Humanoid Robotics ETF Overview | KOID | KraneShares

by Kraneshares

Humanoid Robotics and Embodied Intelligence

Access the next global megatrend through the KraneShares Global Humanoid & Embodied Intelligence Index ETF (ticker: KOID)

Introduction to KraneShares

About KraneShares

Krane Funds Advisors, LLC is a specialist investment manager focused on China, Climate, and Alternative assets. KraneShares seeks to provide innovative, high conviction, and first to market strategies. The firm was founded in 2013 and manages for institutions and individuals globally. The firm is a signatory of the United Nations-supported Principles for Responsible Investment (UN PRI).

Product Suite

China Thematic Equity

KWEB: Internet & E-Commerce*
KURE: Healthcare
KGRN: Clean Technology
KSTR: STAR Market*
KTEC: Hang Seng Tech

China Core Equity

KBA: MSCI China A 50
KCAI: China Onshore Alpha Index

Options Income

KLIP: KWEB Covered Call
KWIN: Wahed Alternative Income

Managed Futures

KMLM: Mount Lucas Managed Futures

Global Equity

KARS: Electric Vehicles & Future Mobility
AGIX: Artificial Intelligence & Technology
KOID: Humanoid & Embodied Intelligence*

EM Equity

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

Levered

KBAB: 2X Long BABA Daily
KPDD: 2X Long PDD Daily
KMLI: 2X Long MELI Daily
KJD: 2X Long JD Daily
KBDU: 2X Long Baidu Daily

Carbon

KRBN: Global Carbon Strategy*
KEUA: European Carbon Allowance
KCCA: California Carbon Allowance

Fixed Income

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

US Equity

KSPY: Hedgeye Hedged Equity
BUYO: Man Buyout Beta Index
KVLE: Value Line® Dynamic Dividend Equity
KIQQ: Nasdaq Hedge & Option Income

*Strategy also available in UCITS

KraneShares Global Humanoid & Embodied Intelligence Index ETF (KOID)

Investment Strategy:

KOID seeks to track the MerQube Global Humanoid and Embodied Intelligence Index, which is designed to capture the performance of companies engaged in humanoid and embodied intelligence-related business. The underlying index focuses on key categories within the humanoid and embodied intelligence ecosystem, including the companies that design and manufacture humanoid robots and their supply chains that provide key components for humanoids and embodied intelligence.

Humanoid & Embodied Intelligence Highlights:

Market Growth: The Morgan Stanley Global Humanoid Model projects there could be 1 billion humanoids and $5 trillion in annual revenue by 2050. Goldman Sachs is also projecting significant market expansion, forecasting a compound annual growth rate (CAGR) of 41.8% over the next decade.
Technological Convergence Driving Innovation: Breakthroughs in artificial intelligence (AI), machine learning, and advanced materials are revolutionizing humanoid capabilities, with significant innovations in large language models enabling more human-like interactions and advanced problem-solving abilities.
Expanding Applications Across Multiple Industries: Humanoid robots are addressing critical challenges across various sectors, with strong growth potential in environments built for people in sectors like manufacturing, healthcare, logistics, and elder care. The growing global labor shortage, especially acute in countries with aging populations like Japan, creates structural demand for robotics solutions that can perform complex tasks previously requiring human workers.

KOID Features:

Capitalize on the convergence of digital intelligence and physical reality through companies building embodied AI systems that can sense, move, and manipulate the world around them, transforming theoretical algorithms into machines that work alongside humans.
Invest across the full spectrum of the humanoid ecosystem, including the "brain" of the humanoid (semiconductors & technology), the "body" of the humanoid (actuation systems, mechanical systems, sensing & perception, critical materials), and humanoid "integrators" & manufacturing companies.
Global exposure to companies based primarily in the United States, China, and Japan that are included in the information technology, industrial, and consumer discretionary sectors.

The Humanoid Opportunity

KOID Rings Nasdaq Opening Bell

KraneShares celebrated the Nasdaq debut of KOID with the first-ever humanoid robot to open the Nasdaq market.
The Unitree G1 Ultimate robot featured at the event was supplied by U.S.-based RoboStore, the official partner of Unitree.
More recently, KraneShares collaborated with RoboStore to feature the same humanoid robot at a London Stock Exchange opening bell ceremony.

