KBA ETF: China A-Shares | KraneShares

KBA 6/30/2026 The Future of China A-Shares Has Arrived Overview of the KraneShares Bosera MSCI China A 50 Connect Index ETF (Ticker: KBA) info@kraneshares.com

KBA KraneShares Bosera MSCI China A 50 Connect Index ETF** 2Introduction See end of presentation for definitions. **Effective 1/5/2022, the fund was formerly the KraneShares Bosera MSCI China A Share ETF.

1. Data from MSCI and FactSet as of 6/30/2026.Investment Strategy: KBA is benchmarked to the MSCI China A 50 Connect Index, consisting of 50 large -cap Shanghai and Shenzhen listed stocks (A -share s) available through Stock Connect. A key feature of this Index is that it offers the first officially recognized Futures contracts for St ock Connect -eligible A -shares, representing a powerful risk management tool that makes its underlying stocks attractive to international investors. KBA focu ses on the largest, most liquid stocks, which receive most foreign interest and inflows and may benefit from increased global investment in China ’s onshore market over the long term. MSCI China A 50 Connect Index Features: •Designed to meet the requirements of the growing number of international investors in China’s mainland A -share markets. •In addition to offering high correlation to broad China A -share benchmarks1, the MSCI China A 50 Connect Index may offer greater liquidity and investability due to its balanced sector weighting methodology and focus on China’s largest, most liquid securities. •An expected reduction in tracking error and bid -ask spreads given that market makers can directly hedge exposure with Futures. China A -Share Internationalization Highlights: •China A -shares are vastly underrepresented in global indexes. While the United States accounts for 64% of the MSCI All Country W orld Index, China accounts for only 2%.1 •Greater accessibility and inclusion in global indexes has led to significant foreign inflows into the China A -share market over the past several years.

3The Evolution of China’s Capital Markets and KraneShares 1990 Nov 2019Shanghai and Shenzhen Stock Exchanges launch Shenzhen Hong Kong Stock Connect launches Eligible Shenzhen listed stocks now freely tradable through international brokerage accountsAug 2016MSCI announces inclusion of A - Shares in Global Standard Indexes starting June 1st, 2018Jun 2017CICC (China International Capital Corporation) acquires a 50.1% majority stake in Krane Funds Advisors, LLCOct 2017 First phase of China A -Share Inclusion completedQFII is established allowing the first international access to A-share market2002RQFII is established •Allowing international access to A -share market with daily liquidity •First international funds with Interbank Bond Market exposure approved2011 1990KraneShares Bosera MSCI China A -Share ETF (Ticker: KBA) launches KraneShares partners with Bosera Asset Management to list KBA, the first MSCI - linked China A -Share ETF in the U.S.Mar 2014MSCI puts China A-Shares up for inclusion within their Global Standard IndexesShanghai Hong Kong Stock Connect launches Eligible Shanghai listed stocks now freely tradable through international brokerage accountsNov 2014 KraneShares launches its first U.S. listed China ETF2013KraneShares E Fund China Commercial Paper ETF (Ticker: KCNY) Launches* KraneShares partners with E Fund Asset Management to list KCNY, giving investors exposure to China’s Interbank Bond MarketDec 2014 Oct 2016China’s currency, the RMB, designated a reserve currency by the International Monetary Fund Mar 2018Bloomberg announces it will add China’s Interbank Bond Market to the Bloomberg Global Aggregate Indices starting April 2019Second phase of China A -Share Inclusion is completedSep 2018HKEX launches futures contracts for the MSCI China A 50 Connect IndexOct 2021Introduction KraneShares Bosera MSCI China A 50 Connect Index ETF (Ticker: KBA) begins tracking the MSCI China A 50 Connect IndexJan 2022KBA KBA KWEB *On June 4, 2021, the KraneShares E Fund China Commercial Paper ETF (ticker: KCNY) was renamed to the KraneShares Bloomberg C hina Bond Inclusion Index ETF (ticker: KBND), and began tracking the Bloomberg China Inclusion Focused Bond Index.

