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CIK0001547576:C000225265Member CIK0001547576:BloombergLongUSTreasuryIndexMember 2026-07-29 2026-07-29 0001547576 CIK0001547576:C000225265Member 2021-09-20 2025-12-31 0001547576 CIK0001547576:C000225265Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001547576 CIK0001547576:C000225265Member oef:AfterTaxesOnDistributionsMember 2021-09-20 2025-12-31 0001547576 CIK0001547576:C000225265Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001547576 CIK0001547576:C000225265Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-09-20 2025-12-31 0001547576 CIK0001547576:C000225265Member CIK0001547576:BloombergLongUSTreasuryIndexMember 2025-01-01 2025-12-31 0001547576 CIK0001547576:C000225265Member CIK0001547576:BloombergLongUSTreasuryIndexMember 2021-09-20 2025-12-31 0001547576 CIK0001547576:C000129571Member CIK0001547576:MSCIChinaAllSharesIndexMember 2026-07-29 2026-07-29 0001547576 CIK0001547576:C000129571Member CIK0001547576:CustomBlendedKBAIndexNetMember 2026-07-29 2026-07-29 0001547576 CIK0001547576:C000129136Member CIK0001547576:MSCIChinaAllSharesIndexMember 2026-07-29 2026-07-29 0001547576 CIK0001547576:C000129136Member CIK0001547576:CSIOverseasChinaInternetIndexMember 2026-07-29 2026-07-29 iso4217:USD pure false 485BPOS Krane Shares Trust 2026-07-29 0001547576 N-1A 2026-08-01 KraneShares 90% KWEB Defined Outcome January 2027 ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zqPr3cz2DNb6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Fund seeks to provide investors with returns that match the total return of the KraneShares CSI China Internet ETF (“Underlying ETF”) of increases of up to 40% of the Underlying ETF (prior to taking into account any fees or expenses) (“Cap”) while providing a Buffer against 90% of decreases in the total return of the Underlying ETF (prior to taking into account any fees or expenses) (“Buffer”), over the period from January 27, 2025 to January 15, 2027 (the “Outcome Period”).</p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zDqjytmhHwVa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zAxImAznNwXd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zt4dUm05X7Al" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: justify; vertical-align: bottom; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees</b> (fees paid directly from your investment)</span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member__oef--ClassAxis__custom--C000247858Member_zmsBOmqDG6K1" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td></tr> </table> 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z7GqXdV9Sbcj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zsfsw5hItfHg" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: justify; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_49B_20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member__oef--ClassAxis__custom--C000247858Member_zRTb0iulEuKi" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z1lGBxI1iYO" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.25%</span></td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGNc7OqTT8A3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees<span id="xdx_F48_z5Y9JnCmxtl1">*</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zzUTJrqPaONa" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zmBUPKApgm6l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify">Acquired Fund Fees and Expenses<span id="xdx_F4D_z0xZ1H2sq8U4">**</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.71%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zeP4pY2zR7d8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.97%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span id="xdx_F0D_zzENZk2nQ0p8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F1A_z6chXL2Ogj73" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td id="xdx_F00_zLUIoDE10gO3" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F1D_zbJ6HHG62uql" style="text-align: justify"> “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” will differ from those presented in the Fund’s Financial Highlights.</td> </tr> </table> 0.0025 0.0000 0.0001 0.0071 0.0097 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zXRuMlxPtlx3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be: </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBTsUWwPhkfl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_znZfeJKP5pz7" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zEh8rkjTIyO9" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zX7EjsLeORr1" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_zcYTMkJROlwk" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zoA5s4nfykEe" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member__oef--ClassAxis__custom--C000247858Member_zEjHUt2dQt1f" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$99</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$309</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$536</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$1,190</td></tr> </table> 99 309 536 1190 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zaQJXhLzYvWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zwv6dOjAE7v1">1</span>% of the average value of its portfolio. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> 0.01 Principal Investment Strategies <div id="xdx_A86_eoef--StrategyNarrativeTextBlock_z1ARjGBzaT87"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund’s strategy is designed to provide investors with the opportunity over a limited period of time (the “Outcome Period”) to benefit up to a certain extent (the “Cap”) from increases in the total return of the Underlying ETF with only a portion of the risk (the “Buffer”) otherwise attendant to investing in the asset class represented by the Underlying ETF, which is China Internet Companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Cap seeks to provide shareholders with up to 40% (prior to taking into account any fees and expenses) of increases in the total return of the Underlying ETF (i.e., the performance of the secondary market share price including any distributions) (its “total return”) during the Outcome Period. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 39.32%. The Cap will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees. The Cap represents the maximum total return an investor can achieve from an investment in the Fund over the duration of the Outcome Period. <b>The Fund’s total return will not appreciate beyond the Cap and Fund shareholders may underperform the Underlying ETF.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Buffer seeks to protect shareholders that hold shares for the entire Outcome Period from declines in the Fund’s total return by providing a buffer against 90% of decreases in the total return of the Underlying ETF. Stated differently, if the total return of the Underlying ETF’s shares decreased by more than 10% during the Outcome Period, the Buffer seeks to limit Fund NAV losses to 10%. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 89.31%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees. <b>There is no guarantee that the Fund will be successful in providing the Buffer.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the KraneShares CSI China Internet ETF (the “Underlying ETF”) and options, including FLexible EXchange^® Options (“FLEX options”), that reference the Underlying ETF. The Underlying ETF is an exchange-traded fund advised by Krane Funds Advisors, LLC (“Krane” or the “Adviser”) that seeks to track the CSI Overseas China Internet Index (the “Index”). The Index is designed to measure the equity market performance of China Internet Companies listed outside of mainland China, as determined by China Securities Index Co., Ltd. (“Index Provider”). The reference asset for all of the Fund’s options is the Underlying ETF. More information about the Underlying ETF and its Index is included at the end of this section.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no guarantee that investors in the Fund will experience the sought-after outcomes based on the Cap and Buffer (“Outcomes”) over the Outcome Period:</p></td> <td style="width: 3%; font-size: 10pt; text-align: justify"> </td> <td style="border: Black 1pt solid; padding: 3pt; text-align: justify; width: 27%"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>China Internet Companies:<br/> </i></b><i>Investable publicly traded “China-based companies” whose primary business or businesses are in the Internet and Internet-related sectors (“China Internet Companies”), and are listed outside of mainland China, as determined by China Securities Index Co., Ltd.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Outcome Period: </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The period of January 27, 2025 through January 15, 2027 is referred to as the Outcome Period. The Buffer and the Cap are based on the total return of the Underlying ETF and are set on the first day of the Outcome Period.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Options Contract:</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>An agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. FLEX options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (“OCC”).</i></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">The Fund’s strategy is designed to produce the Outcomes based upon the total return of the Underlying ETF from the first day of the Outcome Period to the last day of the Outcome Period</span>. </b> The Outcomes may only be realized by investors who continuously hold shares from the beginning of the Outcome Period until the end of the Outcome Period. <b><span style="text-decoration: underline">Investors that purchase shares after the Outcome Period has begun or sell shares prior to the Outcome Period ends may experience investment returns very different from those that the Fund seeks to provide</span>. </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When establishing an Outcome Period the Fund cannot anticipate any corporate actions that may affect the secondary market share price of the Underlying ETF, such as significant distributions by the Underlying ETF, and that may cause the strike price of the options held by the Fund to be adjusted by the OCC. <b>An adjustment of the strike price of the options held by the Fund by the OCC may adversely impact the Outcomes. </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Although the Fund’s investment adviser, Krane, generally anticipates that the Fund’s net asset value (“NAV”) will increase on days when the secondary market share price of the Underlying ETF increases and will decrease on days when the secondary market share price of the Underlying ETF decreases, the rate of such increase or decrease is expected to be less than that experienced by the Underlying ETF. This is because the Fund’s NAV is based upon the value of its portfolio, which is composed principally of the Underlying ETF and options; and while the secondary market share price of the Underlying ETF is a significant component of the value of the Fund’s options, the time remaining until those options expire also affects their value. As a result, the Fund’s NAV is not expected to increase or decrease at the same rate as the secondary market share price of the Underlying ETF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Further, as the Fund gets closer to the end of the Outcome Period, the value of the Underlying ETF, the put options and the calls options may differ from the values at the beginning of the Outcome Period. Such shift in the value of the Fund’s holdings over time may increase risks to one type of exposure in the Fund compared to the other.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The two hypothetical graphical illustrations provided below are designed to illustrate the Outcomes, before any fees and expenses, that the Fund seeks to provide for investors who hold shares for the entirety of the Outcome Period. <b>There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: Red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><img alt="" src="pro-kbuf_001.jpg" style="height: 517px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><img alt="" src="pro-kbuf_002.jpg" style="height: 341px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left"><b>*</b></td> <td style="text-align: justify"><b>Please note: this graph is provided merely to illustrate the Outcomes that the Fund seeks to provide based upon the performance of the KraneShares CSI China Internet ETF. There is no guarantee that these outcomes will be achieved over the Outcome Period.</b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table is designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, assuming the hypothetical performance of the Underlying ETF (from -100% to 100%) shown in the first line of the table. The table is provided for illustrative purposes only and does not provide every possible performance scenario for shares over the course of an Outcome Period. The table is not intended to predict or project the performance of the Fund or the Underlying ETF. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on the Fund’s shares. <b>There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="border: Black 1pt solid; vertical-align: bottom; width: 34%; text-align: left"><span style="font-size: 10pt;"><b>Hypothetical Underlying ETF Performance</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(100)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(50)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(20)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(5)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>0%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>5%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>10%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>15%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>20%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>50%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>100%</b></span></td></tr> <tr style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt;"><b>Fund Performance</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>(10)%**</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>(10)%**</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>(10)%**</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>(5)%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>0%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>5%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>10%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>15%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>20%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>40%*</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt;"><b>40%*</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 39.32%. The Cap will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left">**</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 89.31%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Since the Fund invests in the Underlying ETF, the Fund will receive distributions made by the Underlying ETF. These distributions paid by the Underlying ETF may cause the OCC to make adjustments to the strike price of the Fund’s options. If this occurs, then such an adjustment can cause changes to the Fund’s Buffer and Cap and may adversely affect the Outcomes. As a result, the Fund may not perform as expected and Fund shareholders could be adversely impacted, especially Fund shareholders that purchase shares after the start of the Outcome Period and Fund shareholders who do not hold shares for the entire Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following hypothetical tables are designed to illustrate the impact of strike price adjustments on the Fund’s Buffer and Cap due to distributions by the Underlying ETF. These tables are provided for illustrative purposes only and do not provide every possible scenario over the course of an Outcome Period. These tables are not intended to predict or project any distributions by the Fund or the Underlying ETF or the performance of the Fund or the Underlying ETF. Fund shareholders should not take this information as an assurance of the expected distributions or performance of the Underlying ETF or the Fund. The tables assume the Underlying ETF’s market price is $30 for each period shown and the Underlying ETF distributes $3 in capital gains to the Fund, which distributes the same amount to Fund shareholders. The tables assume the OCC adjusts the strike price of the Fund’s options as shown due to such distributions. The tables also assumes a shareholder purchases Fund shares on the first day of the Outcome Period and continuously holds Fund shares until the end of the Outcome Period. While these tables assumes that the Fund distributes the same amount of distribution received from the Underlying ETF, the Fund may not always distribute the entire amount of the distribution received from the Underlying ETF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline;"><b>Impact on Buffer With Strike Price Adjustment Due to Distributions</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: white"> <td style="border: Black 1pt solid; vertical-align: bottom; width: 25%; text-align: left"><span style="font-size: 10pt;"><b>Period</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Adjustment to Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution as a % of Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Buffer*</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Buffer* with Distribution Included</b></span></td></tr> <tr style="background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt;">First Day</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">-</span></td></tr> <tr style="background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of First Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">90%</span></td></tr> <tr style="background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of Second Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">90%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 89.31%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As shown in the table, while the amount of the “Buffer” is expected to decrease due to such strike price adjustments, the “Buffer with the Distribution Included” is expected to approximate the Buffer on the first day if a shareholder includes the distribution they were paid by the Fund in the Buffer amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline;"><b>Impact on Cap With Strike Price Adjustment Due to Distribution</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="background-color: white"> <td style="border: Black 1pt solid; vertical-align: bottom; width: 25%; text-align: left"><span style="font-size: 10pt;"><b>Period</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Adjustment to Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution as a % of Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Cap*</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Cap* with Distribution Included</b></span></td></tr> <tr style="background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt;">First Day</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">-</span></td></tr> <tr style="background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of First Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">40%</span></td></tr> <tr style="background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of Second Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt;">40%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 39.32%. The Cap will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As shown in the table, while the amount of the “Cap” is expected to decrease due to such strike price adjustments, the “Cap with the Distribution Included” is expected to approximate the Cap on the first day if a shareholder includes the distribution they were paid by the Fund in the Cap amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">If the Underlying ETF makes distributions and the OCC does not make adjustments to the strike price of the Fund’s options, a shareholder will need to include the amount of the distributions to achieve the sought after Outcomes. As a result, Fund shareholders that purchase shares after the start of the Outcome Period could be adversely impacted, especially those Fund shareholders that purchase shares after the Fund has made any distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Use of Options, including FLEX Options. </i></b>The Adviser will construct a portfolio principally composed of the Underlying ETF and options, including FLEX options, that reference the Underlying ETF and are set to expire on the last day of the Outcome Period. Each of the options purchased and sold throughout the Outcome Period are expected to have the same or similar terms (i.e., strike price and expiration) as the options purchased and sold on the first day of the Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the commencement of the Outcome Period, the Adviser selects the strike price for each option such that when the options are exercised on the final day of the Outcome Period, the Outcomes may be obtained. The customizable nature of FLEX options allows the Adviser to make the FLEX options exercisable only on the expiration date of the option contract (i.e., European style option contracts). The Fund will only write (sell) FLEX options that are European style option contracts. The Fund may purchase options that are European style option contracts and options that are exercisable at any time (i.e., American style option contracts).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To achieve the Outcomes, the Fund may purchase and sell a combination of call option contracts and put option contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>The Outcome Period. </i></b>The Outcomes sought by the Fund are based upon the total return of the Underlying ETF at the start of the Outcome Period. <b>The next Outcome Period begins on January 27, 2025 and ends on January 15, 2027. </b>As the terms of the options do not change during each Outcome Period, the Cap and Buffer both will be measured to the total return of the Underlying ETF on the first day of the Outcome Period. <b>A shareholder that purchases shares after the commencement of the Outcome Period will likely have purchased shares at a different NAV than the NAV on the first day of the Outcome Period and therefore may experience investment outcomes that are very different from those sought by the Fund. Since the Fund will only exercise options on the final day of the Outcome Period, a shareholder that sells shares prior to the end of the Outcome Period may also experience investment outcomes very different from those sought by the Fund. <span style="text-decoration: underline">To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must hold shares continuously throughout the Outcome Period</span>. There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes.</b></p></td> <td style="width: 3%; font-size: 10pt; text-align: justify"> </td> <td style="border: Black 1pt solid; padding: 3pt; text-align: justify; width: 27%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Strike Price: </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Generally, the price at which an option holder may exercise the right to purchase or sell the reference asset of an option contract upon expiration of the contract. For the Fund, the strike price will be the total return of the Underlying ETF at which the Fund may exercise an option at the end of the Outcome Period. </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Call Option Contract: </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>A call option contract gives the buyer of the call option contract the right (but not the obligation) to buy, and the seller of the call option contract (i.e., the “writer”) the obligation to sell, a specified amount of an underlying security at a pre-determined price. </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Put Option Contract: </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>A put option contract gives the buyer of the put option contract the right (but not the obligation) to sell, and the writer of the put option contract the obligation to buy, a specified amount of an underlying security at a pre-determined price.</i></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying ETF and options, including FLEX options, on the Underlying ETF. However, because a component of an option’s value is the number of days remaining until its expiration, during the Outcome Period, the Fund’s NAV will not directly correlate on a day-to-day basis with the secondary market share price of the Underlying ETF. The Adviser generally anticipates that the Fund’s NAV will increase on days when the secondary market share price of the Underlying ETF increases and will decrease on days when the secondary market share price of the Underlying ETF decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. For the same reasons, the impact of the Buffer on the Fund, may not be in full effect prior to the end of the Outcome Period. <b>Since the options do not expire until approximately two years after the commencement of the Outcome Period, the degree of correlation between the value of the options and the secondary market share price of the Underlying ETF may be lower than if the options had a shorter term. The Fund seeks to provide the Outcomes only for the entirety of the Outcome Period and investors should not expect the sought-after Outcomes at any point prior to the end of the Outcome Period.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>The Buffer on Losses.</i></b> The Buffer seeks to protect shareholders that hold shares for the entire Outcome Period from declines in the Fund’s total return by providing a buffer against 90% of decreases in the total return of the Underlying ETF, not including any other expenses charged to the Fund and any shareholder transaction fees. <b>There is no guarantee that the Fund will be successful in its attempt to provide buffered returns.</b> The Fund seeks to produce the Outcomes for the Outcome Period upon the expiration of its options investments on the last day of the Outcome Period. Therefore, it should not be expected that the Buffer, including the net effect of the Fund’s annual management fee, will be provided at any point prior to the last day of the Outcome Period. <span style="text-decoration: underline"><b>If an investor purchases shares at a time during an Outcome Period when the total return of the Underlying ETF has already increased, then the investor will incur losses notwithstanding the Buffer since the Buffer only seeks to protect against declines in the total return of the Underlying ETF from the beginning of the Outcome Period</b></span>. Similarly, if an investor sells shares prior to the end of the Outcome Period, the Buffer that the Fund seeks to provide may not protect against losses. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 89.31%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees. In addition, any changes in the Fund’s options due to material corporate actions, including material distributions, could reduce the Buffer during an Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>The Cap on Upside Returns.</i></b> Unlike other investment products, the potential upside total return an investor can receive from an investment in the Fund over the Outcome Period is limited by the Cap. <span style="text-decoration: underline"><b>The Cap represents the maximum total return an investor can achieve from an investment in the Fund over the duration of the Outcome Period</b></span><b>. Therefore, even though the Fund’s total returns are expected to approximate the total return of the Underlying ETF, in the event that the total return of the Underlying ETF exceeds the Cap for the Outcome Period, the Fund will not appreciate beyond the Cap.</b> The Cap is determined on the first day of the Outcome Period and is 40.01% prior to taking into account any fees or expenses. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 39.32%. The Cap will be further reduced by any other expenses charged to the Fund, including any extraordinary expenses, and any shareholder transaction fees. For the purpose of this prospectus, “extraordinary expenses” are non-recurring expenses that may be incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceedings, indemnification expenses and expenses in connection with holding and/or soliciting proxies for a meeting of Fund shareholders. In addition, any changes in the Fund’s options due to material corporate actions, including material distributions, could have the effect of reducing the Cap for an Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Cap is a result of the design of the Fund’s principal investment strategy. In order to provide the sought-after Buffer, the Fund purchases a series of options. As the purchaser of these options, the Fund is obligated to pay a premium to the seller of those options. However, the strategy is designed so that any premiums that the Fund is obligated to pay are offset by premiums it receives in connection with selling options that established the Cap. These transactions occur on the first day of the Outcome Period: the Adviser calculates the amount of premium that the Fund owes in order to buy options to provide the Buffer, and then sells options with terms that entitle the Fund to receive that same amount as a premium to determine the Cap. The Cap is the strike price of the written options, which is determined based upon prevailing market conditions at the time, most notably current interest rate levels, volatility in the secondary market share price of the Underlying ETF, time remaining until the options expire, and the relationship of put and call options on the Underlying ETF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Cap will change from one Outcome Period to the next based upon prevailing market conditions at the beginning of the Outcome Period. The Cap, and the Fund’s position relative to it, should be considered before investing in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Subsequent Outcome Periods.</i></b> The Fund is designed to be a continuous investment vehicle. It is not expected to terminate and distribute its assets at the conclusion of an Outcome Period. Rather, at the end of each Outcome Period, a subsequent Outcome Period is expected to begin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">At the end of each Outcome Period, the Fund will receive the cash value of all the options it held for the prior Outcome Period. It will then invest in a new series of options with an expiration date of approximately two years in the future, and a new Outcome Period will begin. Since the Cap for any Outcome Period is based upon prevailing market conditions at the beginning of an Outcome Period, the Cap will rise or fall from one Outcome Period to the next.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Investors who hold shares of the Fund at the end of an Outcome Period will receive two notices of the commencement of the subsequent Outcome Period. Approximately one week prior to the end of an Outcome Period, the Fund will file a prospectus supplement alerting existing shareholders that an Outcome Period is ending. The supplement will disclose the new name of the Fund, which will be revised to reflect the dates of the next Outcome Period, and the anticipated ranges for the Cap for the next Outcome Period. After the close of business on the last day of the Outcome Period, the Fund will file another prospectus supplement that discloses the Fund’s final Cap (both gross and net of the management fee) for the next Outcome Period and the change in the Fund’s name to reflect the new Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest up to 20% of its net assets in instruments that are not included in the 80% test noted above. These investments include equity securities, depositary receipts, derivative instruments, other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund is non-diversified.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Additional Information About the Underlying ETF. </i></b>The Underlying ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Index, which is designed to measure the equity market performance of China Internet Companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index Provider defines China-based companies as those that: (i) are incorporated in mainland China; (ii) have their headquarters in mainland China; or (iii) derive at least 50% of its revenue from goods produced or sold, or services performed, in mainland China.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Internet Companies include, but are not limited to, companies that develop and market Internet software and/or provide Internet services; manufacture home entertainment software and educational software for home use; provide retail or commercial services primarily through the Internet; and develop and market mobile Internet software and/or provide mobile Internet services.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Index excludes securities that during the past year had a daily average trading value of less than $3 million or a daily average market cap of less than $2 billion. Constituents of the Index are ranked by free-float market capitalization in U.S. Dollars and then weighted so that no constituent exceeds 10% at each rebalance with the top five constituents capped at 40%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following China-related securities may be included in the Index:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</span></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the People’s Republic of China (“PRC”), whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">As of March 31, 2026, the Underlying Index included 33 securities of companies with a market capitalization range of approximately $546.0 million to $561.8 billion and an average market capitalization of approximately $43.0 billion. The Underlying Index is rebalanced and reconstituted semi-annually. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Consumer Discretionary sector (41.4%) and Communication Services sector (37.4%) represented significant portions of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Although the Underlying ETF expects to replicate (or hold all constituents of) the Index, the Underlying ETF reserves the right to use representative sampling to track the Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Index. In addition, the Underlying ETF may invest up to 20% of its assets in instruments that are not included in the Index, but that Krane believes will help the Underlying ETF track the Index. The Underlying ETF’s prospectus and other reports are available on the SEC’s website, www.sec.gov. The Underlying ETF is traded on the NYSE Arca, Inc. under the ticker symbol KWEB.</p> <p id="xdx_A8E_eoef--RiskTextBlock_zkcA3Yu9Ixx5" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has characteristics unlike traditional investment products and may not be suitable for all investors. Although the Fund seeks to achieve the Outcomes consistent with its investment objective, there is no guarantee that it will do so. An investment in the Fund may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90B_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zh4MawtNGrY9">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_90F_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zRN1U0szLiKi">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund (either directly or through its exposure to the Underlying ETF) is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including (for purposes of these risks references to the Fund include, as appropriate, references to the Underlying ETF):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zeZop0d6M3h2"></span></div> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zAUnlkUnjsa7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>Buffered Loss Risk. </b>There can be no guarantee that the Fund will be successful in its strategy to provide protection against 90% of decreases in the total return of the Underlying ETF over the duration of the Outcome Period. If an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the Buffer that the Fund seeks to provide may not be effective. If an investor purchases shares at a time during an Outcome Period when the total return of the Underlying ETF has already increased, then the investor will incur losses notwithstanding the Buffer since the Buffer only seeks to protect against declines in the total return of the Underlying ETF from the beginning of the Outcome Period. If the options (and therefore the Buffer) do not perform as expected, an investor may experience significant losses, including the investor’s entire investment.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z1CFYxhaSf2j"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CappedUpsideReturnRiskMember_zvd1S5EwEXK6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capped Upside Return Risk. </b>Even if the total return of the Underlying ETF exceeds the Cap for the Outcome Period, the Fund will not appreciate beyond the Cap. Due to the Cap, the Fund may significantly underperform the Underlying ETF over the course of the Outcome Period. If an investor purchases shares of the Fund after the beginning of the Outcome Period and Fund shares have appreciated close to the Cap, there may be little or no ability for that investor to experience an investment gain on their shares yet such investor is exposed to potential losses between the appreciated share price and the Fund’s NAV at the commencement of the Outcome Period. Further, because the options are expected to produce returns that match the total return of the Underlying ETF (subject to the Cap) on the last day of the Outcome Period, if an investor sells shares prior to that day, such investor may sell at a price that does not reflect the total return of the Underlying ETF and may sell at a price when the Fund has underperformed the Underlying ETF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z448Ffzrkvb4"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zWT4Ao3HGCs6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zDmn4IdAxGHf" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>Options Risk. </b>An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">Any FLEX options written by the Fund will be exercisable at their strike price only on their expiration date. The options purchased by the Fund will be exercisable at their strike price either on their expiration date or at any time. Since the options held by the Fund do not expire until approximately two years after the commencement of the Outcome Period, the degree of non-correlation between the value of the options and the secondary market share price of the Underlying ETF will be higher when compared to options with shorter terms. As an option approaches its expiration date, its value typically will increasingly correlate with the price of Underlying ETF shares. Farther in advance of the expiration date, the value of the options may vary because related factors other than the value of the Underlying ETF influence the value. For example, the value of the options will be influenced by interest rate changes, the secondary market share price of the Underlying ETF and implied volatility levels of the Underlying ETF, among other factors. For the same reasons, the value of the options held by the Fund is not expected to increase or decrease to the same degree as the Underlying ETF’s secondary market share price on a day-to-day basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsIncomeRiskMember_zEroVF7e5bn4" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>Options Income Risk.</b> The Fund generates option premium income generated from the sale of options (“option income”). This option income generally is classified as a return of capital for financial accounting purposes, which is how such income is required to be reported on the 19(a) notices that the Fund is required to issue after its monthly distributions. However, the 19(a) notices do not reflect the tax character of the option income, which is determined after the end of the calendar year. The option income for tax purposes is likely to be considered taxable investment income and may not reduce your tax basis in your shares of the Fund when distributed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OCCResettingStrikePricesRiskMember_zbN19pyI4396" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OCC Resetting Strike Prices Risk. </b>Subject to determination by the Securities Committee of the OCC, adjustments may be made to the Fund’s options for certain events (collectively, “Corporate Actions”) specified in the OCC’s bylaws and rules such as: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest. If the OCC’s Securities Committee determines that a Corporate Action warrants an adjustment to the strike price of the Fund’s options, the Fund’s Buffer and Cap will be adjusted accordingly and will differ from amount set at the beginning of the Outcome Period. There is no guarantee that the options will be adjusted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClearingMemberDefaultRiskMember_zkcf3wQPksHj" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Clearing Member Default Risk. </b>Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to, and receive payments from, a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any option contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for its options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund’s ability to implement its investment strategy. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The OCC acts as guarantor and central counterparty with respect to the options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the event an OCC clearing member that is a counterparty of the Fund were to become insolvent, the Fund may have some or all of its options closed without its consent or may experience delays or other difficulties in attempting to close or exercise its affected options positions, both of which would impair the Fund’s ability to execute its investment strategy. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_z7rT4TZi2sCk"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OutcomePeriodRiskMember_zy0PDkJUfLbi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Outcome Period Risk.</b> The Fund seeks to deliver returns that match those of the Underlying ETF’s total return if shares are held by an investor from the beginning of the Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the returns realized by the investor should not be expected to match those that the Fund seeks to provide. Further, because the Fund utilizes an Outcome Period that is approximately two years long, the risk of experiencing non-correlated returns is exacerbated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zqpZi6zcaM9a"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UpsideParticipationRiskMember_zAR5thXemJ6c" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>Upside Participation Risk.</b> There can be no guarantee that the Fund will be successful in its strategy to provide shareholders with the total return of the Underlying ETF’s shares over the Outcome Period prior to taking into account any fees or expenses, subject to the maximum total return imposed by the Cap. In the event an investor purchases shares after the beginning of the Outcome Period or does not stay invested in the Fund for the entirety of the Outcome Period, the returns realized by such investor may not match those that the Fund seeks to achieve. In order to finance the downside protection offered by the Buffer, the Fund enters into a sold call option contract which limits its upside potential. Since the Buffer seeks to provide protection against 90% of decreases in the total return of the Underlying ETF over the duration of the Outcome Period, the Cap may be lower than the caps imposed by other ETFs that utilize defined outcome investing strategies with different buffers, on a relative basis. Due to the Cap, the Fund may significantly underperform the Underlying ETF over the course of the Outcome Period. Finally, the Fund’s Cap is dependent upon market conditions at the commencement of the new Outcome Period. In certain market conditions, the Fund’s Cap may provide relatively low upside potential, which may cause the Fund to further underperform the Underlying ETF over the course of an Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zmZ9ffl7l6Bd"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapChangeRiskMember_zQoir6b0ncP1" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cap Change Risk.</b> In addition, since the Fund invests in the Underlying ETF, the Fund will receive distributions made by the Underlying ETF. These distributions paid by the Underlying ETF may cause the OCC to make adjustments to the strike price of the Fund’s options. If this occurs, then such an adjustment can cause changes to the Fund’s Buffer and Cap and may adversely affect the Outcomes. As a result, the Fund may not perform as expected and Fund shareholders could be adversely impacted, especially Fund shareholders that purchase shares after the start of the Outcome Period and Fund shareholders who do not hold shares for the entire Outcome Period. A new Cap is established at the beginning of each Outcome Period and is dependent on prevailing market conditions at the time the Cap is established. As such, the Cap may rise or fall from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_znqd0hcdjRvd"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonCorrelationRiskMember_zObZ9HrY28Xf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Non-Correlation Risk.</b> The FLEX options written by the Fund will be exercisable at their strike price only on their expiration date. The options purchased by the Fund will be exercisable at their strike price either on their expiration date or at any time. Since the options held by the Fund do not expire until approximately two years after the commencement of the Outcome Period, the degree of non-correlation between the value of the options and the secondary market share price of the Underlying ETF will be higher when compared to options with shorter terms. As an option approaches its expiration date, its value typically will increasingly correlate with the price of Underlying ETF shares. Farther in advance of the expiration date, the value of the options may vary because related factors other than the value of the Underlying ETF influence the value. For example, the value of the options will be influenced by interest rate changes, the secondary market share price of the Underlying ETF and implied volatility levels of the Underlying ETF, among other factors. For the same reasons, the value of the options held by the Fund is not expected to increase or decrease to the same degree as the Underlying ETF’s secondary market share price on a day-to-day basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zHtHBiZLdME3"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_ztmXoPRbR379" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-top: 0; margin-right: 0; margin-bottom: 0"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-top: 0; margin-right: 0; margin-bottom: 0"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-top: 0; margin-right: 0; margin-bottom: 0"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; margin-top: 0; margin-right: 0; margin-bottom: 0"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_znNbNL3qOCv1"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternetCompaniesRiskMember_zsxdHqwLHLrf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Internet Companies Risk.</b> Certain Funds invest significantly in Internet companies. Internet companies are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions, and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company’s business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure, which could have a material adverse effect on an Internet company’s business. Internet companies are also especially at risk of hacking and other cybersecurity events.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zD1Gb7afy6r3"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z5ZR88Ssrxg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk. </b>The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z0Ppgkpqcx5"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zdLcBMkZ3sE4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="background-color: white"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zgiCTwDiB1z7"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zGCatoyrqT4j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_ztOUHG6EYEac"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zJTRh1S1ToE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z198wzBebVA9"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zOVCRe1Sf5Y8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zgfJM0OKzuke"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zjGMkHsMdXWi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Non-Diversified Fund Risk. </b><span id="xdx_90A_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zHk6DNAku68h">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_z80NY6BzVhT5"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zfssJRpZroFe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_zD9D7QtCK63k" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Communication Services Sector Risk. </b>The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Telecommunication service providers are often required to obtain licenses or franchises in order to provide services in a given location. Licensing or franchise rights are limited, which may result in an advantage to certain participants. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Companies in media and entertainment industries can be significantly affected by competition, particularly in formulating new products and services using new technologies, and the cyclicality of revenues and earnings. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information or disruptions in services, which would have a material adverse effect on their businesses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zMJjPTP47d7g" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zIqmDYyvtuP6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zErkwRhWoAl6"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zAn5QH66DSkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk. </i></b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundRiskMember_zfIm5MAlFUX5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zoV1xbiIlEqj"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zMXw2ihzvaDj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zNgPIs9yfNL3"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConflictOfInterestRiskMember_zGXAyEExhMva" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Conflict of Interest Risk. </b>Because the Fund and the Underlying ETF are both managed by Krane, Krane is subject to conflicts of interest relating to the management of the Fund and Underlying ETF including the fair valuation of the Underlying ETF’s securities. Any fair valuation decisions made by Krane regarding securities held by the Underlying ETF impact the secondary market share price of the Underlying ETF and may impact the pricing of the options held by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zR84EP408R8h"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_z2ttfWoSJ9d3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_ziwlMVjWMKUb"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zg1dZbcNz2Ra" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Capitalization Company Risk. </b>Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_z0cz16gk22wh"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zltYhNGKdZe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. The Adviser’s evaluations and assumptions regarding investments, interest rates, inflation, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zZVbTCyJ5WN8"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zL2mTfwSsv2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zsLlIX50Ktik"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z2g4wHZggrfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zXRfK7qpw0t8"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z8ZcWnMf2B4f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zOXrED85m54b"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zKrGKO1r8wV" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.05pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zGqDrxC37nM6"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zwlBO0SCFIOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_z7BRGZjbUFGi"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zHkZtguNhDx9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zVZRqjTbNkb2"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zrMGPM6ql0qf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zc8qutiTxZn"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zeWZtu4W85Xk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zGAOqkJGePP8"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zgu4YUOBxSE5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"> </p> Performance Information <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zeCVblowpdXf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zhmdr7e4d0bh">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zCxptH6Q8D6h">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zb5thkfgjPj8">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A8E_eoef--BarChartTableTextBlock_zuXp1HYuequk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kbuf_003.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_ztdBUX7fZNki" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000247858Member_z8tmH94jB5gh" style="display: none; text-align: center; width: 50%">18.12%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> 0.1812 <p id="xdx_A86_eoef--BarChartClosingTextBlock_z8UGdDdTm7kg" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zOjlBK7sfB3j">June 30, 2026</span>, the Fund’s calendar <span id="xdx_90C_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zUD016XiioFe">year-to-date total return</span> was <span id="xdx_909_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zAjKa25VTeB1">-14.95%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quarter Ended/Year</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 70%; background-color: gainsboro; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zIRe6mrH1Vu3">Highest Return</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zkRNoQCt5C66">12.10%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; background-color: gainsboro; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_z2J3DUBPtt3j">09/30/2025</span></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: gainsboro; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zTE8qWvoxPM8">Lowest Return</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zBXNgIblFwye">-5.12%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_z8J9dQN7Efad">12/31/2025</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> </p> 2026-06-30 year-to-date total return -0.1495 Highest Return 0.1210 2025-09-30 Lowest Return -0.0512 2025-12-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zbK86MYFBifc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zunxUXQC0rpc" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: gainsboro; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KraneShares 90% KWEB Defined Outcome January 2027 ETF</b></span></td> <td id="xdx_49B_20250101__20251231_z7htt5N3YD15" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_49A_20240207__20251231_zEJAriI4jOd8" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247858Member_zeOy9e6xLjOj"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zuHF6oqRjSv6"><span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2GEN9P5Jwq2"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_z7zeXPa6MyWa"><span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zIvtAL96vEqh">2-7-2024</span></span></span></span></span>) </b></span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247858Member_zhisDLFOqNci" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 70%; background-color: gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247858Member_zdWJFBbYMnZ4">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.12%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.50%</span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zrnIguHn3rxh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zr99xQaWDDPe">Return After Taxes on Distributions</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.75%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.87%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBERe2DVSDfh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zc2TsPpcESxc">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.73%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.39%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zTqo04IOf07l" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.94%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.67%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zWcbdqUxmlWc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: gainsboro"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSI Overseas China Internet Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.29%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.47%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"> <span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zqYbsJQSvGW4" style="display: none">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247858Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zizul0RDFNXk" style="display: none">CSI Overseas China Internet Index (Reflects no deduction for fees, expenses or taxes)</span></p> 2024-02-07 2024-02-07 2024-02-07 2024-02-07 2024-02-07 Return Before Taxes 0.1812 0.1750 Return After Taxes on Distributions 0.1475 0.1487 Return After Taxes on Distributions and Sale of Fund Shares 0.1073 0.1239 0.2894 0.2767 0.2329 0.2447 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) CSI Overseas China Internet Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zX6N1Cdok6fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zdV1ucBn5nqi">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000083833Member_zPuCM3IUukr">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares 100% KWEB Defined Outcome January 2027 ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zfqjloiQdCWl" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to provide investors with returns that match the total return of the KraneShares CSI China Internet ETF (“Underlying ETF”) of increases of up to 20% of the Underlying ETF (prior to taking into account any fees or expenses) (“Cap”) while providing a Buffer against 100% of decreases in the total return of the Underlying ETF (prior to taking into account any fees or expenses) (“Buffer”), over the period from January 27, 2025 to January 15, 2027 (the “ Outcome Period”).</span></p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zdeOdvBhPRIf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_z8U78LbL4Q31"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zedQeVC2oFi3" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: justify; vertical-align: bottom; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees</b> (fees paid directly from your investment)</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member__oef--ClassAxis__custom--C000247859Member_zqGZkAk6zbC1" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td></tr> </table> 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zkrRu92ZUme6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zVhjSq8cLFvf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: justify; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_499_20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member__oef--ClassAxis__custom--C000247859Member_zwaJ9QS3Ubzg" style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right; white-space: nowrap; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zlRb9YZIeYS" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.25%</span></td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_z3RMSKN9JGBc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees<span id="xdx_F41_zPjuOk7eU5wg">*</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zQ3JQam9ZmR" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zLB0Nv3NVjSl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: justify">Acquired Fund Fees and Expenses<span id="xdx_F40_zXO2FCIyVsA6">**</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.74%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zfwdgMHd1tdi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total Annual Fund Operating Expenses</b></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0in; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in; text-align: left"><span id="xdx_F02_zPHa21aYpAla" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F12_zpDFLUd3BYD6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left"><span id="xdx_F0C_z8CzEO6cjeO5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify"><span id="xdx_F14_zVXV6NzgyTH1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” will differ from those presented in the Fund’s Financial Highlights.</span></td> </tr> </table> 0.0025 0.0000 0.0001 0.0074 0.0100 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zgFXsp2WKMog" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be: </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A80_eoef--ExpenseExampleWithRedemptionTableTextBlock_z2lKeSdZJalc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zNbgc0QZz8Fj" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zjna14zbN1Jb" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zh4O5aNKjr8i" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear05_zaTFi3ejuTnk" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_zlg20HIGXJm9" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41F_20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member__oef--ClassAxis__custom--C000247859Member_zOmmzILIgu8e" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$102</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$318</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$552</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$1,225</td></tr> </table> 102 318 552 1225 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zyrfl6PtR3e2" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_z3qc24FrojP6">0</span>% of the average value of its portfolio. The Fund may incur a high portfolio turnover rate, which may increase the Fund’s brokerage commission costs, generate net short-term capital gains and negatively impact the Fund’s performance. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> 0 Principal Investment Strategies <div id="xdx_A89_eoef--StrategyNarrativeTextBlock_z9gVaLOY0h0h"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s strategy is designed to provide investors with the opportunity over a limited period of time (the “Outcome Period”) to benefit up to a certain extent (the “Cap”) from increases in the total return of the Underlying ETF with only a portion of the risk (the “Buffer”) otherwise attendant to investing in the asset class represented by the Underlying ETF, which is China Internet Companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Cap seeks to provide shareholders with up to 20% (prior to taking into account any fees and expenses) of increases in the total return of the Underlying ETF (i.e., the performance of the secondary market share price including any distributions) (its “total return”) during the Outcome Period. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 19.42%. The Cap will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees. The Cap represents the maximum total return an investor can achieve from an investment in the Fund over the duration of the Outcome Period. <b>The Fund’s total return will not appreciate beyond the Cap and Fund shareholders may underperform the Underlying ETF.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Buffer seeks to protect shareholders that hold shares for the entire Outcome Period from declines in the Fund’s total return by providing a buffer against approximately 100% of decreases in the total return of the Underlying ETF. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 99.41%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees. <b>There is no guarantee that the Fund will be successful in providing the Buffer.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the KraneShares CSI China Internet ETF (the “Underlying ETF”) and options, including FLexible EXchange^® Options (“FLEX options”), that reference the Underlying ETF. The Underlying ETF is an exchange-traded fund advised by Krane Funds Advisors, LLC (“Krane” or the “Adviser”) that seeks to track the CSI Overseas China Internet Index (the “Index”). The Index is designed to measure the equity market performance of China Internet Companies listed outside of mainland China, as determined by China Securities Index Co., Ltd. (“Index Provider”). The reference asset for all of the Fund’s options is the Underlying ETF. More information about the Underlying ETF and its Index is included at the end of this section.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is no guarantee that investors in the Fund will experience the sought-after outcomes based on the Cap and Buffer (“Outcomes”) over the Outcome Period:</span></p></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: justify; width: 27%"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>China Internet Companies: <br/> </i></b><i>Investable publicly traded “China-based companies” whose primary business or businesses are in the Internet and Internet-related sectors (“China Internet Companies”), and are listed outside of mainland China, as determined by China Securities Index Co., Ltd.</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Outcome Period: </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The period of January 27, 2025 through January 15, 2027 is referred to as the Outcome Period. The Buffer and the Cap are based on the total return of the Underlying ETF and are set on the first day of the Outcome Period. </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Options Contract:</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>An agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. FLEX options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation (“OCC”).</i></span></p></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">The Fund’s strategy is designed to produce the Outcomes based upon the total return of the Underlying ETF from the first day of the Outcome Period to the last day of the Outcome Period</span>. </b> The Outcomes may only be realized by investors who continuously hold shares from the beginning of the Outcome Period until the end of the Outcome Period. <b><span style="text-decoration: underline">Investors that purchase shares after the Outcome Period has begun or sell shares prior to the Outcome Period ends may experience investment returns very different from those that the Fund seeks to provide</span>. </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When establishing an Outcome Period the Fund cannot anticipate any corporate actions that may affect the secondary market share price of the Underlying ETF, such as significant distributions by the Underlying ETF, and that may cause the strike price of the options held by the Fund to be adjusted by the OCC. <b>An adjustment of the strike price of the options held by the Fund by the OCC may adversely impact the Outcomes. </b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Although the Fund’s investment adviser, Krane, generally anticipates that the Fund’s net asset value (“NAV”) will increase on days when the secondary market share price of the Underlying ETF increases and will decrease on days when the secondary market share price of the Underlying ETF decreases, the rate of such increase or decrease is expected to be less than that experienced by the Underlying ETF. This is because the Fund’s NAV is based upon the value of its portfolio, which is composed principally of the Underlying ETF and options; and while the secondary market share price of the Underlying ETF is a significant component of the value of the Fund’s options, the time remaining until those options expire also affects their value. As a result, the Fund’s NAV is not expected to increase or decrease at the same rate as the secondary market share price of the Underlying ETF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Further, as the Fund gets closer to the end of the Outcome Period, the value of the Underlying ETF, the put options and the calls options may differ from the values at the beginning of the Outcome Period. Such shift in the value of the Fund’s holdings over time may increase risks to one type of exposure in the Fund compared to the other.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The two hypothetical graphical illustrations provided below are designed to illustrate the Outcomes, before any fees and expenses, that the Fund seeks to provide for investors who hold shares for the entirety of the Outcome Period. <b>There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: Red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><img alt="" src="pro-kpro_001.jpg" style="height: 517px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"><img alt="" src="pro-kpro_002.jpg" style="height: 428px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; color: Red"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left"><b>*</b></td> <td style="text-align: justify"><b>Please note: this graph is provided merely to illustrate the Outcomes that the Fund seeks to provide based upon the performance of the KraneShares CSI China Internet ETF. There is no guarantee that these outcomes will be achieved over the Outcome Period.</b></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table is designed to illustrate the Outcomes the Fund seeks to provide over an Outcome Period, assuming the hypothetical performance of the Underlying ETF (from -100% to 100%) shown in the first line of the table. The table is provided for illustrative purposes only and does not provide every possible performance scenario for shares over the course of an Outcome Period. The table is not intended to predict or project the performance of the Fund or the Underlying ETF. Fund shareholders should not take this information as an assurance of the expected performance of the Underlying ETF or return on the Fund’s shares. <b>There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes for an Outcome Period.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 34%; text-align: left"><span style="font-size: 10pt;"><b>Hypothetical Underlying ETF Performance</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(100)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(50)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(20)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>(5)%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>0%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>5%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>10%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>15%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>25%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>50%</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: center"><span style="font-size: 10pt;"><b>100%</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt;"><b>Fund Performance</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>0%**</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>0%**</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>0%**</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>0%**</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>0%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>5%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>10%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>15%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>20%*</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>20%*</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;"><b>20%*</b></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0%"></td> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 19.42%. The Cap will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td> <td style="text-align: left">**</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 99.41%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Since the Fund invests in the Underlying ETF, the Fund will receive distributions made by the Underlying ETF. These distributions paid by the Underlying ETF may cause the OCC to make adjustments to the strike price of the Fund’s options. If this occurs, then such an adjustment can cause changes to the Fund’s Buffer and Cap and may adversely affect the Outcomes. As a result, the Fund may not perform as expected and Fund shareholders could be adversely impacted, especially Fund shareholders that purchase shares after the start of the Outcome Period and Fund shareholders who do not hold shares for the entire Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following hypothetical tables are designed to illustrate the impact of strike price adjustments on the Fund’s Buffer and Cap due to distributions by the Underlying ETF. These tables are provided for illustrative purposes only and do not provide every possible scenario over the course of an Outcome Period. These tables are not intended to predict or project any distributions by the Fund or the Underlying ETF or the performance of the Fund or the Underlying ETF. Fund shareholders should not take this information as an assurance of the expected distributions or performance of the Underlying ETF or the Fund. The tables assume the Underlying ETF’s market price is $30 for each period shown and the Underlying ETF distributes $3 in capital gains to the Fund, which distributes the same amount to Fund shareholders. The tables assume the OCC adjusts the strike price of the Fund’s options as shown due to such distributions. The tables also assume a shareholder purchases Fund shares on the first day of the Outcome Period and continuously holds Fund shares until the end of the Outcome Period. While these tables assume that the Fund distributes the same amount of distribution received from the Underlying ETF, the Fund may not always distribute the entire amount of the distribution received from the Underlying ETF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline;"><b>Impact on Buffer With Strike Price Adjustment Due to Distributions</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: left"><span style="font-size: 10pt;"><b>Period</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Adjustment to Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution as a % of Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Buffer*</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Buffer* with Distribution Included</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt;">First Day</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">-</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of First Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">100%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of Second Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">100%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 99.41%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As shown in the table, while the amount of the “Buffer” is expected to decrease due to such strike price adjustments, the “Buffer with the Distribution Included” is expected to approximate the Buffer on the first day if a shareholder includes the distribution they were paid by the Fund in the Buffer amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="text-decoration: underline;"><b>Impact on Cap With Strike Price Adjustment Due to Distribution</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: left"><span style="font-size: 10pt;"><b>Period</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Adjustment to Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Distribution as a % of Strike Price</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Cap*</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt;"><b>Cap* with Distribution Included</b></span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt;">First Day</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">-</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">-</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of First Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center">10<span style="font-size: 10pt">%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">20%</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left"><span style="font-size: 10pt;">End of Second Year</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">$3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">Strike Price Reduced by $3</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: center"><span style="font-size: 10pt;">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">20%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0"></td> <td style="width: 0.25in; text-align: left">*</td> <td style="text-align: justify">When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 19.42%. The Cap will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As shown in the table, while the amount of the “Cap” is expected to decrease due to such strike price adjustments, the “Cap with the Distribution Included” is expected to approximate the Cap on the first day if a shareholder includes the distribution they were paid by the Fund in the Cap amount.