The Humanoid Opportunity

Humanoid Robotics: A Paradigm Shift

Humanoid robots are intelligent machines designed to interact naturally with people, bridging the gap between digital automation and real-world human tasks.
Recent advances in artificial intelligence (AI) and neural networks have accelerated the development and viability of humanoid robots for general-purpose use.
As labor shortages and demographic shifts intensify, humanoid robots are poised to revolutionize industries by performing complex, human-like roles in healthcare, manufacturing, retail, and beyond.

Latest Humanoid Models

Unitree G1 Ultimate

Unitree's state-of-the-art humanoid robot.

Tesla Optimus Gen3

Targeted for manufacturing and domestic chores, aiming to replace repetitive or hazardous labor.

1X Neo Gamma

Organizes dishes, vacuums, and brews tea using NVIDIA's Isaac GR00T N1 AI for real-time sensor processing.

Figure 03

Deployed at BMW's Spartanburg factory for assembly tasks, leveraging NVIDIA's AI for vision and decision-making.

UBTech Walker S

Actively used in Audi, BYD, and Geely factories for tasks like quality inspections, material handling (15 kg payload), and collaborative sorting.

Embodied intelligence: AI that Moves

Embodied intelligence: Artificial intelligence systems that are integrated into physical systems, such as robotics systems and autonomous vehicles, which can learn and adapt through direct interaction with the environment using sensors or other similar systems.
Reinforcement Learning from Human Feedback (RLHF): Robots can now refine their behavior based on human demonstrations and corrections, with Figure AI's robots learning complex manipulation tasks after just 5-10 human demonstrations compared to thousands previously required.
Large Language Models (LLMs) adoption: Humanoids now leverage frontier AI models like GPT and Gemini Pro, enabling natural language understanding and complex reasoning capabilities that allow robots to follow nuanced verbal instructions and adapt to new tasks without explicit programming.

The market for humanoid robotics is growing rapidly to address major global issues

Morgan Stanley projects that the global humanoid total addressable market could reach nearly $5 trillion by 2050*

Aging Population Metrics:

Approximately 13.5% of the world's population was at least 60 years old in 2020, projected to increase to 22% by 2050.
Japan has already reached a critical threshold with over 28% of its population above 65 years.
Similar demographic patterns exist in other developed economies like Germany, also exceeding 28% elderly population.

Labor Shortage Projections:

A global manufacturing labor shortage of nearly 8 million workers is anticipated by 2030.
Japan specifically faces a projected labor shortfall of 11 million workers by 2040.
Working-age populations (15-64) are experiencing the steepest declines in Germany, China, and Japan.

We could have humanoid robots working in factories, hospitals, and our homes

Factories:

By 2030, humanoid robots could replace up to 20 million production jobs globally, with major deployments already underway in automotive factories, where robots assemble components and perform repetitive or hazardous tasks.

Hospitals:

The medical service robotics market is projected to grow to 21 billion by 2028, as robots increasingly assist with patient care, physical therapy, monitoring, and improving accessibility for people with disabilities.

Homes:

We believe domestic humanoid robots are expected to become mainstream by 2030, handling household chores such as cleaning, laundry, and dishwashing, and providing personalized care for the elderly and individuals with chronic illnesses.

The "body" takes a significant portion of the humanoid value chain

Morgan Stanley estimated in early 2025 that current building costs for humanoid robots range from $10,000 to $300,000 per unit, depending on configuration and use case.
The cost of Tesla Optimus Gen 2 is estimated to be $40,000 to $50,000 excluding software cost.
Rotary actuators, linear actuators, harmonic reducers, roller bearings, and encoders are key components to build a humanoid.

The full spectrum of the humanoid value chain

"Body"

Actuation Systems

Actuation systems provide the "muscles" of humanoid robots, enabling precise movement and force control. This category includes components critical for joint articulation, energy efficiency, and compact design. Precision here determines agility and energy efficiency.

Mechanical Systems

Mechanical components form the structural foundation of humanoids, ensuring durability, weight optimization, and smooth motion transmission. Mechanical reliability ensures humanoids operate safely in dynamic environments.

"Brain"

Sensing & Perception

Sensors and perception systems allow humanoids to interpret their environment, enabling tasks like navigation, object manipulation, and human interaction. Sensor fusion (combining LiDAR, tactile, and vision data) is critical for embodied intelligence decision-making.

