KraneShares Hedgeye Hedged Equity Index ETF
KSPY
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- KraneShares Hedgeye Hedged Equity Index ETF (KSPY) is an exchange-traded fund that tracks the Hedgeye Hedged Equity Index, providing investors with exposure to the S&P 500 while actively managing downside risk and volatility through dynamic options strategies; these strategies toggle daily among put spreads for protection, call spreads for income generation, and collars for balanced hedging based on Hedgeye's proprietary Risk Range Signals, which analyze the S&P 500's daily trading range incorporating price, volume, and volatility models; the fund holds primarily the SPDR S&P 500 ETF Trust (SPY) supplemented by S&P 500 index options managed by KraneShares. Launched on July 16, 2024, and listed on the New York Stock Exchange, KSPY operates from KraneShares' headquarters at 280 Park Avenue, New York, NY, with additional offices in San Francisco and London; managed by Krane Funds Advisors, LLC in partnership with index provider Hedgeye Asset Management, LLC—a subsidiary of Hedgeye Risk Management, LLC—the ETF targets institutional and retail investors seeking U.S. large-cap equity participation with enhanced risk controls. In August 2025, KSPY marked its one-year anniversary, highlighting its systematic approach to capital appreciation amid U.S. equity market volatility; the partnership between KraneShares and Hedgeye, announced at launch, differentiates KSPY from static buffer ETFs by enabling dynamic portfolio delta adjustments via Risk Range Signals; fee waivers remain in effect until August 1, 2026, supporting a net expense ratio of 0.78%, with net assets exceeding $52 million as of late 2025.