Fund Description: KraneShares Bosera MSCI China A ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Krane Shares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The KraneShares Bosera MSCI China A ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI China A Index. INDEX DESCRIPTION: The MSCI China A Index is a free-float adjusted market capitalization weighted index that is designed to track the equity market performance of large-cap and mid-cap Chinese securities (A Shares). The Index aims to capture approximately 85% of the free float market capitalization of the investible domestic Chinese equity universe. Free-float market capitalization is calculated by multiplying a security’s price by the number of shares available in the market, rather than the total number of shares outstanding. A Shares are common stock issued by companies incorporated in mainland China and are traded in renminbi (RMB) on the Shenzhen or Shanghai Stock Exchanges. FUND STRATEGY: The Fund uses a passive management strategy, known as representative sampling, to track the performance of the Index. Representative sampling is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Index. Bosera Asset Management (International) Co., Ltd. (Bosera), the Fund’s Co-Adviser, selects the securities for the Fund that Bosera believes will form a representative sample of the Index. The Fund’s securities are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. Under normal circumstances, the Fund will invest at least 80% of its total assets in securities of the Index and depositary receipts, including American Depositary Receipts (ADRs) representing such securities. Unlike many investment companies, the Fund does not try to beat the Index and does not seek temporary defensive positions when markets decline or appear overvalued. The Fund may invest up to 20% of its assets in investments that are not included in the, but which the advisors believes will help the Fund track the Index. These investments include B shares of companies listed on the Shanghai and Shenzhen Stock Exchanges, H shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange, shares of Red Chip companies with controlling Chinese shareholders that are incorporated outside of mainland China and listed on the Hong Kong Stock Exchange, shares of China-related companies listed on the Hong Kong Stock Exchange, ADRs representing securities not in the Index, derivative instruments, including swaps and index futures, investment company securities, including exchange-traded funds (ETFs), and cash or cash equivalents, including money market funds. FUND MANAGEMENT: Krane Funds Advisors, LLC serves as the investment adviser to the Fund. Bosera Asset Management (International) Co., Ltd. (Bosera), operating out of Hong Kong, serves as the Co-Adviser to the Fund.