KraneShares 2x Long PDD Daily ETF (KPDD)

The KraneShares 2x Long PDD Daily ETF is a leveraged single-stock fund that seeks daily investment results equal to two times the daily percentage change in the share price of PDD Holdings, the company behind the Pinduoduo shopping platform in China and the Temu international marketplace.

To obtain this exposure the fund typically uses swap agreements and other derivatives together with cash and short-term instruments rather than simply holding the shares outright. Because the 2x target resets every trading day, results over periods longer than one day can differ significantly from twice the return of PDD stock over the same span.

The fund is sponsored by KraneShares and lists on the Nasdaq under the ticker KPDD.