Fund Description: KraneShares MSCI Emerging Markets ex China Index ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of KraneShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The KraneShares MSCI Emerging Markets ex China Index ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MSCI Emerging Markets ex China Index: The MSCI Emerging Markets ex China Index is a free float-adjusted market capitalization weighted index designed to track the equity market performance of mid- and large-cap companies of emerging market countries, excluding China. The Index is based on the MSCI Emerging Markets Index (universe), but excludes the securities of Chinese issuers. The Index, as of each rebalance, includes exchange-traded equity securities that, among other matters: (1) are issued by companies of selected emerging market countries; (2) are issued by companies comprising the top 85% (based on free float-adjusted market capitalization) of the universe, subject to MSCI’s (Index Provider) investability screens; (3) meet certain minimum liquidity requirements; (4) have a free float-adjusted market capitalization equal to or higher than 50% of the universe’s minimum size requirement; and (5) meet certain Foreign Inclusion Factor (FIF) requirements, where FIF is defined as the proportion of shares outstanding that is available for purchase in the public equity markets by international investors. The Index consists of securities from issuers of the following 23 countries: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, Philippines, Poland, Russia, Qatar, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates but may change over time. FUND STRATEGY: The Fund will normally invest at least 80% of its total assets in securities of its Index or in depositary receipts representing securities of the Index. The Fund, using a passive or indexing investment approach, attempts to approximate the investment performance of the Index by investing in a portfolio of securities that generally replicates the Index. However, the Fund may utilize a sampling methodology under various circumstances where it may not be possible or practicable to purchase all of the securities in the Index. The Fund may invest up to 20% of its assets in instruments that are not included in the Index. These investments may include equity securities and depositary receipts that are not components of the Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including ETFs) and cash or cash equivalents (including money market funds). The Fund may engage in securities lending. FUND MANAGEMENT: Krane Funds Advisors LLC serves as the investment adviser to the Fund.