Fund Description: KraneShares MSCI All China Health Care 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 All China Health Care Index ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MSCI China All Shares Health Care Index. INDEX DESCRIPTION: The MSCI China All Shares Health Care Index is a free float adjusted market capitalization weighted index designed to track the equity market performance of Chinese companies engaged in the healthcare sector. The securities eligible for inclusion in the Index include all types of publicly issued shares of Chinese issuers, such as A-Shares, B-Shares, H-Shares, P-Chips and Red Chips. The issuers included in the Index may include small-cap, mid-cap and large-cap companies. FUND STRATEGY: Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Index, depositary receipts, including American depositary receipts (ADRs), representing such components and securities depositary receipts in the Index. The Fund may invest up to 20% of its assets in instruments that are not included in the Index, but that Krane believes will help the Fund track the Index. These investments may include equity securities and depositary receipts of issuers whose securities are not components of the Index, derivative instruments (including swaps, futures and options contracts), other investment companies (including ETFs) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates. Although the Fund reserves the right to use a replication strategy, the Fund expects to use representative sampling to track the Index. The Fund is non-diversified. FUND MANAGEMENT: Krane Funds Advisors LLC serves as the investment adviser to the Fund.