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">If the Underlying ETF makes distributions and the OCC does not make adjustments to the strike price of the Fund’s options, a shareholder will need to include the amount of the distributions to achieve the sought after Outcomes. As a result, Fund shareholders that purchase shares after the start of the Outcome Period could be adversely impacted, especially those Fund shareholders that purchase shares after the Fund has made any distributions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Use of Options, including FLEX Options.</i></b> The Adviser will construct a portfolio principally composed of the Underlying ETF and options, including FLEX options, that reference the Underlying ETF and are set to expire on the last day of the Outcome Period. Each of the options purchased and sold throughout the Outcome Period are expected to have the same or similar terms (i.e., strike price and expiration) as the options purchased and sold on the first day of the Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">At the commencement of the Outcome Period, the Adviser selects the strike price for each option such that when the options are exercised on the final day of the Outcome Period, the Outcomes may be obtained. The customizable nature of FLEX options allows the Adviser to make the FLEX options exercisable only on the expiration date of the option contract (i.e., European style option contracts). The Fund will only write (sell) FLEX options that are European style option contracts. The Fund may purchase options that are European style option contracts and options that are exercisable at any time (i.e., American style option contracts).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">To achieve the Outcomes, the Fund may purchase and sell a combination of call option contracts and put option contracts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>The Outcome Period. </i></b>The Outcomes sought by the Fund are based upon the total return of the Underlying ETF at the start of the Outcome Period. <b>The next Outcome Period begins on January 27, 2025 and ends on January 15, 2027. </b>As the terms of the options do not change during each Outcome Period, the Cap and Buffer both will be measured to the total return of the Underlying ETF on the first day of the Outcome Period. <b>A shareholder that purchases shares after the commencement of the Outcome Period will likely have purchased shares at a different NAV than the NAV on the first day of the Outcome Period and therefore may experience investment outcomes that are very different from those sought by the Fund. Since the Fund will only exercise options on the final day of the Outcome Period, a shareholder that sells shares prior to the end of the Outcome Period may also experience investment outcomes very different from those sought by the Fund. <span style="text-decoration: underline">To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must hold shares continuously throughout the Outcome Period.</span> There is no guarantee that the Fund will be successful in its attempt to provide the Outcomes.</b></p> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 3%; text-align: justify"> </td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; text-align: justify; width: 27%"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>Strike Price:</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>Generally, the price at which an option holder may exercise the right to purchase or sell the reference asset of an option contract upon expiration of the contract. For the Fund, the strike price will be the total return of the Underlying ETF at which the Fund may exercise an option at the end of the Outcome Period. </i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>Call Option Contract:</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>A call option contract gives the buyer of the call option contract the right (but not the obligation) to buy, and the seller of the call option contract (i.e., the “writer”) the obligation to sell, a specified amount of an underlying security at a pre-determined price. </i></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><b><i>Put Option Contract:</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><i>A put option contract gives the buyer of the put option contract the right (but not the obligation) to sell, and the writer of the put option contract the obligation to buy, a specified amount of an underlying security at a pre-determined price.</i></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in the Underlying ETF and options, including FLEX options, on the Underlying ETF. However, because a component of an option’s value is the number of days remaining until its expiration, during the Outcome Period, the Fund’s NAV will not directly correlate on a day-to-day basis with the secondary market share price of the Underlying ETF. The Adviser generally anticipates that the Fund’s NAV will increase on days when the secondary market share price of the Underlying ETF increases and will decrease on days when the secondary market share price of the Underlying ETF decreases, but that the rate of such increase or decrease will be less than that experienced by the Underlying ETF. For the same reasons, the impact of the Buffer on the Fund, may not be in full effect prior to the end of the Outcome Period. <b>Since the options do not expire until approximately two years after the commencement of the Outcome Period, the degree of correlation between the value of the options and the secondary market share price of the Underlying ETF may be lower than if the options had a shorter term. The Fund seeks to provide the Outcomes only for the entirety of the Outcome Period and investors should not expect the sought-after Outcomes at any point prior to the end of the Outcome Period.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>The Buffer on Losses. </i></b>The Buffer seeks to protect shareholders that hold shares for the entire Outcome Period from declines in the Fund’s total return by providing a buffer against 100% of decreases in the total return of the Underlying ETF, not including any other expenses charged to the Fund and any shareholder transaction fees. <b>There is no guarantee that the Fund will be successful in its attempt to provide buffered returns.</b> The Fund seeks to produce the Outcomes for the Outcome Period upon the expiration of its options investments on the last day of the Outcome Period. Therefore, it should not be expected that the Buffer, including the net effect of the Fund’s annual management fee, will be provided at any point prior to the last day of the Outcome Period. <span style="text-decoration: underline"><b>If an investor purchases shares at a time during an Outcome Period when the total return of the Underlying ETF has already increased, then the investor will incur losses notwithstanding the Buffer since the Buffer only seeks to protect against declines in the total return of the Underlying ETF from the beginning of the Outcome Period</b></span><b>.</b> Similarly, if an investor sells shares prior to the end of the Outcome Period, the Buffer that the Fund seeks to provide may not protect against losses. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Buffer is approximately 99.41%. The Buffer will be further reduced by any other expenses charged to the Fund and any shareholder transaction fees. In addition, any changes in the Fund’s options due to material corporate actions, including material distributions, could reduce the Buffer during an Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>The Cap on Upside Returns.</i></b> Unlike other investment products, the potential upside total return an investor can receive from an investment in the Fund over the Outcome Period is limited by the Cap. <span style="text-decoration: underline"><b>The Cap represents the maximum total return an investor can achieve from an investment in the Fund over the duration of the Outcome Period</b></span><b>. Therefore, even though the Fund’s total returns are expected to approximate the total return of the Underlying ETF, in the event that the total return of the Underlying ETF exceeds the Cap for the Outcome Period, the Fund will not appreciate beyond the Cap.</b> The Cap is determined on the first day of the Outcome Period and is 20.01% prior to taking into account any fees or expenses. When the Fund’s annual management fee of 0.25% of the Fund’s average daily net assets is taken into account, the Cap is approximately 19.42%. The Cap will be further reduced by any other expenses charged to the Fund, including any extraordinary expenses, and any shareholder transaction fees. For the purpose of this prospectus, “extraordinary expenses” are non-recurring expenses that may be incurred by the Fund outside of the ordinary course of its business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceedings, indemnification expenses and expenses in connection with holding and/or soliciting proxies for a meeting of Fund shareholders. In addition, any changes in the Fund’s options due to material corporate actions, including material distributions, could have the effect of reducing the Cap for an Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Cap is a result of the design of the Fund’s principal investment strategy. In order to provide the sought-after Buffer, the Fund purchases a series of options. As the purchaser of these options, the Fund is obligated to pay a premium to the seller of those options. However, the strategy is designed so that any premiums that the Fund is obligated to pay are offset by premiums it receives in connection with selling options that established the Cap. These transactions occur on the first day of the Outcome Period: the Adviser calculates the amount of premium that the Fund owes in order to buy options to provide the Buffer, and then sells options with terms that entitle the Fund to receive that same amount as a premium to determine the Cap. The Cap is the strike price of the written options, which is determined based upon prevailing market conditions at the time, most notably current interest rate levels, volatility in the secondary market share price of the Underlying ETF, time remaining until the options expire, and the relationship of put and call options on the Underlying ETF.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Cap will change from one Outcome Period to the next based upon prevailing market conditions at the beginning of the Outcome Period. The Cap, and the Fund’s position relative to it, should be considered before investing in the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Subsequent Outcome Periods.</i></b> The Fund is designed to be a continuous investment vehicle. It is not expected to terminate and distribute its assets at the conclusion of an Outcome Period. Rather, at the end of each Outcome Period, a subsequent Outcome Period is expected to begin.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">At the end of each Outcome Period, the Fund will receive the cash value of all the options it held for the prior Outcome Period. It will then invest in a new series of options with an expiration date of approximately two years in the future, and a new Outcome Period will begin. Since the Cap for any Outcome Period is based upon prevailing market conditions at the beginning of an Outcome Period, the Cap will rise or fall from one Outcome Period to the next.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Investors who hold shares of the Fund at the end of an Outcome Period will receive two notices of the commencement of the subsequent Outcome Period. Approximately one week prior to the end of an Outcome Period, the Fund will file a prospectus supplement alerting existing shareholders that an Outcome Period is ending. The supplement will disclose the new name of the Fund, which will be revised to reflect the dates of the next Outcome Period, and the anticipated ranges for the Cap for the next Outcome Period. After the close of business on the last day of the Outcome Period, the Fund will file another prospectus supplement that discloses the Fund’s final Cap (both gross and net of the management fee) for the next Outcome Period and the change in the Fund’s name to reflect the new Outcome Period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund may invest up to 20% of its net assets in instruments that are not included in the 80% test noted above. These investments include equity securities, depositary receipts, derivative instruments, other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund is non-diversified.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Additional Information About the Underlying ETF. </i></b>The Underlying ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Index, which is designed to measure the equity market performance of China Internet Companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Index Provider defines China-based companies as those that: (i) are incorporated in mainland China; (ii) have their headquarters in mainland China; or (iii) derive at least 50% of its revenue from goods produced or sold, or services performed, in mainland China.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China Internet Companies include, but are not limited to, companies that develop and market Internet software and/or provide Internet services; manufacture home entertainment software and educational software for home use; provide retail or commercial services primarily through the Internet; and develop and market mobile Internet software and/or provide mobile Internet services.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Index excludes securities that during the past year had a daily average trading value of less than $3 million or a daily average market cap of less than $2 billion. Constituents of the Index are ranked by free-float market capitalization in U.S. Dollars and then weighted so that no constituent exceeds 10% at each rebalance with the top five constituents capped at 40%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following China-related securities may be included in the Index:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the People’s Republic of China (“PRC”), whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, the Underlying Index included 33 securities of companies with a market capitalization range of approximately $546.0 million to $561.8 billion and an average market capitalization of approximately $43.0 billion. The Underlying Index is rebalanced and reconstituted semi-annually. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Consumer Discretionary sector (41.4%) and Communication Services sector (37.4%) represented significant portions of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Although the Underlying ETF expects to replicate (or hold all constituents of) the Index, the Underlying ETF reserves the right to use representative sampling to track the Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Index. In addition, the Underlying ETF may invest up to 20% of its assets in instruments that are not included in the Index, but that Krane believes will help the Underlying ETF track the Index. The Underlying ETF’s prospectus and other reports are available on the SEC’s website, www.sec.gov. The Underlying ETF is traded on the NYSE Arca, Inc. under the ticker symbol KWEB.</p> <p id="xdx_A8C_eoef--RiskTextBlock_zMUwkLhJK54a" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund has characteristics unlike traditional investment products and may not be suitable for all investors. Although the Fund seeks to achieve the Outcomes consistent with its investment objective, there is no guarantee that it will do so. An investment in the Fund may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_902_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z5AOHRgGYksh">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zf3ee1427Mha">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund (either directly or through its exposure to the Underlying ETF) is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including (for purposes of these risks references to the Fund include, as appropriate, references to the Underlying ETF):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zEe6cWNlnPl6"></span></div> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BufferedLossRiskMember_zvHUbQXNR8gh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Buffered Loss Risk.</b> There can be no guarantee that the Fund will be successful in its strategy to provide protection against 100% of decreases in the total return of the Underlying ETF over the duration of the Outcome Period. If an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the Buffer that the Fund seeks to provide may not be effective. If an investor purchases shares at a time during an Outcome Period when the total return of the Underlying ETF has already increased, then the investor will incur losses notwithstanding the Buffer since the Buffer only seeks to protect against declines in the total return of the Underlying ETF from the beginning of the Outcome Period. If the options (and therefore the Buffer) do not perform as expected, an investor may experience significant losses, including the investor’s entire investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zr204rcg2359"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CappedUpsideReturnRiskMember_zfVxvL486Fi7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capped Upside Return Risk. </b>Even if the total return of the Underlying ETF exceeds the Cap for the Outcome Period, the Fund will not appreciate beyond the Cap. Due to the Cap, the Fund may significantly underperform the Underlying ETF over the course of the Outcome Period. If an investor purchases shares of the Fund after the beginning of the Outcome Period and Fund shares have appreciated close to the Cap, there may be little or no ability for that investor to experience an investment gain on their shares yet such investor is exposed to potential losses between the appreciated share price and the Fund’s NAV at the commencement of the Outcome Period. Further, because the options are expected to produce returns that match the total return of the Underlying ETF (subject to the Cap) on the last day of the Outcome Period, if an investor sells shares prior to that day, such investor may sell at a price that does not reflect the total return of the Underlying ETF and may sell at a price when the Fund has underperformed the Underlying ETF.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zjL9Dyk4cBVf"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zryLME9dazB9" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk. </b>The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_z6LiQSTlSjU7" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Options Risk. </b>An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Any FLEX options written by the Fund will be exercisable at their strike price only on their expiration date. The options purchased by the Fund will be exercisable at their strike price either on their expiration date or at any time. Since the options held by the Fund do not expire until approximately two years after the commencement of the Outcome Period, the degree of non-correlation between the value of the options and the secondary market share price of the Underlying ETF will be higher when compared to options with shorter terms. As an option approaches its expiration date, its value typically will increasingly correlate with the price of Underlying ETF shares. Farther in advance of the expiration date, the value of the options may vary because related factors other than the value of the Underlying ETF influence the value. For example, the value of the options will be influenced by interest rate changes, the secondary market share price of the Underlying ETF and implied volatility levels of the Underlying ETF, among other factors. For the same reasons, the value of the options held by the Fund is not expected to increase or decrease to the same degree as the Underlying ETF’s secondary market share price on a day-to-day basis. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionIncomeRiskMember_z0LkJAXjZ294" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Option Income Risk.</b> The Fund generates option premium income generated from the sale of options (“option income”). This option income generally is classified as a return of capital for financial accounting purposes, which is how such income is required to be reported on the 19(a) notices that the Fund is required to issue after its monthly distributions. However, the 19(a) notices do not reflect the tax character of the option income, which is determined after the end of the calendar year. The option income for tax purposes is likely to be considered taxable investment income and may not reduce your tax basis in your shares of the Fund when distributed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OCCResettingStrikePricesRiskMember_zVNaEzdOsVTk" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>OCC Resetting Strike Prices Risk. </b>Subject to determination by the Securities Committee of the OCC, adjustments may be made to the Fund’s options for certain events (collectively, “Corporate Actions”) specified in the OCC’s bylaws and rules such as: certain stock dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations, recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the time such determination is made, based on its judgment as to what is appropriate for the protection of investors and the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of the affected options, the maintenance of a fair and orderly market in the affected options, consistency of interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing agencies of the clearance and settlement of transactions in the underlying interest. If the OCC’s Securities Committee determines that a Corporate Action warrants an adjustment to the strike price of the Fund’s options, the Fund’s Buffer and Cap will be adjusted accordingly and will differ from amount set at the beginning of the Outcome Period. There is no guarantee that the options will be adjusted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClearingMemberDefaultRiskMember_zBJobLsgF1Nb" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Clearing Member Default Risk. </b>Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to, and receive payments from, a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any option contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for its options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund’s ability to implement its investment strategy. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The OCC acts as guarantor and central counterparty with respect to the options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the event an OCC clearing member that is a counterparty of the Fund were to become insolvent, the Fund may have some or all of its options closed without its consent or may experience delays or other difficulties in attempting to close or exercise its affected options positions, both of which would impair the Fund’s ability to execute its investment strategy. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zrjYN1U3kHzk"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OutcomePeriodRiskMember_zJYUWL4BjVD9" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Outcome Period Risk.</b> The Fund seeks to deliver returns that match those of the Underlying ETF’s total return if shares are held by an investor from the beginning of the Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to the end of the Outcome Period, the returns realized by the investor should not be expected to match those that the Fund seeks to provide. Further, because the Fund utilizes an Outcome Period that is approximately two years long, the risk of experiencing non-correlated returns is exacerbated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zP5OdRbBRvU4"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--UpsideParticipationRiskMember_zW6eZG6RVlFi" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Upside Participation Risk.</b> There can be no guarantee that the Fund will be successful in its strategy to provide shareholders with the total return of the Underlying ETF’s shares over the Outcome Period prior to taking into account any fees or expenses, subject to the maximum total return imposed by the Cap. In the event an investor purchases shares after the beginning of the Outcome Period or does not stay invested in the Fund for the entirety of the Outcome Period, the returns realized by such investor may not match those that the Fund seeks to achieve. In order to finance the downside protection offered by the Buffer, the Fund enters into a sold call option contract which limits its upside potential. Since the Buffer seeks to provide protection against 100% of decreases in the total return of the Underlying ETF over the duration of the Outcome Period, the Cap may be lower than the caps imposed by other ETFs that utilize defined outcome investing strategies with different buffers, on a relative basis. Due to the Cap, the Fund may significantly underperform the Underlying ETF over the course of the Outcome Period. Finally, the Fund’s Cap is dependent upon market conditions at the commencement of the new Outcome Period. In certain market conditions, the Fund’s Cap may provide relatively low upside potential, which may cause the Fund to further underperform the Underlying ETF over the course of an Outcome Period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zKlak6Ebauhk"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CapChangeRiskMember_zAL0VKQNlHSc" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cap Change Risk.</b> In addition, since the Fund invests in the Underlying ETF, the Fund will receive distributions made by the Underlying ETF. These distributions paid by the Underlying ETF may cause the OCC to make adjustments to the strike price of the Fund’s options. If this occurs, then such an adjustment can cause changes to the Fund’s Buffer and Cap and may adversely affect the Outcomes. As a result, the Fund may not perform as expected and Fund shareholders could be adversely impacted, especially Fund shareholders that purchase shares after the start of the Outcome Period and Fund shareholders who do not hold shares for the entire Outcome Period. A new Cap is established at the beginning of each Outcome Period and is dependent on prevailing market conditions at the time the Cap is established. As such, the Cap may rise or fall from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zIe2sV8L5ZTf"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonCorrelationRiskMember_zRrZYOCe8Oaa" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Correlation Risk.</b> The FLEX options written by the Fund will be exercisable at their strike price only on their expiration date. The options purchased by the Fund will be exercisable at their strike price either on their expiration date or at any time. Since the options held by the Fund do not expire until approximately two years after the commencement of the Outcome Period, the degree of non-correlation between the value of the options and the secondary market share price of the Underlying ETF will be higher when compared to options with shorter terms. As an option approaches its expiration date, its value typically will increasingly correlate with the price of Underlying ETF shares. Farther in advance of the expiration date, the value of the options may vary because related factors other than the value of the Underlying ETF influence the value. For example, the value of the options will be influenced by interest rate changes, the secondary market share price of the Underlying ETF and implied volatility levels of the Underlying ETF, among other factors. For the same reasons, the value of the options held by the Fund is not expected to increase or decrease to the same degree as the Underlying ETF’s secondary market share price on a day-to-day basis.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zj9USolPNuUe"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_z2bY9WNkERj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_z9cbc5sMOyrl"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternetCompaniesRiskMember_zru3JID8sOW" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Internet Companies Risk.</b> Certain Funds invest significantly in Internet companies. Internet companies are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions, and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company’s business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure, which could have a material adverse effect on an Internet company’s business. Internet companies are also especially at risk of hacking and other cybersecurity events.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zqhnbRqIRLX"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zrQwPiQDz05l" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk. </b>The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zLuURi1E9F2f"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zXDzfmnNjH7b" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="background-color: white"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zIQEeg1z7zDh"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zp59NbiwsFkf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Securities Risk. </b>Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zODZiYcOcKY3"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z9rCm763Xbya" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z8alvNYC046j"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zd0bhFdZ5lr" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zbXR5blihLi8"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zjst8tG7j2r6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Non-Diversified Fund Risk. </b><span id="xdx_907_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zUHw9khFQWJb">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z9R0cre9LEb"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zCPpFEEX72tg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_zmGLDYVSvcj9" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in; margin-top: 0; margin-right: 0; margin-bottom: 0"><b>Communication Services Sector Risk.</b> The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Telecommunication service providers are often required to obtain licenses or franchises in order to provide services in a given location. Licensing or franchise rights are limited, which may result in an advantage to certain participants. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Companies in media and entertainment industries can be significantly affected by competition, particularly in formulating new products and services using new technologies, and the cyclicality of revenues and earnings. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information or disruptions in services, which would have a material adverse effect on their businesses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zAA2bJpLbLb1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in; margin-top: 0; margin-right: 0; margin-bottom: 0"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0in; margin-top: 0; margin-right: 0; margin-bottom: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zNgQMpx2pKX" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zq9hPa7RPQxg"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zBIwSlxG9Wg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundRiskMember_zzp42n94j0h7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zFowd9XhrPqi"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z6O0enBKPYrj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zGlh8Mv5CC48"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConflictOfInterestRiskMember_zRqXcmVwKwwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Conflict of Interest Risk. </b>Because the Fund and the Underlying ETF are both managed by Krane, Krane is subject to conflicts of interest relating to the management of the Fund and Underlying ETF including the fair valuation of the Underlying ETF’s securities. Any fair valuation decisions made by Krane regarding securities held by the Underlying ETF impact the secondary market share price of the Underlying ETF and may impact the pricing of the options held by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zousAhXaiFq2"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zKbg472XOXBi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zpkOIyXkULze"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zKHkUVb9iXD2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Capitalization Company Risk. </b>Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_z2D5mrugld06"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zD9A1Bp6JEXa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. The Adviser’s evaluations and assumptions regarding investments, interest rates, inflation, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z6S1WoEhf4ph"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zCjpLUPNXU14" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_z6AVAJ4Okmtc"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z0CfOP0nZ6v4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zNcCumHZrbra"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zOlhw4rt5jwb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zD1Mn0zODDm3"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zpcxEH6pmvDe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zgZ65l9nIAc3"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zUYJ9u2jv3Og"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zOlDCVzDbbQ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zC1i1h4em7b8"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zkYk4oztGYd1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zyAqRv3fwYNj"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z433UykLAgii" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_ztJxYMTsT2kc"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_z0GGeoNW7BTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zdT3Fwx7AvYb"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z8fXi1XyK7yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: -0.05pt"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8E_eoef--PerformanceNarrativeTextBlock_z8h7FEwu5DC4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zo9YvkKSr3D6">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zlb8vF6X8Vp1">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90B_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zor0XwnvluQ1">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A8E_eoef--BarChartTableTextBlock_zVNPAsaGERh5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img alt="" src="pro-kpro_003.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A57_dU_zIGjnGN14Hjc" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000247859Member_zWBl8rI1aBC2" style="display: none; text-align: center; width: 50%">14.27%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> 0.1427 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zyjgP5oJlBQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: center">As of <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zF69uef9djMj">June 30, 2026</span>, the Fund<span style="font-family: Times New Roman, Times, Serif">’</span>s calendar <span id="xdx_90C_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zdhtJgJUwq3b">year-to-date total return</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_z6PePw6mOvEc">-5.69%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; background-color: gainsboro; text-align: left"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Return</b></span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><b>Quarter Ended/Year</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 70%; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zjvd5UpdBsgi">Highest Return</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; text-align: center"><span style="font-size: 10pt"><span id="xdx_90E_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zzukB0oyaOh3">8.60%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zoWUlzTG3NC9">09/30/2025</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><span id="xdx_902_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zQkXdqfP33pg">Lowest Return</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zW9r8tuTP0Fi">-1.33%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zLIScDamIYt5">12/31/2025</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2026-06-30 year-to-date total return -0.0569 Highest Return 0.0860 2025-09-30 Lowest Return -0.0133 2025-12-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zAQE3ZHe5zj7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zBqGLe8TcbP5" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; background-color: gainsboro; text-align: justify"><span style="font-size: 10pt"><b>KraneShares 100% KWEB Defined Outcome January 2027 ETF</b></span></td> <td id="xdx_49A_20250101__20251231_z408ZABSgqj1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_490_20240207__20251231_zJJ4PJoiurf1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_908_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247859Member_zQmwFqpsaZ93"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_znsAmbvszii5"><span id="xdx_906_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zrJQejWctprb"><span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_z61jV7abHkDa"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zWCcSembRYCf">2-7-2024</span></span></span></span></span>) </b></span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247859Member_zIrBz9jaMKIc"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 70%; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247859Member_zm9E4HSgKvd8">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">14.27%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">13.51%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zYy6yM3zY4a2"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zS4CJe19aPTe">Return After Taxes on Distributions</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">10.39%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">10.60%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zorkwP04EYd1"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwbDkGh2eJQi">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">8.45%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">9.16%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zza4JVOEM4Hc"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: gainsboro"><span style="font-size: 10pt">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">28.94%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">27.67%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zd0xe35YBbM8"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: gainsboro"><span style="font-size: 10pt">CSI Overseas China Internet Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">23.29%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">24.47%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <span id="xdx_905_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zklwCx0G8cmh" style="display: none">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000247859Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zNGqqZZufWAg" style="display: none">CSI Overseas China Internet Index (Reflects no deduction for fees, expenses or taxes)</span></p> 2024-02-07 2024-02-07 2024-02-07 2024-02-07 2024-02-07 Return Before Taxes 0.1427 0.1351 Return After Taxes on Distributions 0.1039 0.1060 Return After Taxes on Distributions and Sale of Fund Shares 0.0845 0.0916 0.2894 0.2767 0.2329 0.2447 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) CSI Overseas China Internet Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A8D_eoef--PerformanceTableClosingTextBlock_zBzpSWvG4BS8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_900_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zhAzGmdBG3Uh">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000083834Member_zeWlKJmQbQvl">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Asia Pacific High Income USD Bond ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zLmEFijP3hYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The KraneShares Asia Pacific High Income USD Bond ETF (the “Fund”) seeks to provide a total return that, before fees and expenses, exceeds that of the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (the “Underlying Index”) over a complete market cycle.</p> Fees and Expenses of the Fund <p id="xdx_A82_eoef--ExpenseNarrativeTextBlock_zvYdcQsxVuMj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zgneKoY8Wetk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zqJXtEowOaG8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left; width: 85%">Shareholder Fees <span style="font-style: normal; font-weight: normal">(fees paid directly from your investment)</span></td> <td id="xdx_982_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member__oef--ClassAxis__custom--C000195632Member_zBwoGQvVVGgi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right; width: 15%" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_zNRzU4FMrD0j"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_z9OdLCR0Ghuf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_494_20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member__oef--ClassAxis__custom--C000195632Member_zx5WJyFqmTWg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zsrp0SJdEetd" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.68%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zzMPKClcN83i" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F44_z70dx2RKE7fg">*</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zzscInesk4j1" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zvoZs8JeLaMg" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border: Black 1pt solid; text-align: right">0.69%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0C_zXM8OhVtiFc9" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1E_zkTqf6QPs4xb" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0068 0.0000 0.0001 0.0069 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zrJ3hLvkBpV2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4dKopz98uC9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zr4BH6SzErF" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zxxA6XxmVjJ7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_zcIKjWe4Ahxb" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zVfb2Bpli67g" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zJWL6Q9Zelcj" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_412_20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member__oef--ClassAxis__custom--C000195632Member_ziDnwWKxAPij" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$70</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$221</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$384</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$859</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 70 221 384 859 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zuozQXdBP6L3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_z9195SvzZmd4">198%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 1.98 Principal Investment Strategies <p id="xdx_A86_eoef--StrategyNarrativeTextBlock_zTyo3xmHgSaj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its total assets (plus borrowings for investment purposes) in U.S. dollar-denominated fixed income securities of issuers located in the Asia-Pacific region and other instruments that have economic characteristics similar to such securities. The Fund may invest in fixed income securities, of any credit quality, duration or maturity, issued by corporate, quasi-sovereign (including government-linked agencies, supranational organizations, etc.) and sovereign issuers, including convertible bonds. The Fund seeks to invest in high income producing instruments and will seek to invest primarily in fixed income securities, including in Regulation S offerings outside of the U.S., that are below investment grade (commonly known as “junk bonds”) or unrated. Below investment grade securities are generally defined as those fixed income securities that, at the time of investment, are rated below the four highest categories (i.e., rated Ba1/BB+ or lower) by at least one independent credit rating agency or, if unrated, are determined by Amova Asset Management Americas, Inc. or its affiliates (the “Sub-Adviser”) to be of comparable quality.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Asia-Pacific region is defined to encompass countries represented in the J.P. Morgan Asia Credit Index or countries classified in Bloomberg’s country of risk from the Asia-Pacific or Central Asia regions, including developed and emerging market countries. An issuer is considered to be “located” in a country or a region, and a security or instrument is deemed to be an Asia-Pacific (or specific country) security or instrument, if it has substantial ties to that country or region. The Sub-Adviser currently makes that determination based primarily on one or more of the following criteria: (A) with respect to a company or issuer, whether (i) it is organized under the laws of that country or any country in that region; (ii) it derives at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed, or has at least 50% of its assets located, within that country or region; (iii) it has the primary trading markets for its securities in that country or region; (iv) it has its principal place of business in or is otherwise headquartered in that country or region; or (v) it is a governmental entity or an agency, instrumentality or a political subdivision of that country or any country in that region; and (B) with respect to an instrument or issue, whether (i) its issuer is headquartered or organized in that country or region; (ii) it is issued to finance a project with significant assets or operations in that country or region; (iii) it is principally secured or backed by assets located in that country or region; (iv) it is a component of or its issuer is included in a recognized securities index for the country or region; or (v) it is denominated in the currency of an Asia-Pacific country and addresses at least one of the other above criteria. The term “located” and the associated criteria listed above have been defined in such a way that the Sub-Adviser has latitude in determining whether an issuer should be included within a region or country.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Sub-Adviser uses top-down macro research and bottom-up credit research to construct the Fund’s portfolio using a proprietary process that involves, among other factors, a combination of quantitative and qualitative factors to assess an issuer’s credit profile, and the Sub-Adviser’s assessment of a security’s value and relative value compared to other similar securities. The Sub-Adviser monitors the Fund’s portfolio securities to ensure that the investment thesis remains valid and will exit a position if its assessment of a security has changed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest a large percentage of its net assets in issuers in a single region or country within the Asia-Pacific region and may invest in issuers of any market capitalization. The Fund currently expects to invest more than 25% of its assets in the real estate sector. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), if the investment companies invest principally in the types of investments in which the Fund may invest directly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may also invest in derivative instruments (including swaps, futures, forwards, structured notes and options) as a means of hedging risk and/or for investment purposes, which may include altering the Fund’s exposure to currencies, interest rates, sectors and individual issuers.</p> <p id="xdx_A83_eoef--RiskTextBlock_zyVXIrqssL2b" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span id="xdx_90A_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zHvISBW95vMl">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90E_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zo287XI5Piid">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zotzC1DRKzcd"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AsiaPacificRiskMember_zdzPtO9Qns9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Asia-Pacific Risk.</b> Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks, including high interest rates, economic volatility, inflation, currency devaluations and high unemployment rates. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Political instability could have an adverse effect on economic or social conditions in these economies and may result in outbreaks of civil unrest, terrorist attacks or threats or acts of war in the affected areas, any of which could adversely affect the Fund. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. The market for securities in this region may also be directly influenced by the flow of international capital, and by the economic and market conditions of neighboring countries. Many Asia-Pacific economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asia-Pacific economies are highly dependent on trade and economic conditions in other countries can impact these economies. Singapore, Malaysia, Thailand, Indonesia and the Philippines present different economic and political conditions from those in Western markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_ziNlX9Cnzke8"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighYieldAndUnratedSecuritiesRiskMember_zO9tFqSE6vYa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>High Yield and Unrated Securities Risk.</b> Securities that are unrated or rated below investment grade (or “junk bonds”) are subject to greater risk of loss of income and principal than highly rated securities because their issuers may be more likely to default. Junk bonds are inherently speculative. The prices of unrated and high yield securities are likely to be more volatile than those of highly rated securities, and the secondary market for them is generally less liquid than that for highly rated securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zqzjO5IRtGo8"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zRYeuDJCr19d" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zwPXxk0mUYbj"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulationSSecuritiesRiskMember_z5FJvTRLZX4b" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Regulation S Securities Risk. </b>Regulation S securities may be less liquid than publicly traded securities as a result of legal or contractual restrictions on resale. Regulation S securities may be resold in privately negotiated transactions, but the price realized in such resales could be less than the amount originally paid. Further, because Regulation S securities are not publicly traded, they may not be subject to the same disclosure and other investor protection requirements that would be applicable to publicly traded securities. As a result, Regulation S securities may involve a high degree of business and financial risk and may result in losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Regulation S securities of U.S. and non-U.S. issuers are offered through private offerings without registration with the SEC pursuant to Regulation S of the Securities Act of 1933. Offerings of Regulation S securities may be conducted outside of the United States, and Regulation S securities may be relatively less liquid as a result of legal or contractual restrictions on resale. Although Regulation S securities may be resold in privately negotiated transactions, the price realized from these sales could be less than that originally paid by the Fund. Further, companies whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that would be applicable if their securities were publicly traded. Accordingly, Regulation S securities may involve a high degree of business and financial risk and may result in substantial losses. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zZXSsihEWvA" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z8euoargK8wi"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zXZ8jpXmOgy7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConvertibleSecuritiesRiskMember_zxbAzc4ecDg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Convertible Securities Risk.</b> The value of a convertible security, which is a form of hybrid security (i.e., a security with both debt and equity characteristics), typically increases or decreases with the price of the underlying common stock. In general, a convertible security is subject to the market risks of stocks when the underlying stock’s price is high relative to the conversion price and is subject to the market risks of debt securities when the underlying stock’s price is low relative to the conversion price. The general market risks of debt securities that are common to convertible securities include, but are not limited to, interest rate risk and credit risk. Many convertible securities have credit ratings that are below investment grade and are subject to the same risks as an investment in lower-rated debt securities. To the extent the Fund invests in convertible securities issued by small- or mid-capitalization companies, it will be subject to the risks of investing in such companies</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zQd4q1wy1PSl"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zdsCwV9tu2G3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zS96haKxjev7"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zmwkwsv1R7Aa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Real Estate Sector Risk.</b> The Fund may invest in securities within the real estate sector. Investments in real estate issuers may be volatile. Real estate issuers are susceptible to the risks associated with direct ownership of real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zzeR4kxJodp6"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zs8RO8fxK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zsNb3m0ouiAb"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zgaBf2hNWrab" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zCw2RXTYb2j"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zEc8tnrMGXj9"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SovereignAndQuasiSovereignDebtRiskMember_zt6LcoZ3WnL4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Sovereign and Quasi-Sovereign Debt Risk.</b> The governmental authority that controls the repayment of sovereign and quasi-sovereign debt may be unwilling or unable to repay the principal and/or interest when due including due to the extent of its foreign reserves, the availability of sufficient foreign exchange, the relative size of the debt service burden to the economy as a whole, the debtor’s policy towards the International Monetary Fund, and the political constraints to which the debtor is subject. If an issuer of government or quasi-government debt defaults on payments of principal and/or interest, the Fund may have limited legal recourse against the issuer and/or guarantor. During periods of economic uncertainty, the market prices of sovereign and quasi-sovereign bonds may be more volatile and result in losses. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial obligations on a timely basis, which has resulted in losses for investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zxbFysWcE1Di"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zS0Tu4mH8CO3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zBAlFDwLhCBh"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zug19D3SuiWc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zUKP5otOvsF3"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zwm7JQyVCvY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Small- and Mid-Capitalization Company Risk.</b> Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zdQmutc2YXwc"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zUeYhzuPoUfa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zDFjZJDfF3ai"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zoe9YylNH6T5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk. </b>The Fund is actively-managed and may not meet its investment objective based on the Sub-Adviser’s success or failure to implement investment strategies for the Fund. The Sub-Adviser’s evaluations and assumptions regarding investments, interest rates, inflation, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zhQ5lOk6bTgl"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zqJKIqmqMwab" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>High Portfolio Turnover Risk.</b> The Fund may incur a high portfolio turnover rate, which may increase the Fund’s brokerage commission costs, generate net short-term capital gains and negatively impact the Fund’s performance. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zJhG50fIpM55"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zFGlitYWcZZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zIkaBjROYQm"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z4CBL5F6sGg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_ze7t9jV4wwIk"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNrQpoXytQCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zihLpHibPGTg"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zLgbcPcynr6g" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z1dUEvjw2uJ6"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zjk2QsNpg6gi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zxNYKzsy7pf7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zliFUBV2bdN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zL1vATl0NGGd"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zD2S1zEs3Kka" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zWyqH2faUqC3"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zvXXJoKXI2F6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zsC5WtlTZsu7"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zO1ivC58EHS1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zMvfG4oTeJy9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zUAyv6Yzlob2">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zEVit68oKLw9">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zMNUpl28gBC">www.kraneshares.com</span>. In addition, prior to August 1, 2021, CCB Securities Ltd. was responsible for day-to-day portfolio management of the Fund and the Fund previously sought to track the performance of the Solactive USD China Corporate High Yield Bond Index, before fees and expenses. Its performance prior to that date would have been different if the current goal and principal investment strategies had been in effect.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zJfUNMVJhgd5" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-khyb_001.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zDNs0xUxVQxd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2019</td> <td id="xdx_986_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000195632Member_z0sXyC4cDrG9" style="display: none; text-align: center; width: 50%">9.19%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_983_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000195632Member_zNS9uAKV2Yac" style="display: none; text-align: center">4.09%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000195632Member_zlKI9kaHTt3g" style="display: none; text-align: center">-12.83%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000195632Member_zb94elo0crKg" style="display: none; text-align: center">-9.36%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000195632Member_ztlOKlIERd02" style="display: none; text-align: center">3.72%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000195632Member_zyGs71lUOc3l" style="display: none; text-align: center">10.53%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000195632Member_zNj8gSVV2g7g" style="display: none; text-align: center">9.83%</td></tr> </table> 0.0919 0.0409 -0.1283 -0.0936 0.0372 0.1053 0.0983 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_z1KCinaLxN2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center">As of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_znxrcTaCaAo1">June 30, 2026</span>, the Fund’s calendar <span id="xdx_904_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_ziZEPeRzuzml">year-to-date total return</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zDHpJmAWOCR8">2.77%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_904_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zSbMIXKMBsO3">Highest Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zCEvPRMSxVDh">8.71%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zUpx86YGJPwb">12/31/2022</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zgUZNt5B137h">Lowest Return</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zOKt0qjzd5Be">-9.59%</span></td> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_z6LGGexerlZ4">12/31/2021</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2026-06-30 year-to-date total return 0.0277 Highest Return 0.0871 2022-12-31 Lowest Return -0.0959 2021-12-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zpmaks1wFBH3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_ziFKZXC770r5" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares Asia Pacific High Income USD Bond ETF</td> <td id="xdx_491_20250101__20251231_zFmeQ2iE5Eeb" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_491_20210101__20251231_zBJ4DJT5qVr9" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 years</td> <td id="xdx_493_20180626__20251231_zTQA6SRMAdO7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_906_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195632Member_ztT2DepcMP9c"><span id="xdx_904_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3HF2lQGvEa2"><span id="xdx_902_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zOeAQJztTCUi"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__custom--JpMorganAsiaCreditIndexJaciDiversifiedMember_zeuQhULAD38f"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__custom--JpMorganAsiaCreditIndexJaciNoninvestmentGradeCorporateIndexMember_zJ370SUiDzr5">6-26-2018</span></span></span></span></span>)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000195632Member_zZM5R8sTid07" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195632Member_zqCCMYZEyQNj">Return Before Taxes</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">9.83%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-0.10%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">1.70%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zzWOTWWhYTGe" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z1C4h25q0Z37">Return After Taxes on Distributions</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">6.45%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-3.81%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-1.57%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zFqFmkTNHq08" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zsnQ2HBnKQZ5">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">5.72%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-1.73%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.13%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__custom--JpMorganAsiaCreditIndexJaciDiversifiedMember_z2PRMxIJt6p2" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">JP Morgan Asia Credit Index (JACI) Diversified<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">8.22%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">1.23%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">3.33%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__custom--JpMorganAsiaCreditIndexJaciNoninvestmentGradeCorporateIndexMember_zLjauWLVE37e" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">9.43%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-1.33%</td> <td style="border: Black 1pt solid; text-align: center">1.66%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__custom--JpMorganAsiaCreditIndexJaciDiversifiedMember_zMpMwysEVpK2">JP Morgan Asia Credit Index (JACI) Diversified (Reflects no deduction for fees, expenses or taxes)</span></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195632Member__oef--PerformanceMeasureAxis__custom--JpMorganAsiaCreditIndexJaciNoninvestmentGradeCorporateIndexMember_zBDwbJS4VUR1">JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (Reflects no deduction for fees, expenses or taxes)</span></span></p> 2018-06-26 2018-06-26 2018-06-26 2018-06-26 2018-06-26 Return Before Taxes 0.0983 -0.0010 0.0170 Return After Taxes on Distributions 0.0645 -0.0381 -0.0157 Return After Taxes on Distributions and Sale of Fund Shares 0.0572 -0.0173 -0.0013 0.0822 0.0123 0.0333 0.0943 -0.0133 0.0166 JP Morgan Asia Credit Index (JACI) Diversified (Reflects no deduction for fees, expenses or taxes) JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A85_eoef--PerformanceTableClosingTextBlock_zZeibMSbnAge" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_zY2buYZFrkeg">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_904_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000059793Member_z4hV3Faxluif">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Bosera MSCI China A 50 Connect Index ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zoec1o42iMH9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The KraneShares Bosera MSCI China A 50 Connect Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific foreign equity securities index. The Fund’s current index is the MSCI China A 50 Connect Index (USD) (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zJqXXazQJX8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zUnsMDEP5c68"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zJCyLH3CPaq7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left; width: 85%">Shareholder Fees <span style="font: normal 10pt Times New Roman, Times, Serif">(fees paid directly from your investment)</span></td> <td id="xdx_980_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member__oef--ClassAxis__custom--C000129571Member_zXvwD7OEHJf2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right; width: 15%" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> 0 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zURgGE2blvm9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zxyUmfhrGs09" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_495_20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member__oef--ClassAxis__custom--C000129571Member_zaokEran4ZVd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z4gD0KRRVqA2" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.78%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z4ClLeJMzTLk" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F43_zjZaY8VwJql4">*</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zktCqJycb1Zh" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zrfS8qArd6Ud" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.79%</td></tr> <tr id="xdx_40F_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zvJhhqS6b0zi" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Fee Waiver<span id="xdx_F4A_zVmIqc3ZGrjf">**</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">-0.23%</td></tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_z59S2pPvVkDc" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border: Black 1pt solid; text-align: right">0.56%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F01_zy6Q7EgkhCU8" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1C_zcn1sQNfsRE3" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0E_zyTuIgMCo33c" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F14_zgCArZMdy6yc" style="text-align: justify"> The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.23% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until <span id="xdx_907_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zfzMc1Qol5Zb">August 1, 2028</span>, and may only be terminated prior thereto by the Board.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0078 0.0000 0.0001 0.0079 -0.0023 0.0056 August 1, 2028 Example <p id="xdx_A84_eoef--ExpenseExampleNarrativeTextBlock_zYj7NN0hneQg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRK8YBfn1Ug8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_z1MF3033iXDl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_zdf35DfXuRPb" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_48A_eoef--ExpenseExampleYear03_zm3HGRcarCPk" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear05_zZRX1Qhfsvig" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_zmjgHxM35ZKd" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_412_20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member__oef--ClassAxis__custom--C000129571Member_ztvdTXfLDruj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$57</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$205</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$392</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$934</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 57 205 392 934 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zGw4aNqqzOck" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_z6ekJiI0KQJa">55%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.55 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zXgT5gJW9y66" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to such securities, including depositary receipts. The Underlying Index reflects the large- and mid-cap Chinese renminbi (“RMB”)-denominated equity securities listed on the Shenzhen or Shanghai Stock Exchanges (“A-Shares”) that are accessible through the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect programs (together, the “Stock Connect Programs”). The Underlying Index is constructed by selecting the two securities with the largest weights in each of the 11 Global Industry Classification Standard (GICS^®) sectors in the large-capitalization portion of the MSCI China A Index (the “Parent Index”). The remaining securities are selected from the Parent Index by largest security weight until the total security count reaches 50. The Underlying Index constituents are then weighted based on (a) the free-float market capitalization weights of the Parent Index and (b) the GICS sector weight allocation of the Parent Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">A-Shares are issued by companies incorporated in mainland China. Under current regulations in the People’s Republic of China (“China” or the “PRC”), foreign investors can invest in A-Shares only through certain institutional investors that have obtained a license from the Chinese regulators or through the Stock Connect Programs. Bosera Asset Management (International) Co., Ltd. (“Bosera”), the Fund’s sub-adviser, has received a license as a Qualified Foreign Investor (“QFI”) from the China Securities Regulatory Commission (“CSRC”). In addition, the Fund may invest in A-Shares through the Stock Connect Programs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane and/or Bosera believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane, Bosera and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition to China A-Shares, which are described above, the Fund may invest in the following China-related securities:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left">●</td> <td style="text-align: justify">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">As of March 31, 2026, the Underlying Index included 50 securities of companies with a market capitalization range of approximately $10.1 billion to $374.6 billion and an average market capitalization of approximately $86.8 billion. The Underlying Index is rebalanced and reconstituted quarterly. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Financials sector (20.0%), Information Technology sector (24.0%), Industrials sector (16.8%), and Consumer Staples sector (11.6%) represented significant portions of the Underlying Index. The Underlying Index is provided by MSCI Inc. (“Index Provider”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may engage in securities lending.</p> <p id="xdx_A82_eoef--RiskTextBlock_zTjLSoRzLrE2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member__oef--RiskAxis__oef--RiskLoseMoneyMember_znaCHQuap9s2">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_901_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zdi8uHk9Zklb">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zPdjiUVJGAYk"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zFZaRvvTrtwa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zYDylVDLTKD9"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zO5KHZcfMMUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zvdjVOHzgVF1"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zKOUcxLUIft1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zN7QJRPR2kJ4"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ztqHv1cGdrif" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zzVvm03AnVD6"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zzgmDb1V0wE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zfYUban7hoC4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zvGPj9h3p275" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zPTnOPddfYTj"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zqi1R1lYwBJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zkKYulm0BMhg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zbO3v49KLzb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z0J4wwRdNGNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Information Technology Sector Risk. </b>Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerStaplesSectorRiskMember_z5jQ8GyagYNg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Consumer Staples Sector Risk.