Vietnam ETF: Exposure to Vietnam Market Leaders | KPHO

info@kraneshares.comInvesting In The Latest Asian Industrial & Consumer “Dragon” An Overview of the KraneShares Dragon Capital Growth of Vietnam Index ETF (Ticker: KPHO)KPHO 6/30/2026

Investment Strategy: The KraneShares Dragon Capital Vietnam Growth Index ETF (Ticker: KPHO) seeks to track the performance of the Dragon Capital Merqube Vietnam Growth Index. The index is comprised of companies that display attractive growth and value metrics, good corp orate governance, and align with Vietnam’s underlying growth drivers. Vietnam Current Highlights: •Since reform and opening up in 1986, a process known locally as “Doi Moi” or “Renewal”, Vietnam has opened its capital market s to foreign investors, expanded exports substantially, and grown its consumer economy. •Vietnam is forecasted to be the fastest -growing economy in the Asia -Pacific region in 2026.* •As a non -aligned nation situated near a key crossroads of ocean shipping lanes with an expansive coastline and multiple ports, Vietnam has benefited from the migration of manufacturing centers for global businesses wary of geopolitical risks to their s upply chains. •Vietnam has been upgraded from Frontier Market to Secondary Emerging Market by global index provider FTSE Russell, with the reclassification set to go into effect in September 2026.3 It is also on the radar for a similar upgrade from MSCI, potentially leading to significant foreign inflows. KPHO Features: •Exposure to Vietnamese market leaders based on fundamental and proprietary growth criteria. •Sub-advised by Dragon Capital Management Ltd., the largest fund manager in Vietnam,1 with over 30 years of experience1 in the market, and utilizing their locally -listed ETF to access Foreign Ownership Limit (FOL) -constrained stocks. •Certain stocks in Vietnam have reached their FOLs due to strong international investor demand. KPHO is the only US -listed ETF to
provide access to FOL stocks through ownership of the Dragon Capital Diamond ETF.2KPHO KraneShares Dragon Capital Growth of Vietnam Index ETF 2*World Bank estimate as of 12/31/2025. 1.Source: Dragon Capital. 2.Data from Bloomberg as of 6/30/2026. 3.FTSE Russell. “FTSE Russell announces results of September 2025 semi -annual country classification review for equities and fixed income,” LSEG. October 7, 2025. Please see the end of the presentation for definitions.

About Dragon Capital Introducing the oldest and largest fund manager in Vietnam. 3 Source: Dragon Capital.Pioneering investments in Vietnam’s capital markets for over 30 years Vision Advancing the progress and prosperity of the nation and its peopleMission Providing attractive returns to investors, value to companies, and desirable workplace for employees Bringing global best practices to a frontier market$5.0bn Asset under management (as of June 2025) 30+ Years track record200+ Team members on the ground in Vietnam (90% Vietnamese) Since 1994

4Vietnam’s rapid urbanization is improving the quality of living for its citizens, increasing their spending power. Data from the World Bank and Dragon Capital as of 12/31/2025. Includes estimates. Please see the end of the presentation for definitions. 4051015202530354045 01,0002,0003,0004,0005,0006,000 Urban Population (% of Total)$Vietnam's Urbanization Rate & GDP Per Capita GDP Per Capita (Left Axis) Urbanization Rate (Right Axis)

Vietnam has a much younger population than its large East Asian peers, which can support a stable workforce and lower entitlement costs. Data from GSO, MPI, UN, TGM Stat Box, Wilson Center, Statista, Worldometer as of 12/31/2025. Includes estimates. Please see the end of the presentation for definitions. 50102030405060 Japan Korea Thailand China VietnamYearsMedian Age

6Vietnam also boasts an educated and tech -savvy workforce. Vietnam / Asia-Pacific (APAC) Key Demographic StatisticsVietnam JapanAPAC Average / Total Population (Millions) 102 124* 4,800 % Internet Penetration 84% 86% 66%* Literacy Rate 97% 99% 96% Labor Force Participation73% 63% 61% Data from the World Bank, National Statistics Office of Vietnam, United Nations as of 12/31/2025. “The Golden Population Structure” *as of 2024 6

7Vietnam At A Glance: 2025 Key Indicators 8.0% GDP Growth 3.3% Inflation $38.4 Billion Registered Foreign Direct Investment (FDI) $5,026 GDP per capita $930 billion (+18% from ‘24) Trade Turnover 17 Free Trade Agreements 7 Data from Dragon Capital as of 12/31/2025. Please see the end of the presentation for definitions.

