Fund Description: KraneShares CSI China Internet 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 CSI China Internet ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the CSI Overseas China Internet Index. The Fund provides US investors with an opportunity to gain exposure to China’s growing internet sector with the cost efficiencies of ETF investing. INDEX DESCRIPTION: The CSI Overseas China Internet Index is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd. The Index is generally comprised of 20 - 30 securities. China Internet Companies include, but are not limited to, companies that develop and market internet software and/or provide Internet services; manufacture home entertainment software and educational software for home use; provide retail or commercial services primarily through the Internet; and develop and market mobile Internet software and/or provide mobile Internet services. FUND STRATEGY: The Fund will normally invest at least 80% of its total assets in equity securities of its Index or in depositary receipts representing securities of the Index. The Fund employs a passive management investment strategy in seeking to achieve its investment objective. The Fund generally will use a replication methodology, meaning it will invest in all of the securities comprising the Index in proportion to the weightings in the Index. However, the Fund may utilize a representative 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 group of industries 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 investment sub-adviser to the Fund.