Semiconductors & Tech

This category provides the computational backbone for humanoid and embodied intelligence, motor control, and sensor processing.

"Integrator"

Critical Materials

Companies supply critical materials for high-performance motors and humanoid manufacturing.

Humanoid Integration and Manufacturing

Companies in this category focus on designing, assembling, and commercializing complete humanoid robots.

*Data from Trendforce as of 12/31/2025.

Actuation and Mechanical Systems account for ~55% of total cost of a humanoid*
Sensing & Perception Systems account for ~15% of total cost of a humanoid*
Intelligence Systems account for ~23% of total cost of a humanoid*

The rise of humanoid manufacturing creates investment opportunities for their supply chains and enablers

Figure AI, Apptronik, Optimus, Sanctuary AI, Unitree

INOVANCE, SANHUA, RENESAS

Amphenol, TUOPU, Regal Rexnord

TELEDYNE TECHNOLOGIES INCORPORATED, Nidec, JST

Leadshine, JABIL, Horizon Robotics

Holdings are subject to change. See page 17 for KOID top 10 holdings.

Global Humanoid and Embodied Intelligence Index Methodology

3000+ Companies

Initial company universe

Initial company will be selected based on company's free-float market cap, trading volume, etc. Retain companies that have a minimum market cap of $1 billion and daily traded value of $1 million

800+ Companies

Industry Filter

Each company will be filtered by industry. Trimmed down to Humanoid and Embodied Intelligence related industries

50 Companies

Humanoid exposure assessment

Companies receive evaluation scores derived from corporate filings, media coverage, and publicly available data regarding their direct participation in Humanoid and Embodied Intelligence technologies or their strategic supply chain partnerships with established humanoid robotics firms. Top ranking companies are selected for inclusion in the index.

Weighting

Equal Weighted Rebalanced quarterly

KOID Captures the full spectrum of the humanoid & embodied intelligence value chain

"Body"

Mechanical Systems

Magna
Shuanglin
Schaeffler
Leader Drive
Shuanghuan
Shanghai Beite
THK
Hiwin Technologies
Jabil Inc
Harmonic Drive Systems
Jiangsu Hengli Hydraulic
Aptiv
TE Connectivity
Amphenol
RBC Bearings
Nabtesco

Actuation Systems

Tuopu
Sanhua
Shenzhen Inovance
Novanta
Leadshine
Estun
Zhaowei
Moons Electric
Moog
Regal Rexnord
Nidec

"Brain"

Sensing & Perception

Melexis
Sensata
Robosense
Hexagon
Keli Sensing
Teledyne
Keyence

Semiconductors & Tech

Texas Instruments
Horizon Robotics
Nvidia
Mobileye
STMicroelectronics
Renesas
Infineon
NXP Semiconductor
Analog Devices

Critical Materials

MP Materials
Lynas Rare Earths
Northern Rare Earths

"Integrator"

Humanoid Integration and Manufacturing

Tesla
Xpeng
UBTech
Rainbow Robotics

*Data from Trendforce as of 12/31/2025 Holdings are subject to change.

Actuation and Mechanical Systems account for ~55% of total cost of a humanoid*
Sensing and Perception Systems account for ~15% of total cost of a humanoid*
Intelligence Systems account for ~23% of total cost of a humanoid*

See page 17 for KOID top 10 holdings.

