Capturing China's Brightest Science & Technology STARs

Overview of the KraneShares SSE STAR Market 50 Index ETF (Ticker: KSTR)

KSTR

KraneShares SSE STAR Market 50 Index ETF

Investment Strategy:

KSTR seeks to track the performance of the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board 50 Index (STAR 50 Index). The Index is comprised of the 50 largest companies listed on the SSE Science and Technology Innovation Board (STAR Market) as determined by market capitalization and liquidity.

STAR Market Highlights:

• Facilitates the fast-tracking of private science and technology companies to an initial public offering (IPO).
• Since its establishment in July 2019, the STAR Market has become one of the largest IPO markets globally and a premier listing venue for prominent Chinese unicorns (privately held startup companies valued at over $1 billion).
• Recent increases in fund-raising activity on Chinese exchanges can largely be attributed to the STAR Market, which accounted for approximately 62% of total capital raised through new IPOs across China's Mainland A-Share market in 2025.
• Potential inclusion in the SSE Composite Index and Shanghai-Hong Kong Stock Connect could result in greater flows for STAR Market securities.

KSTR Features:

• Exposure to companies poised to be China's future leaders across industries that could represent the growth engine of China for decades to come.
• Innovation-driven science and technology companies in China that offer a potential source of uncorrelated, long-term growth.
• Includes companies from industries such as new-generation information technology, biomedicine, new energy, and environmental protection.

A Shares represent just under 50% of China's equity market by market capitalization, but only 15% of the MSCI China Index.

MSCI China Index - Exchange Exposure

• A Shares: 15.60%
• US ADRs & H Shares: 79.62%

MSCI China All Shares Index - Exchange Exposure

• A Shares: 48%
• H Shares: 49%
• US ADRs: 3%

Broad China Technology vs MSCI China, Emerging Markets (EM) & S&P 500

Performance Comparison

Growth of 10,000 Units from 12/31/2010 to 3/31/2026

• MSCI China Information Technology Index
• S&P 500 Index
• MSCI Emerging Markets Index
• MSCI China Index

The STAR Market primarily supports high-tech infrastructure and strategic emerging industries

Companies included in the STAR Market seek to integrate several key themes within their core business.

Emerging Industries

• New Generation IT
• High-end Equipment
• New Materials
• New Energy
• Energy Conservation & Environmental Protection
• Biomedicine

Key Themes

• Artificial Intelligence
• Internet
• High-tech Manufacturing
• Cloud Computing
• Big Data

The STAR Market's unique listing rules and notable success since launching have quickly made the exchange an attractive option for China's leading science and technology unicorns

STAR Market Quick Facts

• President Xi Jinping introduced the concept of the STAR Market to create a new funding source for China's rising science and technology companies.
• Jun. 13, 2019: China launched the SSE STAR Market as a new science and technology board. Trading of the first 25 companies started on July 22.
• Seven years in, the STAR Market facilitated its over 592 companies to raise $134 billion.
• Listings on the STAR Market accounted for ~62% of the total capital raised through new IPOs across China's Mainland A-Share market in 2025.
• The SSE STAR 50 Index methodology is designed to fast-track eligibility for China's largest unicorns.
• For the first time, Mainland investors have access to some of China's leading, high quality tech companies.

The STAR Market offers more inclusive standards compared to other markets in China

Historically, early-stage Chinese startups were forced to list abroad due to stringent listing requirements at home. The STAR market allows such companies to list on a local exchange.

Mainland Chinese Exchange Offering and Listing Comparison

	Shanghai / Shenzen	STAR Market
Targeted companies	Large mature companies	Growing science and technology innovation companies
Finance & Accounting	Net assets, cash flow, revenue, and net income requirements	Emphasize market value and revenue instead of net income requirements
Profit	In the last 3 fiscal years, the company has made continuous profits and accumulated net profits in excess of 30 million CNY. Or the accumulated total operating revenue exceeds 300 million CNY.	Do not have to be profitable or have accumulated deficits to list.
Cash Flow	The cumulative net cash flow from operating activities in the last three fiscal years exceeds 50 million CNY.	Based on the estimated market value, revenue, net income, R&D investment, cash flow and other factors. Must meet 1 of the 5 differentiated listing standards.
Net Assets	Intangible assets account for no more than 20% of net assets at the end of the latest period. There is no undistributed deficit at the end of the latest period.

