Fund Description: KraneShare Zacks New China ETF, formerly KraneShares CSI New China ETF, formerly KraneShares CSI China Five Year Plan 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 KraneShare Zacks New China ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Zacks New China Index, formerly CSI Overseas China Five-Year Plan Index. INDEX DESCRIPTION: The Zacks New China Index takes a smart-beta approach to provide exposure to companies listed in Mainland China, Hong Kong and the United States whose primary business or businesses are important in the current Five-Year Plan of the central Chinese government. The sectors expected to benefit from the plan are evaluated and the stocks within each sector are subsequently ranked based on various investment factors, including price, cash flow, free cash flow, momentum and volatility. Based on the foregoing, the top 40 stocks are included in the fund's holdings. 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 will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or sector to approximately the same extent that the Index is so concentrated. The Fund is non-diversified and, therefore, may invest a greater percentage of its assets in a particular issuer in comparison to a diversified fund. FUND MANAGEMENT: Krane Funds Advisors LLC serves as the investment adviser to the Fund. Index Management Solutions, LLC serves as the sub-adviser to the Fund.