Humanoid & Embodied AI Ecosystem

Category	Company	Description
Actuation Systems	Tuopu	Core supplier of Tesla's Optimus, specializing in integrated motor, reducer, and controller systems
	Sanhua	Sanhua specializes in bionic robot electromechanical actuators, with particular emphasis on hollow cup motors and harmonic drives used in rotary actuators. Core supplier of Tesla's Optimus.
	Novanta	Supplies optical/magnetic encoders for real-time position feedback in humanoid joints, enabling precise motion calibration.
Mechanical Systems	Leader Drive	Major global manufacturer of humanoid robot precision reducers, essential for converting motor motion and enabling precise, coordinated movement in robotic joints.
	Shuanghuan	Supplies planetary gear systems for humanoid wrist actuators, enhancing grip strength.
	Amphenol	Designs high-speed data connectors for real-time sensor fusion in humanoid perception systems.
Sensing & Perception	Keli Sensing	Produces 6-axis force/torque sensors for humanoid feet/hands, enabling adaptive grip and balance.
	Sensata	Develops MEMS-based tactile sensors for humanoid fingertips, critical for object manipulation.
	Teledyne	Supplies thermal imaging cameras for humanoids operating in low-light conditions.
Critical Material	MP Materials	Supplies neodymium magnets for high-performance motors, essential for miniaturized actuators in humanoids.
	Lynas Rare Earths	Major global supplier of rare-earth elements for permanent magnets in humanoid robotics motors.
Semiconductors & Technology	Nvidia	Provides Isaac GR00T N1 foundation model for robot reasoning + Newton physics engine (with Google/Disney) for movement simulation. Powers 1X's household robots and Disney's BDX droids.
	Horizon Robotics	Designs energy-efficient AI chips (e.g., Journey 5) for humanoid edge computing, targeting consumer-facing robots.
Humanoid Integration & Manufacturing	Tesla	Developing Optimus Gen 3 humanoid robot with 22-degree-of-freedom hands, targeting production of 5,000-12,000 units by end of 2025
	Xpeng	Operates "Iron" humanoid robot with 60 joints, 200 degrees of freedom, and 3,000 TOPS processing power, powered by proprietary Turing AI chips

Holdings are subject to change. See page 17 for KOID top 10 holdings.

Where are KOID Index companies based and what sector do they belong to?

Country Breakdown

China: 35%
United States: 27%
Japan: 12%
Germany: 4%
Other: 22%

Sector Breakdown

Industrials: 41%
Information Technology: 35%
Consumer Discretionary: 19%
Materials: 5%

Data from KraneShares and Bloomberg as of 12/31/2025.

KraneShares Global Humanoid and Embodied Intelligence Index ETF

Investment Strategy:

Fund Details

Data as of 12/31/2025


Primary Exchange	NASDAQ
CUSIP	500767751
ISIN	US5007677512
Total Annual Fund Operating Expense (Gross)	0.79%
Total Annual Fund Operating Expense (Net)*	0.69%
Inception Date	06/04/2025
Distribution Frequency	Annual
Underlying Index	MerQube Global Humanoid and Embodied Intelligence Index
Net Assets	$92,750,921
Number of Holdings	67

Top 10 Holdings as of 12/31/2025

Holdings are subject to change.

	Ticker	%
ZHEJIANG SANHUA INTELLIGEN-A	002050	2.12
KELI SENSING TECHNOLOGY NI-A	603662	2.06
HARMONIC DRIVE SYSTEMS INC	6324	2.04
INFINEON TECHNOLOGIES AG	IFX	2.03
SENSATA TECHNOLOGIES HOLDING	ST	2.03
LEADER HARMONIOUS DRIVE SY-A	688017	2.03
CHINA NORTHERN RARE EARTH -A	600111	2.02
ZHEJIANG SHUANGHUAN DRIVEL-A	002472	2.02
MELEXIS NV	MELE	2.02
MP MATERIALS	MP	2.01

KOID Performance History as of 12/31/2025:

	Cumulative %			Cumulative %
	3 Mo	6 Mo	Since Inception	1 Yr	3 Yr	5 Yr	Since Inception
Fund NAV	0.08%	23.64%	27.95%	–	–	–	27.95%
Closing Price	0.15%	23.09%	28.51%	–	–	–	28.51%
Underlying Index	-0.06%	23.08%	27.53%	–	–	–	27.53%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investors shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted. For performance data current to the most recent month end, please visit www.kraneshares.com/koid.

Index returns are for illustrative purposes only. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.

*Fee waivers are contractual and in effect until August 1, 2026

Term Definitions:

Total Addressable Market (TAM): The Total Addressable Market (TAM) is a measure of the total revenue opportunity available for a product or service if it achieved 100% market share.

Compound Annual Growth Rate (CAGR): Compound annual growth rate is a business, economics, and investing term representing the mean annualized growth rate for compounding values over a given time period.

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/koid. 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.