By meeting one of the five differentiated listing standards, applicants are eligible for listing on the STAR Market

The 5 Core Listing Standards of the STAR Market

Applicants must meet one of the five listing standards

	Profitability	R&D	Operating Cash Flow	Revenue	Special
Market Valuation	CNY 1 billion	CNY 1.5 billion	CNY 2 billion	CNY 3 billion	CNY 4 billion
Operating Revenue (in the last Yr.)	CNY 100 million	CNY 200 million	CNY 300 million	CNY 300 million	Companies need approval by state dept. and meet requirements such as huge market potential & technical advantage
Requirement for Standard	Net Profit: CNY 50 million	R&D Expense to Operating Income: 15% on average in the past 3 years	Operating Cash Flow: CNY 100 million

• Unlike other Mainland Chinese boards, companies do not have to be profitable to list.
• This set of standards mirrors that of its US peer, the NASDAQ Global Market.
• Delisting criteria are primarily based on these standards.

The STAR Market has been a top location for new listings

Company	STAR Market IPO Status
Unitree Robotics	IPO application accepted on March 20, 2026.
ChangXin Memory Technologies	IPO application accepted on December 30, 2025.
Blue Arrow Aerospace	Completed IPO counseling in late 2025, preparing to file under the STAR Market's new guidelines for commercial aerospace firms.
Hanuo Medical	IPO application accepted on December 23, 2025.
Zhiyuan Microelectronics	IPO counseling completed.

STAR 50 Index methodology is designed to expedite eligibility for China's largest unicorns

Eligibility Timeline for STAR 50 Index Inclusion:

IPO debuts on the STAR Market → Eligible for inclusion after...

• 1 Month for securities among top 3 by average daily market value since initial listing
• 3 Months for securities among top 5 by average daily market value since initial listing
• 6-12 Months for remaining securities that are not among top ranking for average daily market value

The Index prioritizes the largest IPOs for expedited inclusion

China's unicorn pipeline reveals potential future IPOs

STAR Market

• A unicorn company, or unicorn startup, is a private company with a valuation over $1 billion.
• Currently, two of the world's eight largest unicorns are Chinese companies.
• In 2024, China ranked second in terms of total unicorn companies globally, with 340 unicorns compared to the US with 703.
• For Chinese companies looking to go public, the STAR Market may be a preferred location because of its accelerated IPO approval process as well as the potential advantages offered by domestic listings.

Top 10 Global Unicorn Ranking

Rank	Company	Market Val. ($B)	Industry	Headquarters
1	OpenAI	500	Enterprise Tech	USA
2	ByteDance	480	Social Media	China
3	SpaceX	400	Aerospace	USA
4	Anthropic	350	Enterprise Tech	USA
5	Databricks	100	Data analytics	USA
6	Revolut	75	FinTech	United Kingdom
7	Stripe	70	FinTech	USA
8	SHEIN	66	E-Commerce	China
9	xAI	50	Enterprise Tech	USA
10	Ripple	40	FinTech	USA

China has become the new hub for innovation

Approximate Number of Patent Grants & Applications by Country in 2024

Country	Total Patent Grants	Total Patent Applications
China	1,044,777	1,828,054
United States	603,194	603,194
Japan	306,855	306,855
South Korea	246,245	246,245
India	64,941	105,157
Russia	26,698	26,698
Germany	23,944	59,262
Australia	19,276	30,487
United Kingdom	18,952	18,952

The Index consists primarily of "new economy" sectors, with a combined weight of more than 90% in information technology and healthcare.

KSTR Sector Breakdown

• Information Technology: 84.28%
• Health Care: 8.18%
• Consumer Discretionary: 2.77%
• Materials: 2.76%
• Industrials: 1.81%

STAR 50 Index Top 10 Industries

• Semiconductors & Semiconductor Equipment: 71%
• Electronic Equipment, Instruments & Components: 6%
• Software: 4%
• Health Care Equipment & Supplies: 4%
• Pharmaceuticals: 3%
• Communications Equipment: 2%
• Metals & Mining: 2%
• Technology Hardware, Storage & Peripherals: 2%
• Automobiles: 1%
• Household Durables: 1%