Future growth in Vietnam could have three key drivers: 8 Data from Dragon Capital.Digitization Vietnam is rapidly digitizing and might be “leapfrogging” legacy technologies and practices used in the West.1 Urbanization The middle -class consumer in urban settings could drive demand for more products and services. Infrastructure Vietnam is significantly upgrading its infrastructure, which could lead to increased trade with the rest of the world and consumer spending.

Vietnam’s rapid adoption of new technologies might be producing the “leapfrogging” effect we have observed in other developing nations. Taxi Car Ownership App-Based Ride SharingLocal Market Local Medical Care Hospitals E-Health Big Box Retailer E-Commerce Cash Checking Credit Mobile PayPayment TransportationCommerce Healthcare 9

FTSE Russell’s upgrade of Vietnam from Frontier to Secondary Emerging Market could lead to a similar upgrade from MSCI and significant inflows to Vietnam’s equity market. •Vietnam was upgraded by FTSE Russell in October of 2025 following improvements to market mechanics, foreign ownership limits, and its disclosure regime. •FTSE Russell will implement the upgrade in its globale
indexes September of 2026. •While Vietnam would occupy a smaller weight in Emerging Markets benchmarks, it would share in a far larger opportunity set of benchmarked assets. •Inclusion could lead to $2.5 billion to $7.5 billion in active flow before and $500 million to $1 billion in passive flow
immediately after. •The World Bank estimates that improvements to market structures and their inclusion in global investable benchmarks could account for $25 billion worth of inflow into Vietnam’s equity market by 2030, about 8% of Vietnam’s current total market capitalization of all listed stocks. Data and estimates from Dragon Capital, MSCI, FTSE Russell, and Bloomberg as of 6/30/2026. Benchmarked AUM, active and passi ve, estimated. Weights in Emerging Markets indexes and resulting capital flow amounts are hypothetical and based on certain assumptions. There is no assurance that Vietnam will be upgraded or that such inflows will occur. Market upgrades do not guarantee positive performance. Please see the end of the presentation for definitions.FTSE Frontier Markets Index MSCI Frontier Markets IndexFTSE Emerging Markets Index MSCI Emerging Markets Index Vietnam Weight / Potential Index Driven Investment $$1.4T$200B* $4.9B* $5.0B*$2.0B $14.0B$1.7B $1.6B1% 1%35% 31%+$0.3B +$12.4B 10

Impact of Past Upgrades Saudi Arabia and Kuwait were upgraded from Frontier to Emerging markets by both MSCI and FTSE in recent years. FTSE Upgrade Date MSCI Upgrade Date Stock Market Foreign Ownership (%) Saudi Arabia 2019 2019 13% Kuwait 2018 2020 15% Data from Boursa Kuwait, Saudi Exchanges, and Bloomberg as of 6/30/2026. Please see the end of the presentation for definitions. There is no assurance that Vietnam will be upgraded or that such increases in foreign ownership will occur. Market upgrades d o not guarantee positive performance. 11