Emerging Market Evolution •China’s weighting in the MSCI ACWI Index has grown since 2000 but remains a small percentage overall. •We believe China will occupy a larger portion of both the MSCI All Country World Index and investors’ portfolios in general a s its markets continue to open up. Data from Morningstar and Bloomberg as of 6/30/2026. See the end of the presentation for definitions. 4Why China? 82%84%86%88%90%92%94%96%98%100% 6/30/2026 6/30/2024 6/30/2022 6/30/2020 6/30/2018 6/30/2016 6/30/2014 6/30/2012 6/30/2010 6/30/2008 6/30/2006 6/30/2004 6/30/2002Historical Developed and Emerging Market Allocations within the MSCI ACWI Index Developed Markets Emerging Markets ex China China

The Index Matters MSCI is a trusted index provider for the largest global investment managers. Data from MSCI as of 6/30/2026. 5Index Overview $21 trillion in AUM Benchmarked to MSCI equity indexes.1 $2 trillion in AUM Equity ETFs linked to MSCI indexes.55+ Years Representing and measuring global equity markets.200,000+ equity indexes Calculated daily ~16,300+ in real time.

MSCI’s current Global Standard definition of China is underweight A -shares compared to their market cap. Data from MSCI as of 6/30/2026. See the end of the presentation for definitions. 6Index Overview MSCI’s Current Global Standard Definition of China MSCI China Index Hong Kong and US = 80% China A -Shares = 20%Hong Kong Listed Chinese Companies 43% Mainland China A-Shares 55%U.S. Listed Chinese Companies 2%Share Class Breakdown of the MSCI China All Shares Index (Market Cap Weight)

7 Data from MSCI as of 6/30/2026.A50 Index futures offer a new risk management tool for international investors’ A -Share portfolios •Hong Kong Exchanges and Clearing Limited (HKEX) launched USD -denominated, cash -settled MSCI China A 50 Connect (USD) Index Futur es on its subsidiary, the Hong Kong Futures Exchange, on October 18, 2021. •The MSCI China A 50 Connect (USD) Index Futures is the first officially recognized offshore market risk management tool for S tock Connect -eligible A -shares. Expands HKEX’s evolving derivatives suite HKEX is currently the world’s most robust/ competitive offshore Asia equity and derivative trading venue. A50 Index Futures adds to existing futures and options offeringsAddresses demand for risk management tool First officially recognized offshore market risk management tool for Stock Connect - eligible A -sharesStrengthens cross boarder connectivity Builds on the Stock Connect programsCreates China anchor Expands offshore A -Share offerings; creates one -stop-shop for international investors, strengthens offshore RMB businesses Supports the opening -up of China’s Mainland markets Enriches the risk management tools for overseas investors to invest in Asia, further attracts interest in long term foreign capital into Mainland China stocksA-Shares futures contracts complement the entire HKEX ecosystem & further e stablish Hong Kong as a premier Asia derivatives hub. Index Overview

8MSCI China A 50 Connect Index Constituent Selection ProcessAStock Universe Sector Selection Additional Selection Normalize Exposure OptimizationChooses from stocks within its Parent Index, the MSCI China A Index Selects two large cap stocks from each sector with highest index weight Selects the rest 28 stocks from the rest of large cap universe with highest index weights Applies market cap weight within sectors and normalize sector weights to be the same of parent index weights Balanced security representation from the 11 GICS® sectors, with diversified weighting that mirror the Parent Index, a quarterly rebalance, and turnover mitigation.A50 Filtering Process for Index Constituent Selection See the end of the presentation for definitions. Diversification does not ensure a profit or guarantee against a loss. Index Overview