Humanoid and embedded intelligence technology companies often face high research and capital costs, resulting in variable profitability in a competitive market where products can quickly become obsolete. Their reliance on intellectual property makes them vulnerable to losses, while legal and regulatory changes can impact profitability. Defining these companies can be complex, and some may risk commercial failure. They are also affected by global scientific developments, leading to rapid obsolescence, and may be subject to government regulations. Many companies in which the Fund invests may not currently be profitable, with no guarantee of future success.

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 Japanese economy depends heavily on international trade and is vulnerable to economic, political, and social instability, which could affect the Fund. The yen is volatile, influenced by fluctuations in Asia, and has historically shown unpredictable movements against the U.S. dollar. Natural disasters, such as earthquakes and tidal waves, also pose risks. Furthermore, government intervention and an unstable financial services sector can negatively impact the economy, which relies significantly on trade with developing nations in East and Southeast Asia.

The Fund invests in non-U.S. securities, which can be less liquid and subject to weaker regulatory oversight compared to U.S. securities. Risks include currency fluctuations, political or economic instability, incomplete financial disclosure, and potential taxes or nationalization of holdings. Foreign trading hours and settlement processes may also limit the Fund's ability to trade, and different accounting standards can add complexity. Suspensions of foreign securities may adversely impact the Fund, and delays in settlement or holidays may hinder asset liquidation, increasing the risk of loss.

Risk disclosures continued:

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.

Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility.

A large number of shares of the Fund is held by a single shareholder or a small group of shareholders. Redemptions from these shareholder can harm Fund performance, especially in declining markets, leading to forced sales at disadvantageous prices, increased costs, and adverse tax effects for remaining shareholders.

The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt. 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. KOID is non-diversified.

Neither MerQube, Inc. nor any of its affiliates (collectively, "MerQube") is the issuer or producer of KOID and MerQube has no duties, responsibilities, or obligations to investors in KOID. The index underlying the KOID is a product of MerQube and has been licensed for use by Krane Funds Advisors, LLC and its affiliates. Such index is calculated using, among other things, market data or other information ("Input Data") from one or more sources (each such source, a "Data Provider"). MerQube® is a registered trademark of MerQube, Inc. These trademarks have been licensed for certain purposes by Krane Funds Advisors, LLC and its affiliates in its capacity as the issuer of the KOID. KOID is not sponsored, endorsed, sold or promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability of investing in securities generally or in KOID particularly, nor do they have any liability for any errors, omissions, or interruptions of the Input Data, MerQube Global Humanoid and Embodied Intelligence Index, or any associated data. Neither MerQube nor the Data Providers make any representation or warranty, express or implied, to the owners of the shares of KOID or to any member of the public, of any kind, including regarding the ability of the MerQube Global Humanoid and Embodied Intelligence Index to track market performance or any asset class. The MerQube Global Humanoid and Embodied Intelligence Index is determined, composed and calculated by MerQube without regard to Krane Funds Advisors, LLC and its affiliates or the KOID. MerQube and Data Providers have no obligation to take the needs of Krane Funds Advisors, LLC and its affiliates or the owners of KOID into consideration in determining, composing or calculating the MerQube Global Humanoid and Embodied Intelligence Index. Neither MerQube nor any Data Provider is responsible for and have not participated in the determination of the prices or amount of KOID or the timing of the issuance or sale of KOID or in the determination or calculation of the equation by which KOID is to be converted into cash, surrendered or redeemed, as the case may be. MerQube and Data Providers have no obligation or liability in connection with the administration, marketing or trading of KOID. There is no assurance that investment products based on the MerQube Global Humanoid and Embodied Intelligence Index will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor. Inclusion of a security within an index is not a recommendation by MerQube to buy, sell, or hold such security, nor is it considered to be investment advice.

Risk disclosures continued:

NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS AND/OR THE COMPLETENESS OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY KRANE FUNDS ADVISORS, LLC AND ITS AFFILIATES, OWNERS OF THE KOID, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE MERQUBE GLOBAL HUMANOID AND EMBODIED INTELLIGENCE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THE FOREGOING REFERENCES TO "MERQUBE" AND/OR "DATA PROVIDER" SHALL BE CONSTRUED TO INCLUDE ANY AND ALL SERVICE PROVIDERS, CONTRACTORS, EMPLOYEES, AGENTS, AND AUTHORIZED REPRESENTATIVES OF THE REFERENCED PARTY.

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.