Foreign Ownership in Vietnam Certain stocks in Vietnam have reached their Foreign Ownership Limits (FOLs) due to strong demand from international investor s. KPHO is the only US -listed ETF to provide access to FOL stocks through our partnership with Dragon Capital.† •We provide FOL exposure through the Dragon Capital Diamond ETF, which has an approximate 20% weight in KPHO. •Since May of 2020, the Diamond Index has outperformed the Market Vector Vietnam Index by 112%. •The Diamond ETF tracks the Vietnam Diamond Index, which exclusively holds stocks that have reached their foreign ownership limits. •Dragon Capital’s Diamond ETF is the largest ETF listed in Vietnam.* •The Index is dynamically rebalanced quarterly to ensure only FOL stocks are included. 12Data from Bloomberg as of 6/30/2026. Index returns are for illustrative purposes only and do not represent actual fund returns. Index returns do not reflect management fees, transaction costs, or expenses. Indexes are unmanaged, and one cannot invest directly in an index. Past performance does not guarantee future results. Please see the end of the presentation for index definitions.*Data from Bloomberg as of 6/30/2026. Diamond ETF assets under management = $445 million as of 6/30/2026. †Data from Bloomberg as of 6/30/202605,00010,00015,00020,00025,00030,00035,00040,000 5/1/2020 9/1/2020 1/1/2021 5/1/2021 9/1/2021 1/1/2022 5/1/2022 9/1/2022 1/1/2023 5/1/2023 9/1/2023 1/1/2024 5/1/2024 9/1/2024 1/1/2025 5/1/2025 9/1/2025 1/1/2026 5/1/2026Growth of 10,000 unitsPerformance Comparison Vietnam Diamond Index Market Vector Vietnam Local Index

The Dragon Capital Merqube Vietnam Growth Index (KPHO Index) currently offers a lower average multiple compared to other Vietnam indexes, MSCI Emerging Markets, and the S&P 500 Index. Dragon Capital Merqube Vietnam Growth Index (KPHO Index)Market Vector Vietnam Local IndexMSCI Emerging MarketsS&P 500 Price/Earnings (P/E) Ratio 8.3 14.0 17.6 27.2 P/E Ratio using FY1 Estimate 9.4 15.0 12.6 22.5 Price -to-Earnings -to-Growth (PEG) Ratio using FY1 P/E and FY1 to FY2 Growth Estimate0.5 0.8 0.5 1.1 Data from FactSet and Bloomberg as of 6/30/2026 . Please see the end of the presentation for definitions. FY = Fiscal Year. Forward P/E and PEG ratios for the fund are not a forecast of the fund’s future performance. Index valuation and growth expectations and estimates are subject to change and do not guarant ee future performance. Investing in undervalued markets involves risks, including the potential for losses. 13

No stocks with publicly announced violations, warnings, or suspended trading. Stocks must have been listed on the Ho Chi Minh Stock Exchange for at least 3 years. Free float market cap must be VND 1 trillion (approx. $38 million) or greater and daily turnover must be 0.05% of their FFMC, except for stocks with average daily turnover of VND 50 billion or greater. 40 Stocks + Diamond ETF Maximum 24% weight for the Diamond ETF.By Listing Conditions Free Float Market Cap & Turnover Fundamental Ratios & Growth Ranking KPHODragon Capital MerQube Vietnam Growth Index Methodology & Screening Process Key: FFMC = Free -float market cap A/E = Assets to equity ASCG = Adjusted Share Capital Growth TEG = Total equity growth VND = Vietnamese Dong 14Please see the end of the presentation for definitions. The Diamond ETF is a foreign ETF that tracks the Vietnam Diamond Inde x. KPHO currently expects to invest in a foreign ETF, which is advised by an affiliate of Dragon Capital.Assets to Equity Ratio for capital markets companies must be above 2.5. Assets to Equity Ratio for all others must be greater than 2. 1 and 3 -year Forward Price -to- Earnings (P/E) must be less than 30. Banks are automatically selected. Stocks are ranked and weighted by ASCG and TEG.

KPHO utilizes a sector -agnostic approach that reflects Vietnam’s current tilt toward financials in the equity market. •KPHO is currently composed of 60% financials, which is similar in concentration to the Ho Chi Minh City Stock Exchange. •As a developing economy , Vietnam’s stock market is still heavily concentrated in the banking and financial industries. •As the government accelerates credit growth, the bank channel is expected to be utilized as a medium for capital to permeate the economy more broadly and deeply, a process from which major banks are poised to benefit. •As Vietnam’s market develops, the index is likely to gradually include fewer financial companies and shift toward more consumer and technology -oriented industries. •Dragon Capital views the current pipeline of initial public offerings (IPOs) as potentially adding more diversity to the index in the medium term. 15Data from Bloomberg and KraneShares as of 6/30/2026.This material represents an assessment of the index and 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 date of this presentation and is subject to change without notice.Financials 62%Industrials 12%Consumer Discretionary 6%Materials 6%Consumer Staples 5%Information Technology 4%Real Estate 2%Energy 2%Health Care 1%Dragon Capital Vietnam Growth Fundamental -Infused Index Sector Breakdown