9 See the end of the presentation for definitions. Diversification does not ensure a profit or guarantee against a loss.We believe that the MSCI China A 50 Connect Index has distinct advantages over the CSI 300 Index. •The CSI 300 Index, originally built for domestic Chinese investors, consists of the 300 largest China A -Share stocks ranked by m arket capitalization. •In comparison, the MSCI China A 50 Connect Index currently tracks 50 large cap securities deemed most suitable for internatio nal investors by MSCI.1 •We believe gaining exposure to China A -Shares through an MSCI index provides international investors with several distinct advan tages. MSCI China A 50 Connect Index and CSI 300 Index Comparison MSCI China A 50 Connect Index CSI 300 Index MSCI Advantage Index Construction MethodologyDerived from the large cap segment of Parent Index, selects 2 securities from each GICS® sector by weight, followed by selecting securities from the Parent Index by weight until the total count reaches 50Largest 300 China A -share companies ranked by full market capitalizationReflects broad diversification across China’s full market opportunity, with tailored exposure to China’s sector leaders Eligible Universe Only A -shares that can be traded through Stock ConnectAny A -share listed in Shanghai and Shenzhen Stock ExchangesNo QFII or RQFII quota restraints Hong Kong Futures Contracts MSCI China A 50 Connect (USD) Index Futures is the first officially recognized offshore market risk management tool for Stock Connect -eligible A -sharesDoes not have futures productProvides international investors with a new risk management tool to manage their A -Share portfolios Sector ExposureOperates through a diversified weighting system that filters the first 22 constituents by sectorDoes not filter by sector. which can lead to overweight toward unfavorable sectorsBalances its sector exposures based on MSCI China A, making it less vulnerable to sector rotations in broad market and concentrates on industry leaders Foreign OwnershipConsiders China regulator’s foreign ownership limits of 30%Does not consider foreign ownership limits, creating potential for tracking errorTailored for foreign investors Index Review Quarterly Index Reviews Semi -Annual Reviews More timely reflection of the marketIndex Overview

10•China A 50 Connect balances its sector exposures based on MSCI China A, making it less vulnerable to sector rotations in the broad market •Indiscriminate selection of China’s largest A - Share stocks will often lead to an overweight of certain sectors, like financials and consumer staples and underweight to some “New China” sectorsMSCI China A 50 Connect Index aims to avoid overweighting to certain sectors and instead provides concentration in the industry leaders Data from Bloomberg as of 6/30/2026. Please see end of presentation for definitions.Philosophy and Process 0%5%10%15%20%25%30%35%40%Index WeightSector Breakdown Comparison MSCI China A 50 Connect Index CSI 300 Index FTSE China A50 Index

Top 10 KBA HoldingsPrimary BusinessKBA Weight (%)China A 50 Connect Companies Comparable Non - China BusinessComparable Non -China Business 3 Year Average Revenue Growth Rate5 Year Average Revenue Growth Rate3 Year Average Revenue Growth Rate5 Year Average Revenue Growth Rate CONTEMPORARY AMPEREX TECHN -A Batteries 8.51 9.78 68.10 Panasonic -1.30 3.96 ZHONGJI INNOLIGHT COLTD-ACommunication Equipment7.24 64.68 45.70 Broadcom 25.25 22.32 CAMBRICON TECHNOLOGIES -A Semiconductors 5.13 172.02 - Micron 20.32 20.25 ZIJIN MINING GROUP COLTD-A Mining 5.01 9.00 15.67 Antofagasta 14.27 13.38 HYGON INFORMATION TECHNOLO -A Semiconductors 4.41 42.21 74.90 Micron 20.32 20.25 KWEICHOW MOUTAI COLTD-A Liquor 4.33 10.83 12.15 Diageo -0.44 5.33 EOPTOLINK TECHNOLOGY INC L-ACommunications Equipment4.33 120.00 83.88 Broadcom 25.25 22.32 FOXCONN INDUSTRIAL INTERNE -AComputer Hardware3.92 23.06 17.48 Jabil -3.31 2.36 NAURA TECHNOLOGY GROUP CO-A Semiconductors 3.29 39.13 45.79 Micron 20.32 20.25 CMOC GROUP LTD-A Mining 2.97 6.35 14.49 Antofagasta 14.27 13.38 Total: 49.14%Average: 49.71% Average: 42.02% Average: 13.49% Average: 14.38%Top 10 KBA Holdings vs. Non -China Equivalents (Q1 2026). The Fund’s holdings are subject to change. Data from Bloomberg as of 6/30/2026. Please see the end of the presentation for definitions.11The 3 & 5 -year average revenue growth rates for the top 10 holdings in KBA are higher than their non -China peers.Philosophy and Process