</b> Companies in the consumer staples sector may be affected by general economic conditions, commodity production and pricing, consumer confidence and spending, consumer preferences, interest rates, and product cycles. They are subject to government regulation affecting their products which may negatively impact such companies’ performance. For instance, for food and beverage companies, government regulations may affect the permissibility of using various food additives and production methods, which could affect company profitability. In particular, tobacco companies may be adversely affected by the adoption of proposed legislation and/or by litigation. Food and beverage companies risk further loss of market share and revenue due to contamination and resulting product recalls. Also, the success of food, beverage, household and personal products may be strongly affected by fads, marketing campaigns, changes in commodity prices and other factors affecting supply and demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zSTANUpykcB"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_z1FSodRbio62" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zQ5DFbrA1I2i"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_za3b8hdSiYZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z4t9NF6iP2tg"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zr3xHUww7qYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Mid-Capitalization Company Risk. </b>Investing in the securities of medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zZR9naWYMzqa"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_ze9comv1Otrd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zrE9cJRazIc6"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zUyQlbh6XE9k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zgRt9yf98K8e"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zxDdogTKXvCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Bosera’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zy3OLDQdld65"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zNlOYdoBLla2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z9DIergEL7E7"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zuBpeTijokFf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zpCporkHEXk1"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zIrXeebHHx16"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zfZ1iktr7tt6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zlEXfjCvvhzb"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z4zV5ioRZSRh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zwo4gd1rOeva"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zQcJRSBtzyxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zOVwon5gsRNj"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zZRjA20orXr5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zsxtZp43zbE2"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zGSwpxifqr86" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z0lcy2eL87El"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zQ8kE71ts1Kc"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zsXK6picEGK1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z3MUQmQy6hhj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z1319xBZAh16"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zV29ZPWOy8v8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zpfzHX8q7bc9"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zhtFS6cLIBti" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8C_eoef--PerformanceNarrativeTextBlock_zBqLtMg8N39f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zGNiszFA90hk">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zaDzI2cpdyUl">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> In addition, the Fund previously changed the indexes whose performance it sought to track, before fees and expenses, as detailed in the footnote to the Average Annual Total Returns table. Updated performance information is available at no cost by visiting <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zTNcqkYfuS79">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zU2UxyoccQR" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kba_001.jpg" style="height: 322px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zdkFEBO3Eit2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000129571Member_zRWvp35PpO65" style="display: none; text-align: center; width: 50%">-19.37%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000129571Member_zrapSorr4MDa" style="display: none; text-align: center">28.64%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_986_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000129571Member_zOMQGrM75dK5" style="display: none; text-align: center">-26.25%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_985_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000129571Member_zJbcDxAADxKc" style="display: none; text-align: center">34.50%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000129571Member_z1Z9R0dY1KLl" style="display: none; text-align: center">42.39%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_985_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000129571Member_zjEVjMabAdIg" style="display: none; text-align: center">2.70%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_983_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000129571Member_zx9kB2341Y2a" style="display: none; text-align: center">-26.49%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000129571Member_zxfKLlwHKIXa" style="display: none; text-align: center">-17.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000129571Member_zYJmHcgigk4a" style="display: none; text-align: center">16.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_985_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000129571Member_zQRte8eRpOM4" style="display: none; text-align: center">32.99%</td></tr> </table> -0.1937 0.2864 -0.2625 0.3450 0.4239 0.0270 -0.2649 -0.1710 0.1606 0.3299 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_zZdtlch0Hboh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center">As of <span id="xdx_908_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zOa1qcSHhyJ9">June 30, 2026</span>, the Fund’s calendar <span id="xdx_908_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zHJw6oSMDL1k">year-to-date total return</span> was <span id="xdx_90F_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zcEUYhey2gMc">11.37%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zDtsnC1ZOfyk">Highest Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_ziaXidunTiId">29.70%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zMsM5Qawzcof">3/31/2019</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zsdDKjeeNAY7">Lowest Return</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zVD4eVkxVNTb">-20.28%</span></td> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zNLJqszlJgsj">9/30/2022</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2026-06-30 year-to-date total return 0.1137 Highest Return 0.2970 2019-03-31 Lowest Return -0.2028 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zJ87anN4zJk5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zrz4Qz7esNG8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares Bosera MSCI China A 50 Connect Index ETF</td> <td id="xdx_498_20250101__20251231_zC00lkznk7Vk" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_49F_20210101__20251231_zROJKShM9e8g" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 years</td> <td id="xdx_497_20160101__20251231_zLQ8iZfhlz7c" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">10 years</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129571Member_zWZYUllIOnx2" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129571Member_zJmhNmrBgBz3">Return Before Taxes</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">32.99%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-0.69%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">3.54%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zek2VwlT64b2" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zbJAB3erMgE2">Return After Taxes on Distributions</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">32.77%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.05%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2.59%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zB957DsQYkJ3" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zMVoYJn2Jxi7">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20.14%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.47%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2.76%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zUoKpDpVP0m5" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">28.94%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.45%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">4.14%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__custom--CustomBlendedKBAIndexNetMember_zslop7Hysa51" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">Custom Blended KBA Index (Net)<br/> (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)<span id="xdx_F4C_zGtFtMWcKmib">*</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">35.10%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.23%</td> <td style="border: Black 1pt solid; text-align: center">3.82%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zmwb0rHohJW7">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span><span style="display: none"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129571Member__oef--PerformanceMeasureAxis__custom--CustomBlendedKBAIndexNetMember_zBJSSSmw9iW3">Custom Blended KBA Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</span></span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F04_zlQLXFISVCLj" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1F_zpuQgN89ECL6" style="text-align: justify"> The Custom Blended KBA Index consists of the MSCI China A Index from the inception of the Fund through October 23, 2014, the MSCI China A International Index from October 23, 2014 through December 26, 2017, the MSCI China A Inclusion Index from December 26, 2017 through May 29, 2019, the MSCI China A Index from May 29, 2019 through January 5, 2022, and the MSCI China A 50 Connect Index after January 4, 2022. As described in the prior sentence, the Fund sought investment results that, before fees and expenses, corresponded to the price and yield performance of the various indices for the various time periods noted.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Return Before Taxes 0.3299 -0.0069 0.0354 Return After Taxes on Distributions 0.3277 -0.0205 0.0259 Return After Taxes on Distributions and Sale of Fund Shares 0.2014 -0.0047 0.0276 0.2894 -0.0245 0.0414 0.3510 0.0023 0.0382 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) Custom Blended KBA Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zqxOrwr4r773" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zSpNzpMKlGrk">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000041738Member_zN5rzyDpuuJh">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares California Carbon Allowance Strategy ETF Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zkZpffhrwI86" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The KraneShares California Carbon Allowance Strategy ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the performance of the S&amp;P Carbon Credit CCA Excess Return Index (the “Index”), plus any returns from any available collateral. The Index is comprised of futures contracts on emission allowances issued by a “cap-and-invest” program that seeks to reduce greenhouse gas emissions over time.</p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zZt2ub9aFCT8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zgIS6ulT4RVb"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zOOPRUg3sZM2" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Shareholder Fees </b>(fees paid directly from your investment)</p> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 15%; text-align: right; vertical-align: bottom"><span id="xdx_904_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member__oef--ClassAxis__custom--C000229247Member_zkh0aDSFRy7k" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_znTOOhBUIGG9"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A50_dU_zOaLVszQqwAb" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_49D_20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member__oef--ClassAxis__custom--C000229247Member_zW8BLi6zGfaj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; width: 15%"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zUC5lkle2noe" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.78%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zPsic0ZEUVii" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Distribution and/or Service (12b-1) Fees<span id="xdx_F4C_zgzXI38y9kF7">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zlh3ftP3gLT2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses<span id="xdx_F44_z1kIVM6pynO9">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.16%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zCBEVOV1JAi9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_ziXbjm8amX69" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: left; vertical-align: top"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.95%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F03_zFfrV3M4nZcd" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1E_zHl6vZDHonFc" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F05_zNKvyCpPjiu7" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F1C_zI8XRdSCjzZ6" style="text-align: justify"> <span id="xdx_90C_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zrjBs8KomWx9">“Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement” will differ from those presented in the Fund’s Financial Highlights.</span> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0078 0.0000 0.0016 0.0001 0.0095 “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement” will differ from those presented in the Fund’s Financial Highlights. Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zBsFCvKTHB08" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zzjdcShuL001"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zmETG45nlK2" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_48D_eoef--ExpenseExampleYear01_zRTobbzdYnAb" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_482_eoef--ExpenseExampleYear03_zeWdwvMmjcC8" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zzfGVwt7hu9f" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_zuamUq84fd38" style="border: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member__oef--ClassAxis__custom--C000229247Member_zyOz0wahigfe" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$97</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$303</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$525</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$1,166</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 97 303 525 1166 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zIKGuLOaPSdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zUoDDra3hIUe">42%</span> of the average value of its portfolio. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> 0.42 Principal Investment Strategies <div id="xdx_A86_eoef--StrategyNarrativeTextBlock_zXVi1c4Srfj4"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; vertical-align: top; width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In seeking to achieve its investment objective, the Fund attempts to maintain exposure to carbon credit futures that are substantially the same as those included in the Index, which is an index comprised of futures contracts on emission allowances issued by a “cap-and-invest” program that seeks to reduce greenhouse gas emissions over time. The Index is designed to measure the performance of a portfolio of futures contracts on carbon credits issued under the California Carbon Allowance “cap-and-invest” program (“carbon credit futures”). An emission allowance or carbon credit is a unit of emissions (typically one ton of CO₂) that the owner of the allowance or credit is permitted to emit. A cap and trade regime seeks to gradually reduce such emission allowances or carbon credits over time to incentivize companies to reduce greenhouse gas emissions in an effort to curb climate change. The Index includes only carbon credit futures that mature in December of the next one to two years. The Fund may also invest directly and indirectly in certain debt instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Carbon credits issued under the California Carbon Allowance “cap-and-invest” program include carbon credits issued by Quebec since the California and Quebec markets were linked pursuant to the Western Climate Initiative in 2014. Currently, carbon credits issued by Quebec each year consist of approximately 17-18% of the carbon credits issued under the California Carbon Allowance “cap-and-invest” program. This percentage is subject to change and it is possible for additional markets to be added in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund utilizes 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. The Subsidiary is advised by the Adviser. The Fund’s investment in the Subsidiary may not exceed 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary’s value), which limitation is imposed by the Internal Revenue Code of 1986, as amended, and is measured at the end of each quarter. The Subsidiary has the same investment objective as the Fund and follows the same investment policies and restrictions as the Fund. Except as noted, for purposes of this Prospectus, references to the Fund’s investment strategies and risks include those of its Subsidiary, and references to the Fund include the Subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While the Fund generally seeks to obtain exposure to the same carbon credit futures that are in the Index, the Fund and Subsidiary may not replicate the Index. For example, the Fund may invest in carbon credit futures with different maturity dates (i.e., not one of the next two Decembers), the Fund may weight the carbon credit futures differently than the Index, or the Fund may purchase carbon credit futures on different dates than the rebalancing date for the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may also invest in other instruments that are consistent with its investment objective. For example, the Fund may invest in emission allowances issued under a cap and trade regime, futures contracts that are not carbon credit futures, options on futures contracts, swap contracts, and other investment companies and notes, which may or may not be exchange-traded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The debt instruments in which the Fund intends to invest include government securities and corporate or other non-government fixed-income securities with maturities of up to 12 months. The Fund may invest in debt instruments indirectly through short-term bond funds and exchange-traded funds (“ETFs”), which can include affiliated ETFs. The Fund may also invest in cash and cash equivalents, including money market funds.</p> </td> <td style="width: 3%"> </td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: top; width: 27%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>What is a “cap-and-invest” program ?</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a “cap-and-invest” program, a limit (“cap”) is typically set by a regulator, such as a government entity or supranational organization, on the total amount of specific greenhouse gases, such as CO₂, that can be emitted by regulated entities, such as manufacturers or energy producers. Capping and reducing the cap on greenhouse gases is viewed as a key policy tool for reaching climate change objectives. The regulator then issues or sells “emission allowances” to regulated entities which may then buy or sell (“trade”) the emission allowances on the open market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that the regulator may then reduce the cap on emission allowances, regulated entities are thereby incentivized to reduce their emissions; otherwise they must purchase emission allowances on the open market, where the price of such allowances will likely be increasing as a result of demand, and regulated entities that reduce their emissions will be able to sell unneeded emission allowances for profit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opposite could also occur and the regulator may increase the cap on emission allowances, which would likely increase emissions and decrease the price of allowances. Commodity futures contracts linked to the value of emission allowances are known as carbon credit futures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i></i></b></p> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Commodities Futures Trading Commission (the “CFTC”) has adopted certain requirements that subject registered investment companies and their advisers to regulation by the CFTC if a registered investment company invests more than a prescribed level of its net assets in CFTC-regulated futures, options and swaps, or if a registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund’s use of CFTC-regulated futures and swaps above CFTC Rule 4.5 limits, it is considered a “commodity pool” under the Commodity Exchange Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings, if any) in instruments that provide exposure to California Carbon Allowances. The notional value of any investments by the Fund (including its Subsidiary) that provide such exposure, including investments in derivatives (such as futures contracts on California Carbon Allowances), will be counted toward satisfaction of this 80% policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund is non-diversified. To the extent the Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry (using the notional value of any futures in which it invests). The Index is rebalanced and reconstituted annually. The Index is provided by S&amp;P Dow Jones Indices LLC (“Index Provider”).</p> <p id="xdx_A82_eoef--RiskTextBlock_z7tbjnL2KDKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_90E_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zkZw79aMwhCi">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_903_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zjWIAzm8JROd">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CarbonEmissionAllowanceAndCapAndTradeRiskMember_zWMFgJFNR8a7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Carbon Emission Allowance and Cap and Trade Risk. </b>There is no assurance that cap and trade regimes will continue to exist. Cap and trade was designed to attempt to put a cap on pollution by putting a price on carbon emissions, but the approach may not prove to be an effective method of reduction in GHG emissions and or in achieving climate change objectives; and depending on the political climate globally, climate change concerns may be ignored or abandoned. As a result or due to other factors, cap and trade regimes may be terminated or may not be renewed upon their expiration. New technologies may arise that may diminish or eliminate the need for cap and trade markets. Ultimately, the cost of emissions credits is determined by the cost of actually reducing emissions levels. If the price of credits becomes too high, it will be more economical for companies to develop or invest in green technologies, thereby suppressing the demand for credits and adversely affect the Fund.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zbOZ9FfYrS33" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Regulatory Risk. </b>The Fund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Fund’s operations and/or change the competitive landscape. Additional legislative or regulatory changes could occur that may materially and adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zshVGMaTJDJ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Subsidiary Investment Risk. </b>By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. Since the Subsidiary is organized under the law of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund will not receive all of the protections offered to shareholders of registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zcGSmHUxTBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Derivatives Risk. </b>The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zZl3liYaRexi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Counterparty Risk. </b>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_zp1Px41mQK2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Futures Contract Risk. </b>Successful use of futures contracts draws upon the Adviser’s or Sub-Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; and (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors. When the Fund purchases or sells a futures contract, it is subject to daily variation margin calls that could be substantial. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityAndCommodityLinkedDerivativesRiskMember_zD8Pt88RCQOc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Commodity and Commodity-Linked Derivatives Risk. </b>The Fund, directly or indirectly, may have significant investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject it to greater volatility than investments in traditional securities. The commodities markets are impacted by a variety of factors, including market movements, resource availability, commodity price volatility, speculation in the commodities markets, domestic and foreign political and economic events and policies, trade policies and tariffs, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities in commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by these same factors as well as credit and interest rate risks. In addition, investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityPoolRegistrationRiskMember_zWOzx68cqKc4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Commodity Pool Registration Risk.</b> Under regulations promulgated by the CFTC, the Fund and the Subsidiary are considered commodity pools, and therefore each is subject to regulation under the Commodity Exchange Act and CFTC rules. Krane and MLIA are registered as a commodity pool operator and commodity trading adviser, respectively, and manages the Fund and the Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Commodity pools are subject to additional laws, regulations and enforcement policies, all of which may potentially increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. Additionally, positions in futures and other contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.</p> <div style="display: none"></div> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zPUHs85Cjj13" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>California Risk.</i></b> Because the Fund is exposed to carbon credits issued under the California Carbon Allowance “cap and trade” program, the Fund’s performance also may be negatively impacted by factors affecting California. For example, natural disasters may disrupt the local, state or regional economy or certain sectors of the economy and may impact the prices of such carbon credit futures. California’s budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California’s diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state and the prices of such carbon credit futures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Quebec Risk.</i></b> Because the Fund is exposed to carbon credits issued under the California Carbon Allowance “cap and trade” program, the Fund’s performance also may be negatively impacted by factors affecting Quebec. Quebec is a province in Canada, which has a separatist party whose objective is to achieve sovereignty and increased self-governing legal and financial powers. In addition, the Canadian market, including Quebec, is relatively concentrated in issuers involved in the production and distribution of natural resources such as forest products, metals, agricultural products, and energy related products like oil, gas, and hydroelectricity. Accordingly, any downturn in these sectors or related industries may adversely affect the economy of Canada and Quebec and the prices of such carbon credit futures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zFc5W9nmwVk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z3IIGxWUvz8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_zyEjUPbenG41" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Energy Sector Risk. </b>Investments in, and/or exposure to, the energy sector, which includes energy commodities such as oil, gasoline, and carbon credits, may be highly volatile and can change quickly and unpredictably due to a number of factors, including the legislative or regulatory changes, adverse market conditions, increased competition affecting the energy sector, financial, accounting and tax matters and other events that the Fund cannot control. In addition, the value of energy commodities may fluctuate widely due to changes in supply and demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zkvEvdl9twDh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversified Fund Risk. </b><span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zDZQlQ6Xg9Vf">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_ztW9YJ9GhOOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zGqFPn9838Q" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk. </b>The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zFnJlBXd9748" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Passive Investment and Index Risk. </b>There is no guarantee that the Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zGKnyfDhvS7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Index and may hold less than the total number of investments in the Index. Therefore, the Fund is subject to the risk that Krane’s investment selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zINNADAWAiJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zIKAEDLVogD9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. This may be due to, among other factors, the Fund investments in carbon credit futures with different maturity dates, the Fund weighing the carbon credit futures differently than the Index, and the Fund’s purchase of carbon credit futures on different dates than the rebalancing date for the Index. To the extent that the Fund invests in other instruments that are consistent with its investment objective, such as futures contracts that are not carbon credit futures, options on futures contracts, swap contracts, and other investment companies and notes, the Fund’s ability to track the Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zRRIHEublPYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zCoYMgAiving" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zUVxSANPZso" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk. </b>In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund intends to treat its income from the Subsidiary and from index-linked structured notes as qualifying income. Income tax regulations on which taxpayers may rely for taxable years beginning after September 28, 2016, and other guidance provided by the IRS at the time of the introduction of such regulations, support that treatment, although there is no guidance directly addressing the status of such structured notes as securities. The tax treatment of the Fund’s investment in the Subsidiary or in such index-linked structured notes, however, may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains or distributions made by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zwUOe4gdnu35" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>U.S. Government Obligations Risk. </b>Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government may decline or be negative for short or long periods of time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_za5pr2UY0Efk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zAFgLIfz1a92" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z8k2IZrraLJi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zQ1drcxjIyjf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_ztX7fxO1M5zl">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_z7IrCrwMXCza">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zhpVg9pCA2Fa">www.kraneshares.com</span>. In addition, prior to November 3, 2025, the Fund previously sought to track the performance of the S&amp;P Carbon Credit CCA Total Return Index, before fees and expenses.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_z4ULGMz9h0H7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img alt="" src="pro-kcca_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A54_dU_zPDm0SoaXeYh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000229247Member_zRzgaaTiU1i7" style="display: none; text-align: center; width: 50%">-16.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000229247Member_z7oZUmKyX1ig" style="display: none; text-align: center">34.05%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000229247Member_zntWiOZZjgm3" style="display: none; text-align: center">16.52%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000229247Member_zfqTTnNZgUX2" style="display: none; text-align: center">-11.56%</td></tr> </table> -0.1673 0.3405 0.1652 -0.1156 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_z5Nt4B5XTc73" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center">As of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zocvv6ogQBT1">June 30, 2026</span>, the Fund’s calendar <span id="xdx_908_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zGuMldlkCZwd">year-to-date total return</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zP4RrELoCK1f">1.31%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; width: 70%; text-align: left"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zjrrGFNnqWGe">Highest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zBC3WriUn1D4">12.22%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zhzSApMBOUP">9/30/2023</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_z5Zb8lwp7n6l">Lowest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_z3pE0WhXOsH8">-14.53%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zpoeMfbnCYh4">9/30/2022</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2026-06-30 year-to-date total return 0.0131 Highest Return 0.1222 2023-09-30 Lowest Return -0.1453 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_z2dIaVLboeVj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zbA5PmsNHzwd" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: bottom; font-weight: bold; text-align: left">KraneShares California Carbon Allowance Strategy ETF</td> <td id="xdx_495_20250101__20251231_zOjbg97CGZqe" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_495_20211004__20251231_zGJYywnRD30l" style="border: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_907_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000229247Member_zYceIInB7sp1"><span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfZfsczIwOe2"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zlj6LJhYn0Pg"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zlgObXRAhjeb"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__custom--SAndPCarbonCreditCCAIndexMember_zPfCc2ODu6id">10-4-2021</span></span></span></span></span>)</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000229247Member_zVQT2wAsWh23" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; width: 70%; text-align: left"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000229247Member_zXGR1XVCVNC4">Return Before Taxes</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-11.56%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-1.93%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zDf91GYSkBG9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z8FeBxBtiK9g">Return After Taxes on Distributions</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-12.58%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-4.73%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zeExJZxVYZ78" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zbrk7DHNj758">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-6.85%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.39%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zRfOmazoSjOb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left">S&amp;P 500 Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">13.24%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__custom--SAndPCarbonCreditCCAIndexMember_zt0LFYWyHHo9" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left">S&amp;P Carbon Credit CCA Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-10.75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.62%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zBbl3BFoag2h">S&amp;P 500 Index (Reflects no deduction for fees, expenses or taxes)</span></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000229247Member__oef--PerformanceMeasureAxis__custom--SAndPCarbonCreditCCAIndexMember_z87PMLl67qgk">S&amp;P Carbon Credit CCA Index (Reflects no deduction for fees, expenses or taxes)</span></span></p> 2021-10-04 2021-10-04 2021-10-04 2021-10-04 2021-10-04 Return Before Taxes -0.1156 -0.0193 Return After Taxes on Distributions -0.1258 -0.0473 Return After Taxes on Distributions and Sale of Fund Shares -0.0685 -0.0239 0.1788 0.1324 -0.1075 -0.0062 S&P 500 Index (Reflects no deduction for fees, expenses or taxes) S&P Carbon Credit CCA Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A89_eoef--PerformanceTableClosingTextBlock_zGbdAaEqZLx3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zXTyxx9gGItd">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_900_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000072749Member_zyyJkjU38YZg">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares China Alpha Index ETF Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zT3DJdR3SyI3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the Qi China Alpha Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zrKyDwwaU8Ac" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_zSLwYTthlHMh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zd10jZ25Le26" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-style: normal; font-weight: normal; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_904_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member__oef--ClassAxis__custom--C000249978Member_zHKyCwTmiO9c" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zlqjgLp20JEe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_ztTufkrCxme9" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Annual Fund Operating Expenses <br/> <span style="font: normal 10pt Times New Roman, Times, Serif">(expenses that you pay each year as a percentage of the value of your investment)</span></b></p> </td> <td id="xdx_49B_20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member__oef--ClassAxis__custom--C000249978Member_zvGf3S4HcdZh" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zCqr9vlvaVjb" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.78%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_z5wCd9mOsJa6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F47_zfm43w3F0sih">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zrERNNMVi1m1" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zDxflNCWsgQ4" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.79%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0D_zytjJrOtcDnl" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1E_za415xnLjyc7" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> 0.0078 0.0000 0.0001 0.0079 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zIfW1KqaGT31" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkl5AM8VLOsf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zbECCqZ3fzU2" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_480_eoef--ExpenseExampleYear01_znSveZ1Oe2ra" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_489_eoef--ExpenseExampleYear03_z2FZ2yh5Trk5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48D_eoef--ExpenseExampleYear05_zOUq3NX3QLSi" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zYrtAiJBm4A" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41F_20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member__oef--ClassAxis__custom--C000249978Member_zxWs7zO4w3hg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$81</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$252</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$439</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$978</td></tr> </table> 81 252 439 978 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zpcOAvTQ8ba5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zLa0ThifUhZh">174%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 1.74 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zvPNwieWeexi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to those in the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Index seeks to provide a total return that exceeds the CSI 300 Index using an automated algorithmic machine learning investment process (“AI Process”) developed by Quant Insight Ltd. (“Index Provider”). The CSI 300 Index is a free-float capitalization-weighted index that tracks the performance of China A-Shares issued by the 300 largest companies by market capitalization and liquidity traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The “Index Universe” for the Underlying Index is comprised of all companies listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange that have a minimum market capitalization of $1 billion, a minimum average 30-day turnover of $5 million, and are China A-Shares not subject to U.S. sanctions. From this Index Universe, the Underlying Index chooses a maximum of 50 securities and caps the weight of any one constituent at 5% of the index weight. The constituent securities and their weights within the Underlying Index are determined by the AI Process.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The AI Process used by the Underlying Index relies on, among other data inputs, historical prices, financial indicators, market trends, mathematical parameters, market capitalization and sector classification, in selecting securities and security weights for the Underlying Index. The AI Process algorithmically seeks to identify the combination of stocks and stock weights most likely to provide a total return that exceeds that of the CSI 300 Index by using historical data to train the model to systematically optimize the securities selected and their weights. The Underlying Index is reconstituted and rebalanced monthly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Direct investments in China A-Shares are possible only through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”) or Qualified Foreign Investor (“QFI”) license. Exposure to A-Shares can also be obtained indirectly by investing in funds that invest in A-Shares. Currently, the Fund plans to achieve its investment objective principally by investing in China A-Shares through the Stock Connect Programs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="background-color: white;">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund expects to replicate (or hold all components of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Index is provided by the Index Provider, and the Underlying Index is calculated by Solactive AG.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, the Underlying Index included 41 securities of companies with a market capitalization range of approximately $12 billion to $375 billion and an average market capitalization of approximately $59 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Financials sector (41%), Industrials sector (21%), Materials sector (14%) and Information Technology sector (14%) represented significant portions of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may engage in securities lending.</p> <p id="xdx_A87_eoef--RiskTextBlock_zu2AaWIcAQig" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_90B_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zbsIvbVQsdOd">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90D_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_ziDWvGs33Rn5">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zbDZyLzqK8he"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zB84I4tK5jW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span>Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_ziQdgIFRuD9e"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MachineLearningAndDataRiskMember_zYJ6RDYruCt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Machine Learning and Data Risk. </b>Machine learning is a subset of artificial intelligence that focuses on developing algorithms and statistical models through learning and improving their performance from data and experiences automatically without being explicitly programmed. The Underlying Index uses a machine learning model, the output of which is heavily dependent on multiple inputs, including current and historical data and information (collectively, “Data”). To the extent the machine learning process does not perform as designed or as intended, the Fund’s strategy may not be successfully implemented, and the Fund may lose value. If the News Sources are incorrect, incomplete or unreliable, any decisions made in reliance thereon may lead to the inclusion or exclusion of securities that would have been excluded or included had the information not contained such flaws. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Machine learning models can be prone to overfitting (or performing exceptionally well on historical data used to train and test the model but failing to generalize to new data), leading to poor performance in real-world applications. Machine learning models can also be sensitive to market conditions. The Underlying Index may be adversely impacted if the machine learning models used to compose it are unprepared to or unable to digest unanticipated market circumstances, such as extreme market events. All of these factors may cause the Underlying Index to not perform as intended and adversely impact the Fund</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zq1WQDPqoKyb"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zd4Tw8Nfcn6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zu8heF3a9PFb"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRisksMember_zl9nwPIRI1Fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Non-Diversified Fund Risk. </b><span id="xdx_902_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zlVGxdguKGTd">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zpfYOeKxRxXe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_ziKATIivKdZa"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z24ZnVi7vF7c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z9SLi9rsuBr" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zVTkicReGqaj"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_ztXRMLcM0jB" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zpdKCaFw0el" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-size: 10pt"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein</span>.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zalShrJVdENe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zlIc6I8FCuZ1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaterialsSectorRiskMember_zEhn2o7eQi6j" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Materials Sector Risk. </b>The materials sector includes companies from the following and similar industries: chemicals; metals &amp; mining; paper &amp; forest products; containers &amp; packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zUTXb22qv4Fb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Information Technology Sector Risk. </b>Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z8WnP7qsFGTi"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zgE853xj3Oph" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundRiskMember_zgXSO3JQcw9j" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_z4aXK0l6ZZad"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zLTcl8c6Qpl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zEb7nJLVd4fb"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_z7t3wFqPg8c4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Mid-Capitalization Company Risk. </b>Investing in the securities of medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zam3JiJs3M43"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z7bb2ugnoCDa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zUiCUeVbTQ9f"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_z5awkFQga6Wj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zfTYp7OlN2W"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zSeK5zsMtzOb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zQgKNieinaf7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zfK0WmmyXtGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_z9lRTOlNrfr1"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z6qRGiHAM9Ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zKJmENixpxwl"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z52Oaj01Ylv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>High Portfolio Turnover Risk. </b>The Fund may incur a high portfolio turnover rate, which may increase the Fund’s brokerage commission costs, generate net short-term capital gains and negatively impact the Fund’s performance. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_ztfLswn4WY3c"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zu33Bzov0jTg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.05pt"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zAPGi3A1b2F2"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zi7XSx7ZConk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zLaYCtdfmrMd"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zhtfJcIlPiR" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zKr25CGJbn0h"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zUhTre43XShl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z2zKaql9QpR4"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zl7AQRb3R9P8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains. </p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zTdZa2EaWCTh"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zM5kEkOwv1ol" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_z6um00qyEqYk"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zbn2TI2NVS95" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zgqeysgTCMCg"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zSBIpclS25J5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zdaCF5H7IDSh"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zhWIQQKu2Bwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_zQj4vuFcREf4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zL4liHgotXhi">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_90E_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zkwIUXNuVCC1">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zumSEhzRO3a5">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_z4Oi5SmfwLoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-kcai_001.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zjISFUlciPQe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2025</td> <td id="xdx_980_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000249978Member_zhkNc6G2e8D8" style="display: none; text-align: center; width: 50%">52.90%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> 0.5290 <p id="xdx_A8F_eoef--BarChartClosingTextBlock_zqMViMehHcZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: center">As of <span id="xdx_906_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zyDkPvdw0lag">June 30, 2026</span>, the Fund<span style="font-family: Times New Roman, Times, Serif">’</span>s calendar <span id="xdx_909_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zTHvqUYcJ0ei">year-to-date total return</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zElLHv4OeY4l">4.27%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; background-color: gainsboro; text-align: left"> </td> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Return</b></span></td> <td style="border: black 1pt solid; vertical-align: bottom; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><b>Quarter Ended/Year</b></span></td></tr> <tr> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; width: 70%; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><span id="xdx_909_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zDZuE0H5rHJd">Highest Return</span></span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zLnxqkpDLsKa">24.19%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 15%; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zirBdwDN1Uca">9/30/2025</span></span></td></tr> <tr> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: top; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zW5Rq2FpVKo6">Lowest Return</span></span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zfD1SOcngWJi">0.41%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zVooLPKFDBdk">3/31/2025</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2026-06-30 year-to-date total return 0.0427 Highest Return 0.2419 2025-09-30 Lowest Return 0.0041 2025-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8C_eoef--PerformanceTableTextBlock_z3zWDcPnrtSl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_z6WDYtkmMOI8" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><b>KraneShares China Alpha Index ETF</b></span></td> <td id="xdx_495_20250101__20251231_zPu0jtOHndg7" style="border-top: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_496_20240827__20251231_zArek6WYNSla" style="border: black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249978Member_zFo4SHYZMnRc"><span id="xdx_905_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9JbGc3y6bGb"><span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zliQGrjMLvl5"><span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zGRAupmmpNd2"><span id="xdx_906_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__custom--QiChinaAlphaIndexMember_zt6Ud7wA7D9j">08-27-2024</span></span></span></span></span>)</b></span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249978Member_zrXV9pgBW6c8"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top; width: 70%; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249978Member_zE0RwIuj3MY5">Return Before Taxes</span></span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">52.90%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">47.74%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zuVneGfnoWQc"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zhdapBnMOvzh">Return After Taxes on Distributions</span></span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">39.04%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">36.84%</span></td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zx01wFa691ok"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zcihpvVdFYl7">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">33.83%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">33.28%</span></td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zCDLk18c0cf9"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">28.94%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">34.55%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__custom--QiChinaAlphaIndexMember_zhpcaRdFmqYe"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt">Qi China Alpha Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">55.10%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">50.04%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zuyEvSOOdDxc" style="display: none">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249978Member__oef--PerformanceMeasureAxis__custom--QiChinaAlphaIndexMember_zSf6erUJqgSg" style="display: none">Qi China Alpha Index (Reflects no deduction for fees, expenses or taxes)</span></p> 2024-08-27 2024-08-27 2024-08-27 2024-08-27 2024-08-27 Return Before Taxes 0.5290 0.4774 Return After Taxes on Distributions 0.3904 0.3684 Return After Taxes on Distributions and Sale of Fund Shares 0.3383 0.3328 0.2894 0.3455 0.5510 0.5004 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) Qi China Alpha Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A87_eoef--PerformanceTableClosingTextBlock_zuJlnwyhrfpe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zNos47xy4Ajk">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90B_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000085113Member_zOkHAJhh1Yc8">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares China Technology & Semiconductor STAR 50 Index ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zCLqwiGrUu54" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The KraneShares China Technology &amp; Semiconductor STAR 50 Index ETF(the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the SSE Science and Technology Innovation Board 50 Index (the “Underlying Index”).</span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_z6ztIgr0hSXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zzG7wx6uboB6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zHEjYlqDaoWk" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_90B_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member__oef--ClassAxis__custom--C000220718Member_zmGXqJbON3Xd" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zVTWE0rLIV05"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zMeOKN8tDJQb" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_495_20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member__oef--ClassAxis__custom--C000220718Member_zh8gJN6tM4I7" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zfC1i5bX3qd9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.88%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zv2MfuhYm0Rd" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F45_ze9t7N258tWh">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zctqAMygVSt4" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zrp9FTCt6TIc" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.89%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F00_zWpHp6QURW22" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F14_z7ljcqYCh5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0088 0.0000 0.0001 0.0089 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zNBh35y2d1Qb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBijekdzCD5d"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zlaj2hx1o9yc" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48C_eoef--ExpenseExampleYear01_zqPBt8LaDszh" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zg6Gpvj9VOXd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zSWLs95pKgr1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zAhysagEqEPg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_412_20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member__oef--ClassAxis__custom--C000220718Member_zb9E2DPclzy4" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$91</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$284</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$493</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$1,096</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 91 284 493 1096 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zhWixHeV2dZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_908_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zuPdRVbm6Qcg">188%</span> of the average of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</span></p> 1.88 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zp9tg6lla9ya" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index includes the stocks of the top 50 companies by free-float market capitalizations listed on the SSE Science and Technology Innovation Board (the “STAR Market”). The STAR Market is a listing exchange run by the Shanghai Stock Exchange that focuses on Chinese science and technology, including biotechnology and semiconductor companies. According to the Shanghai Stock Exchange, companies listed on the STAR Market are mainly from high-tech and strategic emerging industries, and most focus on next-generation information technology, biomedicine, high-end equipment and similar industries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To be eligible for inclusion in the Underlying Index, a STAR Market company’s securities must meet certain market capitalization and liquidity screens and have been trading for at least one month. Once included, Underlying Index constituents are weighted based on their free-float market capitalization on the STAR Market, subject to a 10% cap. Although, the Underlying Index is designed to include 50 constituents, it may include as few as 30 constituents, if there are an insufficient number of STAR Market companies whose securities satisfy the screening and trading requirements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The stocks included in the Underlying Index will consist of China A-Shares. China A-Shares are Chinese renminbi (“RMB”)-denominated equity securities (“A-Shares”) issued by companies incorporated in mainland China. Direct investments in A-Shares are currently possible only through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”) or Qualified Foreign Investor (“QFI”) license. Bosera Asset Management (International) Co.,Ltd. (“Bosera”), the Fund’s sub-adviser, has received a license as a QFI from the China Securities Regulatory Commission (“CSRC”). In addition, the Fund may invest in A-Shares through the Stock Connect Programs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) and/or Bosera believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane, Bosera and/or their affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">In addition to China A-Shares, which are described above, the following China-related securities may be included in this 20% basket:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">As of March 31, 2026, the Underlying Index included 50 securities of companies with a market capitalization range of approximately $3 billion to $130 billion and an average market capitalization of approximately $18 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Information Technology sector (85.8%) and Healthcare sector (7.5%) represented significant portions of the Underlying Index. The Underlying Index is rebalanced and reconstituted quarterly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may engage in securities lending.</span></p> <p id="xdx_A80_eoef--RiskTextBlock_z2jsvaAE8bjl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_904_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zoQAgfSVioTc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zC7DpY9sRXDi">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zDEfY7pJs0C1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zvHLeYgQnXE7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zw6vQ0fzFGCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zLb5MqMCfVP3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_z9qsZMLwoxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Healthcare Sector Risk. </b>The profitability of companies in the healthcare sector may be affected by government regulations and government healthcare programs, government reimbursement for medical expenses, increases or decreases in the cost of medical products and services, limited product lines, increased emphasis on the delivery of healthcare through outpatient services and product liability claims. Many healthcare companies are heavily dependent on patent protection, which may be time consuming and costly, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in pricing pressure, including price discounting, and may be thinly capitalized and susceptible to product obsolescence. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, which may be time consuming and costly and with no guarantee that the product will come to market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorIndustryRiskMember_zDIIkIbvXa62" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Semiconductor Industry Risk</b>. The semiconductor industry is highly cyclical, which could affect the availability and price of components and generally cause the operating results of semiconductor companies to vary significantly. Semiconductor companies typically face high capital and research and development costs requiring additional financing, which may be difficult or costly to obtain. In addition to the risk of rapid product obsolescence, many semiconductor companies may not successfully introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products, and failure to do so could have a material adverse effect on their financial condition. Moreover, many semiconductor companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. As product cycles shorten and manufacturing capacity increases, semiconductor companies may become increasingly subject to aggressive pricing, which hampers their profitability. Reduced demand for end-user products, underutilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. The international operations of many semiconductor companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, tariffs and trade disputes, competition from subsidized foreign competitors with lower production costs, and other risks inherent to international business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zI9DoZ4l3OB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zqsd84wkgAMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z2OEhyrmxzkk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zVc9zhuhzNkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zH6659Et5GV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Non-Diversified Fund Risk.</b> <span id="xdx_90A_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z9bg7aqd9Ee6">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zcqptkV2gPh7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk. </i></b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zH1JZTNXprC" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zEqafGjw1B6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Small- and Mid-Capitalization Company Risk.</b> Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zBdIOVhXLx8i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zHzGljT9QlSc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zHbriKDn5OU5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_ziMbmxfXfrz" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Bosera’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zKtErL8jfA8b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5cqfaymhG8f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zxDRgT5bzc2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>High Portfolio Turnover Risk. </b>The Fund may incur a high portfolio turnover rate, which may increase the Fund’s brokerage commission costs, generate net short-term capital gains and negatively impact the Fund’s performance. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zsegfklTGVH" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z1QcwZNGDuv5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zjClDoT3cvCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zEQOaLj0mn8g" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zIcqFQtQagT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z5kmvuEg4Mo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zASjwrV5jydk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zepji1LHjsZa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zGhqFY5Mxty4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zpFgzInv6jxd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_908_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zqoqFtumPyRd">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zVwqjP2OiDNc">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zuwGdWvHyNla">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zzzRV8NOUwMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="pro-kstr_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zWwXOebwT2Rl" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; display: none" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; text-align: center"> Years</td> <td style="display: none; text-align: center">Returns </td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center; width: 50%"> 2022</td> <td id="xdx_987_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000220718Member_zSSNSMWuWXM9" style="display: none; text-align: center; width: 50%"> -38.14%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center"> 2023</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000220718Member_zcqhuXc1ppX6" style="display: none; text-align: center"> -18.12%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center"> 2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000220718Member_zM54qa3BvlOh" style="display: none; text-align: center"> 6.40%</td></tr> <tr style="display: none; vertical-align: top"> <td style="display: none; text-align: center">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000220718Member_z9mbIPr5L1C2" style="display: none; text-align: center">41.28%</td></tr> </table> -0.3814 -0.1812 0.0640 0.4128 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zDkU5FXSHq68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: center">As of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_z9K7ViyXv07d">June 30, 2026</span>, the Fund<span style="font-family: Times New Roman, Times, Serif">’</span>s calendar <span id="xdx_902_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_z5zaV7m8hPW6">year-to-date total return</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zBMtqfnlDZve">71.70%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; background-color: gainsboro; font-size: 10pt; text-align: left"> </td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Return</b></span></td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: gainsboro; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><b>Quarter Ended/Year</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; width: 70%; background-color: gainsboro; font-size: 10pt; text-align: left"><span style="font-size: 10pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zQzL29iH188a">Highest Return</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zILWNTqvuMql">44.91%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; width: 15%; background-color: gainsboro; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zeVF0codpPda">9/30/2025</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: gainsboro; font-size: 10pt; text-align: left"><span style="font-size: 10pt"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zH9eed5z4cPi">Lowest Return</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zCWe23Irjbx1">-22.99%</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; background-color: gainsboro; font-size: 10pt; text-align: center"><span style="font-size: 10pt"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_z5iAn95XK2j9">3/31/2022</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2026-06-30 year-to-date total return 0.7170 Highest Return 0.4491 2025-09-30 Lowest Return -0.2299 2022-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A82_eoef--PerformanceTableTextBlock_zKfuDJjO1uMc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zWRVQFEnxuMf" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: black 1pt solid; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><b>KraneShares China Technology STAR 50 Index ETF</b></span></td> <td id="xdx_495_20250101__20251231_zqQ5buIUOqgk" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_49D_20210126__20251231_z7mpZ9rLnqL" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_902_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000220718Member_zel75G5sjNvl"><span id="xdx_908_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zNeZBmGj1aV6"><span id="xdx_901_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z2Io3JP5U4Af"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zCGMPiswzWb4"><span id="xdx_907_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__custom--SSEScienceAndTechnologyInnovationBoard50IndexMember_zTCL5wJvOGG2">01-26-2021</span></span></span></span></span>)</b></span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220718Member_zffu5zjPzJre" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; width: 70%; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000220718Member_zRpYI6OZEpZ">Return Before Taxes</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">41.28%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">-5.87%</span></td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zr4lPVms33uc" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zlu0BTNSvQL3">Return After Taxes on Distributions</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">41.28%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">-5.87%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zqecYkC5uZRk" style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zdrYyapnfacj">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">24.44%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">-4.34%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zby8xPvcEb5b"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: bottom; background-color: gainsboro"><span style="font-size: 10pt">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">28.94%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">-4.48%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__custom--SSEScienceAndTechnologyInnovationBoard50IndexMember_zOV5egqYRtgf"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; vertical-align: bottom; background-color: gainsboro"><span style="font-size: 10pt">SSE Science &amp; Technology Innovation Board 50 Index <br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">42.58%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">-2.93%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"> <span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zjWE3zSWxWt1">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; display: none; text-align: justify"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000220718Member__oef--PerformanceMeasureAxis__custom--SSEScienceAndTechnologyInnovationBoard50IndexMember_zQ0B3zg4Degh">SSE Science &amp; Technology Innovation Board 50 Index (Reflects no deduction for fees, expenses or taxes)</span></p> 2021-01-26 2021-01-26 2021-01-26 2021-01-26 2021-01-26 Return Before Taxes 0.4128 -0.0587 Return After Taxes on Distributions 0.4128 -0.0587 Return After Taxes on Distributions and Sale of Fund Shares 0.2444 -0.0434 0.2894 -0.0448 0.4258 -0.0293 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) SSE Science & Technology Innovation Board 50 Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A8F_eoef--PerformanceTableClosingTextBlock_zVCOMhhwal69" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zz2hqOqQ4RYb">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000069005Member_zRtfVRoVg8wd">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares CSI China Internet ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zftVFUlN9a78" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The KraneShares CSI China Internet ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific foreign equity securities index. The Fund’s current index is the CSI Overseas China Internet Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zg9uFSLNyIsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zLsY5vDq1Vya"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zsbY7CgdO1D4" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left; width: 85%">Shareholder Fees <span style="font-style: normal; font-weight: normal">(fees paid directly from your investment)</span></td> <td id="xdx_98A_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member__oef--ClassAxis__custom--C000129136Member_z31zR7wFFZIg" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right; width: 15%" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> 0 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zHdblD7f31bh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zop72Ax6Cvde" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_497_20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member__oef--ClassAxis__custom--C000129136Member_zcBqa8EWgril" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zpKpUwQVJTwf" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.68%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_znZI8QjejCF5" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4A_zdrz6NCQfhNc">*</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zA6XyxiCYndf" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses<span id="xdx_F42_ztNBI9befjgj">**</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zMbAuCJcHQT4" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border: Black 1pt solid; text-align: right">0.69%</td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0D_zhmgZ83lQSFb" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F18_zkqqENAU1Jwb" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F04_zvQNdm7tT6c2" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F15_z6ngwbbcLlAg" style="text-align: justify"> Although the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) receives 10% of the net revenue generated by the Fund’s securities lending activities and such amount is included in “Other Expenses,” the Fund receives 90% of such net revenues. Please see the “Management” section of the Prospectus for more information.