We believe the equity market’s tilt toward financials could change over time as more Vietnamese companies list publicly. Vietnam has a strong IPO pipeline in the coming years, according to Dragon Capital. $12.8bn $5bnCONSUMER FINANCIAL SERVICESIn the Next 3 Years ENTERTAINMENT $1.9bnHEALTHCARE $1.3bnINFRASTRUCTURE $13.8bnCONGLOMERATES $4.7bnTECH & IT SERVICES $0.8bn$40 Billion Data and estimates from Dragon Capital as of 6/30/2026. 16

NameHolding % WeightCompany LogoPrimary BusinessCompany Description HD Bank 7.95 BankHo Chi Minh Development Joint Stock Commercial Bank provides commercial banking services for retail and institutional customers. The Bank offers personal and car loans, overdraft, business financing, term deposits, current accounts, mobile ban king, and online bills payment services. Ho Chi Minh Development serves customers in Vietnam. Vietcombank 7.87 BankVietcombank or Bank for Foreign Trade of Vietnam is a commercial bank. The Bank attracts deposits and offers consumer and corporate loans, and foreign exchange services, and sponsors credit cards. Vietnam Prosperity Bank7.86 BankVietnam Prosperity Joint Stock Commercial Bank (VP Bank) provides commercial banking services. The Bank offers domestic remittance services, savings account, personal loans, e -banking, trade financing, deposits, tax payment, foreign exchange, cash management, and other banking services. VP Bank serves customers in Vietnam. Tien Phong Commercial Bank4.15 BankTien Phong Commercial Joint Stock Bank provides banking services. The Bank offers savings, investments, financing, cards, insurance, direct deposit, auto loan, account management, treasury, and other banking services. Tien Phong Commercial serves customers in Vietnam. Gemadept 4.03 ShippingGemadept Corporation is a shipping company. The Company's business activities include port operations, container liner service, shipping and forwarding agency logistics, project cargo transport, real estate, and financial investment. Vindirect 3.91Securities BrokerageVNDIRECT is one of Vietnam's leading securities and financial institutions, founded in 2006 . It provides retail and institutional brokerage, asset management, and investment advisory services. SHB Bank 3.90 BankSaigon -Hanoi Commercial Bank provides banking services. The Bank offers saving accounts, account checking, consumer and business loans, credit and debit cards, online and mobile banking, bill payment, and other financial services. Saigon -Hanoi serv es customers in Vietnam. Vietcap Securities 3.87Securities BrokerageVietcap Securities Joint Stock Company (formerly Viet Capital Securities, HOSE: VCI) is a leading financial services firm in Vietnam . Founded in 2007 and headquartered in Ho Chi Minh City, it provides retail investment advisory, wealth management, institution al trading, margin lending, and premier investment banking services. Hoa Phat Group 3.86 ManufacturingHoa Phat Group JSC is a multi -disciplinary manufacturing company. The Company manufactures a wide range of products, including steel, steel pipe, furniture, and refrigeration equipment. Nam A Commercial Bank3.85 BankNam A Commercial Joint Stock Bank (Nam A Bank) is a leading Vietnamese retail bank established in 1992, headquartered in Ho Chi Minh City, Vietnam. It offers comprehensive commercial banking products, including short -to- long-term lending, foreign exchange, deposits, and digital "ONEBANK" automated transaction points across Vietnam. Data from KraneShares and Bloomberg as of 6/30/2026. Index d ata is for informational purposes only and does not represent KPHO. Holdings are subject to change. Holdings listed here include the underlying holdings of the Diamond ETF. See page 18 for KPHO top 10 holdings.FOL StockKPHO holds many of the companies focused on Vietnam’s growth & development. 17Top 10 Holdings Including Underlying Diamond ETF Holdings