12Company Highlight: Contemporary Amperex Technology Co., Ltd. (CATL) Top Ranking Battery Company Worldwide… •Already controls 38% of the global electric vehicle battery market .1 •Has several notable long -term battery supply contracts with major automakers, including Honda, BMW, Tesla, Ford, VW, Daimler, and PSA.2 •Signed a framework agreement with NIO, the largest operator of battery swapping vehicles, to promote the research and development of long service life batteries.3 •Expanding into general energy storage for electrical grids and is supplying grid -oriented storage systems to local automaker Ford for use with US utility companies.4 1.Cole, Craig. “CATL is The Undisputed Global Battery Leader… For Now,” Top Speed. April 19, 2025. 2.Company Report. 3.Equal Ocean, CATL to Win from China's Exponentially Growing Battery Market, retrieved 3/31/2026. 4.“Ford’s Energy Storage Ambition: $2 Billion to Expand Annual Capacity to Over 20 GWh,” December 17, 2025. Energy Trend. This information should not be considered as a recommendation to purchase or sell any security. Past performance is not a gua rantee of future results. Holdings are subject to change. See page 20 for top 10 holdings.Philosophy and Process Data from Statista as of 12/31/2025.CATL 38% BYD 16%LG Energy Solutions 13%SK On 5%CALB 5%Others 23%Global Battery Market Share

Mainland China A -Share equities exhibit low correlation to other global markets. As Emerging Markets (EM) have become more correlated with Developed Markets over the years, the diversification benefits of E M investing have largely diminished. •Frontier Markets, countries whose stocks are less mature than those in EM, still have relatively low correlations with the re st of the world. •Remarkably, China A -Shares exhibit an even lower correlation to the MSCI All Country World Index than Frontier Markets. •The MSCI China A 50 Connect maintains a high correlation and low tracking error to the MSCI China A Index and other China A -share benchmarks. •MSCI ACWI Index (ACWI) - All Country World Index •MSCI EAFE Index (EAFE) - Europe, Australasia and Far East •MSCI Emerging Markets Index (EM) - Emerging Markets •The 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 •MSCI China A Index (China A) - Chinese companies listed on Shanghai and Shenzhen Stock ExchangesACWI EAFE EM USA China Frontier China A ACWI1 EAFE0.89 1 EM0.77 0.789 1 USA0.97 0.76 0.62 1 China0.51 0.53 0.81 0.39 1 Frontier074 0.66 0.76 0.63 0.48 1 China A0.43 0.42 0.65 0.34 0.76 0.42 1 Source: Table from Bloomberg, weekly correlation from June 30, 2016 to June 30, 2026.MSCI Indexes Correlation to MSCI China A Index 13A-Share Characteristics See the end of the presentation for definitions. Diversification does not ensure a profit or guarantee against a loss.

1012141618202224262830 31-Mar-21 31-May-21 30-Jul-21 30-Sep-21 30-Nov-21 31-Jan-22 31-Mar-22 31-May-22 29-Jul-22 30-Sep-22 30-Nov-22 31-Jan-23 31-Mar-23 31-May-23 31-Jul-23 29-Sep-23 30-Nov-23 31-Jan-24 29-Mar-24 21-May-24 31-Jul-24 30-Sep-24 29-Nov-24 31-JAN-2025 31-MAR-2025 31-MAY-2025 31-Jul-25 30-Sep-25 30-NOV-2025 31-JAN-2026 31-MAR-2026 31-MAY-2026Price to Earnings (P/E)Price/Earnings Ratio of KraneShares MSCI China A 50 Connect Index ETF (3/31/2021 - 3/31/2026) KBA Index S&P 500 14Current Valuations in the Mainland Chinese equity market are lower than those in the US equity market . KBA’s valuation is currently attractive compared to that of the S&P 500 Index. Data from FactSet as of 6/30/2026. Please see the end of the presentation for definitions.A-Share Characteristics