</td> </tr> </table> 0.0068 0.0000 0.0001 0.0069 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_zpsFwNhmkVHj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zxcSB0dTgtx5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zKIRCEk7XmUl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_z77EsKgSoxI6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_486_eoef--ExpenseExampleYear03_z60LT2A4Qni5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48F_eoef--ExpenseExampleYear05_z9DkzxSMa058" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zakN9Dma3iae" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member__oef--ClassAxis__custom--C000129136Member_zqwPNMHLjpLj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$70</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$221</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$384</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$859</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 70 221 384 859 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z18uUNyvMXja" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zfrmK9t9U5ti">45%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.45 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_ziGlAGAI5e1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is designed to measure the equity market performance of investable publicly traded “China-based companies” whose primary business or businesses are in the Internet and Internet-related sectors (“China Internet Companies”) (as defined below), and are listed outside of mainland China, as determined by the index provider, China Securities Index Co., Ltd. (“Index Provider”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">The Index Provider defines China-based companies as those that: (i) are incorporated in mainland China; (ii) have their headquarters in mainland China; or (iii) derive at least 50% of its revenue from goods produced or sold, or services performed, in mainland China.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China Internet Companies include, but are not limited to, companies that develop and market Internet software and/or provide Internet services; manufacture home entertainment software and educational software for home use; provide retail or commercial services primarily through the Internet; and develop and market mobile Internet software and/or provide mobile Internet services.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Index excludes securities that during the past year had a daily average trading value of less than $3 million or a daily average market cap of less than $2 billion. Constituents of the Underlying Index are ranked by free-float market capitalization in U.S. Dollars and then weighted so that no constituent exceeds 10% at each rebalance with the top five constituents capped at 40%. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in securities of China Internet Companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following China-related securities may be included in the Underlying Index and/or represent investments of the Fund:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, the Index included 33 securities of companies with a market capitalization range of approximately $523 million to $564 billion and an average market capitalization of approximately $44 billion. The Index is rebalanced and reconstituted semi-annually. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Consumer Discretionary sector (41.4%) and Communication Services sector (37.4%) represented significant portions of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span>The Fund may engage in securities lending.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_zUiYQfKfcVMl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zEu0CqAnNIZg">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_901_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zuHmsqaOkOml">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zgVAddH7y9D9"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zH2FWIB5FK24" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zMO3xNRp9Nvc"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternetCompaniesRiskMember_zLrUX5mcHei5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Internet Companies Risk.</b> Certain Funds invest significantly in Internet companies. Internet companies are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions, and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company’s business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure, which could have a material adverse effect on an Internet company’s business. Internet companies are also especially at risk of hacking and other cybersecurity events.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveForeignInvestmentCompaniesRiskMember_zq1VJTlENbD4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Passive Foreign Investment Companies Risk.</b> A Fund may invest in companies that are considered to be “passive foreign investment companies” (“PFICs”), which are generally certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income. Therefore, the Funds could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is distributed to its shareholders in a timely manner. A Fund will not be able to pass through to its shareholders any credit or deduction for such taxes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zuSInkIfcV29"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zWxaZ4taAWo9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_ze1Zc6NXloD7"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zevFzixkX2J1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zGGkAnHtuuba"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zTJkdxOpY3zi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z1QyDCddZvjc"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zA7xMTcl9xH3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zwhC6oNkvmql"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zsszdDXy1ajk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zTUpe3DTErDi"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zQk6u2lZyjxh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Non-Diversified Fund Risk. </b><span id="xdx_90F_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z6TwrZKfS2R8">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z9nGBFY9Ez72"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zEBitP4Ew6L7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zxb5MXwWuwQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-size: 10pt"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_zVn5lnnke5Xa" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Communication Services Sector Risk.</b> The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Telecommunication service providers are often required to obtain licenses or franchises in order to provide services in a given location. Licensing or franchise rights are limited, which may result in an advantage to certain participants. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Companies in media and entertainment industries can be significantly affected by competition, particularly in formulating new products and services using new technologies, and the cyclicality of revenues and earnings. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information or disruptions in services, which would have a material adverse effect on their businesses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_ztNBT4WMuuRf"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zXKIZDnWpKCi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zv9t9Ufsrp7l"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z544THp32kxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z2008cUoIMa9"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zfJMk6cl9loh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zsyQk840t6kk"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zy3BGlNp9rJ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zFwMylcyqQC"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zUFxDuoEAj3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zTKkLaY1bIy7"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zjSelHd69KOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zj0RIydLYdLe"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zXUrs2Is0Kuf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_z0ikcr6Da9Q2"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_ztUUDrJK952c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zr7nTPLH1Q04"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zX1FVX9051ji"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zStviG4YQOEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zjON7QRXQd42"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zUYXTyoscIla" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zWvfid9txxmb"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zi9bZt0HgsMc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zCrw8PRRuFa3"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zC2seBscVI61" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zlOKFeSsxXQ8"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zq5a1mtIOzt8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zmmdEsxr3xt1"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_z1KG5iNUWAV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zTw0bnztjg81"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zD8arctzEUll" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zZZ1wkYTdK4k"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z1bYGgrHbWzd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zG8jumYXfpa7"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zzLXjbc9DnM8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_z9m7vVxN06Rj"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z9DcZsEcAuQ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zgkeGivzMRr8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zqkc2YecPBg1">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_z1kTBILVplq9">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> In addition, prior to December 1, 2015, a sub-adviser was responsible for day-to-day portfolio management of the Fund’s assets. Updated performance information is available at no cost by visiting <span id="xdx_90E_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zSHed7CerdVi">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zCx0ImBQGuRj" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kweb_001.jpg" style="height: 308px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zpFVaaByLnU7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2016</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20160101__20161231__oef--ClassAxis__custom--C000129136Member_zcpne7tbyUbf" style="display: none; text-align: center; width: 50%">-8.45%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2017</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20170101__20171231__oef--ClassAxis__custom--C000129136Member_z96w8givjuKd" style="display: none; text-align: center">69.40%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2018</td> <td id="xdx_980_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000129136Member_zqojPZzYpZJd" style="display: none; text-align: center">-33.51%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_980_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000129136Member_zoicX6J7THif" style="display: none; text-align: center">29.28%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_988_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000129136Member_zYgjBjt6Chp2" style="display: none; text-align: center">59.66%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_989_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000129136Member_znyK6x7XF1B7" style="display: none; text-align: center">-49.33%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000129136Member_zfiD3bqgRtAb" style="display: none; text-align: center">-16.85%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_989_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000129136Member_ziLGzqPyDMp5" style="display: none; text-align: center">-9.93%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000129136Member_zxpQSJ1S4J66" style="display: none; text-align: center">13.25%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000129136Member_zCgZHKI5nEGc" style="display: none; text-align: center">23.48%</td></tr> </table> -0.0845 0.6940 -0.3351 0.2928 0.5966 -0.4933 -0.1685 -0.0993 0.1325 0.2348 <p id="xdx_A80_eoef--BarChartClosingTextBlock_zFThn3FKmHXk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center">As of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_z4fdVFCkj3Vd">June 30, 2026</span>, the Fund’s calendar <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zl3c5Vbe4q4k">year-to-date total return</span> was -<span id="xdx_900_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_z3SU91cshig2">28.96%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zW4yCXpdzj64">Highest Return</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zywlARzQd5f1">37.44%</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zGpwAffahN9e">6/30/2020</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zjIAeuuCip1j">Lowest Return</span></td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zzmyDoc8ic2l">-32.36%</span></td> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_z3CFn7HAp0Ze">9/30/2021</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2026-06-30 year-to-date total return 0.2896 Highest Return 0.3744 2020-06-30 Lowest Return -0.3236 2021-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A83_eoef--PerformanceTableTextBlock_z7r9at672fMd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zq2mYxSDgC1h" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares CSI China Internet ETF</td> <td id="xdx_490_20250101__20251231_zDAMQuzGClL5" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_495_20210101__20251231_zQc6WcsMWtV8" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 years</td> <td id="xdx_49C_20160101__20251231_zJXUixZSzrHc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">10 years</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129136Member_zb2ZUiS8vmLl" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129136Member_zU4UBXdWcaU8">Return Before Taxes</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">23.48%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-11.90%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">1.23%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zCGq07tmQR3d" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zTv01YeThpFk">Return After Taxes on Distributions</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">20.63%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-12.96%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.46%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zBA6hl14WB02" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zhW1GDzN5Pbi">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">13.94%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-8.78%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.71%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zpgwVNtbZ6al" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">28.94%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.45%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">4.14%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zfnkuTgVo267" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">CSI Overseas China Internet Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">23.29%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-11.93%</td> <td style="border: Black 1pt solid; text-align: center">1.28%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zSnoCMIi07n9">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000129136Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_z4xMeWm2Mtrg">CSI Overseas China Internet Index (Reflects no deduction for fees, expenses or taxes)</span></span> </p> Return Before Taxes 0.2348 -0.1190 0.0123 Return After Taxes on Distributions 0.2063 -0.1296 0.0046 Return After Taxes on Distributions and Sale of Fund Shares 0.1394 -0.0878 0.0071 0.2894 -0.0245 0.0414 0.2329 -0.1193 0.0128 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) CSI Overseas China Internet Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zOLamU0f2WZ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90B_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zXsVs7bnTLb2">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90A_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000041596Member_zPMWo7OBEOeg">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Dragon Capital Growth of Vietnam Index ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zOgW1v3uCjAl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The KraneShares Dragon Capital Growth of Vietnam Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the Dragon Capital MerQube Vietnam Growth Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zFKaThOGr7hl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zPQgCwRqa7Hf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zy1FbSAPY5h8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left; width: 85%">Shareholder Fees <span style="font-style: normal; font-weight: normal">(fees paid directly from your investment)</span></td> <td style="border: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_90D_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member__oef--ClassAxis__custom--C000264117Member_zK2iCKhYlfIi">None</span></td></tr> </table> 0 <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_z85PdKff1zih"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zHAmATkbf4Za" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Annual Fund Operating Expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(expenses that you pay each year as a percentage of the value of your investment)</p></td> <td id="xdx_49F_20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member__oef--ClassAxis__custom--C000264117Member_zda19EDbRKAi" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40A_eoef--ManagementFeesOverAssets_dpn_z8KBXPEGYZ3g" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.78%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zjhh6hyPdmf8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; width: 85%; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F43_zpCjSn3FHFCi">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zSaV1k2i44g7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Other Expenses<span id="xdx_F40_z19bflRNX0Ej">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_40A_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zLFA8sDbVJJj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left"><span id="xdx_F44_zW0WeSHd7yle">Acquired Fund Fees and Expenses</span><span id="xdx_F40_z37OmRzElGr6">***</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.23%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z8UVmxLk2Gtl" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses<span id="xdx_F4D_z7NcG2Uvker6"></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">1.02%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td><td id="xdx_F0E_zTENdjdX28ke" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F14_zBfhgc4MMmE7" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td><td id="xdx_F0A_z2fa2bl0kuwk" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F1A_zmhMWH44046b" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member_z6AWVusvsTG"> Based on estimated amounts for the current fiscal year.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 0.25in; font-size: 10pt; text-align: justify"><span id="xdx_F01_zVZ4y0BW8aV6" style="font-size: 10pt">***</span></td> <td style="font-size: 10pt; text-align: justify"><span id="xdx_F19_zG8NKRbqwzbh" style="font-size: 10pt"> “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). Based on estimated amounts for the current fiscal year.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0078 0.0000 0.0001 0.0023 0.0102 Based on estimated amounts for the current fiscal year. Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zlTnH2hHeiFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_z8NZJR70S7Jb"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro"> <td style="background-color: White; width: 25%"> </td> <td id="xdx_486_eoef--ExpenseExampleYear01_zblnHCQfIXb2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 25%; text-align: center"><b>1 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zbjSSkZzuXJi" style="border: Black 1pt solid; vertical-align: top; width: 25%; text-align: center"><b>3 Years</b></td> <td style="background-color: White; width: 25%"> </td></tr> <tr id="xdx_41F_20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member__oef--ClassAxis__custom--C000264117Member_zST66NfL2336"> <td style="background-color: White"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$104</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$325</td> <td style="background-color: White"> </td></tr> </table> 104 325 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zadVidhU2Uqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From the Fund’s inception, December 2, 2025, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member_zZsEc3acntO2">29%</span> of the average value of its portfolio. </p> 0.29 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zc2jezrlawe8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is designed to measure the performance of stocks and foreign exchange-traded funds (“ETFs”) that are listed on the Ho Chi Minh City Stock Exchange (“HOSE”) and available for investment by U.S. investors, notwithstanding foreign ownership limits (“FOLs”). The Underlying Index’s foreign ETFs consist of the Diamond ETFs, which are foreign ETFs that track the VN Diamond Index. The VN Diamond Index is designed to measure the performance of HOSE-listed companies that attract significant foreign capital and, therefore, are or may become subject to a FOL. The Fund intends to invest in foreign ETFs advised by an affiliate of Dragon Capital Management (HK) Limited, the Fund’s Sub-Adviser (“Sub-Adviser”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">From this universe of eligible equity securities, MerQube (the “Index Provider”) screens stocks based on the fundamental criteria and growth criteria as described below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">With respect to the fundamental criteria, the Index Provider screens for certain ranges of both price-to-earnings ratios and asset-to-equity ratios. The price-to-earnings ratios look at both one year and three-year periods and must be within certain ranges. <span style="background-color: white">The asset-to-equity ratio must be with certain ranges, except that companies in the banks industry are automatically included and companies in the capital markets industry have a different threshold than companies in other industries, which is more favorable.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="background-color: white">With respect to the growth criteria, the Index Provider selects securities with the highest proprietary growth ratio and selects a minimum of 40 stocks with foreign room available (<i>i.e.</i>, companies that have not reached their FOL). </span>The growth ratio is calculated by the Index Provider based on total equity growth and corporate actions including stock dividends and stock bonuses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Stocks that have reached or are nearing their FOL and meet all criteria will be replaced by the Diamond ETFs as an index constituent, with the Diamond ETFs capped at 24% of the Underlying Index. The Index Provider calculate weights for the Underlying Index using an optimization process that considers factors such as market capitalization, liquidity, the growth ratio and other fundamental factors (<i>e.g.</i>, net profit). In addition, preference is given to existing index constituents of the Underlying Index versus new entrants.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="background-color: white;">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), or the </span>Sub-Adviser <span style="background-color: white">believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including ETFs), foreign ETFs and cash or cash equivalents (including money market funds). Certain other investment companies or foreign ETFs in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane, the </span>Sub-Adviser <span style="background-color: white">and/or their affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use a representative sampling strategy to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, the Underlying Index included one foreign fund and 55 securities of companies with a market capitalization range of approximately $73 million to $18 billion and an average market capitalization of approximately $2.4 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Financials sector (38.6%), Consumer Discretionary sector (27.8%), Industrials sector (16.1%) and Information Technology sector (11.4%) represented significant portions of the Underlying Index. The Underlying Index is rebalanced quarterly and reconstituted biannually.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Fund may engage in securities lending.</span></p> <p id="xdx_A87_eoef--RiskTextBlock_zHclNvF1GYw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_902_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zONDE0KWrOdl">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_907_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zgDecTbJ8D32">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--VietnamRiskMember_z33GhXgtxkb3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Vietnam Risk.</b> Vietnamese companies face risks associated with expropriation and/or nationalization of assets (including property and real estate), restrictions on and government intervention in international trade, confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision making, armed conflict, the impact on the economy as a result of civil war, and social instability as a result of religious, ethnic and/or socioeconomic unrest. The Vietnamese government may exercise substantial influence over many aspects of the private sector, and may own or control certain companies therein. Accordingly, government actions could have a significant effect on economic conditions in the country, and on market conditions and prices of Vietnamese securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Vietnam is dependent on trading relationships with certain key trading partners, including the United States, China and Japan, and as a result may be adversely affected if demand for Vietnam’s exports in those nations declines. Vietnam has become a manufacturing hub and an important component of the global supply chains for many different industries, in some cases benefiting from the changing economic and political climate in other regional manufacturing hubs such as China. If this trend slows or reverses, Vietnamese companies across all industries would be adversely impacted. The Vietnamese government has undertaken reform of economic and market practices in recent years, but issues such as foreign ownership limits and lack of in-kind transfers remain. If deterioration occurs in Vietnam’s balance of payments, it could impose temporary restrictions on foreign capital remittances. The Fund could be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the application to the Fund of any restrictions on investments. Investing in Vietnam may require the Fund to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund. Vietnam may levy withholding or other taxes on dividend and interest income received by the Fund. Although in some cases a portion of these taxes may be recoverable, the non-recovered portion of foreign withholding taxes will reduce the income received from the Fund’s investments. The currencies of frontier markets, such as Vietnam, may be subject to more significant fluctuations and greater likelihood for speculation than the currencies of more developed markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The securities markets in Vietnam are underdeveloped and are often considered to be less correlated to global economic cycles than those markets located in more developed countries. As a result, securities markets in Vietnam are subject to greater risks associated with market volatility, lower market capitalization, lower trading volume, illiquidity, greater price fluctuations, uncertainty regarding the existence of trading markets, governmental control, heavy regulation of labor and industry and inflation. Vietnam has experienced, and may in the future experience, a high inflation rate, which is at least partially a result of the country’s large trade deficit. Due to governmental focus on economic growth at the expense of currency stability, the inflation rate may continue at a high level and economic stability could be threatened. Moreover, trading on securities markets may be suspended altogether. Also, market volatility may be further heightened by the actions of a few major investors. For example, a substantial increase or decrease in cash flows of funds investing in these markets could significantly affect local stock prices.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The government in Vietnam may restrict or control to varying degrees the ability of foreign investors to invest in securities of issuers located or operating in Vietnam. These restrictions and/or controls may at times limit or prevent foreign investment in securities of issuers located or operating in Vietnam. Moreover, Vietnam may require governmental approval or special licenses prior to investments by foreign investors and may also require governmental approval in connection with the repatriation of capital by foreign investors. The Vietnamese government may limit the amount of investments by foreign investors in a particular industry and/or issuer and may limit such foreign investment to a certain class of securities of an issuer that may have less advantageous rights than the classes available for purchase by domiciliaries of Vietnam and/or impose additional taxes on foreign investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">These factors, among others, make investing in issuers located or operating in Vietnam significantly riskier than investing in issuers located or operating in more developed countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AsiaPacificRiskMember_zQ2QnjQv3mYi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Asia-Pacific Risk. </b>Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks, including high interest rates, economic volatility, inflation, currency devaluations and high unemployment rates. Certain Asia-Pacific countries have experienced expropriation and/or nationalization of assets, confiscatory taxation, political instability, armed conflict and social instability as a result of religious, ethnic, socio-economic and/or political unrest. Political instability could have an adverse effect on economic or social conditions in these economies and may result in outbreaks of civil unrest, terrorist attacks or threats or acts of war in the affected areas, any of which could adversely affect the Fund. Some economies in this region are dependent on a range of commodities, and are strongly affected by international commodity prices and particularly vulnerable to price changes for these products. The market for securities in this region may also be directly influenced by the flow of international capital, and by the economic and market conditions of neighboring countries. Many Asia-Pacific economies have experienced rapid growth and industrialization, and there is no assurance that this growth rate will be maintained. Some Asia-Pacific economies are highly dependent on trade and economic conditions in other countries can impact these economies. Singapore, Malaysia, Thailand, Indonesia and the Philippines present different economic and political conditions from those in Western markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z8upJghSdMY2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_z9qrxZyJ9WJf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Non-Diversified Fund Risk. </b><span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zo3nfjOaajm9">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zshdK3QPU5sa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierMarketsRiskMember_zsJqvhImWSGd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Frontier Markets Risk.</b> Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more developed and traditional emerging markets. Frontier markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. Economic, political, illiquidity and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zEAhcT3AtAM7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zvglWecXGp9c" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z6IKy5OeCCSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zDX0Nhqbl6pg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zJtd41Eb85Eb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zD4MVttIPODa" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zbhphagxwBIh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z1pUacmKoxT1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Information Technology Sector Risk. </b>Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundRiskMember_zBlxiuRu940j" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EtfRiskMember_zFKqPeNSlQZb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zFUjg5JySge2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zFMYAOAKxddl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidcapitalizationCompanyRiskMember_zYdBjgf20Gi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zDMOnMmFJQq9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zLFNw3BozO59" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane or the Sub-Adviser’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zvg6Leiqx7Sj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z4xPjZw3Zjvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zHmcgIZ3i3P8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zoCKSZvyVSld" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zaCadkwIbe91" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z3tCX9QDVnef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgbBnP8BopH" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z7IDUw5gDQNc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane, the sub-adviser and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane and the sub-adviser are subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane, the sub-adviser and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zTfDBHvSA4aa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zZRjQxrZbjG4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zuq8Q2z0jMPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A81_eoef--PerformanceNarrativeTextBlock_zfmVAxqGEvmd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member_zYf5KL45ksgc">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> Once available, the Fund’s current performance information will be available at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member_zUaNrhppWPH9">www.kraneshares.com</span>. <span id="xdx_905_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000095396Member_zUkJV7tyaxPk">Past performance does not necessarily indicate how the Fund will perform in the future.</span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares Electric Vehicles and Future Mobility Index ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zdppeugYI1ml" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The KraneShares Electric Vehicles and Future Mobility Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the Bloomberg Electric Vehicles Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zPHUMkqmcm72" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A8E_eoef--ShareholderFeesTableTextBlock_zoO4RMrNmRGl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zMQAy7iDnfB3" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left; width: 85%">Shareholder Fees <span style="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: normal">(fees paid directly from your investment)</span></td> <td id="xdx_98C_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member__oef--ClassAxis__custom--C000198139Member_zwPng1Dn8R42" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right; width: 15%" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_zHsKi8t0lyG2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_z7rbIekgBMW7" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_490_20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member__oef--ClassAxis__custom--C000198139Member_zrp70abU2UK7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z2THUePnB3Oa" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.68%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7j8SDuxwiEf" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4C_zkqGWODUCGL9">*</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zBV1cxSBmKRe" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses<span id="xdx_F41_z6BwUG4pQ7K6">**</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zASZa6CUg2S2" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border: Black 1pt solid; text-align: right">0.69%</td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F04_zgS8bB4CLhC5" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1F_zIzBJ3PsetF4" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0D_zgO2LkHrxwCa" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F19_zgGXIYeW7Ve7" style="text-align: justify"> Although the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) receives 10% of the net revenue generated by the Fund’s securities lending activities and such amount is included in “Other Expenses,” the Fund receives 90% of such net revenues. Please see the “Management” section of the Prospectus for more information.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0068 0.0000 0.0001 0.0069 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zzxRGviXZzdc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zrONjO5KAkNe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zQT4bkz4Xpil" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_487_eoef--ExpenseExampleYear01_zPcPLQiQNG37" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_zMrBv7HL1Rei" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_zDD79KIRK8ul" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_489_eoef--ExpenseExampleYear10_zT5S1clyBbx" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_417_20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member__oef--ClassAxis__custom--C000198139Member_zxbLYBUCN1w7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$70</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$221</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$384</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$859</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 70 221 384 859 Portfolio Turnover <p id="xdx_A80_eoef--PortfolioTurnoverTextBlock_zS5lAPl1KV71" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_903_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zGDBxoyG3GS1">69%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.69 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zNBAAxKYZu9e" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is designed to measure the equity market performance of companies engaged in the production of electric vehicles or their components or in other initiatives that are expected to change the future of mobility, as determined by Bloomberg Indices, the provider of the Underlying Index (“Index Provider”). This includes companies that are expected to derive significant revenues from electric vehicles, energy storage technologies, lithium and copper mining, and hydrogen fuel cells.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">To be eligible for inclusion in the Underlying Index, a security must be a member of the Bloomberg World Aggregate Index and classified as belonging to the vehicles, electrical vehicle components, batteries, hydrogen fuel cells, or raw materials sector classifications as determined by the Bloomberg Intelligence Theme-Basket committee. To determine eligibility, Bloomberg Intelligence uses a multistep process that (1) proposes companies and key terms associated with the above-named sector classifications; (2) searches filings of actively traded public companies for occurrences of key terms to affirm proposed companies and find missing companies; and (3) back-tests to see how closely the identified companies trade together as a group. Finally, the Bloomberg Intelligence Theme-Basket committee reviews the results to determine the final composition of the Underlying Index. The securities are screened for extreme event controversy, United Nations Global Compact violations, and controversial business involvements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Electric vehicles and mobility are not recognized industries, sub-industries or sectors. Therefore, to identify issuers engaged in those industries, the Index Provider cannot solely rely on traditional categorizations such as the Global Industry Classification Standard.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Underlying Index is a modified market capitalization weighted index. The initial weight of each security is determined by dividing the free float market capitalization of each security by the sum of the free float market capitalizations of all the securities in the index. Using a three-step capping process, the initial weights are distributed such that the top eight securities are subject to a 4% cap and must achieve a proprietary thematic score of 2 or lower. Securities after the top eight are subject to a 2.5% cap and must also achieve a proprietary thematic score of 2 or lower. Securities with a thematic score of 3 are subject to a 1.0% cap. Any excess weight from capping is then redistributed proportionally to the remaining uncapped issuers. If there are multiple securities per issuer, then the issuer weight is redistributed proportionally to all of the securities within the issuer based on the free float market capitalization of each security.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the Underlying Index included 81 securities of companies with a market capitalization range of approximately $498 million to $1.4 trillion and an average market capitalization of approximately $35 billion. As of March 31, 2026, issuers in the Consumer Discretionary sector (50.7%), Materials sector (31.4%) and Information Technology sector (13.0%) represented significant portions of the Underlying Index. As of March 31, 2026, the largest markets represented in the Underlying Index were China, United States and South Korea. The Underlying Index is reconstituted and rebalanced quarterly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may engage in securities lending.</p> <p id="xdx_A8F_eoef--RiskTextBlock_zFeYzBqUmErc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_905_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zGYYVxAFDBr8">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zarTeEuQ9VB2">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zi2TDB03GZ1i"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--AutonomousVehiclesAndFutureMobilityCompaniesRiskMember_zNL3KzhE39Ha" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Autonomous Technology Companies Risk.</b> Investments in autonomous vehicles and future mobility companies may be volatile. These companies are subject to intense competition, the risk of product obsolescence, changes in consumer preferences and legal, regulatory and political changes. Many of these companies make significant expenditures on research and development, and are heavily dependent on intellectual property rights, which may be challenged by other similar companies. A loss or impairment of intellectual property rights may adversely affect autonomous vehicles and future mobility companies. These vehicles may incorporate raw materials from companies concentrated in certain commodities, and may also rely on fuel sources that are more sensitive to commodities market activity than traditional vehicle fuels, which exposes the autonomous vehicles and future mobility companies to the price fluctuation of those commodities. They are also especially at risk of hacking, other cybersecurity events, and traffic accidents related to autonomous vehicles.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zNl01Dy95ybb"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zYMYkwnzFu99" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A-Shares Risk.</i> </b>A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stock Connect Program Risk.</i> </b>The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zx8FzgEhbdp8"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zCJX90ImqjGi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zJKexGsKl0Pg"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zpABRYvzhcI8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zsNMYvWkpZf3"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zWqzwrLtjt19" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zcqTayOiJ4le"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zNXjiydGpjCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z5ddSLDIP9nl"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SouthKoreaRiskMember_zPWgd8bzNwp5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>South Korea Risk.</b> The Fund is susceptible to adverse market, political, regulatory and geographic events affecting South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. South Korea’s economy may be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. Escalated tensions involving the two nations and the outbreak of hostilities between the two nations, or even the threat of an outbreak of hostilities, could have a severe adverse effect on the South Korean economy. In addition, South Korea’s economic growth potential has recently been on a decline because of a rapidly aging population and structural problems, among other factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_z6pFnhAe3nDh"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zTzvm1jiEq96" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_ztvodoAe6Jlj"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zthYtRciCAI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zw9yuqm7Avta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaterialsSectorRiskMember_zPCQmzAWzxGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Materials Sector Risk. </b>The materials sector includes companies from the following and similar industries: chemicals; metals &amp; mining; paper &amp; forest products; containers &amp; packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zUV9W627LuM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Information Technology Sector Risk. </b>Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zBABU9f2djZ8"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_znuRvuCje1oe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zTwmifNfuTBa"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zgOf7lpkqtQh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zKeZcN2k1qJ"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zoKNQtJWrcvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zFgI8NEnVugk"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zZpws28PSJn9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_914_exdx--NextElement_zXXeff2WWIFk"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zJTkRDdWysah" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zOxFH3zJFmGi"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwqaEfQwkrfc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_z0V0dKnY1KMf"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zGQPWlV2Sj95" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zzGlSv7lNkAk"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zFAubmHBlDM3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zfk7U3QZtsQe"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zW0itQnB2Lv3"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zRLZOWHgyUhc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zQTqs2G1Ltw"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zcqoPL5ublE6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zkUynNTBS5hj"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zK9FkNsL9tXb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zXcof6HA0QWc"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zHbweratIAVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zPKmHc4li9ok"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z69PKZMtwqk5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zMt1NLAjUXbc"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zZJLuNavDC4g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zuU80ooOdPR5"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zC7YjmQgy602" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_z87DntKsiYFa"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zPXsnNrFAlcc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zaAH18eqjFRd"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zsFSHe1x1wy3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zzBgTRVMQys8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_906_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_z18nz2MU6Sb7">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zaUZpn2cGH49">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_z84w5dZhzBgb">www.kraneshares.com</span>. In addition, prior to June 16, 2021, the Fund previously sought to track the performance of the Solactive Electric Vehicles and Future Mobility Index, before fees and expenses.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zBDKbNGie7ii" style="font: 10pt Times New Roman, Times, Serif; display: none; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kars_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5E_dU_zEKXyXUEzarg" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2019</td> <td id="xdx_982_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000198139Member_zPCrmTsq8syd" style="display: none; text-align: center; width: 50%">34.62%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_984_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000198139Member_ziC0a20Y4mL4" style="display: none; text-align: center">70.24%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000198139Member_z9MrclvmUmn8" style="display: none; text-align: center">24.06%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000198139Member_zqFYMiq1ZmA9" style="display: none; text-align: center">-39.04%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000198139Member_zpukC9XuoAR4" style="display: none; text-align: center">-7.10%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000198139Member_zZM8RsFyFFD4" style="display: none; text-align: center">-17.68%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000198139Member_zLuL7MN3p8Rk" style="display: none; text-align: center">45.45%</td></tr> </table> 0.3462 0.7024 0.2406 -0.3904 -0.0710 -0.1768 0.4545 <p id="xdx_A8E_eoef--BarChartClosingTextBlock_z0ViDhhvV0E" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center">As of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_z1OM6XX6r6E5">June 30, 2026</span>, the Fund’s calendar <span id="xdx_905_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zlMx90SH0yph">year-to-date total return</span> was <span id="xdx_903_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zNegXe36mGC7">2.89%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_90D_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zrEur1mKh8Yc">Highest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zdgJgTfHUNM3">39.17%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zFraJayLMuCh">9/30/2025</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_908_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zuIuBKiF515g">Lowest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zInI0E7G7BS5">-19.61%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_z1oXVWFfZpY7">3/31/2020</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2026-06-30 year-to-date total return 0.0289 Highest Return 0.3917 2025-09-30 Lowest Return -0.1961 2020-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A88_eoef--PerformanceTableTextBlock_zAaAncAQIafg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zRXArvAi3oT5" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares Electric Vehicles and Future Mobility Index ETF</td> <td id="xdx_49F_20250101__20251231_zdRUBdbBsLj5" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_498_20210101__20251231_zINesBCZESQe" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 years</td> <td id="xdx_492_20180118__20251231_zoNZgE0ASjH9" style="border: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_90B_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000198139Member_zu6uYSqIf2E3"><span id="xdx_907_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z36StjfsLRTe"><span id="xdx_908_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQsySbKdFRYd"><span id="xdx_90D_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMember_z3XlkfrKALfb"><span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__custom--CustomBlendedKARSIndexMember_zL0FsNGPMZwh">1-18-2018</span></span></span></span></span>)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198139Member_zwLugfwKdPYf" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000198139Member_zfHTbWn03OGh">Return Before Taxes</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">45.45%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-3.40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">4.31%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z5nL0uS4OPe2" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zq7sZTy8Glui">Return After Taxes on Distributions</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">45.48%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-3.85%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">3.93%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zauzizVjnrjj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zaHY1mci8Mc">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">27.04%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">3.42%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMember_z9thwnaqaNU7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI ACWI<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">22.34%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">11.19%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">10.20%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__custom--CustomBlendedKARSIndexMember_ztAx6kL7e2a2" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">Custom Blended KARS Index<br/> (Reflects no deduction for fees, expenses or taxes)<span id="xdx_F40_zeH6SHlVMhKa">*</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">45.03%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.74%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">4.89%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMember_z2skIDGfbYGj">MSCI ACWI (Reflects no deduction for fees, expenses or taxes)</span></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000198139Member__oef--PerformanceMeasureAxis__custom--CustomBlendedKARSIndexMember_zfZCauYliBg3">Custom Blended KARS Index (Reflects no deduction for fees, expenses or taxes)</span></span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F06_zQIRjaW30EO6" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F14_zf66lKicPJqf" style="text-align: justify"> The Custom Blended KARS Index consists of the Solactive Electric Vehicles and Future Mobility Index from the inception of the Fund through June 15, 2021 and the Bloomberg Electric Vehicles Total Return Index going forward.</td> </tr> </table> 2018-01-18 2018-01-18 2018-01-18 2018-01-18 2018-01-18 Return Before Taxes 0.4545 -0.0340 0.0431 Return After Taxes on Distributions 0.4548 -0.0385 0.0393 Return After Taxes on Distributions and Sale of Fund Shares 0.2704 -0.0250 0.0342 0.2234 0.1119 0.1020 0.4503 -0.0274 0.0489 MSCI ACWI (Reflects no deduction for fees, expenses or taxes) Custom Blended KARS Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zpA1da6Xg1ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zdgeYbvOzTD9">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_901_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000061165Member_zK7TFxr7Fg88">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Global Carbon Strategy ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_zFf2EHoDvSlj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The KraneShares Global Carbon Strategy ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the performance of the S&amp;P Global Carbon Credit Index Excess Return (the “Index”), plus any returns from any available collateral. The Index is comprised of futures contracts on emission allowances issued by various “cap-and-invest” program s that seek to reduce greenhouse gas emissions over time.</p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zlc6PcxLqga2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The following table describes the fees and expenses you may pay if you buy and hold shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zAJjK2ckrBz1"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zSI37xgAJ3Cf" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top; width: 85%"> <p style="font: normal 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Shareholder Fees </b>(fees paid directly from your investment)</p> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span id="xdx_906_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member__oef--ClassAxis__custom--C000214065Member_zhlLujqYncM4" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_zFIQGDXp7Wsb"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A50_dU_zlmXqJvyusg5" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_493_20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member__oef--ClassAxis__custom--C000214065Member_zaPF6yNiZykj" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom; width: 15%"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_ztYZtsM0j5I8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.78%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_z7N9FiCrjuTf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Distribution and/or Service (12b-1) Fees<span id="xdx_F4C_z55QeDtevKg1">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z4W766PcqSi8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.01%</td> </tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z4ebXvTeYOjk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; background-color: Gainsboro; text-align: left; vertical-align: top">Acquired Fund Fees and Expenses<span id="xdx_F43_z0jqZ94HM9Y2">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.12%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zCAZb8ni38Ne" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: left; vertical-align: top"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right; vertical-align: bottom">0.91%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F01_z88WjObGzfni" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1C_zzgB1kNNtV23" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F05_zFdKyv6RuxIh" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F13_zZzNp3kXunod" style="text-align: justify"> <span id="xdx_908_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zFzBLY1SrDDb">“Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement” will differ from those presented in the Fund’s Financial Highlights.</span> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0078 0.0000 0.0001 0.0012 0.0091 “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement” will differ from those presented in the Fund’s Financial Highlights. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zJltLEt8MAk2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A8D_eoef--ExpenseExampleWithRedemptionTableTextBlock_zHf6El418wP5"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zGfjM2qlAvzf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zk7mXdSR0Cq4" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_zdyD2MgpGW63" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear05_zTrB1RTBehrf" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_487_eoef--ExpenseExampleYear10_zlLDIqT2t3K8" style="border: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member__oef--ClassAxis__custom--C000214065Member_zOATbxUkuyW8" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$93</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$290</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$504</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$1,120</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 93 290 504 1120 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zuKPlCOEDlTi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zhJcUVeeWwP7">50%</span> of the average value of its portfolio. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> 0.50 Principal Investment Strategies <div id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zGZt6vP8Lhr1"></div> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In seeking to achieve its investment objective, the Fund attempts to maintain exposure to carbon credit futures that are substantially the same as those included in the Index, which is an index comprised of futures contracts on emission allowances issued by various “cap-and-invest” program s that seek to reduce greenhouse gas emissions over time. The Fund may also invest directly or indirectly in certain debt instruments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Index is designed to measure the performance of a portfolio of liquid carbon credit futures that require “physical delivery” of emission allowances issued under cap and trade regimes. An emission allowance or carbon credit is a unit of emissions (typically one ton of CO₂) that the owner of the allowance or credit is permitted to emit. A cap and trade regime seeks to gradually reduce such emission allowances or carbon credits over time to incentivize companies to reduce greenhouse gas emissions in an effort to curb climate change. The Index includes only carbon credit futures that mature in December of the next one to two years and that have a minimum average monthly trading volume over the previous six months of at least $10 million. The Index weights eligible carbon credit futures based on their average monthly trading volume during the relevant six-month period, subject to a 5% minimum weight per regime and a 65% maximum weight to any one of the following geographic regions: (1) Europe, the Middle East and Africa, (2) the Americas, and (3) the Asia-Pacific. In addition, no single carbon credit futures contract expiring in a particular year will receive an allocation of less than 5% or more than 60% at the semi-annual rebalancing or annual reconstitution of the Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2025, the Index included carbon credit futures linked to the value of emissions allowances issued under the following cap and trade regimes: the European Union Emissions Trading System; the California Cap and Trade; Washington’s Cap-and-Invest Program; Regional Greenhouse Gas Initiative; and the UK Emissions Trading System. As the global carbon credit market grows, additional carbon credit futures, are expected to enter the Index, and the Fund’s portfolio when they have a minimum average monthly trading volume of at least $10 million over the relevant six-month period.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund utilizes 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. The Subsidiary is advised by the Adviser. The Fund’s investment in the Subsidiary may not exceed 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary’s value), which limitation is imposed by the Internal Revenue Code of 1986, as amended, and is measured at the end of each quarter. The Subsidiary has the same investment objective as the Fund and follows the same investment policies and restrictions as the Fund. Except as noted, for purposes of this Prospectus, references to the Fund’s investment strategies and risks include those of its Subsidiary, and references to the Fund include the Subsidiary.</p> </td> <td style="width: 3%"> </td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 3pt; vertical-align: top; width: 27%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>What is a “cap-and-invest” program ?</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In a “cap-and-invest” program, a limit (“cap”) is typically set by a regulator, such as a government entity or supranational organization, on the total amount of specific greenhouse gases, such as CO₂, that can be emitted by regulated entities, such as manufacturers or energy producers. Capping and reducing the cap on greenhouse gases is viewed as a key policy tool for reaching climate change objectives. The regulator then issues or sells “emission allowances” to regulated entities which may then buy or sell (“trade”) the emission allowances on the open market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent that the regulator may then reduce the cap on emission allowances, regulated entities are thereby incentivized to reduce their emissions; otherwise they must purchase emission allowances on the open market, where the price of such allowances will likely be increasing as a result of demand, and regulated entities that reduce their emissions will be able to sell unneeded emission allowances for profit.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The opposite could also occur and the regulator may increase the cap on emission allowances, which would likely increase emissions and decrease the price of allowances. Commodity futures contracts linked to the value of emission allowances are known as carbon credit futures.</p> </td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">While the Fund generally seeks to obtain exposure to the same carbon credit futures that are in the Index, the Fund and Subsidiary may not replicate the Index. For example, the Fund may invest in carbon credit futures with different maturity dates (i.e., not one of the next two Decembers), the Fund may weight the carbon credit futures differently than the Index, or the Fund may purchase carbon credit futures on different dates than the rebalancing date for the Index. The Fund may also use various instruments, including futures, forward contracts, swaps, notes and reverse repurchase agreements, to manage its exposure to currencies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may also invest in other instruments that are consistent with its investment objective. For example, the Fund may invest in emission allowances issued under a cap and trade regime, futures contracts that are not carbon credit futures, options on futures contracts, swap contracts, and other investment companies and notes, which may or may not be exchange-traded. The debt instruments in which the Fund intends to invest indirectly, through short-term bond funds and exchange-traded funds (“ETFs”), which can include affiliated ETFs, include government securities and corporate or other non-government fixed-income securities with maturities of up to 12 months. The Fund may also invest in cash and cash equivalents, including money market funds and repurchase agreements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Commodities Futures Trading Commission (the “CFTC”) has adopted certain requirements that subject registered investment companies and their advisers to regulation by the CFTC if a registered investment company invests more than a prescribed level of its net assets in CFTC-regulated futures, options and swaps, or if a registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund’s use of CFTC-regulated futures and swaps above CFTC Rule 4.5 limits, it is considered a “commodity pool” under the Commodity Exchange Act.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is non-diversified. To the extent the Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry (using the notional value of any futures in which it invests). The Index is provided by S&amp;P Dow Jones Indices LLC (“Index Provider”).</p> <p id="xdx_A88_eoef--RiskTextBlock_zp662yQcUdnd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_90F_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z21IzkKH64sj">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z1VRRpm88HE9">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CarbonEmissionAllowanceAndCapAndTradeRiskMember_zvTAbR2NtdR6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Carbon Emission Allowance and Cap and Trade Risk. </b>There is no assurance that cap and trade regimes will continue to exist. Cap and trade was designed to attempt to put a cap on pollution by putting a price on carbon emissions, but the approach may not prove to be an effective method of reduction in GHG emissions and or in achieving climate change objectives; and depending on the political climate globally, climate change concerns may be ignored or abandoned. As a result or due to other factors, cap and trade regimes may be terminated or may not be renewed upon their expiration. New technologies may arise that may diminish or eliminate the need for cap and trade markets. Ultimately, the cost of emissions credits is determined by the cost of actually reducing emissions levels. If the price of credits becomes too high, it will be more economical for companies to develop or invest in green technologies, thereby suppressing the demand for credits and adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zWSVTfd8eZ0k" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk. </b>The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zv1vzWPc6Vv2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; background-color: white"><b>Counterparty Risk. </b>A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesStrategyRiskMember_zFMkJz47uLW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Futures Contracts Risk. </b>Successful use of futures contracts draws upon the Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors; and (e) if the Fund has insufficient cash, it may have to sell investments from its portfolio to meet daily variation margin requirements, and the Fund may have to sell investments at a loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">As a futures contract the Fund owns approaches its settlement date, the Fund may sell that futures contract and reinvest the proceeds in a similar contract with a more distant settlement date. This process is referred to as “rolling” a futures contract. The successful use of such a strategy depends upon the Adviser’s skill and experience. Although the Fund will attempt to roll from an expiring futures contract to another contract that the Adviser believes will generate the greatest yield for the Fund, the Fund nevertheless may incur a cost to “roll” the contract. In a commodity futures market where current month expiring contracts trade at a lower price than next month’s contract, a situation referred to as “contango,” absent the impact of the overall movement in commodity prices, the Fund may experience an adverse impact because it would be selling less expensive contracts and buying more expense contracts. In the event of a prolonged period of contango, and absent the impact of rising or falling commodity prices, there could be a significant negative impact on the Fund when it “rolls” its futures contract positions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityLinkedDerivativesRiskMember_z19M4iciCRsk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Commodity and Commodity-Linked Derivatives Risk. </b>The Fund, directly or indirectly, may have significant investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject it to greater volatility than investments in traditional securities. The commodities markets are impacted by a variety of factors, including market movements, resource availability, commodity price volatility, speculation in the commodities markets, domestic and foreign political and economic events and policies, trade policies and tariffs, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities in commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by these same factors as well as credit and interest rate risks. In addition, investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityPoolRegistrationRiskMember_zMOoOXELRxGg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Commodity Pool Registration Risk. </b> Under regulations promulgated by the CFTC, the Fund and the Subsidiary are considered commodity pools, and therefore each is subject to regulation under the Commodity Exchange Act and CFTC rules. Krane and MLIA are registered as a commodity pool operator and commodity trading adviser, respectively, and manages the Fund and the Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Commodity pools are subject to additional laws, regulations and enforcement policies, all of which may potentially increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. Additionally, positions in futures and other contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zVAGloTbkNW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>European Union Risk.</i></b> The economies of the European Union are dependent to a significant extent on those of certain key trading partners, including China, the United States, and other European countries. A reduction in spending on products and services exported from the European Union, or volatility in the financial markets of member countries, may have an adverse impact on the broader European Union economy and could adversely affect the Fund. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The United Kingdom (UK) officially withdrew from the European Union on January 31, 2020. Upon the UK’s withdrawal from the European Union, the European Union and the UK entered into a transition phase, which concluded on December 31, 2020, and the UK and the European Union agreed upon a Trade and Cooperation Agreement that became fully effective on May 1, 2021. The UK, European Union and broader global economy may still experience volatility in foreign exchange markets as a result of these events. The UK’s withdrawal may also destabilize some or all of the other European Union member countries and/or the Eurozone. The exit of additional member states from the European Union would subject its currency and banking system to increased risk and would likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets. Additionally, the reintroduction of national currencies in one or more European Union countries or the abandonment of the Euro as a currency could adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>California Risk.</i> </b>Because the Fund is exposed to carbon credits issued under the California Carbon Allowance “cap and trade” program, the Fund’s performance also may be negatively impacted by factors affecting California. For example, natural disasters may disrupt the local, state or regional economy or certain sectors of the economy and may impact the prices of such carbon credit futures. California’s budget and fiscal operations face certain structural impediments and rely on revenue sources which have been historically sensitive to the economic environment. California’s diverse economy is the largest in the United States and one of the largest in the world with major components including high technology, trade, entertainment, manufacturing, tourism, construction, agriculture and services. Any downturn in these sectors or related industries may adversely affect the economy of the state and the prices of such carbon credit futures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Eastern U.S. Risk.