KraneShares Dragon Capital Growth of Vietnam Index ETF Investment Strategy: The KraneShares Dragon Capital Growth of Vietnam ETF tracks the p erformance of the Dragon Capital Merqube Vietnam Growth Index. The index is comprised of companies that display attractive growth and value metrics, good corporate governance, and align with Vietnam’s underlying growth drivers.Fund Details Data as of 6/30/2026 Primary Exchange NYSE Arca CUSIP 500767215 ISIN US5007672158 Total Annual Fund Operating Expense 1.03% Inception Date 12/02/2025 Distribution Frequency Annual Underlying Index Dragon Capital MerQube Vietnam Growth Total Return Index Number ofConstituents 38Top10Index Constituents asof 6/30/2026Holdings aresubject tochange.% DCVFMVN DIAMOND ETF 24.01 HDBANK 7.94 BANK FOR FOREIGN TRADE JSC 7.87 VIETNAM PROSPERITY J S C BANK 7.86 TIEN PHONG COMMERCIAL JOINT 4.15 GEMADEPT GROUP CORP 4.03 VNDIRECT SECURITIES CORP 3.91 SAIGON -HANOI COMMERICIAL 3.90 VIETCAP SECURITIES JSC 3.87 HOA PHAT GROUP JSC 3.86 KPHO Performance History asof6/30/2026: Cumulative % Average Annualized % 3Mo 6Mo Since Inception 1Yr 3Yr 5Yr Since Inception Fund NAV 1.27% -2.52% -4.05% – – – -4.05% Closing Price -0.04% -4.51% -5.01% – – – -5.01% Underlying Index 1.59% -2.17% -3.30% – – – -3.30% Theperformance data quoted represents past performance. Past performance does notguarantee future results. Theinvestment return andprincipal value ofaninvestment willfluctuate sothat aninvestor 'sshares, when sold orredeemed, may beworth more orless than their original cost andcurrent performance may belower orhigher than theperformance quoted. Forperformance data current tothemost recent month end, please visit www.kraneshares.com/k pho. Index returns areforillustrative purposes only. Index performance returns donotreflect anymanagement fees, transaction costs orexpenses. Indexes areunmanaged ,andonecannot invest directly inanindex. 18

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

China, Emerging Markets & Regional Alternatives Income & Covered Call AI, Robotics & Emerging Technology KURE Healthcare KGRN Clean TechnologyKSTR STAR Market KTEC Hang Seng TechKWEB Internet & E -Commerce China A Shares KBA / CHIN KCAI China Onshore Alpha IndexAGIX Artificial Intelligence & Technology KOID Humanoid & Embodied Intelligence Electric Vehicles & Future Mobility KARSChina Suite Future TechBroader Emerging Markets KEMQ Emerging Markets Consumer Tech KPHODragon Capital Vietnam GrowthKEMX MSCI Emerging Markets ex China U.S. & Developed Markets KVLE Value Line® Dynamic Dividend EquityHedgeye Hedged Equity KSPY Man Buyout Beta Index BUYO Fixed Income BNDDQuadratic Deflation ETFIVOLQuadratic Interest Rate Volatility & Inflation Hedge KHYB Asia High Income USD BondSustainable Ultra Short DurationKCSH KEUA European Carbon AllowanceGlobal Carbon Strategy KRBNCarbon CreditsKPDD 2X Long PDD Daily KJD 2X Long JD DailyKBAB 2X Long BABA Daily KMLI 2X Long MELI Daily Covered Call & Options Income Managed Futures KMLMMount Lucas Managed Futures KWIN Wahed Alternative IncomeKLIP China Internet & Covered Call Outcome Based Equity KIQQ Nasdaq Buffer & Option IncomeLevered & High -Conviction Exposure KBUF90% KWEB Defined Outcome100% KWEB Defined Outcome KPRO Alternative Income KCCA California Carbon AllowanceExtensive ETF Product Suite Spanning High Growth Sectors Strategy also available in UCITS / ETCKBDU 2X Long BIDU Daily

