KraneShares China Innovation ETF

The fund adviser seeks to achieve its investment objective by investing primarily in the underlying ETFs. Each underlying ETF seeks, and each future underlying ETF will seek, to provide investment results, before fees and expenses, corresponding to the price and yield performance of its respective underlying index and invests primarily in the publicly issued shares of companies that are based in, operate in or are otherwise economically tied to China. Under normal circumstances, the fund will invest at least 80% of its net assets in securities of issuers located in China. The fund is non-diversified.