</i></b> Because the Fund is exposed to carbon credit futures issued under the Regional Greenhouse Gas Initiative (“RGGI”) “cap and trade” program, the Fund’s performance also may be negatively impacted by factors affecting the Eastern region of the United States. For example, flooding, warming temperatures, and precipitation variability are growing challenges in the Eastern region of the United States and may disrupt the local, state, or regional economies of the Eastern states or certain sectors of those economies and may impact the prices of such carbon credit futures. The economies of Eastern region of the United States are comprised of components including agriculture, tourism, and manufacturing. Any downturn in these sectors or related industries may adversely affect the economy of the Eastern region of the United States and the prices of such carbon credit futures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Washington Risk.</i></b> Because the Fund is exposed to carbon credits issued under the Washington Carbon Allowance “cap and trade” program, the Fund’s performance also may be negatively impacted by factors affecting the State of Washington. Washington is the second state in the United States of America to implement an economy wide cap program, following California. This reflects the Washington Legislature’s strong commitment to tackling climate change. If the Washington Legislature was to revise its approach to climate change as a result of internal shifts in political dynamics or issues were to arise in the administration of the “cap and trade” program within Washington, this would potentially negatively impact the value of the Washington Carbon Allowance. Further, clean technology represents a key component of the economy in Washington. Any downturn in this sector or related industries may adversely affect the economy of the state and the prices of the carbon credit futures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>United Kingdom Risk.</i></b> Because the Fund is exposed to carbon credits issued under the UK Allowance “cap and trade” program, the Fund’s performance also may be negatively impacted by factors affecting the UK. The economy of the UK is dependent to a significant extent on economies of certain key trading partners, including China, the United States, and other European countries. Following the UK’s withdrawal from the European Union on January 31, 2020, the European Union and the UK entered into a transition phase, which concluded on December 31, 2020, and the UK and the European Union agreed upon a Trade and Cooperation Agreement that became fully effective on May 1, 2021. The UK, European Union and broader global economy may still experience volatility in foreign exchange markets as a result of these events. The UK’s economy may still be affected by its withdrawal from the European Union, and any downturn in its major sectors or related industries may adversely affect the economy of the UK and the prices of such carbon credit futures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zPW7XW4pzDSg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentsRiskMember_zlr60LlTjaTf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z7JBKAteDx4l" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_znAmcDCP47l" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Energy Sector Risk.</b> Investments in, and/or exposure to, the energy sector, which includes energy commodities such as oil, gasoline, and carbon credits, may be highly volatile and can change quickly and unpredictably due to a number of factors, including the legislative or regulatory changes, adverse market conditions, increased competition affecting the energy sector, financial, accounting and tax matters and other events that the Fund cannot control. In addition, the value of energy commodities may fluctuate widely due to changes in supply and demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zzgGwb5wvXOh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zdSphsEfbzId" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Regulatory Risk. </b>The Fund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Fund’s operations and/or change the competitive landscape. Additional legislative or regulatory changes could occur that may materially and adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zKnUPk7dmih8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Subsidiary Investment Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. Since the Subsidiary is organized under the law of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund will not receive all of the protections offered to shareholders of registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReverseRepurchaseAgreementsRiskMember_zbzyh1xmOODb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Reverse Repurchase Agreements Risk.</b> In a reverse repurchase agreement, the Fund sells portfolio investments to another party and agrees to repurchase the investments at an agreed-upon price and date. Reverse repurchase agreements involve the risk that the counterparty will default on its obligations to the Fund, including by failing to return the investments in a timely manner, or at all, which may result in costs, delays, and losses to the Fund. Reverse repurchase agreements are viewed as a form of borrowing or leverage and may increase fluctuations in the Fund’s net asset value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zpCK7njWVymh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Non-Diversified Fund Risk. </b><span id="xdx_902_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zZJWpZHot2Cl">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_z7c3hTXbILJ8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zq4ZWmUDWweg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zrbYe1rektG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk. </b>The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zaZpPYarR877" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Passive Investment and Index Risk. </b>There is no guarantee that the Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zNjTdLQGg9yf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Index and may hold less than the total number of investments in the Index. Therefore, the Fund is subject to the risk that Krane’s investment selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zYW9DWCPY7qf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zeTx7yhDGfPe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. This may be due to, among other factors, the Fund investments in carbon credit futures with different maturity dates, the Fund weighing the carbon credit futures differently than the Index, and the Fund’s purchase of carbon credit futures on different dates than the rebalancing date for the Index. To the extent that the Fund invests in other instruments that are consistent with its investment objective, such as futures contracts that are not carbon credit futures, options on futures contracts, swap contracts, and other investment companies and notes, the Fund’s ability to track the Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zMdWcKwV31i7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zshs8buhkyTe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_z6TxSAoSliib" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk. </b>In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund intends to treat its income from the Subsidiary and from index-linked structured notes as qualifying income. Income tax regulations on which taxpayers may rely for taxable years beginning after September 28, 2016, and other guidance provided by the IRS at the time of the introduction of such regulations, support that treatment, although there is no guidance directly addressing the status of such structured notes as securities. The tax treatment of the Fund’s investment in the Subsidiary or in such index-linked structured notes, however, may be adversely affected by future legislation, court decisions, Treasury Regulations and/or guidance issued by the IRS that could affect whether income derived from such investments is “qualifying income” under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or any gains or distributions made by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zwpojpwWXb9j" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>U.S. Government Obligations Risk.</b> Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government may decline or be negative for short or long periods of time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zCHP16SaFJZ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zTqfr0Ipzrgg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zjhCFL1NDCPc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_ze0GXWCUDcg6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zzLCaDm6Koai">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zX2APjXypd9e">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Prior to December 3, 2021, the Fund was actively managed and sought to outperform the Index through investments in debt instruments. Prior to November 3, 2025, the Fund previously sought to track the performance of the S&amp;P Global Carbon Credit Total Return Index, before fees and expenses. Updated performance information is available at no cost by visiting <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zlSGVcU70zh3">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zj0SYvHepNzg" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-krbh_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zqFMHh8pNS18" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_984_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000214065Member_zeS2JzSjQQY6" style="display: none; text-align: center; width: 50%">108.83%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000214065Member_zOExQghu1aGf" style="display: none; text-align: center">-10.51%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000214065Member_zKFQO8ruLk1k" style="display: none; text-align: center">6.58%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_982_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000214065Member_zYUNQwZXZ3Ej" style="display: none; text-align: center">-13.73%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000214065Member_zIQLfnUN52jk" style="display: none; text-align: center">23.10%</td></tr> </table> 1.0883 -0.1051 0.0658 -0.1373 0.2310 <p id="xdx_A8B_eoef--BarChartClosingTextBlock_zwQRIknETiBj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center">As of <span id="xdx_90D_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zzCFZkNDHx39">June 30, 2026</span>, the Fund’s calendar <span id="xdx_903_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zjr0mLtR0MYh">year-to-date total return</span> was -<span id="xdx_909_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zbJeIRxPnpwe">5.88%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Return</td> <td style="border: Black 1pt solid; vertical-align: bottom; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zRaWk51HDKx7">Highest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90F_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zGE4wwF8U2e9">28.78%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zX4KJ6WyF40h">6/30/2021</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zIn8JWhfU6kc">Lowest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span id="xdx_905_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zQTg1zwg7OZ1">-24.70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_z4fUe7zATyC8">9/30/2022</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2026-06-30 year-to-date total return 0.0588 Highest Return 0.2878 2021-06-30 Lowest Return -0.2470 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zVYC6QtwuVr4"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; vertical-align: bottom; font-weight: bold; text-align: left">KraneShares Global Carbon Strategy ETF</td> <td id="xdx_49C_20250101__20251231_zSeZRdL5jyyh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">1 year</td> <td id="xdx_49E_20210101__20251231_zdcbqsgnniQk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><b>5 years</b></td> <td id="xdx_49C_20200730__20251231_zqwDFUFGsjt8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000214065Member_zEIvz4XwPCEj"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zsioTscfW46i"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zbvPJsVI4VR5"><span id="xdx_90F_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_ziVLlFKD1clh"><span id="xdx_906_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__custom--SAndPGlobalCarbonCreditIndexMember_zUU3zIsDkl6">7-30-2020</span></span></span></span></span>)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214065Member_zSdBqA758Gc4" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; width: 55%; text-align: left"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000214065Member_z58Wlbn7hVEb">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">23.10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 15%">16.16%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">19.05%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZqUt3ouQqQ6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zYcHARvBxqX9">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">22.16%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">12.79%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">15.86%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zt44Qz8saZfh" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zIfowUbVgfB2">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">13.67%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">11.41%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">14.02%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zNzdBj91TRLd" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left">S&amp;P 500 Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">14.42%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">16.38%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__custom--SAndPGlobalCarbonCreditIndexMember_z6mTIizq9QZc" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left">S&amp;P Global Carbon Credit Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">25.12%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">7.72%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">20.34%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z3FmBTlLpPIg">S&amp;P 500 Index (Reflects no deduction for fees, expenses or taxes)</span></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000214065Member__oef--PerformanceMeasureAxis__custom--SAndPGlobalCarbonCreditIndexMember_zdoi2IgfmIuk">S&amp;P Global Carbon Credit Index (Reflects no deduction for fees, expenses or taxes)</span></span></p> 2020-07-30 2020-07-30 2020-07-30 2020-07-30 2020-07-30 Return Before Taxes 0.2310 0.1616 0.1905 Return After Taxes on Distributions 0.2216 0.1279 0.1586 Return After Taxes on Distributions and Sale of Fund Shares 0.1367 0.1141 0.1402 0.1788 0.1442 0.1638 0.2512 0.0772 0.2034 S&P 500 Index (Reflects no deduction for fees, expenses or taxes) S&P Global Carbon Credit Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zndmcIHqDLsh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_zOYDSw0DEtE5">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000066286Member_z6OH78Yreqb3">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Global Humanoid Robotics and Physical AI Index ETF (formerly, KraneShares Global Humanoid and Embodied Intelligence Index ETF) Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zbGLuiSMyUtg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the MerQube Global Humanoid Robotics and Physical AI Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A89_eoef--ExpenseNarrativeTextBlock_zKP8HhPb5uL5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund.<b> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zdiiVGiFlXb5"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zyggCcXULnN8" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: left; vertical-align: bottom; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td id="xdx_989_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member__oef--ClassAxis__custom--C000206147Member_zH8AsUKu816e" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom; width: 15%" title="Shareholder Fees (fees paid directly from your investment)">None</td> </tr> </table> 0 <div id="xdx_A86_eoef--AnnualFundOperatingExpensesTableTextBlock_zH9BDBWRDNHi"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A51_dU_zusx46s78PEa" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_496_20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member__oef--ClassAxis__custom--C000206147Member_z3FjxProfP95" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom"> </td> </tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zAd0JsvClef3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">0.78%</td> </tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zuvSBaYAvDRf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; padding-left: 0.125in; text-align: left; vertical-align: top">Distribution and/or Service (12b-1) Fees<span id="xdx_F42_z4suSfke2ill">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zi54uvOFSCFj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; padding-left: 0.125in; text-align: left; vertical-align: top">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zopccYeI8jEj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: left; vertical-align: top; width: 85%"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right; vertical-align: bottom; width: 15%">0.79%</td> </tr> <tr id="xdx_406_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z4h5jRcluLxb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; padding-left: 0.125in; text-align: left; vertical-align: top">Fee Waiver<span id="xdx_F48_ztDuiQ43JG79">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">-0.10%</td></tr> <tr id="xdx_409_eoef--NetExpensesOverAssets_dpn_zFPMGVNXUM6i" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: left; vertical-align: top"><b>Total Annual Fund Operating Expenses After Fee Waiver</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">0.69%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F02_zBsrV5EoK3ql" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F10_zi1KcwIYKWL7" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0E_zbvoTdVbrSph" style="width: 0.25in; text-align: left">** </td> <td id="xdx_F1A_zp3EUg9nM3Vk" style="text-align: justify"> The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.10% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until <span id="xdx_90D_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member_zKnussg0ulm7">August 1, 2028</span>, and may only be terminated prior thereto by the Board.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 0.0078 0.0000 0.0001 0.0079 -0.0010 0.0069 August 1, 2028 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zCmIVujhAEh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zeuW5tK0VzV8"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="background-color: White; width: 25%"> </td> <td id="xdx_48A_eoef--ExpenseExampleYear01_z1fGMzzXVcwa" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 25%; text-align: center"><b>1 Year</b></td> <td id="xdx_481_eoef--ExpenseExampleYear03_zln2zTNBkcn9" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 25%; text-align: center"><b>3 Years</b></td> <td style="background-color: White; width: 25%"> </td></tr> <tr id="xdx_418_20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member__oef--ClassAxis__custom--C000206147Member_zl9uCeL1Eubk" style="font: 10pt Times New Roman, Times, Serif"> <td style="background-color: White"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$70</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$232</td> <td style="background-color: White"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 70 232 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zkJMZwPOJgSf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. From the Fund’s inception date, June 4, 2025, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member_zfh7pgHn0ope">44%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.44 Principal Investment Strategies <p id="xdx_A8F_eoef--StrategyNarrativeTextBlock_zZsWJOhjkMJd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is an equal weighted index designed to measure the performance of companies involved in the advancement of humanoid and embodied intelligence technology (<i>i.e.</i>, robots and drones), including companies in the supply chain solution such technologies. Humanoid and embodied intelligence technologies refer to the AI systems, which can learn and adapt through direct interaction with the environment using sensors or other inputs, that are integrated into physical systems, such as robotics systems and autonomous vehicles.</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Index draws constituents from the following activity groups within The Refinitiv^® Business Classification (“Humanoid Activity Groups”):</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Rare Earth Minerals; Specialty Mining &amp; Metals; Lead Ore Mining; Copper Ore Mining; Nickel Ore Mining; Zinc Ore Mining; Nonferrous Metal Mining; Nonferrous Metal Processing; Specialty Mining &amp; Metals Wholesale; Aerospace &amp; Defense; Industrial Machinery &amp; Equipment; Industrial Components; Industrial Machinery; Ball &amp; Roller Bearings; Testing &amp; Measuring Equipment; Pump &amp; Pumping Equipment; Air &amp; Gas Compressors; Welding &amp; Soldering Equipment; Industrial Process Furnace &amp; Ovens; Fluid Power Cylinder &amp; Actuators; Automatic Vending Machines; Industrial Moulds; Machine Tools; Industrial Valve Manufacturing; Industrial Machinery &amp; Equipment Wholesale; Commercial Equipment; Electrical Components &amp; Equipment; Batteries &amp; Uninterruptible Power Supplies; Wires &amp; Cables; Electrical Components; Lighting Equipment; Heating, Ventilation &amp; Air Conditioning Systems; Electrical Insulators; Switchgear; Portable Motors &amp; Generators; Electrical Measuring &amp; Testing Instruments; Electric Equipment Wholesale; Auto, Truck &amp; Motorcycle Parts; Automotive Body Parts; Engine &amp; Powertrain Systems; Automotive Batteries; Automotive Systems; Automotive Accessories; Motorcycle Parts &amp; Accessories; Auto &amp; Truck Parts Wholesale; Semiconductors; Electronic Equipment &amp; Parts; Biometric Products; Advanced Electronic Equipment; Display Screens; Electronic Components; 3D Printers; Auto &amp; Truck Manufacturers; Motorcycles &amp; Scooters; Automobiles &amp; Multi Utility Vehicles; Light Trucks; Electric (Alternative) Vehicles; Luxury Vehicles; Auto &amp; Truck Wholesale; and Integrated Hardware &amp; Software.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From the companies in the Humanoid Activity Groups at each reconstitution date (“Universe”), the Underlying Index ranks companies that, among other things, meet certain minimum market capitalization and liquidity requirements (as measured by the one and six month average daily value traded), based on a combination of their market capitalization as of five business days prior to reconstitution and their Thematic Relevance Score and selects the top 50 companies as Underlying Index constituents.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of the ranking, the Fund’s adviser, Krane Funds Advisors, LLC (“Adviser”) provides MerQube, Inc. (“Index Provider”) the Thematic Relevance Score for each company in the Universe. The Thematic Relevance Score is determined by the Adviser based on each company’s public filings, statements and press releases, disclosed contracts, news items and other sources. The Thematic Relevance Score attempts to measure the extent to which a company is involved in the following activities supporting the advancement of humanoid and embodied intelligence technologies:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">(1)</td> <td style="text-align: justify">Humanoid Integration and Manufacturing: companies in this category focus on designing, assembling and commercializing complete humanoid robots;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">(2)</td> <td style="text-align: justify">Actuation Systems: companies in this category focus on the actuation systems that enable the precise movement and force control of humanoid robots. This category includes components critical for joint articulation, energy efficiency and compact design;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">(3)</td> <td style="text-align: justify">Mechanical Systems: companies in this category focus on the mechanical components that form the structural foundation of humanoid robots, ensuring durability, weight optimization and smooth motion transmission;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">(4)</td> <td style="text-align: justify">Sensing &amp; Perception: companies in this category focus on the sensors and perception systems that allow humanoid robots to interpret their environment, enabling tasks like navigation, object manipulation and human interaction;</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">(5)</td> <td style="text-align: justify">Semiconductors and Technology: companies in this category provide the computational backbone for humanoid and embodied intelligence, motor control and sensor processing; and</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">(6)</td> <td style="text-align: justify">Critical Material: companies in this category supply the critical materials used in high-performance motors and humanoid robot manufacturing.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not components of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use a representative sampling strategy to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the Underlying Index included 50 securities of companies with a market capitalization range of approximately $1.6 billion to $4.3 trillion and an average market capitalization of approximately $137.3 billion. As of March 31, 2026, issuers in the Information Technology sector (42.0%), Industrials sector (36.9%), and Consumer Discretionary sector (16.0%) represented significant portions of the Underlying Index. The Underlying Index is rebalanced and reconstituted quarterly. The Fund is non-diversified. As of March 31, 2026, the largest country representations in the Underlying Index were the United States (35.8%), China (20.7%) and Japan (12.2%).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span>The Fund may engage in securities lending.</span></p> <p id="xdx_A82_eoef--RiskTextBlock_zyv0mk8TSn3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z3hpD1ZktJVk">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90E_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zDVUXeLv0dSf">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zSiO1mxpvbMa"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceTechnologyRiskMember_z0ryhERzHrfg" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Artificial Intelligence Technology Risk.</b> Companies in the artificial intelligence (“AI”) and technology industries typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an AI and Technology company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Certain AI and Technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of the Fund’s holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zb8R3dZzhvFa"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_z9G8L5EQw1X1" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span>The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zRwyVAYxZw86"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zCYgo4YTTRo1" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Equity Securities Risk. </b>The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zs4rHtFfrzE1"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zAMrkEhCzHlh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Emerging Markets Risk. </b>The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zG3sA9bks0Hd"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z5ymebGDP3N6" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--JapanRiskMember_zrCC27nwkx16" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Japan Risk. </b>The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social instability, which could negatively affect the Fund. The Japanese yen has fluctuated widely during recent periods and may be affected by currency volatility elsewhere in Asia, especially Southeast Asia. In addition, the yen has had a history of unpredictable and volatile movements against the U.S. dollar. Japan has also experienced natural disasters, such as earthquakes and tidal waves, of varying degrees of severity, which could negatively affect the Fund. The Japanese economy has in the past been negatively affected at times by government intervention and protectionism, an unstable financial services sector, and a heavy reliance on international trade, a significant portion of which is conducted with nearby developing nations in East and Southeast Asia.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_z2k6cHPl4jpd"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_znjMFPLJSZq2" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Geographic Focus Risk. </b>The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zewB9erM8ol9"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zSwCX8g9dMM2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_z7SI9bjcntv2"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zg8kDHhnFsaj" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Non-Diversified Fund Risk. </b><span id="xdx_90D_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zDZQmJbC6dV5">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_919_exdx--NextElement_zuhp98yrcaS4"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zGewhI4pnYnd" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zBczPZd37Kge" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zsTIQNaSSunb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zWYOGRFxWWN2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <div style="display: none"><span id="xdx_918_exdx--NextElement_z6f1QZdWq3wi"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zjsBAzHh0967"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zuFRmwcsPqo9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zqAo2nvjDACk"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPfgRmNLSFP7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zqb5W7Se6YFl"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zEpmwLyklq0d" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zii2rjUTsSE2"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zNhg5hIYFXN4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_911_exdx--NextElement_zwQnv7xZqf88"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zQxpLylGlSh5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_915_exdx--NextElement_zrdVfAopHCV8"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zlhhd0kbqUPd" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zyDWyspB8YU5"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zoJz905vGhEf" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zcm2b0bT2Kl2"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zkvFKAyi4yM8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zCI1ZmrONIo8"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zft4Ln7Zi11j"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zSRPxv92rw73" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zWk5pC9UtgR7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zDk35lLj7fE2" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zaVR2mW1JRJf"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zFYTSzvZnD1c" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_910_exdx--NextElement_zmUR7EWTVZJ2"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z0mPpKDuf5Qh" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zPE2agYSUMZe"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zbh83k2Mb28f" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_z3pMS8fhg2pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zSYqGsNKXlyg"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zDDamMNnuJh4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zhX6TBcUxmi3"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zIeehp2TrDS7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_917_exdx--NextElement_zjrYKqr1riz7"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zOExsAbQUtW5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <div style="display: none"><span id="xdx_916_exdx--NextElement_zQoR5V4Lwv3h"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z2UyJqKWWdDk" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zMD7Q8ua6puf" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member_zNT99qs8KoV2">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> Once available, the Fund’s current performance information will be available at <span id="xdx_90A_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member_zgiU3OcoSHya">www.kraneshares.com</span>. <span id="xdx_903_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000063652Member_zGhkqyVDogoh">Past performance does not necessarily indicate how the Fund will perform in the future.</span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares Hang Seng TECH Index ETF Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_zYUmu1QLAJy8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The KraneShares Hang Seng TECH Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific foreign equity securities index. The Fund’s current index is the Hang Seng TECH Index (the “Underlying Index”).</span></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zQDDkgQkoFn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A86_eoef--ShareholderFeesTableTextBlock_zYnpOdGnG0Rd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zl2mogSiK214" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_903_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member__oef--ClassAxis__custom--C000223017Member_zBCwT2MEWI5b" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_z8gsuqm5cxA"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zqhS7MNJt9G8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49E_20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member__oef--ClassAxis__custom--C000223017Member_z4xcfKzKJij7" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zZ7qlDZDvwvi" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.68%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zb6jpCQtKT0g" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4E_zqr4TIeXjdT6">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zxnFkDoM5a34" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z3SyoULjJLaj" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.69%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F06_z3NgXOUue5hj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F1F_zjSrP2HNV6K5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0068 0.0000 0.0001 0.0069 Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zSEz4X2l8cy3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zTYeZB4HCF53"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_ztxBJrzij1sk" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_zAAB6FB5mup4" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_484_eoef--ExpenseExampleYear03_zYKte6f08ZZi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zVrfjCFmyEDk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_48C_eoef--ExpenseExampleYear10_zjS6N8OG7nv3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41E_20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member__oef--ClassAxis__custom--C000223017Member_zzv218isrKph" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$70</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$221</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$384</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$859</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 70 221 384 859 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zmeNnKHeSgc1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_901_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zXtG7dbJD0rl">71%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</span></p> 0.71 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zN02p2tCmwyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is composed of the equity securities of the 30 technology companies with the largest free float market capitalization that are listed on the Hong Kong Stock Exchange with significant exposure to internet, fintech, cloud computing, e-commerce and digital technology. To be eligible for inclusion in the Underlying Index, companies must either (1) be “technology-enabled” (<i>i.e.</i>, operate primarily on an internet or mobile platform); (2) have a research &amp; development expenses-to-revenue ratio that is greater than or equal to 5%; or (3) have year-over-year revenue growth that is greater than or equal to 10%. Only Greater China companies (as defined below) in the industrials, consumer discretionary, healthcare, financials and information technology sectors are considered for inclusion in the Underlying Index. Greater China companies are defined as companies that either (a) are incorporated in Hong Kong, (b) derive 50% of their revenue from mainland China; or (c) have their headquarters or principal place of business in Hong Kong, Macau or mainland China. The Underlying Index components will be weighted according to their free float market capitalization, with no issuer representing more than 8% of the Underlying Index at the time the Underlying Index is rebalanced. The Underlying Index is rebalanced quarterly and reconstituted at least quarterly. For initial public offerings (“IPOs”), if the IPO ranks within the top ten of the existing constituents in the Underlying Index on the first day of the IPO’s trading and meets the other criteria, the IPO will be added to the Underlying Index approximately ten trading days after the IPO.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not components of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will not purchase shares of an investment company if it would cause the Fund to (i) own more than 3% of such investment company’s voting shares; (ii) invest more than 5% of its total assets in such investment company; or (iii) invest more than 10% of its total assets in investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Underlying Index invests primarily in China H Shares (as described below) and following additional China-related securities may represent investments of the Fund:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</span></td> </tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China B Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China H Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</span></td> </tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China N Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</span></td> </tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> <tr> <td style="vertical-align: top"> </td> <td style="vertical-align: top"> </td> <td style="vertical-align: top; text-align: justify"> </td></tr> <tr> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, the Underlying Index included 30 securities of companies with a security market capitalization range of approximately $3.4 billion to $511 billion and an average security market capitalization of approximately $59 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Consumer Discretionary sector (45.8%), Communication Services sector (26.0%), and Information Technology sector (25.7%) represented significant portions of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Underlying Index is provided by Hang Seng Indexes Company Limited (“Index Provider”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may engage in securities lending.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_zXhOwN4zduVe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zLhuuvyIJHB2">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_909_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zhYJgcfXwJ4e">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_z9hdu5baKXgj"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_z6eDkURG14Ra" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zaivaNgwS717"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zw8lEsLVGjj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_z3QaypqWXDjh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_z4FB0DzSmXPi" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b>Communication Services Sector Risk. </b>The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Telecommunication service providers are often required to obtain licenses or franchises in order to provide services in a given location. Licensing or franchise rights are limited, which may result in an advantage to certain participants. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Companies in media and entertainment industries can be significantly affected by competition, particularly in formulating new products and services using new technologies, and the cyclicality of revenues and earnings. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information or disruptions in services, which would have a material adverse effect on their businesses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zZNSBu3DgOGh" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zc7f41REvRek"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternetCompaniesRiskMember_zEXyLwJGs7u5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Internet Companies Risk.</b> Certain Funds invest significantly in Internet companies. Internet companies are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions, and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company’s business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure, which could have a material adverse effect on an Internet company’s business. Internet companies are also especially at risk of hacking and other cybersecurity events.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zzP5LoC5SzGj"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zjleUtQCRj0d" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_z0MkIrXzZKcg"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zkoXgJXreZ8h" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_z1GjoAoi9Vsa"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zvgg4cpJizPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zSye1lBAq4h6"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zN1e4cBwfuac" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zmMpw7BNbFR2"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_z4ag9pV7bEsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zxIwI9zz2Ba6"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zra3UFtu8qQ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_902_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zqYKEon5DYNk">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zHdpY2t4VqVd"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zAoQvUY1Ejaa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zoNvaLPuNR5k"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zNwpK8oDtIX3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zOsehMeWX2s4"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zxDTT1skHfVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk.</b> Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zTetKEc3ddhd"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_ztSsCtwBESV5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid-capitalization companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zRs0AGvYoTJg"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zBaLvDv46069" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zuf9ICyNGY56"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zIHCS7y9i1b6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zkcgp1TbYgi5"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zNnJncdRs3ri" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain components of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zWEqPrTVTG1f"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zzJkIPOa4o82" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zRdmf6njfIoe"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zJxf7v2jZ7Ll"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zBBwtKKKuZY4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zVudIXr5ETH4"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zvVlAiYFLFOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zwC8ksjrXZV8"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zobBnvZyeC4e" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zFkiAfApUEI4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zlu4TUb0bYIk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zySkNwBySwy7"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zAqXxhkKQT23" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zDpnBAYhwxFf"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zF6GDQsLw3N9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zM71mel6QBdd"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zy7fm2KiWd2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zSQAkUJDGP0g"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zNvqHquKrrw" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zI52WiZ38dq7"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zLgFWlo3YgJ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zGSGUY3pNn3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_z142ehuWHl62" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All returns include the reinvestment of dividends and distributions. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zBbw2QDqjOq8">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available at no cost by visiting <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_z6eq3Q6hLnbh">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zR2Sq7QSpAAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-ketc_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A53_dU_zSauof6JLLF5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000223017Member_z7ZcGRSfvU6g" style="display: none; text-align: center; width: 50%">-25.01%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_983_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000223017Member_zmIZ5ktGMry1" style="display: none; text-align: center">-11.21%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000223017Member_z8dwTNN4z0pk" style="display: none; text-align: center">18.46%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000223017Member_zfaSNGniKANc" style="display: none; text-align: center">19.78%</td></tr> </table> -0.2501 -0.1121 0.1846 0.1978 <p id="xdx_A84_eoef--BarChartClosingTextBlock_zjvIA5QW1Ple" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_909_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zA6khsJ2Fem9">June 30, 2026</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, the Fund’s calendar <span id="xdx_900_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_z0LLtwXnBpa">year-to-date total return</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was -<span id="xdx_907_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zOYMy3DS6yU">22.88%</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zNTC7Bk62dZh">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90A_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zSMN1T7Oh6ae">34.12%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zQr0y5GJgi93">9/30/2024</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zROI1WMDf1Nf">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zH8wrT8bhrsi">-29.75%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zHhBC7y6a7bd">9/30/2022</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2026-06-30 year-to-date total return 0.2288 Highest Return 0.3412 2024-09-30 Lowest Return -0.2975 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zKUV3mBdVSAf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zLOKtLlCtCd" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares Hang Seng TECH Index ETF</td> <td id="xdx_490_20250101__20251231_zm0WAmmTsp27" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_49C_20210608__20251231_zBYVrSdm0sUh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223017Member_z1zyA6lonQX2"><span id="xdx_90D_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zj2VlhELQYUl"><span id="xdx_90F_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zeZSHEBdGiZ2"><span id="xdx_901_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zmhbDmOfuzKj"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__custom--HangSengTECHIndexMember_zOfUEad0G8P4">06-08-2021</span></span></span></span></span>)</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223017Member_zzWWHR5OG2x" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223017Member_zDJmjtTvyDnh">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">19.78%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">-8.69%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zepvSgpCfHai" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zvHwrsvmGspg">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">18.26%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-9.04%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zM8fI1hSEhBj" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z287MaWXMqQf">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">11.76%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-6.48%</td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_z5Rz2Px65BT7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">28.94%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-3.07%</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__custom--HangSengTECHIndexMember_zGIaBned7lVb" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">Hang Seng TECH Index <br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">24.37%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-7.12%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zcUSS4wK9nk6">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223017Member__oef--PerformanceMeasureAxis__custom--HangSengTECHIndexMember_zmk5MjQtwPBi">Hang Seng TECH Index (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2021-06-08 2021-06-08 2021-06-08 2021-06-08 2021-06-08 Return Before Taxes 0.1978 -0.0869 Return After Taxes on Distributions 0.1826 -0.0904 Return After Taxes on Distributions and Sale of Fund Shares 0.1176 -0.0648 0.2894 -0.0307 0.2437 -0.0712 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) Hang Seng TECH Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A86_eoef--PerformanceTableClosingTextBlock_zaPNF8Zte8L9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_zuPKlq1kokS5">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000070105Member_z0Qay7dUY5I6">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Hedgeye Hedged Equity Index ETF Investment Objective <p id="xdx_A8E_eoef--ObjectivePrimaryTextBlock_z607x9gliWxc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the Hedgeye Hedged Equity Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A8A_eoef--ExpenseNarrativeTextBlock_zJNePoY8UyNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A89_eoef--ShareholderFeesTableTextBlock_zTzm4krDAnb4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zrcF6MDuM6Mj" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 85%; background-color: Gainsboro"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right; width: 15%"><span id="xdx_902_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member__oef--ClassAxis__custom--C000249202Member_zPFzryxcXjS3" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> <div></div> 0 <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zfFxRCzgAgul"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_z3rI9vIBTO74" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_497_20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member__oef--ClassAxis__custom--C000249202Member_zZH1fOLvKXH" style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; width: 15%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zDh49S4fwRSd"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">0.78%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_z2LIoroSDrv3"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4B_zTaFkPeFl4lh">*</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zo2Mju0Fj7bf"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">0.01%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zVrecXHhiuB6"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Acquired Fund Fees and Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">0.09%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zhf0ShWhLgtk"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; background-color: Gainsboro"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: top; text-align: right">0.88%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td id="xdx_F07_zXDpKfDAZiY3" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F14_zvtYK9W57X9g" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> 0.0078 0.0000 0.0001 0.0009 0.0088 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zQLIdDuty2Z9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvz8RZklvcMe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zainD9yuHQT" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_485_eoef--ExpenseExampleYear01_z2I7OR2MsMRf" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_zA8SoZNtAmg1" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_480_eoef--ExpenseExampleYear05_z7frN8SoAkq" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_48E_eoef--ExpenseExampleYear10_z6KufnPE3o76" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member__oef--ClassAxis__custom--C000249202Member_zjZzj9zm92Md" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$90</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$281</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$488</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$1,084</td></tr> </table> 90 281 488 1084 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zyxW70vCFiu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zpv4rkspEeb7">30%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.30 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zUXZWnufyuyj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to those in the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 70%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Index is designed to track the performance of a portfolio of large cap securities that is subject to downside hedging and seeks to exhibit less volatility than would a portfolio of large cap securities alone. The Underlying Index models an investment in the S&amp;P 500 Index, the purchase and sale of put options on the S&amp;P 500 Index, and the sale of call options on the S&amp;P 500 Index. Fund assets that are not invested in options will be invested in an exchange-traded fund (“ETF”) that seeks to track the S&amp;P 500 Index. The Fund will utilize both European-style exchange-traded options on the S&amp;P 500 Index and FLexible EXchange^® Options (“FLEX options”) on an ETF that seeks to track the S&amp;P 500 Index or a similar large cap securities index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Index uses Hedgeye Risk Management, LLC’s (“Hedgeye” or “HRM”) Risk Range™ signals to determine whether to buy and/or sell such put and call options, and at what strike prices. Hedgeye’s Risk Range™ signals are proprietary signals developed by Hedgeye suggesting market entry and exit points for investable assets. The Underlying Index changes its option position as changes occur in the Risk Range signals or if the expiration date of the options is within 7 calendar days. The Fund may weight the put and call options differently than the Underlying Index and may buy and sell put and call options on different dates than the Underlying Index.</p></td> <td style="width: 3%"> </td> <td style="border: Black 1pt solid; padding: 3pt; text-align: justify; width: 27%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Options contracts are an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price. The strike price of an option is generally, the price at which an option holder may exercise the right to purchase or sell the reference asset of an option contract upon expiration of the contract.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>European-style options are option contracts, which are exercisable at the strike price only on the expiration date.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>FLEX options are customizable exchange-traded option contracts guaranteed for settlement by the Options Clearing Corporation.</i></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.25in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Index’s options positions are modeled to provide downside protection, while frequently foregoing some upside potential. The premiums received from writing options are modeled to provide income to offset the cost of buying options. For the Fund, writing call options may reduce its ability to profit from increases in the value of its equity portfolio in rising markets, while writing put options may reduce its ability to provide downside protection in falling markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The S&amp;P 500 Index is a float-adjusted market capitalization weighted index containing equity securities and is generally regarded as representative of the U.S. stock market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) believes will help the Fund track the Underlying Index. These investments may include equity securities of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including ETFs) and cash or cash equivalents (including money market funds). Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund reserves the right to replicate (or hold all constituents of) the Underlying Index, the Fund expects to use a representative sampling strategy to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">As of March 31, 2026, the S&amp;P 500 Index included 503 securities of companies with a market capitalization range of approximately $6.6 billion to $4.2 trillion and an average market capitalization of approximately $125.5 billion. The Underlying Index will be rebalanced and reconstituted when the Hedgeye’s Risk Range™ signal changes, which may be as frequently as daily, and if the expiration date of the options is within 7 calendar days. The Underlying Index is provided by Hedgeye Asset Management, LLC (the “Index Provider” or “HAM”) and the Underlying Index is calculated by Solactive AG (the “Calculation Agent”). HAM is a subsidiary of HRM, the provider of the Risk Range™ signals. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Information Technology sector (32.9%), Financials sector (12.6%), and Communication Services sector (10.3%) represented significant portions of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may engage in securities lending.</p> <p id="xdx_A8E_eoef--RiskTextBlock_zOtjCbZ11zel" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z2WbGTrj2c2g">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_90E_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zsuaKhKIbPOb">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedIndexProviderRiskMember_zyRxZ3NoiDAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Affiliated Index Provider Risk. </b>The Index Provider is an affiliated person of the Adviser, which poses potential conflicts of interest. For example, a potential conflict could arise between an affiliated person of the Index Provider or the Adviser and each Fund if that entity attempted to use information regarding changes and composition of each Index to the detriment of each Fund. Additionally, potential conflicts could arise with respect to the personal trading activity of personnel of the affiliated person who may have access to, or knowledge of, pending changes to each Index’s composition methodology or the constituent securities in each Index prior to the time that information is publicly disseminated. If shared, such knowledge could facilitate “front-running” (which describes an instance in which other persons trade ahead of each Fund). Although the Adviser and the Index Provider have taken steps designed to ensure that these potential conflicts are mitigated (e.g., via the adoption of policies and procedures that are designed to minimize potential conflicts of interest and the implementation of informational barriers designed to minimize the potential for the misuse of information about the Index), there can be no assurance that such measures will be successful.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zAmt7HKipVvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--KeyManRiskMember_zc47da4przbj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Key Man Risk.</b> While certain aspects of calculating the Underlying Index are automated, not all of the processes for calculating the Underlying Index are. In fact, HRM’s ability to publish Hedgeye’s Risk Range ™ signals daily, which are a critical input to the Underlying Index, is heavily dependent on the manual activities of a single individual, HRM’S CEO and founder (“Key Man”). In the Key Man’s absence, the Risk Range™ signals will be published by another individual (“Secondary Calculator”). The formula utilized by the Secondary Calculator is based on a formula that incorporates the same factors as the formula used by the Key Man but this formula is not identical to the formula utilized by the Key Man. If the Key Man were to leave HRM or is unable to calculate the Risk Range ™ signals, the Risk Range signals and Underlying Index may not function as designed and adversely impact the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">If the Risk Range™ signals are not published for any reason, the Index Provider and Calculation Agent will use the last available Risk Range™ signal to calculate the Underlying Index value. Under any of these circumstances, the Underlying Index would not be updated to incorporate current Risk Range signals in a timely manner, and the Underlying Index may not function as designed, which may adversely impact the Fund. If this were to occur for an extended period, the Fund may be required to change its investment objective or be liquidated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgeyeRiskRangeSignalPublicationRiskMember_zJWMlZUX3cll" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Hedgeye Risk Range™ Signal Publication Risk. </b>The Underlying Index utilizes Hedgeye’s Risk Range™ signals as critical inputs. Those same Risk Range™ signals are made available daily by HRM to other subscribers of the Risk Range™ signals, which include both retail and institutional investors. Krane will receive the constituents of the Underlying Index from the Calculation Agent after Hedgeye’s Risk Range™ signals are published to all HRM subscribers. As a result, HRM subscribers will be able to act on the daily Risk Range™ signals ahead of the Fund. In addition, HRM subscribers may receive intraday updates to the Risk Range™ signals, whereas the Underlying Index will only utilize the initially published Risk Range™ signals.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zpfoFpmsWiU8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zWWGR2pGuZn2" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Options Risk.</b> An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Any FLEX options written by the Fund will be exercisable at their strike price only on their expiration date. The options purchased by the Fund will be exercisable at their strike price either on their expiration date or at any time. Since the options held by the Fund do not expire until approximately two years after the commencement of the Outcome Period, the degree of non-correlation between the value of the options and the secondary market share price of the Underlying ETF will be higher when compared to options with shorter terms. As an option approaches its expiration date, its value typically will increasingly correlate with the price of Underlying ETF shares. Farther in advance of the expiration date, the value of the options may vary because related factors other than the value of the Underlying ETF influence the value. For example, the value of the options will be influenced by interest rate changes, the secondary market share price of the Underlying ETF and implied volatility levels of the Underlying ETF, among other factors. For the same reasons, the value of the options held by the Fund is not expected to increase or decrease to the same degree as the Underlying ETF’s secondary market share price on a day-to-day basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.05pt"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClearingMemberDefaultRiskMember_zkxcsiPYxtTd" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Clearing Member Default Risk.</b> Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to, and receive payments from, a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any option contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for its options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund’s ability to implement its investment strategy. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify">The OCC acts as guarantor and central counterparty with respect to the options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the event an OCC clearing member that is a counterparty of the Fund were to become insolvent, the Fund may have some or all of its options closed without its consent or may experience delays or other difficulties in attempting to close or exercise its affected options positions, both of which would impair the Fund’s ability to execute its investment strategy. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zfz0Z3u1Z727" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Hedging Risk.</b> The Fund’s hedging strategies may not be successful, and even if they are successful, the Fund’s exposures are not expected to be fully hedged at all times or over time. Hedges are subject to imperfect matching between the hedging instrument and the underlying security, and there can be no assurance that the Fund’s options transactions will be effective. Investments in forward foreign currency contracts and futures contracts may not perfectly offset actual fluctuations in the exchange rate between any foreign currency in which the Fund is directly or indirectly invested (such as by holding securities denominated in the foreign currency) and the U.S. dollar, including because currency exchange rates are volatile. In addition, forward foreign currency contracts are over-the-counter contracts that depend on performance by a counterparty; if such counterparty fails to perform, the Fund may lose money. Hedging will cause the Fund to have lower performance when the hedged asset is rising in value than it would if it did not hedge its exposure. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains.</p> <div style="display: none"></div> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z6HdDGA8F7Yi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid-capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zJvf9CU9bHAb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Non-Diversified Fund Risk. </b><span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_znilCvWoX2ll">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zCJgLxTQk1Pl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zBbClMDVlsjc" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Information Technology Sector Risk. </b>Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zpcOAVPUnlq9" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_zkQKXk5FqfY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Communication Services Sector Risk.</b> The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Telecommunication service providers are often required to obtain licenses or franchises in order to provide services in a given location. Licensing or franchise rights are limited, which may result in an advantage to certain participants. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Companies in media and entertainment industries can be significantly affected by competition, particularly in formulating new products and services using new technologies, and the cyclicality of revenues and earnings. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information or disruptions in services, which would have a material adverse effect on their businesses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zfDP9Bdv4LM5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zFXEK6hnLsEh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zQNLBXgs746d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may have different options than the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_ze1BL12MByKc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zEv6CQSBXXhe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <div style="display: none"></div> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zXn5QZPYGrx8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zx8xHAXwU1M" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zl4nkzEYvtF9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zvHyGkoD0Pj7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z3Mzjn4pDQX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zPtZZ6P6pOW3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zRuUKInd9FH7">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zmJ7rdnyN1yl">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_z6cX7jb31Q5l">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zUxBvr3im49b" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-ksyp_001.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zMAnApSwOMAd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000249202Member_zl0bCqUTMeu9" style="display: none; width: 50%">14.28%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p> 0.1428 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zRXO3qOwmG0i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: center">As of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zvbVEgKKCZk">June 30, 2026</span>, the Fund<span style="font-family: Times New Roman, Times, Serif">’</span>s calendar <span id="xdx_90A_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zT8gHA2rWlg">year-to-date total return</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zirGwn9v7e91">6.48%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: gainsboro; text-align: justify"> </td> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Return</b></span></td> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><b>Quarter Ended/Year</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 70%; background-color: gainsboro; text-align: justify"><span style="font-size: 10pt"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zZlHDdcT9pxe">Highest Return</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_z2Z2MlcVk0P2">6.43%</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zvdI0WFNBFmh">9/30/2025</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: gainsboro; text-align: justify"><span style="font-size: 10pt"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zKPEtJFt49O5">Lowest Return</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zZAoYqAcPKwh">-0.74%</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zI7vKf6E5HF1">3/31/2025</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2026-06-30 year-to-date total return 0.0648 Highest Return 0.0643 2025-09-30 Lowest Return -0.0074 2025-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zUSMPXvq0cu"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zBlXQJnFZtY3" style="font: 12pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: gainsboro; text-align: justify"><span style="font-size: 10pt"><b>KraneShares Hedgeye Hedged Equity Index ETF</b></span></td> <td id="xdx_490_20250101__20251231_zfc5zN92riT7" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_49A_20240715__20251231_zGkWCIY0vG29" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249202Member_zPaezWOFTtUl"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zstlutshemk9"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z84h0oHQk383"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zzQbRd7j1Q66"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__custom--HedgeyeHedgedEquityIndexMember_zIqxNiSNI5x6">07-15-2024</span></span></span></span></span>)</b></span></td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249202Member_zhXHa431eMEi" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 70%; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249202Member_zJ1tbrmSbTW1">Return Before Taxes</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-size: 10pt">14.28%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-size: 10pt">12.29%</span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zrjEmOg7UgUb" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zcrKSe2WhKFe">Return After Taxes on Distributions</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">11.45%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">10.04%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zM3fZLi9LOJ9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zyekZqid4RHl">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">8.45%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">8.49%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zx0jhrq2twp9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: gainsboro"><span style="font-size: 10pt">S&amp;P 500 Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">17.88%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">15.77%</span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__custom--HedgeyeHedgedEquityIndexMember_zrV1PebPoeF6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: gainsboro"><span style="font-size: 10pt">Hedgeye Hedged Equity Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">15.96%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span style="font-size: 10pt">13.93%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zoIzeMQefRK3" style="display: none">S&amp;P 500 Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span> <span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000249202Member__oef--PerformanceMeasureAxis__custom--HedgeyeHedgedEquityIndexMember_zmxR6oVYfBbg" style="display: none">Hedgeye Hedged Equity Index (Reflects no deduction for fees, expenses or taxes)</span></span></p> 2024-07-15 2024-07-15 2024-07-15 2024-07-15 2024-07-15 Return Before Taxes 0.1428 0.1229 Return After Taxes on Distributions 0.1145 0.1004 Return After Taxes on Distributions and Sale of Fund Shares 0.0845 0.0849 0.1788 0.1577 0.1596 0.1393 S&P 500 Index (Reflects no deduction for fees, expenses or taxes) Hedgeye Hedged Equity Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A8C_eoef--PerformanceTableClosingTextBlock_z8b6wC6IYi41" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zkuEi6p4w4jh">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000084734Member_zvSf5BYGmGmk">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares High-Bandwidth Memory ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zA2u1602Z9B4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">The KraneShares High-Bandwidth Memory ETF (the “Fund”) seeks growth of capital.