KSTR's top 10 holdings have shown high R&D investment and strong revenue growth

Top 10 KSTR Holdings

Top 10 KSTR Holdings	Weight (%)	Primary Business	1 Yr Avg Revenue Growth Rate (KSTR)	R&D Expenditure % of Sales (KSTR)	U.S. Comparable Business	1 Yr Avg Revenue Growth Rate (U.S.)	R&D Expenditure % of Sales (U.S.)
Cambricon Technologies	10.21	Semiconductors	453%	21%	Nvidia	66%	10%
Hygon Information Technology	9.63	Semiconductors	57%	32%	Skyworks Solutions	-2%	19%
Montage Technology	7.07	Semiconductors	50%	17%	Intel	0%	26%
Advanced Micro-Fabrication Inc	5.16	Semiconductors	37%	28%	Skyworks Solutions	-2%	19%
Verisilicon	4.10	Semiconductors	36%	43%	Skyworks Solutions	-2%	19%
Biwin Storage Technology	3.81	Semiconductors	69%	6%	Micron	49%	10%
Piotech Inc	3.24	Semiconductors	52%	18%	Micron	49%	10%
Shanghai United Imaging Healthcare	3.05	Medical Equipment	-10%	22%	ISRG	21%	13%
Beijing Kingsoft Office Software	2.98	Software	16%	35%	Microsoft	15%	12%
Hwatsing Technology	2.37	Semiconductor Manufacturing	36%	12%	Skyworks Solutions	-2%	19%
Total: 51.62%			Average: 79%	Average: 23%		Average: 19%	Average: 16%

Companies listed on the STAR Market help advance China's national strategy development goals

National New Infrastructure Development Initiative Goals

Theme	Goals	Example KSTR Holdings
5G	Ensure nationwide 5G coverage by 2025, with plans to have 5 million 5G base stations across the country by 2025	KSTR weight: 5.16%
Artificial Intelligence	Establish 20 AI innovative trial zones nationwide by 2023	KSTR weight: 7.07%
Big Data Centers	Construct a range of data centers (including big data centers, super data centers and edge-computing data centers) by 2025	KSTR weight: 10.21%
Industrial Internet	Build 3-5 world class industrial Internet of Things (IoT) platforms by 2025 to improve digital connectivity for at least a million enterprises	KSTR weight: 1.79%
Intercity High-speed Rails & Rail Transportation	Extended the railway network by more than 4,000 km in 2020, with 2,000 km designated for high-speed rails	KSTR weight: 0.81%

Cambricon Technologies Corporation Limited: "China's answer to Nvidia"

KSTR is the only U.S.-listed ETF that tracks the SSE STAR Market 50 Index.

Overview

• Founded in 2016, Cambricon designs AI chips for cloud, edge, and terminal applications.
• Cambricon's shares have gained about ~100% year-to-date amid strong revenue growth (+4,347.8% year-over-year as of 6/30/2025) and profitability milestones (Net income went from a RMB -545.3 million net loss in H1 2024 to RMB +1.04 billion net profit in H1 2025).

The STAR Market—often likened to a Nasdaq-style venue because of its focus on high-tech and strategic emerging industries like next-generation information technology, biomedicine, high-end equipment, and similar industries—serves as a platform for high-growth science and technology firms.

STAR 50 companies exhibit low correlation to other global markets

Index Correlation to the STAR 50 Index

	MSCI ACWI	MSCI EAFE	MSCI EM	MSCI USA	MSCI China	MSCI Frontier	Nasdaq Composite	STAR 50
MSCI ACWI	1
MSCI EAFE	0.831	1
MSCI EM	0.709	0.783	1
MSCI USA	0.959	0.652	0.529	1
MSCI China	0.424	0.506	0.763	0.278	1
MSCI Frontier	0.600	0.676	0.597	0.483	0.353	1
Nasdaq Composite	0.902	0.565	0.521	0.958	0.283	0.441	1
STAR 50	0.219	0.168	0.311	0.188	0.574	0.126	0.170	1

• MSCI ACWI Index (ACWI) - All Country World Index
• MSCI EAFE Index (EAFE) - Europe, Australasia and Far East
• MSCI Emerging Markets Index (EM) - Emerging Markets
• MSCI USA Index (USA) - United States of America
• MSCI China Index (China) - Chinese companies listed in Hong Kong & USA
• MSCI Frontier Markets Index (Frontier) - Frontier Markets
• NASDAQ Composite Index
• STAR 50 Index - companies listed on Shanghai's STAR Market

KraneShares SSE STAR Market 50 Index ETF

Investment Strategy

The KraneShares SSE STAR Market 50 Index ETF seeks to track the performance of the SSE Science and Technology Innovation Board 50 Index. The Index is comprised of 50 securities with the largest market capitalization and good liquidity listed on SSE Science and Technology Innovation Board. The index aims to reflect the overall performance of securities of leading technological innovation-based enterprises.

