Fund Description: KFA Dynamic Fixed Income ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of Krane Shares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The KFA Dynamic Fixed Income ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the FTSE US High-Yield Treasury Rotation Index. INDEX DESCRIPTION: FTSE US High-Yield Treasury Rotation Index will be fully invested in one of the three following sub-indexes: FTSE US Treasury 1-5 Years Index; FTSE US Treasury 7-10 Years Index; and FTSE US High-Yield Market BB/B-Rated Capped Custom Index. FTSE US Treasury 1-5 Years Index includes fixed-rate U.S. Treasury bonds with remaining maturities of 1 to 5 years. The FTSE US Treasury 7-10 Years Index includes fixed-rate U.S. Treasury bonds with remaining maturities of 7 to 10 years. The FTSE High-Yield Market BB/B-Rated Capped Custom Index includes high-yield debt (commonly referred to as junk bonds) with remaining maturities of at least one year. The Index will invest in the sub-index with the highest prior three-month returns as of the time of the quarterly reconstitution, accordingly, at times, the Index may be invested only in the FTSE High-Yield Market BB/B-Rated Capped Custom Index. FUND STRATEGY: Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index, to-be-announced transactions representing such components, and investment companies that seek to track the performance of a subset of the Index or of an index that is correlated to one of the three sub-indexes. The Fund may invest up to 20% of its assets in instruments that are not included in the Index. These instruments include debt securities not included in the Index, derivatives (including swaps, forwards, futures, structured notes and options), equity securities and cash and cash equivalents. In addition, the Fund may invest in shares of investment companies, such as exchange traded funds (ETFs), unit investment trusts and closed-end investment companies. Although the Fund reserves the right to replicate (or hold all components of) the Index, the Fund expects to use representative sampling to track the Index which involves investing in a representative sample of securities that collectively have an investment profile similar to the Index. FUND MANAGEMENT: Krane Funds Advisors LLC serves as the investment adviser to the Fund. SkyRock Investment Management, LLC serves as the sub-adviser to the Fund.