</p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zw88LNpo76Vc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_zt6KJv33R4n7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zlEgAUIFeYPk" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_90E_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member__oef--ClassAxis__custom--C000276964Member_zP7uxCow2TQh" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> <p style="margin: 0"></p> 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zkYkPhjl24od"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zvEwvBZgLtyb" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Annual Fund Operating Expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(expenses that you pay each year as a percentage of the value of your investment)</p></td> <td id="xdx_492_20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member__oef--ClassAxis__custom--C000276964Member_z9oDMnd8uoN8" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_ztMAp3P3mm45" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.68%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zttwMDuslGil" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4A_zonZGKlpD8Qb">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zOA3yPj8AM53" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses<span id="xdx_F41_zmdeCiVsWLL5">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zjOUR61scQY3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.69%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr> <td id="xdx_F07_z3nWeS2TpgOh" style="vertical-align: top; width: 0.25in">*</td> <td id="xdx_F12_zkr6DTYai6C" style="vertical-align: top; text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr> <td id="xdx_F05_z4oTG8YsCTr7" style="vertical-align: top">**</td> <td id="xdx_F1E_zLRbOAqCBFy1" style="vertical-align: top; text-align: justify"><span id="xdx_903_eoef--OtherExpensesNewFundBasedOnEstimates_c20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member_z3zDx4UaRhej">Based on estimated amounts for the current fiscal year.</span></td> </tr> </table> 0.0068 0.0000 0.0001 0.0069 Based on estimated amounts for the current fiscal year. Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zYqu6d2eSYrc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A86_eoef--ExpenseExampleWithRedemptionTableTextBlock_z0jPnbjQEAng"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td style="width: 25%"> </td> <td id="xdx_480_eoef--ExpenseExampleYear01_zEwULousJH3g" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; background-color: #DCDCDC; text-align: center; vertical-align: bottom"><b>1 Year</b></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zR1bV8SmVzDf" style="border: Black 1pt solid; width: 25%; background-color: #DCDCDC; text-align: center; vertical-align: bottom"><b>3 Years</b></td> <td style="width: 25%"> </td></tr> <tr id="xdx_418_20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member__oef--ClassAxis__custom--C000276964Member_zIHTHGDznlX5"> <td> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$70</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$221</td> <td> </td></tr> </table> 70 221 Portfolio Turnover <p id="xdx_A8F_eoef--PortfolioTurnoverTextBlock_zTntOIJh0gv3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Because the Fund has not commenced investment operations prior to the date of this prospectus, it does not have portfolio turnover information for the prior fiscal year to report.</p> Principal Investment Strategies <p id="xdx_A8A_eoef--StrategyNarrativeTextBlock_zNjbdUSgr6ai" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of High-Bandwidth Memory companies and instruments that have economic characteristics similar to the equity securities of High-Bandwidth Memory companies. The notional value of such other instruments including derivatives, such as options, futures and swap contracts, on the equity securities of High-Bandwidth Memory companies will be counted toward satisfaction of this 80% policy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund defines High-Bandwidth Memory companies as those that derive at least 50% of their annual revenues or gross profits from the development, manufacturing, or sale of one or more of the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">(1)</td> <td style="text-align: justify">High-bandwidth memory (“HBM”) technology, including existing and successor generations thereof;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">(2)</td> <td style="text-align: justify">Dynamic random-access technology (“DRAM”), including existing and successor standards thereof;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">(3)</td> <td style="text-align: justify">Not-And (“NAND”) flash memory or solid-state drive (“SSD”) technologies that utilize NAND flash memory; and</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in; font-size: 10pt"> </td> <td style="text-align: justify; width: 0.25in; font-size: 10pt"><span style="font-size: 10pt;">(4)</span></td> <td style="text-align: justify; font-size: 10pt"><span style="font-size: 10pt;">Semiconductor intellectual property, controller, interface, buffer or module chips, and capital equipment, in each case designed principally for use in, or in the manufacture, assembly, packaging or testing of, the products described in (1) through (3) above.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund is actively managed, and the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), selects and weights the Fund’s portfolio companies based on its proprietary analysis of, among other factors, a company’s revenue composition, competitive positioning within the memory semiconductor supply chain, exposure to HBM demand driven, including that driven by artificial intelligence (“AI”) infrastructure buildout, and current and projected market share. The Adviser revises the Fund’s portfolio at its discretion, including to adjust individual position weights to reflect evolving competitive dynamics within the HBM market, including qualification status with major AI accelerator customers, generation-over-generation yield rates, and capacity allocation to leading AI infrastructure providers. The Adviser will select the Fund’s investments using internal research and analysis based on company disclosure (such as annual reports, regulatory filings, investor presentations, capital markets materials, and earnings transcripts) as well as other publicly available information, including industry publications, scientific literature, sell-side research, and proprietary data sources.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may invest in common stock and depositary receipts, including depositary receipts whose underlying securities are non-voting preferred securities, of companies of any market capitalization, derivative instruments (including swaps and futures), spot currencies and currency forwards (including for hedging), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds) as consistent with the Fund’s investment objective and/or for cash management purposes. Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund’s portfolio is expected to consist of more than 15 but fewer than 100 companies from any U.S. or foreign market, whether developed or emerging. The Fund defines emerging markets as those included in the MSCI Emerging Markets Index. The Fund limits its investments in any single company to 25% of the Fund’s net assets. The Fund primarily will invest in companies that have a market capitalization of at least $100 million and a three-month average daily traded value of at least $500,000. The Fund is non-diversified and will concentrate (i.e., invest more than 25% of its total assets) its investments in the Information Technology sector.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may engage in securities lending.</p> <p id="xdx_A87_eoef--RiskTextBlock_zZIDDWXsQL9i" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_901_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zmOmaFJf2e6g">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zUo3n8OkzsAf">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighBandwidthMemoryCompaniesRiskMember_zih8GbELWbR4" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>High Bandwidth Memory Companies Risk.</b> The Fund invests in High Bandwidth Memory Companies, which may have limited product lines, markets, financial resources or personnel and are subject to the risks of changes in business cycles, world economic growth, technological progress and government regulation. These companies are also heavily dependent on intellectual property rights, and challenges to or misappropriation of such rights could have a material adverse effect on such companies. Securities of High Bandwidth Memory Companies tend to be more volatile than securities of companies that rely less heavily on technology. High Bandwidth Memory Companies typically engage in significant amounts of spending on research and development, and rapid changes to the field could have a material adverse effect on a company’s operating results. Additionally, the development, manufacturing, and commercialization of semiconductor memory technologies, including HBM, DRAM and NAND, as well as related subsystems, equipment, materials, and services, are complex and evolving, and may face unforeseen technical challenges (including yield and integration issues), supply chain disruptions, intense competition and pricing volatility, regulatory developments (including export controls), and market acceptance uncertainties. As a result, investments in High Bandwidth Memory Companies may be subject to higher levels of risk and volatility.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LineOfBusinessRiskMember_zHzyDwV0J6Vk" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Line of Business Risk.</b> Certain companies included in the Fund’s portfolio will be engaged in other lines of business unrelated to the development of memory products, and these lines of business could adversely affect their operating results. The operating results of these companies may fluctuate as a result of these additional risks and events in the other lines of business. Despite a company’s possible success in activities linked to its development of memory products, there can be no assurance that the other lines of business in which these companies are engaged will not have an adverse effect on a company’s business or financial condition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SemiconductorIndustryRiskMember_zYSHddt7IlOb" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Semiconductor Industry Risk.</b> The semiconductor industry is highly cyclical, which could affect the availability and price of components and generally cause the operating results of semiconductor companies to vary significantly. Semiconductor companies typically face high capital and research and development costs requiring additional financing, which may be difficult or costly to obtain. In addition to the risk of rapid product obsolescence, many semiconductor companies may not successfully introduce new products, develop and maintain a loyal customer base or achieve general market acceptance for their products, and failure to do so could have a material adverse effect on their financial condition. Moreover, many semiconductor companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. As product cycles shorten and manufacturing capacity increases, semiconductor companies may become increasingly subject to aggressive pricing, which hampers their profitability. Reduced demand for end-user products, underutilization of manufacturing capacity, and other factors could adversely impact the operating results of companies in the semiconductor industry. The international operations of many semiconductor companies expose them to risks associated with instability and changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, tariffs and trade disputes, competition from subsidized foreign competitors with lower production costs, and other risks inherent to international business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaiwanRiskMember_zxBAxZs4Soz2" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Taiwan Risk. </b>Investments in Taiwanese issuers involve risks that are specific to Taiwan, including legal, regulatory, political and economic risks. Political and economic developments of Taiwan’s neighbors may have an adverse effect on Taiwan’s economy. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions, which may materially affect the Taiwanese economy and its securities market and may have an adverse impact on the values of the Fund’s investments in Taiwan, or make such investments impracticable or impossible.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SouthKoreaRiskMember_z863xknbvNQa" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>South Korea Risk.</b> The Fund is susceptible to adverse market, political, regulatory and geographic events affecting South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. South Korea’s economy may be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. Escalated tensions involving the two nations and the outbreak of hostilities between the two nations, or even the threat of an outbreak of hostilities, could have a severe adverse effect on the South Korean economy. In addition, South Korea’s economic growth potential has recently been on a decline because of a rapidly aging population and structural problems, among other factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceTechnologyRiskMember_zR8RVFeYXYol" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Artificial Intelligence Technology Risk. </b>Companies in the artificial intelligence (“AI”) and technology industries typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an AI and Technology company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Certain AI and Technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of the Fund’s holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_ziGptuU5qaLb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zu2lbaIMpUua" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zaCpRNgshchf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z4eRfrzBLym3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Information Technology Sector Risk. </b>Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zLC2mrvciqz7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z06kpgxzK1i4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Non-Diversified Fund Risk. </b>Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zX7lAyw6H5f3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk.</i> </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Authorized Participants Concentration Risk.</i> </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zs21JOt3W5c5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Liquidity Risk. </b>The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zEzKOfhXLvL3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund is one of Krane’s first actively-managed strategies and the Fund may not meet its investment objective based on Krane’s success or failure to implement investment strategies for the Fund for these investments. Krane’s evaluations and assumptions regarding these investments may not successfully achieve the Fund’s investment objective given actual market conditions. Furthermore, for the portion of the Fund’s assets invested in the Underlying Index, the Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zgGdXdp6DuK" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zoy5mO4mFSgl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Small- and Mid-Capitalization Company Risk.</b> Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zh0HIl29IUda" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zUp6eS8mgX7i" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zR3MZqH1rTN1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zucBq60xVe7" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zwsdaSshbA1j" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z1389oVTC8g9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z8EelKnFY7t9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zuI30QOl3aQh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zYl0W6ZYPqwc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zeXSQ14dEi1e" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_902_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member_zAhfYayA1NW1">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> Once available, the Fund’s current performance information will be available at <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member_zS4lE86mQOR7">www.kraneshares.com</span>. <span id="xdx_901_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000106134Member_zPhB8qDgaHlh">Past performance does not necessarily indicate how the Fund will perform in the future.</span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zdMxWnMlxHwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity and derivative securities index. The Fund’s current index is the Nasdaq InspereX Dynamic Buffered High Income™ Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A83_eoef--ExpenseNarrativeTextBlock_zQlRwB3Cwra4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A8F_eoef--ShareholderFeesTableTextBlock_z0pqG9bPX0n1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zSGV9mdEVAAd" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: normal 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: top; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_90F_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member__oef--ClassAxis__custom--C000264125Member_zf7O0PRM7386" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A84_eoef--AnnualFundOperatingExpensesTableTextBlock_zKh084TcylPc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zaICtCddRDCl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><b>Annual Fund Operating Expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(expenses that you pay each year as a percentage of the value of your investment)</p></td> <td id="xdx_495_20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member__oef--ClassAxis__custom--C000264125Member_zDyOhUlZDZo5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_400_eoef--ManagementFeesOverAssets_dpn_zZwYf4QFi2S3" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; vertical-align: top; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.78%</td></tr> <tr id="xdx_405_eoef--DistributionAndService12b1FeesOverAssets_dpn_zYb0jnOlCtdg" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; vertical-align: top; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F46_z7YD4mVms9q7">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40A_eoef--OtherExpensesOverAssets_dpn_zDUklFAjRZS7" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; vertical-align: top; text-align: left">Other Expenses<span id="xdx_F45_zqoNN5vGUKzi">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z2lVc4JhoI75" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; vertical-align: top; font-weight: bold; text-align: left; width: 85%">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: right; width: 15%">0.79%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0in; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F0E_zxEDM9cApDV1" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F11_zwk16P1NZob4" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td id="xdx_F00_zf9IeYJSCRMb" style="text-align: left">**</td> <td id="xdx_F19_zOVkQgl1KpM1" style="text-align: justify"><span id="xdx_90C_eoef--OtherExpensesNewFundBasedOnEstimates_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member_zFn0prOioslb"> Based on estimated amounts for the current fiscal year.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 0.0078 0.0000 0.0001 0.0079 Based on estimated amounts for the current fiscal year. Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_z0GbwwKJ6pa5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_zSZwhGhcBfR1"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td style="background-color: White; width: 25%"> </td> <td id="xdx_482_eoef--ExpenseExampleYear01_zWOSXyjwb7l2" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><b>1 Year</b></td> <td id="xdx_487_eoef--ExpenseExampleYear03_z1bs0mqnZF8e" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; text-align: center"><b>3 Years</b></td> <td style="background-color: White; width: 25%"> </td></tr> <tr id="xdx_413_20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member__oef--ClassAxis__custom--C000264125Member_zacnzh7u7Yz8" style="font: 10pt Times New Roman, Times, Serif"> <td style="background-color: White"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$81</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$252</td> <td style="background-color: White"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 81 252 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_z6N5lBdxMhmk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_907_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member_zT7rGYrAn0H5">3%</span> of the average value of its portfolio. The Fund may incur a high portfolio turnover rate, which may increase the Fund’s brokerage commission costs, generate net short-term capital gains and negatively impact the Fund’s performance. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> 0.03 Principal Investment Strategies <p id="xdx_A81_eoef--StrategyNarrativeTextBlock_zW8x9yMfwH6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowing for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to those in the Underlying Index, including derivatives, such as swaps. For purposes of the 80% policy, derivatives will be counted based on their notional value. The Underlying Index is designed to track the performance of a systematic enhanced collar strategy that seeks to limit losses while providing option income.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">The Underlying Index models a strategy that includes these components: </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="text-align: justify; float: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">●</p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">total return exposure to the Nasdaq-100 Index^®;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="text-align: justify; float: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">●</p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">short call options (<i>i.e.</i>, selling call options) on the Nasdaq-100 Index^®, which involve the selling of a series of short-dated call options (<i>i.e.</i>, five days or less) to generate option income, with new call options being sold each day; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="text-align: justify; float: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">●</p></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">short futures positions (<i>i.e.,</i> selling futures) on the Nasdaq-100 Futures Excess Return™ Index, which is dynamically adjusted on a daily basis as it seeks to replicate the effect of rolling monthly put options on the Nasdaq-100 Index^® and provide downside protection against losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The Nasdaq-100 Index^® is a modified market capitalization weighted index containing equity securities of 100 of the largest non-financial companies listed on the Nasdaq Stock Market based on market capitalization. </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Options contracts are an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>The Nasdaq-100 Futures Excess Return™ Index measures the performance of the nearest expiring quarterly E-mini Nasdaq-100 futures contract trading on the Chicago Mercantile Exchange.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Rolling a put option is the simultaneous closing of an existing put option and opening of a new one to adjust the expiration date and/or strike price.</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>A total return swap will exchange a floating interest rate for the total return of a reference instrument.</i></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="background-color: white">The Fund <span style="background-color: white">may invest directly in any component of the Nasdaq-100 Index^® or may invest</span> in an exchange-traded fund (“ETF”) that seeks to track the </span>Nasdaq-100 Index<span style="font-size: 10pt">^®</span><span style="background-color: white">. The Fund utilizes total return swaps to gain exposure to the short call options and the short futures positions in the Underlying Index. However, the Fund may invest directly in any component of the Underlying Index or obtain some or all of the exposures through investments in equity securities or derivative instruments, including swaps, futures, forwards, notes or options.</span> In addition, the Fund may obtain exposures or invest in positions with different terms than the Underlying Index and may weight positions differently than the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="background-color: white">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) believes will help the Fund track the Underlying Index. These investments may include equity securities of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, notes and options), other investment companies (including ETFs) and cash or cash equivalents (including money market funds). Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund reserves the right to replicate (or hold all constituents of) the Underlying Index or use a representative sampling strategy to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">As of March 31, 2026, the Nasdaq-100 Index^® included 100 securities of companies with a market capitalization range of approximately $16.93 billion to $4.24 trillion and an average market capitalization of approximately $349.18 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Information Technology sector (50.38%), the Communication Services sector (15.30%), and the Consumer Discretionary sector (12.57%) each represented a significant portion of the Underlying Index. The Underlying Index will be rebalanced and reconstituted daily.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may engage in securities lending.</p> <p id="xdx_A89_eoef--RiskTextBlock_zRA2XCsKcfT1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zu0vVq5MLdu">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_903_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zZEtDGo4titj">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zhi0hZI7Lwk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapAgreementRiskMember_zehZlk82jpCk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Swap Agreement Risk. </b>Swap agreements are a type of derivative instrument that subjects the Fund to counterparty credit, liquidity, and correlation risks, including that: (i) the Fund may not be able to enter into replacement swap agreements in the event a current swap is terminated (ii) unfunded swap agreements may involve greater leverage risks than funded swaps; (iii) the swap agreement may not reflect the performance of the Underlying Index or the Reference Index as expected due to differences in calculation methods or expenses; and (iv) during market disruptions, the Fund may be unable to enter into new swap agreements or adjust existing positions at favorable prices. In volatile markets, the Fund may not be able to close out a position without incurring a significant amount of loss.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The counterparty to a swap agreement may be entitled to terminate the swap agreement at its then current market value upon the occurrence of certain extraordinary market events or at its discretion upon notice to the Fund. Under such circumstances, if the Adviser is unable to enter into new swap agreements with a suitable counterparty, the Adviser may recommend to the Board of Trustees to immediately liquidate the Fund. A liquidation can be initiated by the Board of Trustees without a shareholder vote. While shareholder interests will be the paramount consideration in a liquidation under such circumstances, the timing of the liquidation may not be favorable to certain individual shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zlOAj6GyVo68" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Counterparty Risk.</b> A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zhDsnHe3hlIg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Options Risk.</b> An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Any FLEX options written by the Fund will be exercisable at their strike price only on their expiration date. The options purchased by the Fund will be exercisable at their strike price either on their expiration date or at any time. Since the options held by the Fund do not expire until approximately two years after the commencement of the Outcome Period, the degree of non-correlation between the value of the options and the secondary market share price of the Underlying ETF will be higher when compared to options with shorter terms. As an option approaches its expiration date, its value typically will increasingly correlate with the price of Underlying ETF shares. Farther in advance of the expiration date, the value of the options may vary because related factors other than the value of the Underlying ETF influence the value. For example, the value of the options will be influenced by interest rate changes, the secondary market share price of the Underlying ETF and implied volatility levels of the Underlying ETF, among other factors. For the same reasons, the value of the options held by the Fund is not expected to increase or decrease to the same degree as the Underlying ETF’s secondary market share price on a day-to-day basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClearingMemberDefaultRiskMember_ziaehAXNfuH3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Clearing Member Default Risk.</b> Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to, and receive payments from, a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any option contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for its options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund’s ability to implement its investment strategy. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The OCC acts as guarantor and central counterparty with respect to the options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the event an OCC clearing member that is a counterparty of the Fund were to become insolvent, the Fund may have some or all of its options closed without its consent or may experience delays or other difficulties in attempting to close or exercise its affected options positions, both of which would impair the Fund’s ability to execute its investment strategy. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractsRiskMember_z3nktmDvhm7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Futures Contracts Risk. </b>Successful use of futures contracts draws upon the Adviser’s or Sub-Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; and (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors. When the Fund purchases or sells a futures contract, it is subject to daily variation margin calls that could be substantial. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zzTGHmmC9PQ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Hedging Risk.</b> The Fund’s hedging strategies may not be successful, and even if they are successful, the Fund’s exposures are not expected to be fully hedged at all times or over time. Hedges are subject to imperfect matching between the hedging instrument and the underlying security, and there can be no assurance that the Fund’s options transactions will be effective. Investments in forward foreign currency contracts and futures contracts may not perfectly offset actual fluctuations in the exchange rate between any foreign currency in which the Fund is directly or indirectly invested (such as by holding securities denominated in the foreign currency) and the U.S. dollar, including because currency exchange rates are volatile. In addition, forward foreign currency contracts are over-the-counter contracts that depend on performance by a counterparty; if such counterparty fails to perform, the Fund may lose money. Hedging will cause the Fund to have lower performance when the hedged asset is rising in value than it would if it did not hedge its exposure. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zRDl5bXJCiCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify; text-indent: 0.05pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05pt"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zoBxRFHiyr0l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zsbFfN9DQsW5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid-capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundsRiskMember_zvpV1z7VMUH8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NondiversifiedFundRiskMember_zG7xDB4y6iei" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Non-Diversified Fund Risk. </b><span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zZsDNhLypMC">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zhoBAlVAer43" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_z3Ct5bAqbvoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Information Technology Sector Risk. </b>Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_z60S92OMCAE8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zWK98hJaFRE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk</i>. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>International Closed Market Trading</i> Risk. </b>To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundRiskMember_z5B99u8US2qh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z5hIaBSPy0fa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may have different options than the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zMc9Y8WDC63c" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zBFcmYDhslZ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zV6yPHmDyES5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zoYRUTpLaDQd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zmwECxVr7nT4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zMRnhRpHRMga" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionIncomeRiskMember_zEp19Pb3HkN8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Option Income Risk. </b>The Fund generates option premium income generated from the sale of options (“option income”). This option income generally is classified as a return of capital for financial accounting purposes, which is how such income is required to be reported on the 19(a) notices that the Fund is required to issue after its monthly distributions. However, the 19(a) notices do not reflect the tax character of the option income, which is determined after the end of the calendar year. The option income for tax purposes is likely to be considered taxable investment income and may not reduce your tax basis in your shares of the Fund when distributed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zN0prqLgQxRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A89_eoef--PerformanceNarrativeTextBlock_zm0I1WfuVx85" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member_zc4RrIUUSVa">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> Once available, the Fund’s current performance information will be available at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member_zFwqctd5flJh">www.kraneshares.com.</span> <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000095404Member_z0jqzRERBlSa">Past performance does not necessarily indicate how the Fund will perform in the future.</span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com. Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares KWEB Covered Call Strategy ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zJyz3x2XZVg1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The KraneShares KWEB Covered Call Strategy ETF (the “Fund”) seeks to provide current income.</span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zpTJItuCrWtd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A80_eoef--ShareholderFeesTableTextBlock_z0f67RX7JuV2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_z09t4wKhbc06" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_90F_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member__oef--ClassAxis__custom--C000240471Member_z6cgLwysGFPg" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A8D_eoef--AnnualFundOperatingExpensesTableTextBlock_z33sgc0lZEJc"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zubXkSmmSf87" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_49C_20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member__oef--ClassAxis__custom--C000240471Member_zTH71NuRa5k3" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zBfmqArlTu1e" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.25%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_z9ZZd9pwpsY8" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F42_zkdGRoY0OIb6">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zlZF6Rxt39Nh" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zqQYTQRD0pSb" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Acquired Fund Fees and Expenses<span id="xdx_F4B_zXPqIdkTGV7k">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.68%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zS3EGulFHIjh" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.94%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0C_zXXEvhz9C3Qk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F13_zFtJ2fvniqD2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0C_zPS4lwDrEdTb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">** </span></td> <td style="text-align: justify"><span id="xdx_F1B_zUV2T5q1WeV5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_900_eoef--ExpensesNotCorrelatedToRatioDueToAcquiredFundFees_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zbiGHkBqC88e">“Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” will differ from those presented in the Fund’s Financial Highlights.</span></span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0025 0.0000 0.0001 0.0068 0.0094 “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” will differ from those presented in the Fund’s Financial Highlights. Example <p id="xdx_A83_eoef--ExpenseExampleNarrativeTextBlock_zpZ2KvH2jrL7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_z3F4tft8TRag"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zpV5DoqYDQ64" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zTEyEiGfQcLi" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_483_eoef--ExpenseExampleYear03_z8ulfN2H8sn7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zuxpOzr9TxIa" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear10_zgXJP6SgBq8k" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_414_20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member__oef--ClassAxis__custom--C000240471Member_zmSNKnuOcbqc" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$96</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$300</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$520</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$1,155</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 96 300 520 1155 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_z1p3zvpn6YKe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90A_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_z2DR0sgkpm9f">397%</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the average value of its portfolio.</span></p> 3.97 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zEe8OxBoEGPk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In seeking to achieve its investment objective, the Fund employs a covered call strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the CSI Overseas China Internet Index (“Index”) or in instruments that have economic characteristics similar to those in the Index and writes (sells) covered call options on the Index or in instruments that have economic characteristics similar to writing covered call options on the Index. Currently, the Fund intends to invest in KraneShares CSI China Internet ETF (“Underlying Fund”), which is an exchange-traded fund advised by Krane that seeks to track the Index, and to write (sell) covered call options on the Underlying Fund. The Fund intends to write covered call options on the Underlying Fund on the full amount of its investment in the Underlying Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Each month, the Fund will write (sell) at the money FLexible EXchange^® call options (“FLEX options”) on the Underlying Fund. The Fund will cover such options by holding the Underlying Fund. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Each FLEX option written will generally (i) have an expiration date greater than 30 days; (ii) have an exercise price generally at the prevailing market price of the Underlying Fund; and (iii) be traded on a national securities exchange. The Fund will attempt to hold each FLEX option written until expiration. However, if there are redemptions in the Fund, it may not be able to hold such options until expiration. In addition, each FLEX option written generally will only be subject to exercise on its expiration date.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">A covered call strategy is generally considered to be an investment strategy in which an investor buys a security, and sells (or “writes”) a call option on that security in an attempt to generate more income. Each time the Fund writes a covered call option, the Fund receives a payment of money from the investor who buys the option from the Fund, which is called the premium. If the value of the Fund declines because of a decline in the value of the Index, the premium that the Fund received for writing the call option offsets this loss to some extent. By writing covered call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the Underlying Fund above the exercise prices of such options, but will continue to bear the risk of declines in the value of the Underlying Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund currently intends to distribute on a monthly basis its option premium income so that the Fund’s monthly distribution percentage does not exceed 2% of net asset value. The Fund’s distribution in December may exceed this amount in order for the Fund to continue to qualify as a regulated investment company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund’s covered call options may partially protect the Fund from a decline in the price of the Index through means of the premiums received by the Fund. However, when the Index is rallying rapidly, the Fund is expected to underperform the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Index is designed to measure the equity market performance of investable publicly traded “China-based companies” whose primary business or businesses are in the Internet and Internet-related sectors (“China Internet Companies”) (as defined below), and are listed outside of mainland China, as determined by China Securities Index Co., Ltd. (“Index Provider”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Index Provider defines China-based companies as those that: (i) are incorporated in mainland China; (ii) have their headquarters in mainland China; or (iii) derive at least 50% of its revenue from goods produced or sold, or services performed, in mainland China.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China Internet Companies include, but are not limited to, companies that develop and market Internet software and/or provide Internet services; manufacture home entertainment software and educational software for home use; provide retail or commercial services primarily through the Internet; and develop and market mobile Internet software and/or provide mobile Internet services.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Index excludes securities that during the past year had a daily average trading value of less than $3 million or a daily average market cap of less than $2 billion. Constituents of the Index are ranked by free-float market capitalization in U.S. Dollars and then weighted so that no constituent exceeds 10% at each rebalance with the top five constituents capped at 40%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Underlying Fund expects to replicate (or hold all constituents of) the Index, the Underlying Fund reserves the right to use representative sampling to track the Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Index. In addition, the Underlying Fund may invest up to 20% of its assets in instruments that are not included in the Index, but that Krane believes will help the Underlying Fund track the Index. The Underlying Fund’s prospectus and other reports are available on the SEC’s website, www.sec.gov. The Underlying Fund is traded on the NYSE Arca, Inc. under the ticker symbol KWEB.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may invest up to 20% of its net assets in instruments that are not included in the 80% test noted above. These investments include equity securities and depositary receipts of issuers that are not constituents of the Index, derivative instruments (including swaps, futures, forwards, structured notes and options) that do not have economic characteristics similar to writing covered call options on the Index, other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The Fund may write (sell) covered call options on these investments. The investment companies in which the Fund will invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following China-related securities may be included in the Index and/or represent investments of the Fund:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td> <td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of March 31, 2026, the Index included 33 securities of companies with a market capitalization range of approximately $523 million to $564.0 billion and an average market capitalization of approximately $43.5 billion. The Fund is non-diversified. To the extent the Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Consumer Discretionary sector (41.4%) and Communication Services sector (37.4%) represented significant portions of the Index. The Index is rebalanced and reconstituted semi-annually.</p> <p id="xdx_A8A_eoef--RiskTextBlock_zXZqnIx41abl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zxaxZTfMSHz1">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_905_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zsiTCkEr6166">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund (either directly or through its investments in the Underlying Fund) is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_z8RYYgz2yT8l"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z1YtMkxF8yz2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CoveredCallOptionsRiskMember_zYtEZpEndh7g" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Covered Call Options Risk.</b> By writing covered call options in return for the receipt of premiums, the Fund will give up the opportunity to benefit from potential increases in the value of the Index above the exercise prices of such options, but will continue to bear the risk of declines in the value of the Index. The premiums received from the options may not be sufficient to offset any losses sustained from such declines. In addition, the Fund’s ability to sell the securities underlying the options will be limited while the options are in effect unless the Fund cancels out the option positions through the purchase of offsetting identical options prior to the expiration of the written options. As the writer of a call option, the Fund may not be able to control the time when it may be required to fulfill its obligation to the purchaser of the option; however, the terms of the FLEX options typically written by the Fund will generally make them exercisable only on their expiration date. Exchanges may suspend the trading of options in volatile markets. If trading is suspended, the Fund may be unable to write options at times that may be desirable or advantageous to do so.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors. If the Fund was required to close out an option position prior to expiration, an increase in implied volatility could result in higher option prices and losses to the Fund, depending on when the option was written. A decrease in implied volatility results in lower option prices, and this could result in lower options premiums at the time that the option is written.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There may be an imperfect correlation between the movement in prices of options and the securities underlying them and there may at times not be a liquid secondary market for various options. The trading in FLEX options may be less deep and liquid than the market for certain other securities. FLEX options may be less liquid than certain non-customized options. In a less liquid market for the FLEX options, the liquidation of a large number of options may more significantly impact the price. A less liquid trading market may adversely impact the value of the FLEX options and the value of your investment.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zA6yWcPOZqi5"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zuyFNheaBVUe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk</b></span><b>. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zVzKSagRr442"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternetCompaniesRiskMember_zR9AXORqtBs3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Internet Companies Risk.</b> Certain Funds invest significantly in Internet companies. Internet companies are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions, and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company’s business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure, which could have a material adverse effect on an Internet company’s business. Internet companies are also especially at risk of hacking and other cybersecurity events.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zFEl12RNvlil"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_z0TK2LtUE1M4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z2ONlcAf5zA6"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zw1D23YKs46l" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zUHOteRJutOe"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zjzcHTVwojvl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zpm1AjU7Pbyi"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zeHuTzcMxLT7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_znnNgb111iKf"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z4CcU0ezkSvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zeSRYr5VvBE1"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z88O7lG3VOej" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zHRAWzE6bnj9"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zUKcM7qGCNB4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zIqPbyPHIWdf">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_z9a8Gke4zgp4"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zaISxeLwMkH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_z41qE0R6QaWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_zQws92fHnzGf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Communication Services Sector Risk.</b> The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Telecommunication service providers are often required to obtain licenses or franchises in order to provide services in a given location. Licensing or franchise rights are limited, which may result in an advantage to certain participants. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Companies in media and entertainment industries can be significantly affected by competition, particularly in formulating new products and services using new technologies, and the cyclicality of revenues and earnings. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information or disruptions in services, which would have a material adverse effect on their businesses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zgBTXKZNTYGa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zz4MuZjBEiC5"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zTtLviFzCei3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk</i>. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zNZuNSeiTtbg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>High Portfolio Turnover Risk.</b> The Fund may incur a high portfolio turnover rate, which may increase the Fund’s brokerage commission costs, generate net short-term capital gains and negatively impact the Fund’s performance. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zw6zEoMCwOZ1"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zSPkgSyP7J77" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zsD650Na8Rug"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_z0GM2IRh1hHk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk.</b> Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_z5NuSbeUB168"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zQfPAXOR5XG6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zpHby0ZMyG4"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zQges6zG6q37" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zcQc9nAbeY16"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zVdZ178wyQWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on the Adviser’s success or failure to implement investment strategies for the Fund. The Adviser’s evaluations and assumptions regarding investments, interest rates, inflation, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zm2q41GngEO3"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zCo04BntK3H" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zVStwVnqqOZh"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zljfHtVFzDDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zpPM5YXNPHyb"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zzqZmLv4Kdgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_z33nYF4GksCf"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z1DkCeY0urdd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_znz3Tzl2jmw5"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zqlOzkCkOL42" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IPO Risk.</b> Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zJcZsDJVd9xc"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_ztfPgtJWwBX2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zDqLw76TVMvc"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionIncomeRiskMember_zo5syZ17AM1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Option Income Risk. </b>The Fund generates option premium income generated from the sale of covered call options (“option income”). This option income generally is classified as a return of capital for financial accounting purposes, which is how such income is required to be reported on the 19(a) notices that the Fund is required to issue after its monthly distributions. However, the 19(a) notices do not reflect the tax character of the option income, which is determined after the end of the calendar year. The option income for tax purposes is likely to be considered taxable investment income and may not reduce your tax basis in your shares of the Fund when distributed. The Fund currently intends to distribute on a monthly basis its option income so that the Fund’s monthly distribution percentage does not exceed 2% of net asset value. The Fund’s distribution in December may exceed this amount in order for the Fund to continue to qualify as a regulated investment company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zhoELHHBaMgk"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zPM1FOb6SGS2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReturnOfCapitalRiskMember_zEYkpSzUyIt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Return of Capital Risk. </b>Historically, a portion of the Fund’s distributions have been treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to you but reduce your tax basis in your shares of the Fund. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of shares of the Fund. There is no guarantee that the character of the Fund’s distributions will be similar in the future.</p> Performance Information <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zCwriINH4pXi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zsmdBadUcXwg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All returns include the reinvestment of dividends and distributions. <span id="xdx_904_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zFixpH3VAf3d">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available at no cost by visiting <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zqOIr4fNwB96">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. </span></p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com  Total Annual Returns For Calendar Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zkLPLyvcMjkc" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-klip_001.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_zTVuNDEpIIP4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2024</td> <td id="xdx_986_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000240471Member_zmaLYcko08Qk" style="display: none; text-align: center; width: 50%">4.06%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_986_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000240471Member_zhd3p6MYNWv1" style="display: none; text-align: center">17.45%</td></tr> </table> 0.0406 0.1745 <p id="xdx_A8C_eoef--BarChartClosingTextBlock_za3Tl8ZTjBj2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: center">As of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zskhZwFCDI1f">June 30, 2026</span>, the Fund’s calendar <span id="xdx_903_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zSaUuCsG9ROf">year-to-date total return</span> was -<span id="xdx_901_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zpjZ5U37CWFd">14.14%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; width: 70%; background-color: #dcdcdc; text-align: justify"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return</b></span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; background-color: #dcdcdc; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quarter Ended/Year</b></span></td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; background-color: #dcdcdc; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zZdxNXioTokd">Highest Return</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_znlaUMkjfjw3">10.21%</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #dcdcdc; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_z8n5fjr7IJ9k">9/30/2025</span></span></td></tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; background-color: #dcdcdc; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zMlA3Eec9RH1">Lowest Return</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zzQjFpATkb3e">-3.13%</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: top; background-color: #dcdcdc; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zjXgg50okwee">12/31/2025</span></span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> 2026-06-30 year-to-date total return 0.1414 Highest Return 0.1021 2025-09-30 Lowest Return -0.0313 2025-12-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A83_eoef--PerformanceTableTextBlock_zT1nRrRNfCZj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_z4QmNdQFExO8" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="border: Black 1pt solid; text-align: left; width: 70%; background-color: #dcdcdc; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KraneShares KWEB Covered Call Strategy ETF</b></span></td> <td id="xdx_495_20250101__20251231_zztoCf99Btyl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_498_20230111__20251231_zA8embhjjg5g" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_90D_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000240471Member_zsTaZQpP2Wuh"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOsTM3qhHdy7"><span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJ5OtDTYH8e2"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zBayX8KIw8pf"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zfVqwnxAoHf">01-11-2023</span></span></span></span></span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></b></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000240471Member_zMP2VTZScY8e" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; background-color: #dcdcdc"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000240471Member_zvllJTOepMh9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.45%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.17%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zq5Cs5ixERaf" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; background-color: #dcdcdc"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zYoi9cLcPSzk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.09%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.68%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zmFq1OIueBN7" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; background-color: #dcdcdc"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zmTiTSITP7gi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.19%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.44%</span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zDwqejCM0DT7" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; background-color: #dcdcdc"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.94% </span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.93% </span></td></tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__custom--CSIOverseasChinaInternetIndexMember_zZpHOFnjOTeh" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; background-color: #dcdcdc"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSI Overseas China Internet Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.29%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.07% </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000240471Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zIiG0JwQugK9" style="display: none">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></p> 2023-01-11 2023-01-11 2023-01-11 2023-01-11 2023-01-11 Return Before Taxes 0.1745 0.1017 Return After Taxes on Distributions 0.0909 -0.0368 Return After Taxes on Distributions and Sale of Fund Shares 0.1019 0.0144 0.2894 0.0693 0.2329 0.0307 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zFUSFKM7fm26" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_908_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zT9WelksCbsg">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_909_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000079434Member_zP4io6qc4zFi">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Man Buyout Beta Index ETF Investment Objective <p id="xdx_A85_eoef--ObjectivePrimaryTextBlock_ziCEhFnLRu3a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The KraneShares Man Buyout Beta Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific equity securities index. The Fund’s current index is the Man Buyout Beta Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zqbeuWiV63Y4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund.<b> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A87_eoef--ShareholderFeesTableTextBlock_zbQlvKS7eGPe"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A58_dU_z5tGgQMLzR57" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: left; vertical-align: bottom; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom; width: 15%"><span id="xdx_907_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member__oef--ClassAxis__custom--C000254137Member_zRzGmc6441Rb" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> <div></div> 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zAqCvsJJDjB5"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zylKh7sxpFKi" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; vertical-align: bottom"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_499_20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member__oef--ClassAxis__custom--C000254137Member_z4wfhAPUS8xe" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zJ9ZMBaFrMzk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; padding-left: 0.125in; text-align: left; vertical-align: bottom">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">0.88%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zENjV2oBWVd3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; padding-left: 0.125in; text-align: left; vertical-align: top">Distribution and/or Service (12b-1) Fees<span id="xdx_F40_zRcGDHpMZY48">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">0.00%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zfmHO2koSpbb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; padding-left: 0.125in; text-align: left; vertical-align: top">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: right; vertical-align: bottom">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z4F7tXwOq60f" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro; text-align: left; vertical-align: top; width: 85%"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; text-align: right; vertical-align: bottom; width: 15%">0.89%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0A_z1zZABdO9rFa" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F17_z8NPiCyJ5z8d" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> 0.0088 0.0000 0.0001 0.0089 Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zVa7r1qAf1o8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div></div> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zEcQt7U7K7a6"></div> <table border="0" cellpadding="3" cellspacing="0" id="xdx_A58_dU_zTHFT3BLp4Uh" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; width: 100%; border-collapse: collapse; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif; background-color: Gainsboro"> <td id="xdx_487_eoef--ExpenseExampleYear01_zX5ceLpJM8xi" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 25%; text-align: center"><b>1 Year</b></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zZ159AW42HE3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 25%; text-align: center"><b>3 Years</b></td> <td id="xdx_481_eoef--ExpenseExampleYear05_zE3uVQUadqEf" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 25%"><b>5 Years</b></td> <td id="xdx_481_eoef--ExpenseExampleYear10_zUWFBm4ZmYq5" style="border: Black 1pt solid; text-align: center; width: 25%"><b>10 Years</b></td></tr> <tr id="xdx_418_20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member__oef--ClassAxis__custom--C000254137Member_zrlty84hbNnj" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$91</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$284</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$493</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$1,096</td></tr> </table> 91 284 493 1096 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zsLcXvcAgY8a" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90F_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zTNjFpkVIXwk">76%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.76 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_znw8yEMFB1dd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Underlying Index is designed to provide a proxy for private equity performance and risk exposures by focusing on small- and mid-capitalization stocks that have characteristics similar to companies in private equity buyout funds. A “buyout” fund is a type of fund that targets companies for acquisition or control in an attempt to enhance the value of those acquired companies. <b>The Fund does not invest directly in private equity funds or the private equity of companies and the Fund will not attempt to acquire or control private companies. </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Index begins with the largest 3000 U.S. public equities by total market capitalization, then excludes the largest 500 equities. From this universe, the Underlying Index screens for companies that have characteristics similar to companies in private equity buyout funds by:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 21pt"></td> <td style="text-align: justify; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">looking at industry classification;</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 21pt"></td> <td style="text-align: justify; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">using fundamental screens related to valuation, profitability, debt capacity, cash management and growth potential; and</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 21pt"></td> <td style="text-align: justify; width: 18pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">using additional screens that are designed to identify publicly traded securities similar to those sought by private equity buyout funds such as a company’s supply chain and competitive environment.</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Index will utilize inputs from the Index Provider and use a systematic process to build a portfolio of publicly traded equity securities that have characteristics similar to companies sought by private equity buyout funds. The Underlying Index employs both (a) a top-down process that seeks to provide the Underlying Index with industry exposures that are similar to the U.S. buyout segment of the private equity market and (b) a suite of bottom-up company selection models (i.e., the fundamental and additional screens discussed above that seek to screen for companies with characteristics similar to companies sought by private equity buyout funds) that seek to take advantage of dynamic public market data in selecting securities for the Underlying Index. The Underlying Index is market capitalization weighted and caps the weight of any one constituent at 5% of the Underlying Index’s weight.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but the Fund’s adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), believes will help the Fund track the Underlying Index. These investments may include equity securities of issuers whose securities are not components of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including ETFs) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use a representative sampling strategy to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2026, the Underlying Index included 289 securities of companies with a market capitalization range of approximately $91 million to $85 billion and an average market capitalization of approximately $7 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Industrials sector (22.4%), Information Technology sector (20.9%), and Consumer Discretionary sector (13.1%)represented significant portions of the Underlying Index. The Underlying Index is rebalanced and reconstituted monthly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span>The Fund may engage in securities lending.</span></p> <p id="xdx_A83_eoef--RiskTextBlock_zcGNOnJmGglh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90B_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zKdoX7Xj3dBf">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_90A_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zlQrwsSOLZV">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedIndexProviderRiskMember_z0WvYbPta05j" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Affiliated Index Provider Risk. </b>The Index Provider is an affiliated person of the Adviser, which poses potential conflicts of interest. For example, a potential conflict could arise between an affiliated person of the Index Provider or the Adviser and each Fund if that entity attempted to use information regarding changes and composition of each Index to the detriment of each Fund. Additionally, potential conflicts could arise with respect to the personal trading activity of personnel of the affiliated person who may have access to, or knowledge of, pending changes to each Index’s composition methodology or the constituent securities in each Index prior to the time that information is publicly disseminated. If shared, such knowledge could facilitate “front-running” (which describes an instance in which other persons trade ahead of each Fund). Although the Adviser and the Index Provider have taken steps designed to ensure that these potential conflicts are mitigated (e.g., via the adoption of policies and procedures that are designed to minimize potential conflicts of interest and the implementation of informational barriers designed to minimize the potential for the misuse of information about the Index), there can be no assurance that such measures will be successful.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zUsUoosyKjl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Equity Securities Risk. </b>The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ModelAndDataRiskMember_zlMmMTr0ukX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Model and Data Risk.</b> The Underlying Index relies on models from Numeric as part of the index methodology. Models rely on various sources of information and data (“data”) and such data may be incorrect or incomplete making the models unreliable. Models that have been formulated on the basis of past market data may not be indicative of future price movements. Models may not be reliable or produce unexpected results if unusual or disruptive events cause market moves the nature or size of which are inconsistent with the historic performance of individual markets and their relationship to one another or to other macroeconomic events. Models also may have hidden biases or exposure to broad structural or sentiment shifts. In the event that actual events fail to conform to the assumptions underlying such models, losses could be incurred. The performance of the investment models may be impacted by software or other technology malfunctions, programming inaccuracies, and similar circumstances. While the Underlying Index seeks to provide a proxy for private equity performance and risk exposure similar to companies in private equity buyout funds, there is no guarantee that such exposure will be obtained using public equities or that the models and data used by the Underlying Index will be able to provide such exposure.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05pt"> </p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zknyi3EoYiO1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zx8fkbbkNqpe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk. </b>The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zlQFtUAQ25Tj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zRpnMjjZeMSb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zZI6gq7oBJUl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zBcgllKRAA4j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zWa3HT3eEXpd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk. </b>As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Authorized Participants Concentration Risk</i>. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zXgzfhrA7cxk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Tracking Error Risk. </b>The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, the use of representative sampling strategy, if applicable, asset valuation differences, tax considerations, the unavailability of securities in the Underlying Index from time to time and other liquidity constraints.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zjDfl94lecj4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zeoEQdyMosHd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Passive Investment and Index Risk. </b>There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no guarantee that the methodology the Index Provider uses to identify constituents for the Underlying Index will achieve its intended result or provide an accurate assessment of included constituents. The Underlying Index relies on various sources of information to assess the potential constituents of the Underlying Index, including information that may be based on assumptions or estimates. Neither the Fund nor Krane can offer assurances that the Index Provider’s sources of information are reliable. There can be no guarantee that the methodology underlying the Underlying Index, the Underlying Index construction and computation processes, or the daily calculation of the Underlying Index or its methodology will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.05pt"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zDunBLUNuDkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Non-Diversified Fund Risk. </b><span id="xdx_905_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zbuHSJwnrTCf">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zYeLQcMWiNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Investments in Investment Companies Risk. </b>The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zgm93m2zBRrb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Securities Lending Risk. </b>To the extent the Fund lends its securities, it may be subject to the following risks: (1) borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities; (2) the securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers; (3) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (4) there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zeYTFHUUY4K3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zo7vmnyVLLEf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zTU7bfyQSAxl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zETGEFoa0uK7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z0y5smWdUWJa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Performance Information <p id="xdx_A8A_eoef--PerformanceNarrativeTextBlock_z3OVaOtObDMe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_z6FJANKtv5h6">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zPribtN6sWJc">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_z0uFHQKhOnG8">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zHTXAinf7We1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><img alt="" src="pro-buyo_001.