Definitions: Market Vector Vietnam Local Index: The Market Vector Vietnam Local Index (MVVNML) covers the largest and most liquid local Vietnamese companies. The index is reviewed on a quarterly basis, float market capitalization is weighted, and the maximum component weight is 8%. The index was launched on N ovember 24, 2008. MSCI Kuwait Index: The MSCI Kuwait Index is designed to measure the performance of the large and mid cap segments of the Kuwait market. With 7 c onstituents, the index covers approximately 85% of the Kuwait equity universe. The index was launched on January 23, 2006. MSCI Saudi Arabia Index: The MSCI Saudi Arabia Index is designed to measure the performance of the large and mid -cap segments of the Saudi Arabia market. The index incorporates foreign ownership limit restrictions. With 39 constituents, the index covers approximately 85% of the free float -adjusted market capitalization in Saudi Arabia. The index was launched on October 3, 2025. S&P 500 Index: The S&P 500 Index is widely regarded as the best single gauge of large -cap U.S. equities. There is over USD 9.9 trillion indexed or benchmarked to the index, with indexed assets comprising approximately USD 3.4 trillion of this total. The index includes 500 leading companies and covers a pproximately 80% of available market capitalization. The index was launched on March 4, 1957. Vietnam Diamond Index: The Vietnam Diamond Index is composed of equity securities that have reached their issuers’ designated 49% cap on foreign own ership. Component securities are excluded from the index once their foreign ownership drops below 40%. The index is maintained by the Ho Chi Minh Stock Ex change and was launched on November 18, 2019. Dragon Capital MerQube Vietnam Growth Total Return Index: The Dragon Capital MerQube Vietnam Growth Index is designed to track a portfolio of Vietnam Large -Cap stocks listed on the Ho Chi Minh Stock Exchange (HOSE), selected by fundamental factors and filtered by liquidity and growth screens. The c onstituents' weights are based on the Adjusted Free Float Market Cap with specific constraints on weight limits. After the weighting criteria are applied, all securities classif ied as having a Foreign Ownership limitation are proxied in the index calculation by the largest market capitalization Diamond ETF. MSCI Emerging Markets Index: The MSCI Emerging Markets Index is a free -float weighted equity index that captures large and mid cap representation across Emer ging Market (EM) countries. The index covers approximately 85% of the free -float adjusted market capitalization in each country. The index was la unched on January 1, 2001. MSCI Frontier Markets Index: The MSCI Frontier Markets Index captures large and mid cap representation across 28 Frontier Markets (FM) countries, as defin ed by MSCI’s global index methodology. The index includes 238 constituents, covering 85% of the free float -adjusted market capitalization in each co untry. The index was launched on December 8, 2007. FTSE Emerging Markets Index: The FTSE Emerging Markets Index provides investors with a comprehensive means of measuring the performance of the most liquid large nd midcap companies in emerging markets. FTSE Emerging Markets indexes are part of the FTSE Global Equity Index Series (GEI). The serie s includes large and mid cap securities from advanced and secondary emerging markets, in accordance with FTSE’s transparent Country Classification Review Process. The ind ex is derived from the FTSE Global Equity Index Series (GEIS), which covers 99% of the world’s investable market capitalization. The index was launched on June 30, 2000. 21

