIPS ETF (SCHP) comprising approximately 78% of assets, cash equivalents, and long over-the-counter (OTC) interest rate options including constant maturity swap (CMS) swaptions tied to the 2-year/10-year U.S. Treasury yield spread with varying strikes and maturities through 2028. Launched on May 13, 2019, and listed on the NYSE under ticker IVOL (CUSIP 500767736), the ETF offers individual investors unprecedented access to the OTC fixed income options market to profit from yield curve steepening, whether driven by rising long-term rates or falling short-term rates, and rising interest rate volatility historically correlated with equity market declines. IVOL benchmarks against the Bloomberg U.S. Treasury Inflation-Linked Bond Index, employs a total annual operating expense ratio of 1.02%, and distributes income monthly with a recent 30-day SEC yield of 2.61% and net assets exceeding $569 million as of late 2025. The ETF is issued by KraneShares Trust (KFA Funds), with investment management provided by Quadratic Capital Management LLC, an asset management firm founded in 2013 by Nancy Davis and headquartered in Greenwich, Connecticut; Quadratic specializes in options and volatility strategies, while KFA Funds, based in New York with additional offices in San Francisco and London, serves as the sponsor and distributor through SEI Investments Distribution Company. IVOL targets fixed income investors seeking volatility hedges, equity investors needing tail-risk protection, and real estate holders vulnerable to rising long-term rates; it operates primarily in U.S. markets without noted subsidiaries or parent relationships beyond the issuer-manager structure. In recent developments, KFA Funds released an IVOL White Paper on November 12, 2025, alongside research pieces including "Mean Reversion: A Role for IVOL" (July 23, 2025) and commentary from Nancy Davis on market normalization and volatility (May 30, 2025); these updates emphasize IVOL's role amid tariff uncertainty, USD de-risking, and yield curve dynamics. Institutional interest has grown, with hedge fund ownership rising to 41.59% and 84 funds holding positions as of late 2025, reflecting a 44% increase in capital invested ($55.6 million net) and more new positions than closures; net assets expanded notably, supported by steady monthly distributions through December 2025. No major acquisitions, funding rounds, or strategic shifts were reported in the past 1-2 years, though ongoing media coverage and performance discussions underscore its adaptation to persistent inflation and Fed policy environments.