Fund Description: KraneShares MSCI One Belt One Road 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 One Belt One Road Index ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MSCI Global China Infrastructure Exposure Index. INDEX DESCRIPTION: The MSCI Global China Infrastructure Exposure Index is designed to track the equity market performance of companies that are more likely to be potential beneficiaries of China’s One Belt, One Road initiative, which is a strategy and framework adopted by the Chinese government that will emphasize interconnectedness and cooperation between China and other Eurasian countries. The Index includes issuers whose revenues are more likely to benefit from China’s infrastructure development initiatives within the relevant industries, as determined by the provider of the, MSCI Inc. (Index Provider). The Index is modified so that 45% of the weight of the Index is allocated to Chinese issuers and 55% to issuers of other countries as of each Index rebalance. Within these allocations, the issuers are weighted based on their free-float market capitalization, except that no country’s issuers (except for China) will represent more than 10% of the Index as of each Index rebalance. Although the Index may include the securities of small-cap, mid-cap and large-cap issuers, each issuer must meet a minimum market capitalization requirement to be included in the Index. The China-related securities that may be included in the Index and/or represent investments of the Fund: China A-Shares; China B-Shares; China H-Shares; China N-Shares; P-Chips; and Red Chips. 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 underlying 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 the Adviser 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). Although the Fund reserves the right to use a replication strategy, the Fund expects to use representative sampling to track the Index. Representative sampling is a strategy that 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.