Definitions (Continued): Earnings per Share (EPS) Growth: The rate at which a company’s earnings per share increases over a specific period, typically quarterly or annually. It is a k ey metrc used by investors to address a company’s profitability and growth potential. Trade Turnover: The total monetary value of all executed foreign trade transactions over a period. Registered Foreign Direct Investment (FDI): Investment by foreign entities in non -financial entities that is registered with the government of the target country. Free Trade Agreement: An agreement between two or more countries not to tax the buying and selling of goods and services across their borders. Assets -to-Equity (A/E) Ratio: A financial leverage ratio that is calculated by dividing a company’s total assets by its total shareholders’ equity. It show s how much of a company’s assets are financed by shareholders’ equity versus debt. Dragon Capital: Dragon Capital Management (HK) Limited. Median Age: The age lying at the midpoint of a frequency distribution of observed age values or quantities, such that there is an equal p robability of falling above or below it. Dragon Capital Merqube Vietnam Growth Total Return Index: The Dragon Capital MerQube Vietnam Growth Index is designed to track a portfolio of Vietnam Large -Cap stocks listed on the Ho Chi Minh Stock Exchange (HOSE), selected by fundamental factors and filtered by liquidity and growth screens. The c onstituents' weights are based on the Adjusted Free Float Market Cap with specific constraints on weight limits. After the weighting criteria are applied, all securities classif ied as having a Foreign Ownership limitation are proxied in the index calculation by the largest market capitalization Diamond ETF. Price -to-Earnings (P/E): A stock valuation metric that compares a company's current share price to its earnings per share (EPS), indicating how much i nvestors are willing to pay for $1 of a company's earnings, often expressed as "times earnings" (e.g., a P/E of 20 means $20 per $1 of earnings). It helps inves tors gauge if a stock is overvalued, undervalued, or reasonably priced relative to its profitability Price to Earnings to Growth (PEG): Price/Earnings to Growth (PEG) ratio is a stock valuation metric that adjusts the Price/Earnings (P/E) ratio by dividing it b y the company's expected earnings growth rate, helping investors assess if a stock is overvalued or undervalued relative to its growth potential, with a PEG under 1 often suggesting undervaluation and over 1, suggesting overvaluation, though it's more comprehensive than the P/E alone by factoring in future growth . Ho Chi Minh Stock Exchange: Vietnam’s main stock exchange, located in Ho Chi Minh City. 22

23Definitions (Continued): Free -Float Adjusted Market Capitalization: The total value of all shares offered to the public on an exchange, excluding the value of restricted and privately -held shares. Adjusted Share Capital Growth: The increase in a company’s total equity over time, after accounting for numerous factors that can affect its value and the number of shares outstanding. Total Equity Growth (TEG): Shareholders’ equity, or the rate at which a company’s net worth is increasing. It is a crucial metric for investors as it re flects the company’s health, performance, and future potential. Foreign Ownership Limit: A limit on the percentage of a company that can be owned by foreign investors, which are defined as entities or persons locat ed outside of the country’s jurisdiction. Vietnamese Dong: The official currency of Vietnam. Gross Domestic Product (GDP): The total value of all goods and services produced within a country in one year.

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 /kpho .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, strate gies, 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 envir onment 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. Investing in Vietnamese companies involves significant risks that are greater than those found in developed markets and are t ypical of both emerging and frontier markets. These risks include political and economic instability, government intervention, and the potential for expropriation or nationalization of assets. The Vietname se government may impose restrictions on foreign investment, capital repatriation, or ownership limits, which could affect your ability to access or withdraw your investment. Vietnam’s economy is highly dependen t on trading relationships with countries such as the United States, China, and Japan, and a decline in demand from these trading partners could negatively impact Vietnamese companies and the Fund. As an emerging and frontier market, Vietnam’s financial markets are less developed, more volatile, and less liquid than those of developed countries, and are subject to higher inflation, currency fluctuations, and regulatory changes. There may also be restrictions or delays on moving money in and out of the country, and additional taxes or costs for foreign investors. The securities markets in Vietnam may experience trading suspensions, low trading volumes, or sudden price swings, and the government may exercise substantial influence over many aspects of the private sector. These and other risks may result in greater losses, d elays, or volatility compared to investments in more developed markets. As an ETF, the Fund may trade at prices above or below its net asset value, especially during periods of market volatility or if there are few financial institutions creating and redeeming shares. The Fund’s use of cash for creations and redemptions can lead to higher taxes and transaction costs, which may reduce returns. Because the Fund invests in foreign markets —including indirect exposure through a locally traded Vietnamese ETF —its shares may trade at prices that differ from the value of the underlying securities, and there is no guarantee that an active trading market will always exist for the Fund’s shares. 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 as set’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 sub ject 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, whic h 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. Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a sect or, 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. KPHO is non -diversified. 24

Risk Disclosures (Continued): ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. Howe ver, 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 pri ce 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 Dri ve, 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. 25