KEUA Stock, KraneShares European Carbon Allowance Strategy ETF Information

The KraneShares European Carbon Allowance ETF (the Fund) seeks to provide a total return that, before fees and expenses, exceeds that of the IHS Markit Carbon EUA Index (the Index) over a complete market cycle. The Fund attempts to maintain exposure to carbon credit futures that are substantially the same as those included in the Index and to exceed the performance of the Index through direct or indirect investment in investment grade debt instruments. The Index is designed to measure the performance of a portfolio of futures contracts on carbon credits issued under the European Union Emissions Trading System cap and trade regime (carbon credit futures). The Index includes only carbon credit futures that mature in December of the next one to two years. The Fund will utilize a subsidiary (the Subsidiary) for purposes of investing in carbon credit futures. The Subsidiary is a corporation operating under Cayman Islands law that is wholly-owned and controlled by the Fund.