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_zDJtxRI3Hek9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_98D_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000254137Member_zBP9aPCYAaLk" style="display: none; width: 50%">10.81%</td></tr> </table> 0.1081 <p id="xdx_A87_eoef--BarChartClosingTextBlock_z2STJf4mn2Rb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: center">As of <span id="xdx_901_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zCQ6T4gxY2b3">June 30, 2026</span>, the Fund<span style="font-family: Times New Roman, Times, Serif">’</span>s calendar <span id="xdx_90E_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zNka6LC5GV29">year-to-date total return</span> was <span id="xdx_908_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zCqHDqY3zPIi">21.22%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; background-color: gainsboro; text-align: left"> </td> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Return</b></span></td> <td style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><b>Quarter Ended/Year</b></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; width: 70%; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zgDMFkD7Kuh7">Highest Return</span></span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zmRMwi8KYnug">10.35%</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 15%; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zJ5ZuIf24osf">6/30/2025</span></span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zTJMqdSnkebj">Lowest Return</span></span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_ztoyIV9aogQ5">-9.53%</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; background-color: gainsboro; text-align: center"><span style="font-size: 10pt"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zP3APhglNyg1">3/31/2025</span></span></td></tr> </table> 2026-06-30 year-to-date total return 0.2122 Highest Return 0.1035 2025-06-30 Lowest Return -0.0953 2025-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_zavf3zlXfK4g"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_z7Su4jWK05M7" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; background-color: gainsboro; text-align: left"><span style="font-size: 10pt"><b>KraneShares Man Buyout Beta Index ETF</b></span></td> <td id="xdx_490_20250101__20251231_ziMmy1yrQwsi" style="border-top: black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_498_20241007__20251231_zAOpUXt7Hhe5" style="border-top: black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000254137Member_zFohNtGrOtge"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zKRU468mgQ86"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zxqTX3Qdw7Jd"><span id="xdx_902_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zYtLLEa2w7Ik"><span id="xdx_905_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__custom--ManBuyoutBetaIndexMember_zJFwaLHIDNs">10-07-2024</span></span></span></span></span>)</b></span></td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254137Member_zBlcbmTYO5Dj"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: top; width: 70%; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000254137Member_zrmAWf5qszj2">Return Before Taxes</span></span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">10.81%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: center"><span style="font-size: 10pt">9.04%</span></td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zOPhvFM5fsX4"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z9Sp9HM7qCVc">Return After Taxes on Distributions</span></span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">10.81%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">9.03%</span></td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zYpLlRNeDSkk"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3KRp7USlHgd">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">6.40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">6.90%</span></td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zoUGAzxyHYv8"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt">Russell 3000 Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">17.15%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">17.17%</span></td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__custom--ManBuyoutBetaIndexMember_zg0RrTNsKOXg"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: top; background-color: gainsboro"><span style="font-size: 10pt">Man Buyout Beta Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">11.90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-size: 10pt">10.07%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> <span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__custom--Russell3000IndexMember_zyk4kDIDhgl" style="display: none">Russell 3000 Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000254137Member__oef--PerformanceMeasureAxis__custom--ManBuyoutBetaIndexMember_zwNC88InKQY2" style="display: none">Man Buyout Beta Index (Reflects no deduction for fees, expenses or taxes)</span></p> 2024-10-07 2024-10-07 2024-10-07 2024-10-07 2024-10-07 Return Before Taxes 0.1081 0.0904 Return After Taxes on Distributions 0.1081 0.0903 Return After Taxes on Distributions and Sale of Fund Shares 0.0640 0.0690 0.1715 0.1717 0.1190 0.1007 Russell 3000 Index (Reflects no deduction for fees, expenses or taxes) Man Buyout Beta Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_z3caBww48SS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90A_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zN4oAyRniMy4">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000088090Member_zYhc0lAuMnk6">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Mount Lucas Managed Futures Index Strategy ETF Investment Objective <p id="xdx_A8F_eoef--ObjectivePrimaryTextBlock_z3HeK6gERHb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The KraneShares Mount Lucas Managed Futures Index Strategy ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the price performance of the KFA MLM Index (“Index”).</span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zgPHzMuAI6f7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_z4ShIzBb9zB9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zyd6t3SXN7I4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_900_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member__oef--ClassAxis__custom--C000223083Member_zSUwCDWq1Xm1" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zpLoD5RKvks7"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zuP4LEmsTblf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_495_20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member__oef--ClassAxis__custom--C000223083Member_zeTZuc2xO2ca" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zDd2nF8mvZv5" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.89%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zG5ytnLCFGn7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4E_z5xbG94LdZwc">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z2Jss9S76zx5" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zVCFdZJ2ABEg" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.90%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0D_zDQJ2xQ70Kcg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F13_zj9kCU5Srff9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0089 0.0000 0.0001 0.0090 Example <p id="xdx_A88_eoef--ExpenseExampleNarrativeTextBlock_zL4aYOVV2URd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zI15k1pgrxI3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zq4ckwruS2xb" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_z3cNXg41U4xh" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zYBYpGlqbOj4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zGX3ETFCVnEa" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear10_zH55QLSEUn54" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41D_20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member__oef--ClassAxis__custom--C000223083Member_zExmm0nEih7h" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$92</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$287</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$498</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$1,108</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 92 287 498 1108 Portfolio Turnover <p id="xdx_A81_eoef--PortfolioTurnoverTextBlock_zq7ZSHDwtR36" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90E_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zkt6kcN2dDs2">0%</span> of the average value of its portfolio. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</span></p> 0 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zUA9N4P3VfK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks to achieve its goal by investing in commodity, currency, and global fixed income futures contracts traded on U.S. and foreign exchanges that are the same as or similar to those included in the Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Index is a modified version of the MLM Index, which is an affiliated index that measures the performance of a portfolio of commodity, currency, and global fixed income futures contracts traded on U.S. and foreign exchanges using a trend following methodology. The Index determines weightings of these three types of futures contracts by the relative historical volatility of each type of futures contract as determined by the MLM Index Committee. Within each type of futures contract, the underlying constituent markets are equal dollar weighted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index will roll futures contracts forward on a market by market basis as each constituent market nears expiration. The selection of the constituent markets occurs annually. The constituent markets of the futures contracts for the Index currently consist of the following commodities (corn, crude oil, copper, gold, heating oil, cattle, natural gas, soybeans, sugar, wheat and gasoline), currencies (British pound, Canadian dollar, Australian dollar, Euro, Japanese Yen, and Swiss francs), and global bond markets (Canadian government bond, Euro bund, Japanese government bond, Long gilt and Ten-year Treasuries). Constituent markets are traded both long and short based on each market’s trading signals.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Index evaluates market trading signals on a daily basis and rebalances on the first day of the month. In addition, the Index has a target average annualized volatility of 15% over time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests in futures contracts on commodities, currencies and global bond markets. The Fund utilizes a subsidiary (the “Subsidiary”) for purposes of investing in futures contracts on commodities. The Subsidiary is a corporation operating under Cayman Islands law that is wholly-owned and controlled by the Fund. The Subsidiary is advised by the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) and is sub-advised by Mount Lucas Index Advisers LLC, the Fund’s sub-adviser (“MLIA” or “Sub-Adviser”). The Fund’s investment in the Subsidiary may not exceed 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary’s value), which limitation is imposed by the Internal Revenue Code of 1986, as amended, and is measured at the end of the quarter. The Subsidiary has the same investment objective as the Fund and follows the same investment policies and restrictions as the Fund. Except as noted, for purposes of this Prospectus, references to the Fund’s investment strategies and risks include those of its Subsidiary, and references to the Fund include the Subsidiary. While the Fund generally seeks to maintain exposure to the same futures contracts as those included in the Index, the Fund and Subsidiary may not replicate the Index. For example, the Fund may invest in futures with different maturity dates, the Fund may weigh the futures differently than the Index, or the Fund may purchase futures on different dates than the rebalancing date for the Index. Fund assets not invested in futures contracts or the Subsidiary generally will be invested in debt instruments, exchange-traded funds (“ETFs”), cash or cash equivalent instruments, or money market mutual funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also invest directly and indirectly in certain debt instruments. The debt instruments in which the Fund intends to invest include government securities and corporate or other non-government fixed-income securities with maturities of up to 12 months. The Fund may invest in debt instruments indirectly through short-term bond funds and ETFs. The Fund may also invest in cash and cash equivalents, including money market funds. Currently, the Fund expects to invest in ETFs to gain exposure to debt instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may also invest in instruments that are not included in the Index. These investments may include equity securities, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including ETFs) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Commodities Futures Trading Commission (the “CFTC”) has adopted certain requirements that subject registered investment companies and their advisers to regulation by the CFTC if a registered investment company invests more than a prescribed level of its net assets in CFTC-regulated futures, options and swaps, or if a registered investment company markets itself as providing investment exposure to such instruments. Due to the Fund’s use of CFTC-regulated futures and swaps above CFTC Rule 4.5 limits, the Fund is considered a “commodity pool” under the Commodity Exchange Act.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund is non-diversified. To the extent the Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the Index was invested in the futures contracts of the 11 commodities, six currencies, and five global bond markets listed above. The Index is provided by MLIA (“Index Provider”), and the Index is calculated by Fuzzy Logix, Inc. (doing business as “FastINDX”).</p> <p id="xdx_A88_eoef--RiskTextBlock_zur4wSrfF8G7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z22JVRGqSOb8">As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_903_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zBvhWXHzwKX6">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedIndexProviderRiskMember_zxRmkCLeYFTc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Affiliated Index Provider Risk. </b>The Index Provider is an affiliated person of the Adviser, which poses potential conflicts of interest. For example, a potential conflict could arise between an affiliated person of the Index Provider or the Adviser and each Fund if that entity attempted to use information regarding changes and composition of each Index to the detriment of each Fund. Additionally, potential conflicts could arise with respect to the personal trading activity of personnel of the affiliated person who may have access to, or knowledge of, pending changes to each Index’s composition methodology or the constituent securities in each Index prior to the time that information is publicly disseminated. If shared, such knowledge could facilitate “front-running” (which describes an instance in which other persons trade ahead of each Fund). Although the Adviser and the Index Provider have taken steps designed to ensure that these potential conflicts are mitigated (e.g., via the adoption of policies and procedures that are designed to minimize potential conflicts of interest and the implementation of informational barriers designed to minimize the potential for the misuse of information about the Index), there can be no assurance that such measures will be successful.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FuturesContractRiskMember_zXPzZcwkQffh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Futures Contract Risk.</b> Successful use of futures contracts draws upon the Adviser’s or Sub-Adviser’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; and (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors. When the Fund purchases or sells a futures contract, it is subject to daily variation margin calls that could be substantial. If the Fund has insufficient cash to meet daily variation margin requirements, it might need to sell securities at a time when such sales are disadvantageous.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommoditAndCommodityLinkedDerivativesRiskMember_ztoiPEJYw2oc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Commodity and Commodity-Linked Derivatives Risk.</b> The Fund, directly or indirectly, may have significant investment exposure to the commodities markets and/or a particular sector of the commodities markets, which may subject it to greater volatility than investments in traditional securities. The commodities markets are impacted by a variety of factors, including market movements, resource availability, commodity price volatility, speculation in the commodities markets, domestic and foreign political and economic events and policies, trade policies and tariffs, war, acts of terrorism, changes in domestic or foreign interest rates and/or investor expectations concerning interest rates, domestic and foreign inflation rates and investment and trading activities in commodities. The value of a commodity-linked derivative investment typically is based upon the price movements of a physical commodity and may be affected by these same factors as well as credit and interest rate risks. In addition, investments in commodity-linked derivatives may be subject to greater volatility than non-derivative based investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zbhuiZ2VIw75" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk. </b>Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zvINbR7G08d4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommodityPoolRegistrationRiskMember_zOP0ao8pr2q8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Commodity Pool Registration Risk.</b> Under regulations promulgated by the CFTC, the Fund and the Subsidiary are considered commodity pools, and therefore each is subject to regulation under the Commodity Exchange Act and CFTC rules. Krane and MLIA are registered as a commodity pool operator and commodity trading adviser, respectively, and manages the Fund and the Subsidiary in accordance with CFTC rules, as well as the rules that apply to registered investment companies. Commodity pools are subject to additional laws, regulations and enforcement policies, all of which may potentially increase compliance costs and may affect the operations and financial performance of the Fund and the Subsidiary. Additionally, positions in futures and other contracts may have to be liquidated at disadvantageous times or prices to prevent the Fund from exceeding any applicable position limits established by the CFTC. Such actions may subject the Fund to substantial losses.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zAyhADIVk6Pk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zJPz8DaSLxwe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>European Union Risk.</i></b> The economies of the European Union are dependent to a significant extent on those of certain key trading partners, including China, the United States, and other European countries. A reduction in spending on products and services exported from the European Union, or volatility in the financial markets of member countries, may have an adverse impact on the broader European Union economy and could adversely affect the Fund. Separately, the European Union faces issues involving its membership, structure, procedures and policies. The United Kingdom (UK) officially withdrew from the European Union on January 31, 2020. Upon the UK’s withdrawal from the European Union, the European Union and the UK entered into a transition phase, which concluded on December 31, 2020, and the UK and the European Union agreed upon a Trade and Cooperation Agreement that became fully effective on May 1, 2021. The UK, European Union and broader global economy may still experience volatility in foreign exchange markets as a result of these events. The UK’s withdrawal may also destabilize some or all of the other European Union member countries and/or the Eurozone. The exit of additional member states from the European Union would subject its currency and banking system to increased risk and would likely result in increased volatility, illiquidity and potentially lower economic growth in the affected markets. Additionally, the reintroduction of national currencies in one or more European Union countries or the abandonment of the Euro as a currency could adversely affect the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignInvestmentsRiskMember_zII6MUx79WYg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zj4iX5Boe9Vj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShortSaleRiskMember_zvEOrlqZe6s6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Short Sale Risk.</b> Short sales, at least theoretically, present a risk of unlimited loss on an individual security basis, since the Fund may be required to buy the security sold short at a time when the security has appreciated in value, and there is potentially no limit to the amount of such appreciation. Because the Fund may invest the proceeds of a short sale, another effect of short selling on the Fund is leverage, in that it amplifies changes in the Fund’s net asset value since it increases the exposure of the Fund to the market. The Fund may not always be able to close out a short position at a favorable time or price. If the Fund covers its short sale at an unfavorable price, the cover transaction is likely to reduce or eliminate any gain, or cause a loss to the Fund. When the Fund is selling a security short, it must maintain a segregated account of cash or high-grade securities equal to the margin requirement. As a result, the Fund may maintain high levels of cash or other liquid assets (such as U.S. Treasury bills, money market instruments, certificates of deposit, high quality commercial paper and long equity positions). The Fund may utilize the collateral obtained from securities lending for this cash. The need to maintain cash or other liquid assets in segregated accounts could limit the Fund’s ability to pursue other opportunities as they arise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zVuky8knhAB3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk. </b><span id="xdx_909_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zf2Yk2NuSBQf">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_z9LTuRAXd6g6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. In addition, although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zHy1O6dWUMc9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zbrdP4tIsbEb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Index investments, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign investments and unable to invest in certain constituents of the Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Index is based on investment’s closing prices on local foreign markets, the Fund’s ability to track the Index may be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zjrcr112Huua" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z8BwgGJCwqb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Fund may not fully replicate the Index and may hold less than the total number of investments in the Index. Therefore, the Fund is subject to the risk that the Sub-Adviser’s investment selection process may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zMCl4cB74g52" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RegulatoryRiskMember_zZzvPy73M6dg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Regulatory Risk.</b> The Fund is subject to the risk that a change in U.S. law and related regulations will impact the way the Fund operates, increase the particular costs of the Fund’s operations and/or change the competitive landscape. Additional legislative or regulatory changes could occur that may materially and adversely affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SubsidiaryInvestmentRiskMember_zY0jyq90RAg9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Subsidiary Investment Risk.</b> By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. Since the Subsidiary is organized under the law of the Cayman Islands and is not registered with the SEC under the Investment Company Act of 1940, as amended (the “1940 Act”), the Fund will not receive all of the protections offered to shareholders of registered investment companies. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as intended, which may negatively affect the Fund and its shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundRiskMember_zyvvkCryXxY6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zoL3fZYHUIEi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zkDWvUFsowN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zg9hs7Y0pvW6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_z7QG4xYYZCA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government may decline or be negative for short or long periods of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z9qonqtzkjNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zF2UO4V3keAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zYEvJaxnMjvb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A80_eoef--PerformanceNarrativeTextBlock_zSPGGt8LE3A1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90B_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_ztZ8luPA1o08" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. All returns include the reinvestment of dividends and distributions. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_z0tAlJiRs7Rh">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior to April 1, 2022, the Fund was actively managed and sought to outperform the Index through investments in debt instruments. Updated performance information is available at no cost by visiting </span><span id="xdx_907_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zUgEgN7veyDe">www.kraneshares.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zH2Cr9p6Xfkh" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kmlm_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5A_dU_z49kBJ06W0oi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2021</td> <td id="xdx_982_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000223083Member_zAUAZNIFbc4d" style="display: none; text-align: center; width: 50%">7.34%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000223083Member_zw7PU6Xu793l" style="display: none; text-align: center">30.52%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_988_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000223083Member_zSKyjJRPwhul" style="display: none; text-align: center">-5.98%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000223083Member_zWPSYiJGZZS7" style="display: none; text-align: center">-1.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_982_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000223083Member_zWmpeLNPhLh6" style="display: none; text-align: center">-3.21%</td></tr> </table> 0.0734 0.3052 -0.0598 -0.0107 -0.0321 <p id="xdx_A85_eoef--BarChartClosingTextBlock_zTBsHBT8unH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_90C_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zoNSbPSb7Us7">June 30, 2026</span>, the Fund’s calendar <span id="xdx_903_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_z9bZjKqfQjY2">year-to-date total return</span> was <span id="xdx_90C_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zApqLKvh5JXh">5.62%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zcwZoheTKR9l">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zspBEUAojnvc">18.95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center; width: 15%"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zdJBpUS4iqeb">3/31/2022</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90F_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_z0ta8PZu1Rd9">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zz5g7VnQCSVd">-11.32%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_901_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070143Member_zOnvwCA7bRM6">12/31/2023</span></td></tr> </table> 2026-06-30 year-to-date total return 0.0562 Highest Return 0.1895 2022-03-31 Lowest Return -0.1132 2023-12-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zoQRdoXoO7K2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zNcUl1s925l2" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left"><b>KraneShares Mount Lucas Managed Futures Index Strategy ETF</b></td> <td id="xdx_490_20250101__20251231_z7NcmdTPvAAi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>1 year</b></td> <td id="xdx_491_20210101__20251231_zFdJp7etMDKd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><b>5 years</b></td> <td id="xdx_491_20201201__20251231_zSGmVYQ3Xvma" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><b>Since Inception<br/>(<span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223083Member_zNi0V18MIPCc"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zz2gED4T3OD8"><span id="xdx_901_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zjeNuVwKXgAa"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateIndexMember_zdE8Az19CX13"><span id="xdx_908_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__custom--KFAMLMIndexMember_zFyVHdGboYSl">12-1-2020</span></span></span></span></span></b><b>)</b></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223083Member_zeGCvXil5Mh9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223083Member_zTONRzcBWszj">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">-3.21%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 15%">4.75%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">5.77%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_ztM4IotumSV3" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z1VD42fqUYvj">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-5.10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.92%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.96%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zmgP7HJBbKkk" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z815WcUbUor5">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-1.90%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.06%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.88%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateIndexMember_zKNK16Vn5gk7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">Bloomberg Global Aggregate Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">8.17%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-2.15%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-1.83%</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__custom--KFAMLMIndexMember_zK4BPcWLoS1k" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">KFA MLM Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-1.69%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">6.76%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">7.77%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__custom--BloombergGlobalAggregateIndexMember_zenqyZeWzT46">Bloomberg Global Aggregate Index (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_907_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000223083Member__oef--PerformanceMeasureAxis__custom--KFAMLMIndexMember_zXWCw2RD0Xqa">KFA MLM Index (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> 2020-12-01 2020-12-01 2020-12-01 2020-12-01 2020-12-01 Return Before Taxes -0.0321 0.0475 0.0577 Return After Taxes on Distributions -0.0510 0.0292 0.0396 Return After Taxes on Distributions and Sale of Fund Shares -0.0190 0.0306 0.0388 0.0817 -0.0215 -0.0183 -0.0169 0.0676 0.0777 Bloomberg Global Aggregate Index (Reflects no deduction for fees, expenses or taxes) KFA MLM Index (Reflects no deduction for fees, expenses or taxes) KraneShares MSCI All China Health Care Index ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_zmHH12z9q6g2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The KraneShares MSCI All China Health Care Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific foreign equity securities index. The Fund’s current index is the MSCI China All Shares Health Care 10/40 Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A8B_eoef--ExpenseNarrativeTextBlock_zpGvJEESB2c3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund.<b> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A8D_eoef--ShareholderFeesTableTextBlock_zvmHYvT6unI4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zRTTcEwshThf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left; width: 85%">Shareholder Fees <span style="font-style: normal; font-weight: normal">(fees paid directly from your investment)</span></td> <td id="xdx_98F_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member__oef--ClassAxis__custom--C000195635Member_z0rdjGx66umi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right; width: 15%" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_znpna6Dgt4al"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_z8uocOv7QCd8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: left"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_496_20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member__oef--ClassAxis__custom--C000195635Member_zcnGm9gnqMT2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zgtliWsPDhmd" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: right">0.78%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zVFReBYkFjc5" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F42_zFDNMD1qlCM4">*</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_408_eoef--OtherExpensesOverAssets_dpn_zyjthBvI6Cjj" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zlizS1fGdXgc" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right">0.79%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Fee Waiver<span>***</span></td> <td id="xdx_98B_eoef--FeeWaiverOrReimbursementOverAssets_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member__oef--ClassAxis__custom--C000195635Member_fKio___zJtm0UjLi3cc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: right" title="Fee Waiver">-0.14%</td></tr> <tr id="xdx_408_eoef--NetExpensesOverAssets_dpn_zGjEbcDSVLs3" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border: Black 1pt solid; text-align: right">0.65%</td></tr> </table> <p style="margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F0F_zGwoE5eg5EF4" style="width: 0.25in; text-align: left">*</td> <td id="xdx_F1A_zvvadEIZbzXh" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F04_zUNkJ00ygLH3" style="width: 0.25in; text-align: left">**</td> <td id="xdx_F11_z120ugZDF0mi" style="text-align: justify"> Krane has contractually agreed to waive its management fee by 0.14% per year of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until <span id="xdx_90E_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zQv7LezITVS">August 1, 2028</span>, and may only be terminated prior thereto by the Board.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 0.0078 0.0000 0.0001 0.0079 -0.0014 0.0065 August 1, 2028 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zHZe3F43WBT9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div id="xdx_A8F_eoef--ExpenseExampleWithRedemptionTableTextBlock_z4lQ50fu7bZi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zL9QnH8Bhiv8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_484_eoef--ExpenseExampleYear01_zx6qwtmxROch" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_481_eoef--ExpenseExampleYear03_zDmJivBEGoL6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_483_eoef--ExpenseExampleYear05_zKven5VImBN6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_486_eoef--ExpenseExampleYear10_z7Mwd7csUxKk" style="border: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_414_20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member__oef--ClassAxis__custom--C000195635Member_zwVq3W9Wi6Sh" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$66</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$224</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$410</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$951</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 66 224 410 951 Portfolio Turnover <p id="xdx_A8E_eoef--PortfolioTurnoverTextBlock_zE2Sbc0iJY25" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zu0tFfboHGFf">73%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.73 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zD1iXS31XW84" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is a free float adjusted market capitalization weighted index, subject to the 10/40 Constraint (as defined below), which is designed to measure the equity market performance of Chinese companies in the healthcare sector, as classified by the Global Industry Classification Standard. The securities eligible for inclusion in the Underlying Index include all types of publicly issued shares of Chinese issuers, such as A-Shares, B-Shares, H-Shares, P-Chips and Red Chips, which are described below. The issuers included in the Underlying Index may include mid-cap and large-cap companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To determine the investable universe of Chinese equity securities for the Underlying Index, the index provider, MSCI Inc. (“Index Provider”), applies investability screens to securities within the healthcare sector based on the MSCI Global Investable Market Indexes Methodology, along with MSCI’s investability and minimum size criteria for emerging markets. To be included in the Underlying Index, at the time of each rebalance, securities must, among other things: (1) be within the top 85% of the investable universe (based on market capitalization); and (2) meet certain liquidity requirements as measured by the three-month annual traded value ratio, the twelve-month annual traded value ratio and three-month frequency of trading percentage.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Underlying Index constituents are weighted by the security’s free-float adjusted market capitalization, as calculated based on MSCI’s Foreign Inclusion Factor (“FIF”) and subject to Foreign Ownership Limits (“FOLs”), but is modified so that, as of the rebalance date, no issuer constitutes more than 10% of the Underlying Index and so that the cumulative weight of all constituents with a weight of over 5% does not exceed 40% of the Underlying Index (“10/40 Constraint”). The FIF of a security is defined as the proportion of shares outstanding that is available for investment in the public equity markets by foreign investors. For China A-Shares, an FIF of 100% is applied to their free-float adjusted market capitalization for calculating their final weight in the Underlying Index. The FOL of a security is defined as the proportion of share capital of the security that is available for purchase to foreign investors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following China-related securities may be included in the Underlying Index and/or represent investments of the Fund:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; text-indent: 0in; vertical-align: top">●</td> <td style="vertical-align: top; text-align: justify; text-indent: 0in">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">As of March 31, 2026, the Underlying Index included 46 securities of companies with a market capitalization range of approximately $2.1 billion to $53.2 billion and an average market capitalization of approximately $12.4 billion. The Underlying Index is rebalanced quarterly and whenever the 10/40 Constraint is breached, which may occur due to market movements. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the Underlying Index was concentrated in the Healthcare sector (100%).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">The Fund may engage in securities lending.</p> <p id="xdx_A85_eoef--RiskTextBlock_z8lztqebeZg4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span id="xdx_90B_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zKdZASqx3IHb">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90E_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zXBaUu6dNxQ7">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zB4GhSv2gSca" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <div style="display: none"></div> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zAkdrXZ2wokj"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zuuM5MMrsAHi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--HealthcareSectorRiskMember_zHLoPWBrnJ15" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Healthcare Sector Risk.</b> The profitability of companies in the healthcare sector may be affected by government regulations and government healthcare programs, government reimbursement for medical expenses, increases or decreases in the cost of medical products and services, limited product lines, increased emphasis on the delivery of healthcare through outpatient services and product liability claims. Many healthcare companies are heavily dependent on patent protection, which may be time consuming and costly, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in pricing pressure, including price discounting, and may be thinly capitalized and susceptible to product obsolescence. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, which may be time consuming and costly and with no guarantee that the product will come to market.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zyAmgzxqh0T1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zZRh9t3DO1cg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zLXDGj21z1d5"></span></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zald0vGC1M34"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zq1TrPLoySQf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zFGyrq2Ajmqf"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zExWa4hqXex5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zh91WA8bfRVe"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zjhJAGnBWDbd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_z9I6fLMljcp6"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zliPu7Ob9Zwf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>Non-Diversified Fund Risk.</b> <span id="xdx_909_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zCSOnV045kDj">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zetKykPyla0h"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zclQAqqAYcQj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zLHPaEMkLJ9e"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z9c3V5anW8a4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_z0nFpjvkiFR6"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MidCapitalizationCompanyRiskMember_zPSDuirkVCph" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Mid-Capitalization Company Risk. </b>Investing in the securities of medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zwv4eL20PS9e"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zbLFN1bU3GVa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zjEwBOhX1kY3"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zRaSjLLRNsk3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zthFkfAJyQK1"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTtfl9fbfrn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zfgH67nD9TXf"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z3NLpcXqq422" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zin04a2oLEgi"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z5ElyPM9Exgl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"><span id="xdx_913_exdx--NextElement_zmiIbOSrD0ca"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z4vpx0U23Pa3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zyE7n40p2FN6"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zsvrCf9eESl7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zm8snlBjn9rd"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zSJj9MbKdiu1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zmc9WYTsEqEi"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zHy7mzj9kvsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zu01r2LF0wRl"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zCmOT57yCvU2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zsr0sfEYcFpj"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zkQA1U8i3o31" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zDaaU1NwznWl"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z1Mltm8eCNpf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zcIyqFjH2YIg"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zqpc0gMIvqe3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zxCoPU3zAiVd"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zYbJc6eo8O19" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zSbtAhsRWV9g"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z9Rr7I1a11La" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zsPvCP6RBvo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zcBjYpDVJlUh">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_900_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_z2PzsUiqJMfg">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zSdix95MoMh3">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zhmix40F7tHi" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kure_001.jpg" style="height: 321px; width: 550px"/></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zusZPPBdp1fa" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2019</td> <td id="xdx_987_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000195635Member_ztSVITghoEBc" style="display: none; text-align: center; width: 50%">34.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000195635Member_zBdrdOXGVJw6" style="display: none; text-align: center">67.28%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_985_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000195635Member_zuljQ3pbQ9ul" style="display: none; text-align: center">-15.86%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000195635Member_zxc16ONL8j28" style="display: none; text-align: center">-25.39%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_985_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000195635Member_zqCpBPGtaUoc" style="display: none; text-align: center">-17.31%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_985_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000195635Member_zPRW7TovwGm6" style="display: none; text-align: center">-17.44%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000195635Member_z9a7EJI11OCf" style="display: none; text-align: center">24.84%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> 0.3403 0.6728 -0.1586 -0.2539 -0.1731 -0.1744 0.2484 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zeg0GAXxHcJj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center">As of <span id="xdx_90A_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zmDdo7V368sb">June 30, 2026</span>, the Fund’s calendar <span id="xdx_902_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zmAnA7l8rNd9">year-to-date total return</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_z6AxX1wtSobh">-8.80%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_z56lmfSi6Yt5">Highest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zrOlw9sRLD95">33.43%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zAHmFCt7XxEi">6/30/2020</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90C_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zo1fQwyHn59h">Lowest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zGBthzNIFQPe">-23.35%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zdZgCBXY2dI6">9/30/2022</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2026-06-30 year-to-date total return -0.0880 Highest Return 0.3343 2020-06-30 Lowest Return -0.2335 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_z4Pf6yZDmfLj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zQ9C5SPAIT43" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares MSCI All China Health Care Index ETF</td> <td id="xdx_49F_20250101__20251231_z7aLlYBa60r1" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_49F_20210101__20251231_zFVqrFVS3tl6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 years</td> <td id="xdx_49E_20180131__20251231_zX9vm7iPFB14" style="border: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_90B_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195635Member_zoDCofcXchV4"><span id="xdx_905_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zIDTGRe0Vs27"><span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zn6YVJb1PGYc"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zufyWEo9nDu7"><span id="xdx_90B_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__custom--MsciChinaAllSharesHealthCare1040IndexMember_zBn9I5il7UO4">1-31-2018</span></span></span></span></span>)</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000195635Member_zWivSfikUqnj" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195635Member_z9VprnydcUw9">Return Before Taxes</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">24.84%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-11.76%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-2.18%</td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zKJQ1015ab57" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zQILxD749Udh">Return After Taxes on Distributions</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">23.15%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-12.57%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.76%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zTGkVnd4avog" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zoeH8XU48wA4">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">15.03%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-8.22%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-1.50%</td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zBhlpuPCtPL6" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">28.94%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.45%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">0.50%</td></tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__custom--MsciChinaAllSharesHealthCare1040IndexMember_z3KxU3mIJO4g" style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI China All Shares Health Care 10/40 Index<br/> (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">25.42%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-11.03%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-1.47%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zwRv2vGKDi8h">MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes)</span></span> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000195635Member__oef--PerformanceMeasureAxis__custom--MsciChinaAllSharesHealthCare1040IndexMember_zmQWZ9vCv7xe">MSCI China All Shares Health Care 10/40 Index (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> 2018-01-31 2018-01-31 2018-01-31 2018-01-31 2018-01-31 Return Before Taxes 0.2484 -0.1176 -0.0218 Return After Taxes on Distributions 0.2315 -0.1257 -0.0276 Return After Taxes on Distributions and Sale of Fund Shares 0.1503 -0.0822 -0.0150 0.2894 -0.0245 0.0050 0.2542 -0.1103 -0.0147 MSCI China All Shares Index (Reflects no deduction for fees, expenses or taxes) MSCI China All Shares Health Care 10/40 Index (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zoUJkKCKfDNi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zi4X37fQKKvd">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_907_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000059796Member_zsszkL0hrbJ6">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares MSCI China Clean Technology Index ETF Investment Objective <p id="xdx_A84_eoef--ObjectivePrimaryTextBlock_zrKG7jZHwfpj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The KraneShares MSCI China Clean Technology Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond to the price and yield performance of a specific foreign equity securities index. The Fund’s current index is the MSCI China IMI Environment 10/40 Index (the “Underlying Index”).</span></p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zxx4bFW9N2fb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_zucUPr7gODPl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5A_dU_zzrCzmkxM5Yb" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder Fees</b> (fees paid directly from your investment)</span></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member__oef--ClassAxis__custom--C000157444Member_zwu4H1yKQCRl" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td></tr> </table> 0 <div id="xdx_A8F_eoef--AnnualFundOperatingExpensesTableTextBlock_zVWVOAMaeuZ2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zBzuFxhtSxIa" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_49E_20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member__oef--ClassAxis__custom--C000157444Member_zRzzvUmouMw7" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_z4roG8gwRE9h" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management Fees</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.78%</span></td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_z15Cly5GCRd6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distribution and/or Service (12b-1) Fees<span id="xdx_F4F_zEzWXDxiiQZ2">*</span></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.00%</span></td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zLMaXvoTDvCf" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.01%</span></td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zK60LSgwA1Y7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Annual Fund Operating Expenses</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.79%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F04_znlXsVxiW6zl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F16_zm3EJxIaXdSd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0078 0.0000 0.0001 0.0079 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_zMuqcnXw5Kg8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A85_eoef--ExpenseExampleWithRedemptionTableTextBlock_zvMBxBI1Tw7e"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_z4byXwtY0ZK2" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48B_eoef--ExpenseExampleYear01_zWHXtRsKKCx5" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_487_eoef--ExpenseExampleYear03_z2XclIwHGsm7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_481_eoef--ExpenseExampleYear05_ztQaH4r8EOPi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_482_eoef--ExpenseExampleYear10_z6fOP71M4Ujb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member__oef--ClassAxis__custom--C000157444Member_zl1HF9iX3bqg" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$81</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$252</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$439</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$978</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 81 252 439 978 Portfolio Turnover <p id="xdx_A83_eoef--PortfolioTurnoverTextBlock_zsva82uAEM2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zgWJKiPrpnMf">35%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</span></p> 0.35 Principal Investment Strategies <p id="xdx_A83_eoef--StrategyNarrativeTextBlock_z5ya1WAeWg9h" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is a free-float adjusted market capitalization weighted index modified per the 10/40 Constraint (as defined below) designed to measure the equity market performance of Chinese companies in the industrial, utility, real estate and technology sectors that contribute to a more environmentally sustainable economy by making more efficient use of scarce natural resources or by mitigating environmental degradation (“clean technologies”). Companies in the Underlying Index derive at least 50% of their revenues, as determined by MSCI Inc. (the “Index Provider”) from (1) alternative energy; (2) sustainable water; (3) pollution prevention; and (4) energy efficiency. The issuers included in the Underlying Index may include small-cap, mid-cap and large-cap companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Underlying Index is modified so that, as of the rebalance date, no issuer constitutes more than 10% of the Underlying Index and so that the cumulative weight of all constituents with a weight of over 5% does not exceed 40% of the Underlying Index (the “10/40 Constraint”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following China-related securities may be included in the Underlying Index and/or represent investments of the Fund:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of March 31, 2026, the Underlying Index included 50 securities of companies with a market capitalization range of approximately $1.1 billion to $268.9 billion and an average market capitalization of approximately $27.9 billion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Consumer Discretionary sector (39.2%), Industrials sector (26.2%), Utilities sector (20.0%), and Information Technology sector (14.5%) represented significant portions of the Underlying Index. The Underlying Index is rebalanced quarterly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may engage in securities lending.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_z7aMqXSL7eV4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zBxm44qDty85">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_907_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zQpXTnevFeAl">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zPL6tHVn5R2l"></span></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zmYqUvA0rV3b" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.05pt; text-align: justify; color: #231F20"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zGgT7Ufj2nkl"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CleanTechnologyRiskMember_z3ISUqRLPiA" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Clean Technology Risk.</b> Issuers engaged in clean technology business lines may be difficult to identify and investments in them may be volatile. They may be highly dependent upon government subsidies, contracts with government entities, and the successful development of new and proprietary technologies. Such technologies risk rapid product obsolescence, short product cycles, and competition from new market entrants. Current valuation methods used to value companies involved in alternative and clean power technology sectors have not been in widespread use for a significant period of time, and it is difficult to value share prices of such issuers. In addition, seasonal weather conditions, fluctuations in supply of and demand for clean energy products (including, in relation to traditional energy products, such as oil and gas), changes in energy prices, and international political events may cause fluctuations in the performance of these issuers and the prices of their securities. Other countries, including the U.S., may take steps against Chinese companies engaged in clean technology services and products, such as through the imposition of tariffs and anti-dumping duties. Even companies that are classified as being involved in clean technology services and products may not necessarily compare favorably with respect to their clean technology practices and impact to those of other issuers.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zTSg3PNiewVg"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_za58pgM5ngF6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zPdhFMsWLuCi"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zcGWY8FYhq1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_z4p7fUQW6mwd"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z5XxxhQT43q7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zoHNC7cpw9u5"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zVcocIk2vv85" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zi0bCT2zKeN7"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zIgfOhzH2ZRl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zhaVQ73C1Wui"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zjHUTIXD2msb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zy5vA6YYqUT5">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_z6X2n7EmmY4h"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_z2tiyxvQbz3g" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zN2WkWnYSdK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zHZsserI6tE1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_ztFLx3fj9S93" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_zdMZtnCknWei" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Utilities Sector Risk.</b> Companies in the utilities industry may have difficulty obtaining an adequate return on invested capital, raising capital, and financing large construction programs during periods of inflation or unsettled capital markets; face restrictions on operations and increased cost and delays attributable to environmental considerations and regulation; find that existing plants, equipment or products have been rendered obsolete by technological innovations; and be subject to increased costs because of the scarcity of certain fuels or the effects of man-made disasters. Deregulation is subjecting utility companies to greater competition and may adversely affect profitability. As deregulation allows utility companies to diversify outside of their original geographic regions and their traditional lines of business, utility companies may engage in riskier ventures. Government regulators monitor and control utility operations, revenues and costs, and therefore may limit utility profits. Regulatory authorities may also restrict utility companies’ access to new markets, thereby diminishing these companies’ long-term prospects. Energy conservation and changes in climate policy may have a significant adverse impact on the revenues and expenses of utility companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zs9DDEp4fHhi"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zowfd2IMcOjd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Premium/Discount Risk.</i> </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zUy4wyfLhz02"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zaCclaMJzbi7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zK4MO4LwyOQ7"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zONDKoUbWnu7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_ze6VOwwc6hTk"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zIohmra9seLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zhxI5BykheJj"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_z7R0MO5Mkv3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zWGEIKtyYkEg"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z3ZwszLDjxO5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zVuEH6iGh2Tf"></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zEoR2oWUhNA5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_zaVCJBhf7R2b"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zBq21UbX9Sgk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_912_exdx--NextElement_zyv2L2lq5Km8"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zmzB9PkoIIc2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zu00MobNY5O8"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zGPJb8Vqtp6l" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zIzir3nhTEH9"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zzEHwLio712d" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zJb3OAsEjNgf"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zL0rZkpp7dJ2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zq7j7EZedyqb"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zCkuysJslpdh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zv8XFtf5Irnb"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zd018thYG7u2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zBnr6UJet5lf"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zAqAaNpaS6jj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zIZBiDqujtej"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zDOUjeopTJSl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_z2oU7gprt1xh"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zRSGgcNDm7mk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_z87j0zufJjHj"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zgDzHw6x2Cld" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A8D_eoef--PerformanceNarrativeTextBlock_zShTIGOGA4qe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zoT5ssqL8oIg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All returns include the reinvestment of dividends and distributions. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zJ1q9KRpL8Vk">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available at no cost by visiting <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zdt21pDPZm5c">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_ztJNANVccKlk" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="pro-kgrm_001.jpg" style="height: 321px; width: 550px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zVFcWPdGKcv7" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2018</td> <td id="xdx_982_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000157444Member_zg2CXy6d8bnc" style="display: none; text-align: center; width: 50%">-29.57%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_989_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000157444Member_zGkag5UA8BDi" style="display: none; text-align: center">11.85%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000157444Member_zlR6K9cuTbpg" style="display: none; text-align: center">136.07%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_982_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000157444Member_zvcQkA7MOL1i" style="display: none; text-align: center">5.46%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_985_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000157444Member_zJYpt1bTlsL9" style="display: none; text-align: center">-39.67%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000157444Member_zxfpNI6C0OKg" style="display: none; text-align: center">-14.80%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000157444Member_zyTDECWAVlvk" style="display: none; text-align: center">0.20%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000157444Member_zKw6yBeWbUgd" style="display: none; text-align: center">19.93%</td></tr> </table> -0.2957 0.1185 1.3607 0.0546 -0.3967 -0.1480 0.0020 0.1993 <p id="xdx_A8A_eoef--BarChartClosingTextBlock_z67pbFQxxws9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_90B_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zKR6pbRbwln5">June 30, 2026</span>, the Fund’s calendar <span id="xdx_907_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zxPCcfK8QPcl">year-to-date total return</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_ze7nQircYOMh">-13.22%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_901_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zJoWvb0MVkj8">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_906_eoef--BarChartHighestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zeOO2QZ7rjdl">43.63%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zaTi7yfwyK2k">9/30/2020</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_904_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zXpfnJ30Bvk5">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zYLSSksPDoK5">-31.48%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_z4t4Ox2fane8">9/30/2022</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2026-06-30 year-to-date total return -0.1322 Highest Return 0.4363 2020-09-30 Lowest Return -0.3148 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A86_eoef--PerformanceTableTextBlock_ziOg3qnP8jni"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zr7WyynJio42" style="font: 10pt Times New Roman, Times, Serif;width: 100%; border-collapse: collapse" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: top"> <td style="border: Black 1pt solid; text-align: left; width: 55%; background-color: #dcdcdc; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>KraneShares MSCI China Clean Technology Index ETF </b></span></td> <td id="xdx_49B_20250101__20251231_z2PoVZv8eQp1" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1 year</b></span></td> <td id="xdx_49E_20210101__20251231_zfv8AfWedttj" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5 years</b></span></td> <td id="xdx_49D_20171012__20251231_z0pmuTa6FgX" style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; width: 15%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Since Inception<br/> (<span id="xdx_907_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000157444Member_z4pFAHV3arJi"><span id="xdx_904_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zUPcL19nCd1g"><span id="xdx_90B_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zqZLG5sWROq9"><span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zo9r05BSmzPc"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__custom--MsciChinaImiEnvironment1040IndexNetMember_zhbTPT2uygUd">10-12-2017</span></span></span></span></span>)</b></span></td></tr> <tr id="xdx_40D_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000157444Member_zKroJqEmUVFh" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; background-color: #dcdcdc; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000157444Member_zmNsgB5Lixec">Return Before Taxes</span> </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.93%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.21%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.64%</span></td></tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zKGxFOl8exjh" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; background-color: #dcdcdc; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zkbXdnijJRN4">Return After Taxes on Distributions</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.80%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.44%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.17%</span></td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXrZaGoBwRal" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; background-color: #dcdcdc; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_ze2xs14MyDf5">Return After Taxes on Distributions and Sale of Fund Shares</span></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.08%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.98%</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.90%</span></td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zuJBnAZGvVt4" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: left; background-color: #dcdcdc; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSCI China All Shares Index<br/> (Reflects no deduction for fees, expenses or taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.94% </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-2.45% </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.02% </span></td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__custom--MsciChinaImiEnvironment1040IndexNetMember_z1GQO33l7CYd" style="vertical-align: top"> <td style="border-right: black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; text-align: left; background-color: #dcdcdc; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSCI China IMI Environment 10/40 Index (Net)<br/> (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.14% </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center">-<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.44% </span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: center; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.06% </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__custom--MSCIChinaAllSharesIndexMember_zlxrlcK4Jm13">MSCI China All Shares Index Reflects no deduction for fees, expenses or taxes)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000157444Member__oef--PerformanceMeasureAxis__custom--MsciChinaImiEnvironment1040IndexNetMember_zEHw5ymeceI5">MSCI China IMI Environment 10/40 Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</span></span></span></p> 2017-10-12 2017-10-12 2017-10-12 2017-10-12 2017-10-12 Return Before Taxes 0.1993 -0.0821 0.0264 Return After Taxes on Distributions 0.1980 -0.0844 0.0217 Return After Taxes on Distributions and Sale of Fund Shares 0.1208 -0.0598 0.0190 0.2894 -0.0245 0.0202 0.2114 -0.0844 0.0206 MSCI China All Shares Index Reflects no deduction for fees, expenses or taxes) MSCI China IMI Environment 10/40 Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) <p id="xdx_A84_eoef--PerformanceTableClosingTextBlock_zoKUI3SooTy9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_904_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zGMBkOXe8zdk">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_908_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000049858Member_zqCojyzvi6qj">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares MSCI Emerging Markets ex China Index ETF Investment Objective <p id="xdx_A89_eoef--ObjectivePrimaryTextBlock_zQypGmbJzKDg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The KraneShares MSCI Emerging Markets ex China Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the MSCI Emerging Markets ex China Index (the “Underlying Index”).</span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_zFVgXETcpTJh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zwt4pmTnxe7b"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_z06U0sv9BQn9" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td id="xdx_98B_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member__oef--ClassAxis__custom--C000210156Member_zzMv0FOwYmda" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%" title="Shareholder Fees (fees paid directly from your investment)">None</td></tr> </table> 0 <div id="xdx_A89_eoef--AnnualFundOperatingExpensesTableTextBlock_z9ytFCejSIN2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A51_dU_zpz3BWHIVuni" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_496_20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member__oef--ClassAxis__custom--C000210156Member_zKTecdAIXp85" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40D_eoef--ManagementFeesOverAssets_dpn_zfcVRxCsevq" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.58%</td></tr> <tr id="xdx_40A_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAojYLAEm3lc" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4D_zQYVFsXr0gl">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_400_eoef--OtherExpensesOverAssets_dpn_zgJ7EJexfBJf" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zKyOIlqEwGv5" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.59%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z8diGBPuKTla" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Fee Waiver<span id="xdx_F4D_zq7O9qLKMZsc">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">-0.35%</td></tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_zN3oBoL3f0S1" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses After Fee Waiver</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.24%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0A_zbNB9TOH0GA6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F12_zpnLHz4ehgl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0B_zw4fnQzuvWDg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td id="xdx_F1B_zznOy5Jt4dr" style="text-align: justify"> The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.35% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zweotXzVZ0Rc">August 1, 2028</span></span>, and may only be terminated prior thereto by the Board.