KraneShares Bosera MSCI China A50Connect Index ETF Investment Strategy: KBA isbenchmarked totheMSCI China A50Connect Index, consisting of 50large -capShanghai andShenzhen listed stocks (A-shares) available through Stock Connect. Akeyfeature ofthisIndex isthatitoffers the first officially recognized Futures contracts forStock Connect -eligible A- shares, representing apowerful riskmanagement toolthatmakes its underlying stocks attractive tointernational investors. KBA focuses on thelargest, most liquid stocks, which receive most foreign interest and inflows andmay benefit from increased global investment inChina’s onshore market over thelong term. *Formerly theKraneShares Bosera MSCI China AShare ETF KBA Performance History asof 6/30/202 6:Fund Details Data as of 6/30/2026 Primary Exchange NYSE Arca, Inc. CUSIP 500767405 ISIN US5007674055 Total Annual Fund Operating Expense (Gross) 0.79% Total Annual Fund Operating Expense (Net) 0.56% Inception Date 03/04/2014 Distribution Frequency Annual Underlying Index MSCI China A50 Connect Index Net Assets $156,440,024 Number ofHoldings 55Top10Holdings asof 6/30/202 6Holdings are subject tochange.Ticker % CONTEMPORARY AMPEREX TECHN -A 300750 8.51 ZHONGJI INNOLIGHT COLTD-A 300308 7.24 CAMBRICON TECHNOLOGIES -A 688256 5.13 ZIJIN MINING GROUP COLTD-A 601899 5.01 HYGON INFORMATION TECHNOLO -A 688041 4.41 KWEICHOW MOUTAI COLTD-A 600519 4.33 EOPTOLINK TECHNOLOGY INC L-A 300502 4.33 FOXCONN INDUSTRIAL INTERNE -A 601138 3.92 NAURA TECHNOLOGY GROUP CO-A 002371 3.29 CMOC GROUP LTD-A 603993 2.97 Cumulative % Average Annualized % 3Mo 6Mo Since Inception 1Yr 5Yr 10Yr Since Inception Fund NAV 15.99% 11.37% 138.48% 43.72% 0.61% 6.90% 7.30% Closing Price 13.71% 11.36% 139.10% 43.96% 0.71% 6.94% 7.32% Underlying Index 16.24% 11.77% 168.22% 45.96% 1.57% 7.16% 8.33% Theperformance data quoted represents past performance. Past performance does notguarantee future results. Theinvestment return andprincipal value ofaninvestment willfluctuate sothat aninvestors shares, 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/kba. TheCustom Blended KBA Index consists oftheMSCI China AIndex from theinception oftheFund through October 23,2014, theMSCI China AInternational Index from October 23,2014 through December 26,2017, theMSCI China AInclusion Index from December 26,2017 toMay 29,2019, theMSCI China AIndex from May 29,2019 toJanuary 5,2022, andtheMSCI China A50Connect Index going forward. Performance shown forperiods before January 5,2022, reflects that oftheprior Fund. Future performance may be different than past performance duetochanges, including investment objectives andprincipal investment strategies. Additionally, before January 5,2022, theFund previously sought totrack theperformance ofadifferent Index before fees andexpenses. Index returns areforillustrative purposes only. Index performance returns donotreflect anymanagement fees, transaction costs orexpenses. Indexes areunmanaged andonecannot invest directly inanindex. *Fee waivers arecontractual andineffect until August 1,2025

16Conclusion: •Mainland China A Shares represent over one -half of China’s market capitalization but are often overlooked by global indexes and investors. •A Shares have exhibited low correlations to global markets over the past decade, making them a potential source of diversification* to global portfolios. •The Hong Kong Exchanges and Clearing Ltd. (HKEX) offers futures contracts based on the MSCI China A 50 Connect Index, providing international investors with a powerful risk management tool. •The MSCI China A 50 Connect Index maintains a tilt toward “New China” sectors, such as information technology, compared to the FTSE China A 50 Index and the CSI 300 Index. *Diversification does not ensure a profit or guarantee against a loss.

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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

The China A -Share market is too big to ignore. Even though China is the world’s second largest economy and stock market, China A -Shares are still underrepresented in global ca pital markets. 19Why China? Data from MSCI as of 6/30/2026. See end of presentation for definitions.010203040506070 United States Japan Taiwan United Kingdom CanadaTop 5 Country Weights in the MSCI All Country World Index% 05101520253035 United States China Germany Japan India%Top 5 Country Weights in the MSCI All Country World Index (GDP Weighted)