Fund Details (Data as of 03/31/2026)

Primary Exchange	NYSE Arca, Inc.
CUSIP	500767694
ISIN	US5007676944
Total Annual Fund Operating Expense	0.89%
Inception Date	01/26/2021
Distribution Frequency	Annual
Underlying Index	SSE Science and Technology Innovation Board 50 Index
Net Assets	$81,081,466
Number of Holdings	53

Top 10 Holdings as of 03/31/2026

Ticker	%
CAMBRICON TECHNOLOGIES-A 688256	10.21
HYGON INFORMATION TECHNOLO-A 688041	9.63
MONTAGE TECHNOLOGY CO LTD-A 688008	7.07
ADVANCED MICRO-FABRICATION-A 688012	5.16
VERISILICON MICROELECTRONI-A 688521	4.10
BIWIN STORAGE TECHNOLOGY C-A 688525	3.81
PIOTECH INC-A 688072	3.43
SHANGHAI UNITED IMAGING HE-A 688271	3.05
BEIJING KINGSOFT OFFICE SO-A 688111	2.98
HWATSING TECHNOLOGY CO LTD-A 688120	2.37

KSTR Performance History as of 03/31/2026

	3 Mo	6 Mo	Since Inception	1 Yr	3 Yr	5 Yr	Since Inception
Fund NAV	-3.94%	-10.50%	-28.72%	28.85%	1.80%	-3.29%	-6.33%
Closing Price	-1.77%	-9.10%	-26.88%	31.42%	2.49%	-2.93%	-5.87%
Underlying Index	-5.42%	-13.31%	-18.30%	29.50%	5.56%	-0.40%	-3.83%

KraneShares

Empowering investors with access to the world's most powerful growth themes through ETFs, private strategies, and innovative investment solutions.

Extensive ETF Product Suite Spanning High Growth Sectors

China, Emerging Markets & Regional

China Suite

• KWEB - Internet & E-Commerce
• KBA / CHIN - China A Shares
• KSTR - STAR Market
• KURE - Healthcare
• KGRN - Clean Technology
• KTEC - Hang Seng Tech
• KCAI - China Onshore Alpha Index

Broader Emerging Markets

• KEMQ - Emerging Markets Consumer Tech
• KPHO - Dragon Capital Vietnam Growth
• KEMX - MSCI Emerging Markets ex China

U.S. & Developed Markets

• KVLE - Value Line® Dynamic Dividend Equity
• KSPY - Hedgeye Hedged Equity
• BUYO - Man Buyout Beta Index

Levered & High-Conviction Exposure

• KBAB - 2X Long BABA Daily
• KPDD - 2X Long PDD Daily
• KMLI - 2X Long MELI Daily
• KJD - 2X Long JD Daily
• KBDU - 2X Long BIDU Daily

AI, Robotics & Emerging Technology

Future Tech

• AGIX - Artificial Intelligence & Technology
• KOID - Humanoid & Embodied Intelligence
• KARS - Electric Vehicles & Future Mobility

Income & Covered Call Alternatives

Fixed Income

• IVOL - Quadratic Interest Rate Volatility & Inflation Hedge
• KCSH - Sustainable Ultra Short Duration
• KHYB - Asia High Income USD Bond
• BNDD - Quadratic Deflation ETF

Covered Call & Options Income

• KLIP - China Internet & Covered Call
• KIQQ - Nasdaq Buffer & Option Income

Alternative Income

• KWIN - Wahed Alternative Income

Carbon Credits

• KRBN - Global Carbon Strategy
• KCCA - California Carbon Allowance
• KEUA - European Carbon Allowance

Managed Futures

• KMLM - Mount Lucas Managed Futures

Outcome Based Equity

• KPRO - 100% KWEB Defined Outcome
• KBUF - 90% KWEB Defined Outcome

Strategy also available in UCITS / ETC

Index Definitions:

Shanghai Stock Exchange (SSE) Science and Technology Innovation Board 50 Index (STAR 50 Index): is comprised of the 50 largest securities listed on SSE Science and Technology Innovation Board (STAR Market) as determined by highest market capitalization and liquidity. Constituents are weighted by a float-adjusted market capitalization with a 10% weight limit for a single constituent, and the top five constituents total weighting cannot be more than 40%. The index is adjusted and rebalanced quarterly and the adjustment will be effective end of next trading day.

MSCI China A (Net Return USD) Index: captures large and mid-cap representation across China securities listed on the Shanghai and Shenzhen exchanges. The index covers only those securities that are accessible through "Stock Connect". The index is designed for international investors and is calculated using China A Stock Connect listings based on the offshore RMB exchange rate (CNH).