Index definitions: MSCI China Index: captures large and mid cap representation across China H shares, B shares, Red chips and P chips. MSCI All China Investable Market Index (IMI): captures large, mid and small cap representation across all China securities that are listed in China and Hong Kong, the US a nd in Singapore. The index includes: A -Shares, H shares, B shares, Red chips and P chips as well as China securities that are listed o n the NYSE Euronext (New York), NASDAQ, New York AMEX and Singapore exchanges.
MSCI ACWI Index : captures large and mid cap representation across 23 Developed Markets (DM) and 23 Emerging Markets (EM) countries. MSCI ACWI GDP Weighted Index: is based on the flagship MSCI ACWI Index, its parent index, and includes large and mid cap stocks across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. The index uses a different weighting scheme than its cap weighted parent index, however. The weight o f each country in the index is derived from its economic size (using GDP data) rather than the size of its equity market. Over time, GDP data tends to have more stability than equity market prices. MSCI EAFE Index: is an equity index which captures large and mid cap representation across Developed Markets countries around the world, exclu ding the US and Canada. S&P 500 Index: is an American stock market index based on the market capitalizations of 500large companies having common stock listed on the N YSE or NASDAQ MSCI Emerging Markets Index: captures large and mid cap representation across 23 Emerging Markets (EM) countries. MSCI USA 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) Index: captures large and mid cap representation across 29 Frontier Markets countries.
MSCI China A Index: captures large and mid cap representation across China securities listed on the Shanghai and Shenzhen exchanges. MSCI China A International Index: is a free -float adjusted market capitalization weighted index that is designed to track the equity market performance of large -cap and mid -cap Chinese securities listed on the Shanghai and Shenzhen Stock Exchanges. The Index is based on the concept of the integrated MSCI Chin a equity universe with mainland Chinese securities included. CSI 300 Index: consists of the 300 largest and most liquid A -share stocks. The Index aims to reflect the overall performance of China A -share m arket. MSCI China All Shares Net USD Index: The 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, Shang hai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A -shares included. The index was launched on June 26, 2014. FTSE China A50 Index: The FTSE China A50 Index is a stock market index created by FTSE Russell that tracks the performance of the 50 largest and mo st liquid mainland China A -share companies listed on the Shanghai and Shenzhen stock exchanges, providing a key benchmark for China’s domestic equity market. 20

21Term definitions: Investable Market Index (IMI): Refers to an index consisting of stocks that have been determined by MSCI to be suitable for international investors. Global Industry Classification Standard (GICS): is a common global classification developed in 1999 by MSCI and Standard & Poor's for use by the global financial community. Compound Annual Growth Rate (CAGR): is the measure of an investment’s annual growth rate over time, with the effect of compounding taken into account. Qualified Foreign Institutional Investor (QFII/RQFII): The Qualified Foreign Institutional Investor program grants access to China’s domestic stock markets to foreign institutional
investors that register with and are approved for trading by the State Administration of Foreign Exchange (SAFE). Until the l aunch of the Stock Connect program in 2016, this and the similar Registered Qualified Foreign Institutional Investor (RQFII) were the only means by which foreign investors could acce ss stock markets in Mainland China. Northbound Connect : A mutual market access program between the Hong Kong Stock Exchange, Shanghai Stock Exchange, and Shenzhen Stock Exchange. The program allows investors who are not citizens of the People’s Republic of China (PRC) to trade stocks listed on the Shanghai Stock Exchange and/or the Shenzhen Stock Exchange through brokerage accounts used for trading on the Hong Kong Stock Exchange. Price to Earnings Ratio: The price -earnings ratio (P/E Ratio) is the ratio for valuing a company that measures its current share price relative to its pe r-share earnings. Renminbi: The official currency of the People’s Republic of China. Offshore Renminbi: The version of the renminbi that is traded outside of Mainland China and is therefore not subject to Mainland currency contro ls and trading hours. Correlation: is a statistical measure that calculates the strength of the relationship between the relative movements of two variables. Average Revenue Growth Rate: The average revenue growth rate is the mean percentage increase (or decrease) in a company’s revenue over a specified multi -period timeframe, typically calculated using year -over-year changes.

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 /kba .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 environment at a spec ific 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. 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 liqui dity 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 ability of the Fund to achieve its respective investment objectives is dependent, in part, on the continuous availability of A Shares and the ability to obtain, if necessary, additional A Shares quota. If the Fund is unable to obtain sufficient exposure to limited availability of A Share quota, the Fund could seek exposure to the component securities of the Underlying Index by investment in other types of securities. The Fund is subject to political, social or economic instability within China which may cause decline in value. Emerging markets involve heightened risk relate d to the same factors as well as increase volatility and lower trading volume. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. The Fund may invest in Initial Public O fferings (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 volatil e. 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 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. 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 r eceive 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 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.