MSCI China USD Net Index: captures large and mid cap representation across China H shares, B shares, Red chips and P chips.

MSCI EAFE USD Gross Index: is an equity index which captures large and mid cap representation across Developed Markets countries around the world, excluding the US and Canada.

MSCI Emerging Markets USD Net Index: captures large and mid cap representation across 23 Emerging Markets (EM) countries.

MSCI USA USD Net Index: The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market.

MSCI Frontier Markets (FM) USD Gross Index: captures large and mid cap representation across 29 Frontier Markets countries. The index was launched on December 18, 2017.

MSCI ACWI Market Cap Weighted USD Net Index: captures large and mid cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries.

MSCI ACWI GDP Weighted USD Net Index: captures large and mid cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries, weighted by GDP.

MSCI China All Shares Index: captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings (e.g. ADRs). The index aims to reflect the opportunity set of China share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China.

CSI Overseas China Internet Index: The CSI Overseas China Internet Index selects overseas listed Chinese Internet companies as the index constituents; the index is weighted by free float market cap. The index can measure the overall performance of overseas listed Chinese Internet companies. The Index is within the scope of the IOSCO Assurance Report as at 30 September 2018. The index was launched on September 20, 2011.

Shanghai Stock Exchange (SSE) Composite Index is composed of all eligible stocks and CDRs listed on Shanghai Stock Exchange. This index is designed to reflect the overall market performance of companies listed on Shanghai Stock Exchange.

Shenzhen Stock Exchange Composite Index is an actual market-cap weighted index (no free float factor) that tracks the stock performance of all the A-share and B-share listed on Shenzhen Stock Exchange. The index was developed on April 3, 1991 with a base price of 100. Index trade volume on Q is scaled down by a factor of 1000. This is a total return Index.

Hang Seng China Enterprises Index: serves as a benchmark that reflects the overall performance of Mainland securities listed in Hong Kong.

Nasdaq Composite Index: The Nasdaq Composite Index measures all Nasdaq domestic and international based common type stocks listed on The Nasdaq Stock Market. The index was launched on February 1, 1971.

Terms:

ChiNext Board: subsidiary of the Shenzhen Stock Exchange, designed for growing innovative companies. The first batch of companies began trading on October 30, 2009.

SME Board: subsidiary of the Shenzhen Stock Exchange, designed for small and medium sized enterprises. The first batch of companies began trading in May 2005.

Main Board: refers to the Shanghai and Shenzhen Stock Exchanges, designed for larger, more mature companies.

GEM Board: short for the Growth Enterprise Market, a subsidiary of the Hong Kong Stock Exchange (HKSE) for growth companies that do not meet the profitability and/or track record requirements of the HKSE. The first batch of companies began trading in 1999.

CAGR: stands for compound annual growth rate. It is the rate of return required for an investment to grow from its beginning balance to its ending balance, under the assumption that profits were reinvested at the end of each year of the investment's life span.

Important Notes:

Carefully consider the Funds' investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds' full and summary prospectus, which may be obtained by visiting www.kraneshares.com/kstr. Read the prospectus carefully before investing.

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

A-Shares are issued by companies in mainland China and traded on local exchanges. They are available to domestic and certain foreign investors, including QFIs and those participating in Stock Connect Programs like Shanghai-Hong Kong and Shenzhen-Hong Kong. Foreign investments in A-Shares face various regulations and restrictions, including limits on asset repatriation. A-Shares may experience frequent trading halts and illiquidity, which can lead to volatility in the Fund's share price and increased trading halt risks. The Chinese economy is an emerging market, vulnerable to domestic and regional economic and political changes, often showing more volatility than developed markets. Companies face risks from potential government interventions, and the export-driven economy is sensitive to downturns in key trading partners, impacting the Fund. U.S.-China tensions raise concerns over tariffs and trade restrictions, which could harm China's exports and the Fund. China's regulatory standards are less stringent than in the U.S., resulting in limited information about issuers. Tax laws are unclear and subject to change, potentially impacting the Fund and leading to unexpected liabilities for foreign investors. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values.

The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset's market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative.

The Fund may invest in Initial Public Offerings (IPOs). Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. In addition, as the Fund increases in size, the impact of IPOs on the Fund's performance will generally decrease. Narrowly focused investments typically exhibit higher volatility. The Fund's assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KSTR is non-diversified.

ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.