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0058 0.0000 0.0001 0.0059 -0.0035 0.0024 August 1, 2028 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_ziGHLYczE4Ei" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A88_eoef--ExpenseExampleWithRedemptionTableTextBlock_z6KmU4izdzQ2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zSh3BZHImrta" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_489_eoef--ExpenseExampleYear01_zNXsQ8Mli3i" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_48B_eoef--ExpenseExampleYear03_z3tXJlPyP002" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_485_eoef--ExpenseExampleYear05_zW5gs7sx97og" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_z8Hw2j53ryHc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_415_20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member__oef--ClassAxis__custom--C000210156Member_zhdQ9d85jxLi" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$25</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$116</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$258</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$669</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 25 116 258 669 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_z4dJjaStOzEk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_906_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zCB5olhYvBic">27%</span> </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</span></p> 0.27 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_z5hc2niIvdnb" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is a free float-adjusted market capitalization weighted index designed to measure the equity market performance of mid- and large-cap companies of emerging market countries as defined by the MSCI Emerging Markets Index, but excluding China. The Underlying Index generally classifies an issuer as coming from a particular country based on where it is incorporated and where its stock is primarily listed. When an issuer’s securities are primarily listed outside of its country of incorporation, the Underlying Index also considers the following factors, among others, in determining where the issuer is from: (1) the secondary listings, if any, of the issuer’s securities; (2) the geographic distribution of the issuer’s shareholder base; (3) the location of its headquarters; (4) the geographic distribution of its operations (in terms of assets and revenues); (5) the issuer’s history, and (6) the country with which investors associate the issuer. Each issuer and its securities are classified in only one country.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Underlying Index, as of each rebalance, includes equity securities that, among other matters: (1) are issued by companies from Emerging Market countries (as defined below); and (2) are issued by companies whose free-float market capitalizations are in the top 85% of the Emerging Market from which they come. As of March 31, 2026, the Underlying Index included issuers from the following “Emerging Markets”: Brazil, Chile, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Although the Fund reserves the right to replicate (or hold all constituents of) the Underlying Index, the Fund expects to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the Underlying Index included 625 securities of companies with a market capitalization range of approximately $13.3 billion to $1.8 trillion and an average market capitalization of approximately $27.0 billion. As of March 31, 2026, the largest country representations in the Underlying Index were Taiwan (30.2%), Korea (20.8%), and India (16.9%). As of March 31, 2026, issuers in the Information Technology sector (39.7%) and Financials sector (22.3%) represented significant portions of the Underlying Index. The Underlying Index is rebalanced quarterly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund intends to be diversified in approximately the same proportion as the Underlying Index is diversified. The Fund may become “non-diversified,” as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund may engage in securities lending.</span></p> <p id="xdx_A84_eoef--RiskTextBlock_zbGhD3rW2VLj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zfLwKuidS8Lb">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_901_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zl1L0Kis2yPc">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z1tLkqKdaMK6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zfbLaeuViqE9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zSc9hy5x5NE6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zCXHgk7GLJl2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaiwanRiskMember_zhBdzw9v2cAg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taiwan Risk. </b>Investments in Taiwanese issuers involve risks that are specific to Taiwan, including legal, regulatory, political and economic risks. Political and economic developments of Taiwan’s neighbors may have an adverse effect on Taiwan’s economy. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions, which may materially affect the Taiwanese economy and its securities market and may have an adverse impact on the values of the Fund’s investments in Taiwan, or make such investments impracticable or impossible.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndiaRiskMember_zC7i0wBAz5cl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>India Risk.</b> Investments in Indian issuers involve risks that are specific to India, including legal, regulatory, political, currency and economic risks impacting Indian businesses and the Indian economy, changes in Indian law or regulations and the status of India’s relations with other countries. Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and the Fund. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SouthKoreaRiskMember_z0k1Nj2qmube" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>South Korea Risk.</b> The Fund is susceptible to adverse market, political, regulatory and geographic events affecting South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. South Korea’s economy may be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. Escalated tensions involving the two nations and the outbreak of hostilities between the two nations, or even the threat of an outbreak of hostilities, could have a severe adverse effect on the South Korean economy. In addition, South Korea’s economic growth potential has recently been on a decline because of a rapidly aging population and structural problems, among other factors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zL7OrsjiqNd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zeiFGgwokije" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zcKdTcyfiw3k" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zG12xwbxGbYk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversificationRiskMember_zYNui1W9KHck" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Non-Diversification Risk.</b> <span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zhVk4uERCOa7">The Fund may become “non-diversified,” as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in securities or other instruments representing a small number of issuers. As a result, the Fund’s performance may depend to a greater extent on the performance of a small number of issuers or counterparties.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> The Fund may become “non-diversified,” as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in securities or other instruments representing a small number of issuers. As a result, the Fund’s performance may depend to a greater extent on the performance of a small number of issuers or counterparties. <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zXbm46DM4u7i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Authorized Participants Concentration Risk</i>. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>International Closed Market Trading Risk</i>. </b>To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zAwBBNTamH41" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_za04nZHOYb3h" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_ztOnvk8zaqa8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zjHKMan3RKIc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zlgd1OdblvA7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zhuAMHCJktFh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zRO8Q5Lh3Pwb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z9bGGhxUW9U8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z7Lgrm9kelCe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zeZ8MrRdw8P2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_z4HJROvAbSp5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z4UpxAyIK5a" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zgKauMKeKL3f" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>IPO Risk. </b>Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zweQrq3QRPTe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zgIqcJqEldl3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zjZbNNJgstKa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zii7Z4vtKjH" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zqmavWINavG9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90E_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_z5JhspTQRiK2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All returns include the reinvestment of dividends and distributions. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zgcg6cUeDiwi">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available at no cost by visiting <span id="xdx_906_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zazX9uZ5qbD8">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zTUTZy1icdVb" style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kemx_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5F_dU_zO2hsft05tW6" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2020</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000210156Member_zLRTmE5ntsGa" style="display: none; text-align: center; width: 50%">14.67%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000210156Member_zo7zME4Grqa6" style="display: none; text-align: center">9.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_981_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000210156Member_z4HcayxBXBw2" style="display: none; text-align: center">-19.57%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_982_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000210156Member_zE9chOkKwH77" style="display: none; text-align: center">21.36%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000210156Member_z5JdSAEmb9W3" style="display: none; text-align: center">2.03%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">20025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000210156Member_zP7nFhSgYOh5" style="display: none; text-align: center">37.58%</td></tr> </table> 0.1467 0.0903 -0.1957 0.2136 0.0203 0.3758 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zgHMbrvo3Du3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_906_eoef--BarChartYearToDateReturnDate_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_z0UrsV1gVJGk">June 30, 2026</span>, the Fund’s calendar <span id="xdx_900_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zvATL3gt5n35">year-to-date total return</span> was <span id="xdx_90E_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zGzAQA0vWC5k">37.75%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zoqjC4mO6Aqe">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zeX3J0EwAn7l">27.71%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zoAFZrByt2xk">12/31/2020</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_909_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zBrsXeS91Ag9">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zwLVx5vxe6ri">-30.11%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zkTULoj7kjdi">3/31/2020</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2026-06-30 year-to-date total return 0.3775 Highest Return 0.2771 2020-12-31 Lowest Return -0.3011 2020-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zx6Ng5WaVrja"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_z0QQDgW9fck7" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares MSCI Emerging Markets ex China Index ETF</td> <td id="xdx_49E_20250101__20251231_zaSdaeeSccQ1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_499_20210101__20251231_z6wL16ZSIRu4" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><b>5 years</b></td> <td id="xdx_49C_20190412__20251231_zb3N9hw29lha" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_905_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000210156Member_zxHkzvho7B8b"><span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zj209xvwCkJc"><span id="xdx_90B_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zs8jQsgww5if"><span id="xdx_90F_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexMember_zJnBFA4Q1W8d"><span id="xdx_90F_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsExChinaIndexMember_zcI5P0W7z0D">04-12-2019</span></span></span></span></span>)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000210156Member_zHdVPSPyJuq3" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000210156Member_zdBQhKrp3WO7">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">37.58%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; width: 15%">8.36%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">9.62%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zLQ7zB5BuR99" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90B_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxmxneYNE4bc">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">36.61%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">7.49%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">8.78%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zAl8PtEUkGgc" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zZdlCxdkdDk4">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">23.05%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">6.42%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">7.53%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexMember_zxVirDqVfIo8" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI Emerging Markets Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">33.57%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">6.45%</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_hoef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsExChinaIndexMember_zIJ4OFvuySYd" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI Emerging Markets ex China Index<br/> (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">34.61%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">8.25%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">8.93%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexMember_zSLnL2kFQBdb">MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000210156Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsExChinaIndexMember_zE8kqMNBAND3">MSCI Emerging Markets ex China Index (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</span></span></span></p> 2019-04-12 2019-04-12 2019-04-12 2019-04-12 2019-04-12 Return Before Taxes 0.3758 0.0836 0.0962 Return After Taxes on Distributions 0.3661 0.0749 0.0878 Return After Taxes on Distributions and Sale of Fund Shares 0.2305 0.0642 0.0753 0.3357 0.0420 0.0645 0.3461 0.0825 0.0893 MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes) MSCI Emerging Markets ex China Index (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zJdb0dUfb088" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_901_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zKPoSR4PRHSj">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90D_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000064914Member_zqfteccrbfR5">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares MSCI One Belt One Road Index ETF Investment Objective <p id="xdx_A8A_eoef--ObjectivePrimaryTextBlock_ziNAqxNW1Ha5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The KraneShares MSCI One Belt One Road Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific foreign equity securities index. The Fund’s current index is the MSCI Global China Infrastructure Exposure Index (the “Underlying Index”).</span></p> Fees and Expenses of the Fund <p id="xdx_A81_eoef--ExpenseNarrativeTextBlock_zw8hEQxh4iad" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_zmgCdE0wYHHg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_z5ulERqujtTe" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_904_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member__oef--ClassAxis__custom--C000180685Member_zdF1snww3tOf" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A87_eoef--AnnualFundOperatingExpensesTableTextBlock_zNLnZgVzi445"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_z0bGZyxuBzP3" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_49D_20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member__oef--ClassAxis__custom--C000180685Member_zd16nCbyYfVc" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z7yCxGcSWN4" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.78%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zb7WZ0kEdGuh" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4F_zipR8FuNv4Qa">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zj3LciVOhoQ9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zoudTkNoRXe2" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.79%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0B_zL2XDtlOw05g" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F18_zgPIHgbZCrre" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0078 0.0000 0.0001 0.0079 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zBrfEZt6WPRk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zu2dLwluriVd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zx0X4wSrqWI3" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_48A_eoef--ExpenseExampleYear01_z4rA6P31VuDl" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zDswDDyg88y7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear05_zNvAEgegAiDd" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zZangRCstWPl" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_415_20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member__oef--ClassAxis__custom--C000180685Member_zqEeU7wCHjQk" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$81</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$252</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$439</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$978</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 81 252 439 978 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zjIMxLAbRiVd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90E_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_z6rh3JNk1ZMg">29%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</span></p> 0.29 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_z2xJT0W26Uq5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index. The Underlying Index is designed to measure the equity market performance of listed companies with high revenue exposure to the Chinese government’s “One Belt, One Road” initiative, as determined by the provider of the Underlying Index, MSCI Inc. (“Index Provider”) based on companies’ industry classifications. The One Belt, One Road initiative is designed to increase the interconnectedness between China and other Eurasian countries by making infrastructure investments that are expected to increase such interconnectedness, such as building new roads and improved communications networks. The Underlying Index is designed generally to include the securities of issuers from emerging and frontier markets and exclude issuers from developed markets, such as the Americas, most European markets, Australia, Hong Kong, Japan, Korea and Taiwan.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Underlying Index is modified so that as of each Underlying Index rebalance, 45% of the weight of the Underlying Index is allocated to Chinese issuers and 55% is allocated to issuers of other countries. Within these allocations, issuers are weighted based on their free-float market capitalization, except that no country’s issuers (except for China) will represent more than 10% of the Underlying Index as of each Underlying Index rebalance. The Underlying Index may include the securities of small-cap, mid-cap and large-cap issuers, subject to a minimum market capitalization screen for liquidity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will not purchase shares of an investment company if it would cause the Fund to (i) own more than 3% of such investment company’s voting shares; (ii) invest more than 5% of its total assets in such investment company; or (iii) invest more than 10% of its total assets in investment companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The following China-related securities may be included in the Underlying Index and/or represent investments of the Fund:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China A-Shares, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (“H-Shares”), where they are traded in Hong Kong dollars and may be traded by foreign investors.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table border="0" cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td style="width: 0.25in; text-align: right; vertical-align: top"></td> <td style="width: 0.25in; text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">●</span></td> <td style="vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">As of March 31, 2026, the Underlying Index included 114 securities of companies with a market capitalization range of approximately $378 million to $96.4 billion and an average market capitalization of approximately $13.7 billion. As of March 31, 2026, the largest country representations in the Underlying Index were China (43.3%), South Africa (11.7%) and Singapore (11.1%). To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Materials sector (28.2%), Industrials sector (15.1%), Financials sector (23.0%), Utilities sector (15.1%) and Energy sector (10.4%) represented significant portions of the Underlying Index. The Underlying Index is rebalanced and reconstituted semi-annually, except that the index composition may change quarterly due to changes in the parent index of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund may engage in securities lending.</span></p> <p id="xdx_A86_eoef--RiskTextBlock_zjPaSfv1Wudi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zHopVtvAqmE2">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_901_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zSph1I2HsPu6">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zXAsv3UfRwn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FrontierMarketsRiskMember_zgEh2POjqXj6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Frontier Markets Risk.</b> Frontier markets are those emerging markets that are considered to be among the smallest, least mature and least liquid, and as a result, may be more likely to experience inflation risk, political turmoil and rapid changes in economic conditions than more developed and traditional emerging markets. Investments in frontier markets may be subject to a greater risk of loss than investments in more developed and traditional emerging markets. Frontier markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities. Economic, political, illiquidity and currency risks may be more pronounced with respect to investments in frontier markets than in emerging markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--MaterialsSectorRiskMember_zjC3yIGXbngl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Materials Sector Risk.</b> The materials sector includes companies from the following and similar industries: chemicals; metals &amp; mining; paper &amp; forest products; containers &amp; packaging; and construction materials. Many companies in the materials sector are significantly affected by the level and volatility of commodity prices, the exchange value of the dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liability for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_zLzcSy24MLjg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Industrials Sector Risk. </b>The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_z5G6aytY0O2b" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--UtilitiesSectorRiskMember_z0cG2CcNnez7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Utilities Sector Risk.</b> Companies in the utilities industry may have difficulty obtaining an adequate return on invested capital, raising capital, and financing large construction programs during periods of inflation or unsettled capital markets; face restrictions on operations and increased cost and delays attributable to environmental considerations and regulation; find that existing plants, equipment or products have been rendered obsolete by technological innovations; and be subject to increased costs because of the scarcity of certain fuels or the effects of man-made disasters. Deregulation is subjecting utility companies to greater competition and may adversely affect profitability. As deregulation allows utility companies to diversify outside of their original geographic regions and their traditional lines of business, utility companies may engage in riskier ventures. Government regulators monitor and control utility operations, revenues and costs, and therefore may limit utility profits. Regulatory authorities may also restrict utility companies’ access to new markets, thereby diminishing these companies’ long-term prospects. Energy conservation and changes in climate policy may have a significant adverse impact on the revenues and expenses of utility companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EnergySectorRiskMember_z1peUCSMmqU6" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><b>Energy Sector Risk. </b>Investments in, and/or exposure to, the energy sector, which includes energy commodities such as oil, gasoline, and carbon credits, may be highly volatile and can change quickly and unpredictably due to a number of factors, including the legislative or regulatory changes, adverse market conditions, increased competition affecting the energy sector, financial, accounting and tax matters and other events that the Fund cannot control. In addition, the value of energy commodities may fluctuate widely due to changes in supply and demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zzXGOLxMT1ni" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0pt; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0pt; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0pt; margin-bottom: 0; text-align: justify"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0pt; margin-bottom: 0; text-align: justify"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0pt; margin-bottom: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--SingaporeRiskMember_zzpYQifKw4Ak" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Singapore Risk.</b> Investments in Singaporean issuers involve risks that are specific to Singapore, including legal, regulatory, political, currency and economic risks. In addition, because Singapore’s economy is export-driven, Singapore relies heavily on its trading partners. Political and economic developments of Singapore’s neighbors may have an adverse effect on Singapore’s economy.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--SouthAfricaRiskMember_zpfhitb7MU5l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>South Africa Risk.</b> Investing in South African securities involves significant risks, including legal, regulatory, currency and economic risks specific to South Africa. Among other things, South Africa’s economy is heavily dependent on its agriculture and mining sectors and thus susceptible to fluctuations in the commodity markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zaVvLLpBLBoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NewSmallFundRiskMember_zREsl9bQKlE" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>New/Small Fund Risk.</b> The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zC6ZMWmI8XVl" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zJf3DB5SXay" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zv2mgtg3KXqk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_z4lTfmOZ09ck" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zkNUeAnvMmL1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zVv1gr3yhZZ9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zr9h0aLywRlf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z3AKc6lDTw93" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <div style="display: none"></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zgBmFGE6716a" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">There is no guarantee that the methodology the Index Provider uses to identify constituents for the Underlying Index will achieve its intended result or provide an accurate assessment of included constituents. The Underlying Index relies on various sources of information to assess the potential constituents of the Underlying Index, including information that may be based on assumptions or estimates. Neither the Fund nor Krane can offer assurances that the Index Provider’s sources of information are reliable. There can be no guarantee that the methodology underlying the Underlying Index, the Underlying Index construction and computation processes, or the daily calculation of the Underlying Index or its methodology will be free from error or that an error will be identified and/or corrected, which may have an adverse impact on the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <div style="display: none"></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zTaLkWvaxL1b" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_z5XLuua1Lg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents s of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zyOuAFcovTR7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zKGcGgEYD124" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zbPa2Jz1bvGj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zOKf2krVCuJ5" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zAONjXK8uCC3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zWr2s4QlHvta" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zaJ419wUb0yb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zBTtA6fa9SCf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zDAZD4mGLum3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zK5AxUxYH5X4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A84_eoef--PerformanceNarrativeTextBlock_zMOtCt00a4x2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_z3bpfQiwjQyj">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All returns include the reinvestment of dividends and distributions. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zdSHBgzHnjEk">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Updated performance information is available at no cost by visiting <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zvf23RHG4p2i">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eoef--BarChartHeading_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zoy7NuMDJppj" style="display: none">Total Annual Returns For Calender Years Ended December 31 </span></span></p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31  <p id="xdx_A87_eoef--BarChartTableTextBlock_z2ko4AQSJpgj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="pro-obor_001.jpg" style="height: 252px; width: 550px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A59_dU_zJyn2sGWTun3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000180685Member_zuzrZYmozM15" style="display: none; text-align: center; width: 50%">-12.13%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2019</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000180685Member_zvS1aFLf4AJh" style="display: none; text-align: center">16.32%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2020</td> <td id="xdx_987_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000180685Member_zHxlSGHySAV3" style="display: none; text-align: center">13.01%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98F_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000180685Member_z2A9hKNzPnhl" style="display: none; text-align: center">17.48%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_986_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000180685Member_zVZzAij3Hjkk" style="display: none; text-align: center">-21.61%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_980_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000180685Member_zb7YVmFSoRv4" style="display: none; text-align: center">-7.93%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_988_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000180685Member_zL6dytcXEWEa" style="display: none; text-align: center">8.74%</td></tr> <tr style="vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000180685Member_zQIOpLIfRwI8" style="display: none; text-align: center">27.20%</td></tr> </table> -0.1213 0.1632 0.1301 0.1748 -0.2161 -0.0793 0.0874 0.2720 <p id="xdx_A88_eoef--BarChartClosingTextBlock_zzWMcOcE1Drj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_909_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zGYXNpubySW">June 30, 2026</span>, the Fund’s calendar <span id="xdx_902_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_ziIJ3axqIqQg">year-to-date total return</span> was <span id="xdx_905_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zfRLGAgbhCDe">-1.80%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left"><span id="xdx_900_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zDRrSR7lllW">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90B_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zeDJd5igD75c">26.74%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; width: 15%; text-align: center"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zIWFL6dXXbIk">12/31/2020</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_900_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zS7oUP3XU27l">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zL39BcoHrvB1">-26.85%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center"><span id="xdx_90F_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zLUc89Ru9vPf">3/31/2020</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2026-06-30 year-to-date total return -0.0180 Highest Return 0.2674 2020-12-31 Lowest Return -0.2685 2020-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8A_eoef--PerformanceTableTextBlock_zcYTDUG8zGf8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zwJTp30cRtfi" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">KraneShares MSCI One Belt One Road Index ETF</td> <td id="xdx_497_20250101__20251231_zK6cNpR1bXyc" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_499_20210101__20251231_zBBZUIvpwep1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 years</td> <td id="xdx_49A_20170907__20251231_zteFSwZCBxgh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_903_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000180685Member_z0Jlef8wLiXa"><span id="xdx_901_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zbBrgJe5vNQ3"><span id="xdx_90F_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7YLIjlqrhc"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMember_zOx07FW4jje2"><span id="xdx_901_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__custom--MSCIGlobalChinaInfrastructureExposureIndexMember_zKJmQmp77ey7">9-7-2017</span></span></span></span></span>)</td></tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000180685Member_zabCS8URJB61" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_902_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000180685Member_z9dIbgikVUP">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">27.20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">3.24%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">3.98%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zJ9yv6Em0tL" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3yeilmM6tWf">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">26.91%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.70%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.51%</td></tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_znJBjeXQj2n1" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z3Foyep0fQa8">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">16.80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">2.67%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">3.30%</td></tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMember_ztPourhsDKn8" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI ACWI<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">22.34%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">11.19%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">11.29%</td></tr> <tr id="xdx_406_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__custom--MSCIGlobalChinaInfrastructureExposureIndexMember_z7OhTiw3owji" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">MSCI Global China Infrastructure Exposure Index (Net)<br/> (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)<span id="xdx_F49_zD4ZmFqf1QU9">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">28.70%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">4.07%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.08%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F02_ztnJ5EJFvjrj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">*</span></td> <td style="text-align: justify"><span id="xdx_F1E_zwQp7AtMI4h2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The MSCI Global China Infrastructure Exposure Index (Net) reflects the reinvestment of any cash distributions after deduction of any withholding tax using the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__custom--MSCIACWIMember_zSGG4g7RvAOf" style="display: none">MSCI ACWI (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000180685Member__oef--PerformanceMeasureAxis__custom--MSCIGlobalChinaInfrastructureExposureIndexMember_zTg9hJZlG3h7">MSCI Global China Infrastructure Exposure Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes)</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 2017-09-07 2017-09-07 2017-09-07 2017-09-07 2017-09-07 Return Before Taxes 0.2720 0.0324 0.0398 Return After Taxes on Distributions 0.2691 0.0270 0.0351 Return After Taxes on Distributions and Sale of Fund Shares 0.1680 0.0267 0.0330 0.2234 0.1119 0.1129 0.2870 0.0407 0.0508 MSCI ACWI (Reflects no deduction for fees, expenses or taxes) MSCI Global China Infrastructure Exposure Index (Net) (Reflects reinvested dividends net of withholding taxes, but reflects no deduction for fees, expenses or other taxes) <p id="xdx_A83_eoef--PerformanceTableClosingTextBlock_zxwkcVhrmSPj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_90C_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zToEpBgeMjld">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90F_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000056904Member_zEbB2MjKDBt4">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Public-Private AI & Technology ETF (formerly, KraneShares Artificial Intelligence and Technology ETF) Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zvRVmup8FRh6" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund seeks growth of capital.</p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zAVZh4PtSQCe" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A8B_eoef--ShareholderFeesTableTextBlock_z3OqaJsp9YP6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zKNe4bDBFt7b" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC"><b>Shareholder Fees </b>(fees paid directly from your investment)</td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span id="xdx_908_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member__oef--ClassAxis__custom--C000250789Member_zKaE9dS0x7sa" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zXbOTqhamVS1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zNm6UCnQ94Ra" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC; width: 85%"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_492_20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member__oef--ClassAxis__custom--C000250789Member_z0x3i1lML98f" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 15%"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zDGKxjyQg2q1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #DCDCDC">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.99%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zybBZ8Gt33l3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees<span id="xdx_F4A_zxvq6r3OXG6">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.00%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zG9NiM1eOxEi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #DCDCDC">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zQmdLKu5ZUE7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">1.00%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td> <td id="xdx_F02_zMaeGcas27fa" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">*</td> <td id="xdx_F18_zE7VTrVAwCm8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> 0.0099 0.0000 0.0001 0.0100 Example <p id="xdx_A85_eoef--ExpenseExampleNarrativeTextBlock_zrpftPO53JDi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zBv7k6NXhlFe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zX9G2HAZNo9b" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_488_eoef--ExpenseExampleYear01_z03OmCexfUFd" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>1 Year</b></td> <td id="xdx_480_eoef--ExpenseExampleYear03_zuGqpIbisnFl" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>3 Years</b></td> <td id="xdx_480_eoef--ExpenseExampleYear05_zDpgMltgnfGg" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>5 Years</b></td> <td id="xdx_482_eoef--ExpenseExampleYear10_zXKhG2z3gcj9" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>10 Years</b></td> </tr> <tr id="xdx_41B_20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member__oef--ClassAxis__custom--C000250789Member_zECUDoaAD4cg" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$102</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$318</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$552</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$1,225</td> </tr> </table> 102 318 552 1225 Portfolio Turnover <p id="xdx_A8D_eoef--PortfolioTurnoverTextBlock_z0Ew5NmCfJEf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zK0k8rgSRJQb">70%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.70 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zGJTW8WgThRf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the publicly-traded or privately-offered securities of “Artificial Intelligence (“AI”) and Technology” companies and other instruments that have economic characteristics similar to such securities. With respect to publicly-traded securities, the Fund considers a company to be an “AI and Technology” company if it meets the following two criteria:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(1)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The company is classified in the Technology economy within the FactSet Revere Business Industry Classification system (“RBICS”). This RBICS classification requires a company to generate at least 50% of its revenue from within the Technology economy; and</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(2)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The company has an AI Exposure Score greater than zero.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund’s investment sub-adviser, Etna Capital Management Company Ltd. (“Sub-Adviser”), has developed a proprietary methodology for assigning companies an “AI Exposure Score.” The AI Exposure Score is designed to quantify the exposure of a company to AI. Zero implies minimal to no exposure of the company to AI. Five implies that a company is materially exposed to AI. In order to assign AI Exposure Scores to companies, the Sub-Adviser reviews the public business descriptions, public filings, press releases, and financial disclosures made by companies in the Eligible Universe (defined below) for information regarding the companies’ involvement in AI-related businesses or the incorporation of AI technologies in their key operations, offerings, and research and development activities. The Sub-Adviser then uses its discretion to assign each company in the Eligible Universe a proprietary AI Exposure Score.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Solactive AG (“Solactive” or “Index Calculator”), which is not affiliated with the Fund, the Sub-Adviser or the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), determines the Eligible Universe by identifying companies that meet the following criteria:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The company is headquartered, located or primarily listed in a developed market, which Solactive defines to mean Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, United Kingdom, or United States;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The company’s equity securities are a constituent of the Solactive GBS Global Markets All Cap USD Index PR;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The company is classified by RBICS as being in the Technology economy and in one of the following industries: biotechnology, computer peripherals, data processing services, information technology services, internet retail, internet software/services, motor vehicles, packaged software, semiconductors, or telecommunications equipment; and</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">(d)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The company has a free-float market capitalization of at least $2 billion, has been publicly-listed for at least one month and has an average daily trading volume of at least $2 million over the last one-month and six-month periods.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Sub-Adviser categorizes each of the companies that is in the Eligible Universe and has an AI Exposure Score greater than zero as an AI Applications, AI Hardware or AI Infrastructure company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">AI Applications companies are those that leverage AI technologies within their business models, products and services to drive efficiencies cost savings, new revenue streams or improved customer experience services.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">AI Hardware companies are semiconductor and data center companies that power the training of large language models.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">AI Infrastructure companies are those that provide cloud, security and data management for large language models.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Sub-Adviser then provides the list of companies in each category to Solactive along with each such company’s AI Exposure Score, and Solactive calculates the Solactive Etna Artificial General Intelligence Index (“Underlying Index”) by multiplying each company’s AI Exposure Score by its free-float adjusted market capitalization to establish its weight in the Underlying Index, subject to the following limits:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">No category comprises more than 40% of weight of the Underlying Index.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Each constituent’s weight must be less than 10% and more than 0.5%.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">If any weights above 5% add up to more than 50% of the Underlying Index, the Index Calculator will cap such weights at 10%, 9%, 8%, 7%, 6% and 4.5%, accordingly.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund invests primarily in the constituents in the Underlying Index and, with respect to such investments, seeks to provide investment results that, before fees and expenses, track the performance of the Underlying Index. Although the Fund expects to replicate (or hold all components of) the Underlying Index, the Fund reserves the right to use representative sampling for the portion of the Fund that tracks the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund intends to invest, directly or indirectly (such as through special purpose vehicles (“SPVs”)), approximately 10% of net assets in privately offered securities, as measured at the time of investment. Such privately offered securities will not be in the Underlying Index. In selecting securities of private companies, the Adviser looks for companies that are engaged in the same artificial intelligence-related business activities as the companies in the Underlying Index that may be preparing for an initial public offering or may be in earlier stages of development. The Fund may also invest in publicly-traded equity securities and depositary receipts not in the Underlying Index, derivative instruments (including swaps and futures), spot currencies and currency forwards (including for hedging), other investment companies (including SPVs, exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">As of March 31, 2026, the Underlying Index included 55 securities of companies with a market capitalization range of approximately $5.0 billion to $5.2 trillion and an average market capitalization of approximately $657.8 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the Index was concentrated in the Technology sector, as defined by FactSet/RBICS.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may engage in securities lending.</p> <p id="xdx_A8E_eoef--RiskTextBlock_zA9ElkHBwU3e" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_907_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zkach9crC4Nj">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_901_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member__oef--RiskAxis__oef--RiskLoseMoneyMember_z4RTROV0V9Ha">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceTechnologyRiskMember_zsueejXQ0rw" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Artificial Intelligence Technology Risk. </b>Companies in the artificial intelligence (“AI”) and technology industries typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an AI and Technology company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Certain AI and Technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of the Fund’s holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedIndexProviderRiskMember_zoFaMeumPKM2" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Affiliated Index Provider Risk. </b>The Index Provider is an affiliated person of the Adviser, which poses potential conflicts of interest. For example, a potential conflict could arise between an affiliated person of the Index Provider or the Adviser and each Fund if that entity attempted to use information regarding changes and composition of each Index to the detriment of each Fund. Additionally, potential conflicts could arise with respect to the personal trading activity of personnel of the affiliated person who may have access to, or knowledge of, pending changes to each Index’s composition methodology or the constituent securities in each Index prior to the time that information is publicly disseminated. If shared, such knowledge could facilitate “front-running” (which describes an instance in which other persons trade ahead of each Fund). Although the Adviser and the Index Provider have taken steps designed to ensure that these potential conflicts are mitigated (e.g., via the adoption of policies and procedures that are designed to minimize potential conflicts of interest and the implementation of informational barriers designed to minimize the potential for the misuse of information about the Index), there can be no assurance that such measures will be successful.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_zjAfy8HmnSP4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zsb2dzc60uod" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateCompanyRiskMember_zjD06wSn8Jqe" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Private Company Risk.</b> Investments in private companies that have not issued securities in an initial public offering (“IPO”) involve greater risks than investments in securities of companies that trade publicly on an exchange. Investments in these companies are generally less liquid than investments in securities issued by public companies and may be difficult for the Fund to value. Compared to public companies, private companies may have a more limited management group and limited operating histories with narrower, less established product lines and smaller market shares, which may cause them to be more vulnerable to competitors’ actions, market conditions and consumer sentiment with respect to their products or services, as well as general economic downturns. In addition, private companies may have limited financial resources and may be unable to meet their obligations. The Fund may only have limited access to a private company’s actual financial results and there is no assurance that the information obtained by the Fund is reliable. These companies may not ever issue shares in an IPO and a liquid market for their shares may never develop, which could adversely affect the Fund’s liquidity. If the company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Fund’s investment to decrease significantly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Securities issued by private companies, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act, have not been registered under the Securities Act and as a result are subject to legal restriction on resale. Such securities typically may be resold only to “qualified institutional buyers,” in a privately negotiated transaction, to a limited number of purchasers or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because privately-issued securities are not traded on established markets and there may be relatively few potential counterparties for transactions involving such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to purchase or sell such securities in the amounts, at the prices, or at the time the Fund desires than if such securities were more widely held and traded. At times, privately-issued securities may be less liquid, subject to wide fluctuations in value, and may be more difficult to determine the fair value of such securities for purposes of computing the Fund’s NAV, due to the absence of an active trading market. There can be no assurance that a privately-issued security that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and its value may decline as a result or cause the Fund difficulty in meeting shareholder redemptions. The Fund may have to bear the expense of registering privately-issued securities for resale and the risk of substantial delays in effecting the registration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zGGGVuqNkwyk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>IPO Risk.</b> Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zdsJgnjLzL4a" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zm0Rxoh73dng" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zzTKOiDU4Myk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Currency Risk.</b> To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zRhuH6MfK9a5" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z07EJzUZXZT6" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Non-Diversified Fund Risk.</b> <span id="xdx_905_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z7RTxhRqdcRb">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zxyC8KaSaoC7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk.</i> </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk.</i> </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zW13wUUYC5z5" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zZAagUbYZMB2" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zvjMsstny2h1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund’s investment in private companies is actively-managed and the Fund may not meet its investment objective based on Krane’s or the sub-adviser’s, as applicable, success or failure to implement investment strategies for the Fund for these investments. Krane’s or the sub-adviser’s, as applicable, evaluations and assumptions regarding these investments may not successfully achieve the Fund’s investment objective given actual market conditions. Furthermore, for the portion of the Fund’s assets invested in the Underlying Index, the Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zmyt9OHl7tU3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tracking Error Risk. </b>For the portion of the Fund’s assets invested in the Underlying Index, the Fund’s return for this portion may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zQOTtDseGtl8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zjHs01Pybjll" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Small- and Mid-Capitalization Company Risk.</b> Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zOjb43K2Ojtc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zqQexKo0hdHf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zW2l2LlQjT4l" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zuLk2jPp3sw3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zXVf34plaDz" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zDWNyt25ng4k" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zIaToCazwJ3k" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zmpHVWHXV40e" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_ziVJwvmo9S96" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_za8GrZOWNLt5" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_907_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zV3z8lZfG0E7">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zzpKbDZAp9kj">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90C_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zNSL4JfXJeSl">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31  <p id="xdx_A87_eoef--BarChartTableTextBlock_zTNP7ydeAuYi" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none"> </span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-agix_001.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A51_dU_z4ObkDSBiHdd" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000250789Member_zlnjE42Ix6y" style="display: none; width: 50%">29.58%</td></tr> </table> 0.2958 <p id="xdx_A82_eoef--BarChartClosingTextBlock_z04AoRBXAfab" style="font: 10pt Times New Roman, Times, Serif;text-align: center; margin-top: 0; margin-bottom: 0">As of <span id="xdx_909_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_z98jtVlJoG68">June 30, 2026</span>, the Fund’s calendar <span id="xdx_907_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zt8iZrmrFKJi">year-to-date total return</span> was <span id="xdx_90D_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zHKggVlsmPzi">28.85%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 70%; background-color: #DCDCDC"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Return</b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"><b>Quarter Ended/Year</b></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90E_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zKk81PWZzDnb">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_904_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_z7gxLnpSwvJ6">28.01%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zG4q80yf7Hib">6/30/2025</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90B_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zanktkbnWO5">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_903_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zyA7ov270433">-13.29%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_909_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zj0OCT8yKBF">3/31/2025</span></td> </tr> </table> 2026-06-30 year-to-date total return 0.2885 Highest Return 0.2801 2025-06-30 Lowest Return -0.1329 2025-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8D_eoef--PerformanceTableTextBlock_z9YCPc100fgd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zwv1qsf183kd" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 70%; background-color: #DCDCDC"><b>KraneShares Public-Private AI &amp; Technology ETF</b></td> <td id="xdx_497_20250101__20251231_z603bdCAs1h8" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>1 year</b></td> <td id="xdx_49A_20240717__20251231_zBMfbDRCBnS5" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Since Inception<br/>(<span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000250789Member_zckM57afPM5a"><span id="xdx_901_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zuD1UMxbp098"><span id="xdx_900_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zP3IuS9Qt0H9"><span id="xdx_902_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zNV6w97fCor6"><span id="xdx_908_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__custom--SolactiveEtnaArtificialGeneralIntelligenceIndexMember_zRE4i3pYkREe">07-17-2024</span></span></span></span></span>)</b></td> </tr> <tr id="xdx_400_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250789Member_z5fbzZqZ5205" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000250789Member_zNKGmNeqtLke">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">29.58%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30.61%</td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zU3fW0NLROC3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zt8Jdlfi2Pg1">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">29.17%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">30.21%</td> </tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvxYo6GS1L9a" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zSW55ZvNH1jh">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">17.73%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">23.57%</td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zRYv456wVTR7" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC">S&amp;P 500 Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">17.88%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">16.44%</td> </tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__custom--SolactiveEtnaArtificialGeneralIntelligenceIndexMember_zawUkLAX7mE4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Solactive Etna Artificial General Intelligence Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">23.73%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">26.06%</td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span id="xdx_90E_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__custom--SolactiveEtnaArtificialGeneralIntelligenceIndexMember_z03c6s4zdjDe" style="display: none">Solactive Etna Artificial General Intelligence Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="display: none"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000250789Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_zh8felEzTRuk">S&amp;P 500 Index (Reflects no deduction for fees, expenses or taxes)</span></span></p> 2024-07-17 2024-07-17 2024-07-17 2024-07-17 2024-07-17 Return Before Taxes 0.2958 0.3061 Return After Taxes on Distributions 0.2917 0.3021 Return After Taxes on Distributions and Sale of Fund Shares 0.1773 0.2357 0.1788 0.1644 0.2373 0.2606 Solactive Etna Artificial General Intelligence Index (Reflects no deduction for fees, expenses or taxes) S&P 500 Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A88_eoef--PerformanceTableClosingTextBlock_zm5fqshbPuKi" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_907_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zpJ2oVzbFza8">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_90E_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000085506Member_zJNtlLNM9VCl">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Public-Private Emerging Markets Internet and Technology ETF (formerly, KraneShares Emerging Markets Consumer Technology Index ETF) Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_zUeiadnGGVw" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The KraneShares Public-Private Emerging Markets Internet and Technology ETF (formerly known as the KraneShares Emerging Markets Consumer Technology Index ETF) (the “Fund”) seeks growth of capital.</p> Fees and Expenses of the Fund <p id="xdx_A88_eoef--ExpenseNarrativeTextBlock_zW9eoYO2Vc5b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_z0Majty98um2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_z9gIrMO6TzWf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC"><b>Shareholder Fees </b>(fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span id="xdx_900_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member__oef--ClassAxis__custom--C000176655Member_za19PgQ8Uywk" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A81_eoef--AnnualFundOperatingExpensesTableTextBlock_zhTn3oQInSZg"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zvjX0svmJBo5" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC; width: 85%"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_493_20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member__oef--ClassAxis__custom--C000176655Member_zXrlErFJhY6j" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 15%"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z4FkFAYeF9yi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.78%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_za7ezGXUrX61" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees<span id="xdx_F49_zz9XcvtcupFi">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.00%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_z5oLWxwZTnh1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zZOt19LU7ULi" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.79%</td> </tr> <tr id="xdx_400_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zz0IRDYmaE6a" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Fee Waiver<span id="xdx_F4E_zCRZZcG6WGF3">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">-0.30%</td> </tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zS4e3o0KRYm8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><b>Total Annual Fund Operating Expenses After Fee Waiver</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.49%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td> <td id="xdx_F00_zHl0ePi8xQB4" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">*</td> <td id="xdx_F13_zCCCUqkh2Sa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td> <td id="xdx_F04_zGVPliOM3Bfh" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">**</td> <td id="xdx_F1C_zfjJFbrsuDHi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Krane has contractually agreed to waive its management fee by 0.30% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until <span id="xdx_904_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zN13ocakSzfe">August 1, 2028</span>, and may only be terminated prior thereto by the Board.</td> </tr> </table> 0.0078 0.0000 0.0001 0.0079 -0.0030 0.0049 August 1, 2028 Example <p id="xdx_A8D_eoef--ExpenseExampleNarrativeTextBlock_zMIjLWHqIVvg" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div id="xdx_A81_eoef--ExpenseExampleWithRedemptionTableTextBlock_zaGpToj4Y0jl"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zezN3QyHzNGl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_481_eoef--ExpenseExampleYear01_zY2MTKvRUSN3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>1 Year</b></td> <td id="xdx_48D_eoef--ExpenseExampleYear03_zFQjbsMRca77" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>3 Years</b></td> <td id="xdx_480_eoef--ExpenseExampleYear05_ztMBRC9ony96" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>5 Years</b></td> <td id="xdx_48A_eoef--ExpenseExampleYear10_zFnfzGtHSo8j" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>10 Years</b></td> </tr> <tr id="xdx_415_20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member__oef--ClassAxis__custom--C000176655Member_zeWSA5xP5iCb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$50</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$191</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$378</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$920</td> </tr> </table> 50 191 378 920 Portfolio Turnover <p id="xdx_A86_eoef--PortfolioTurnoverTextBlock_zjFFqIU6SaP6" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_900_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zVIp3qebaNnk">72%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 0.72 Principal Investment Strategies <p id="xdx_A80_eoef--StrategyNarrativeTextBlock_zarQlv1PPpC3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the publicly-traded or privately offered securities of Emerging Market Internet and Technology companies and other instruments that have economic characteristics similar to such securities. In the case of publicly-traded securities, the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) determines whether a company is an Emerging Market Internet and Technology company based on whether it is eligible for inclusion in the Solactive Emerging Markets Internet and Technology Index (“Underlying Index”). The Underlying Index classifies an issuer as from an emerging market if it primarily derives revenue from one or more of the following countries:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.25in; margin-top: 0; margin-bottom: 0">Argentina, Brazil, Chile, China, Colombia, Cyprus, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Mexico, Malaysia, Peru, the Philippines, Poland, Puerto Rico, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates, <i>except</i> stocks whose primary listing exchange is the Shanghai or the Shenzhen Stock Exchange and stocks or that are primarily traded over the counter are excluded.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Index classifies an issuer as an internet and technology company if it is classified by the FactSet Revere Business Industry Classification system as in one of the following industries:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-left: 0.25in; margin-top: 0; margin-bottom: 0">Administrative Software and Services, Business Intelligence Software, Colocation and Data Center Services, Communications Infrastructure Software, Consumer Content Providers, Customer Premises Network Security Equipment, Customer Relationship Management Software, Educational Software, Electronic Components Distributors, Electronic Transaction Processing/Clearinghouses, Enterprise Resource Planning Software, Food Delivery Services, Gaming Industries, General Carrier Edge and Access Equipment, General Communications Equipment, Handheld and Smart Phone Software, Handheld/Smart Phone Games Software, Information and News Content Providers and Sites, Internet Support Services, Internet Pharmacies and Drug Retail, Multi-Type Home and Office Software, Network Infrastructure Software, Online Game Websites and Software, Other Educational Services, Other Enterprise Management Software, Travel Agencies, Video Entertainment and Programming Providers, Web-Related Content Providers, or Internet Department Stores industries, or the Aerospace and Defense IT Services, Online Marketing and Advertising Support Services, Media Download and Streaming Digital Content Sites, Semiconductor Foundry Services, or Volatile Memory Semiconductors sub-industries; or by the FactSet Standard Classification system as being in the Internet Retail, Internet Software/Services, or Catalog/Specialty Distribution.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">All securities that are from an emerging market and in one of the above industries are eligible for inclusion in the Underlying Index (the “Eligible Universe”). The Underlying Index is comprised of the equity securities of the 50 largest companies by market capitalization in the Eligible Universe and, at each quarterly reconstitution and rebalance date, weights constituents based on their market capitalization as follows:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 50%; margin-right: auto"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Rank</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Weight</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">1 to 10</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">3.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">11 to 30</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">2.5%</td></tr> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">31 to 50</td> <td style="border: Black 1pt solid; text-align: center">0.75%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Under normal market conditions, the Fund invests primarily in the constituents of the Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index and, with respect to such investments, seeks to provide investment results that, before fees and expenses, track the performance of the Underlying Index. Although the Fund expects to replicate (or hold all components of) the Underlying Index, the Fund reserves the right to use representative sampling for the portion of the Fund that tracks the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund is actively managed and intends to invest directly or indirectly (such as through special purpose vehicles (“SPVs”)) approximately 10% of net assets in privately offered securities, as measured at the time of investment. In selecting securities of private companies, the Adviser looks for companies that are similar to companies in the Underlying Index that may be preparing for an initial public offering or are in earlier stages of development. The Adviser deems an issuer to be from an emerging market if it has headquarters, is listed or earns a majority of its revenue or profits from the countries identified by the Underlying Index as emerging markets; and to evaluate whether a private company is an Internet and Technology company, it considers whether the company, once public, is likely to be classified by the FactSet Revere Business Industry Classification system in one of the industries identified by the Underlying Index as internet and technology industries. The Fund may also invest in publicly-traded equity securities and depositary receipts not in the Underlying Index and derivative instruments (including swaps and futures), spot currencies and currency forwards (including for hedging), other investment companies (including SPVs, exchange traded funds or “ETFs”) and cash or cash equivalents (including money market funds). Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The following China-related securities may be included in the portfolio:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify"><span style="text-decoration: underline;">China A-Shares</span>, which are shares of companies incorporated in mainland China that are traded on the Chinese exchanges and denominated in domestic renminbi. China A-Shares are primarily purchased and sold in the domestic Chinese market. To the extent the Fund invests in China A-Shares, it expects to do so through the trading and clearing facilities of a participating exchange located outside of mainland China (“Stock Connect Programs”). A Qualified Foreign Investor (“QFI”) license may also be acquired to invest directly in China A-Shares.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify"><span style="text-decoration: underline;">China B-Shares</span>, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify"><span style="text-decoration: underline;">China N-Shares</span>, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (“N-Shares”).</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify"><span style="text-decoration: underline;">P-Chips</span>, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify"><span style="text-decoration: underline;">Red Chips</span>, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;width: 100%; margin-top: 0pt; margin-bottom: 0pt; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 0.25in"></td> <td style="text-align: justify; width: 0.25in">●</td> <td style="text-align: justify"><span style="text-decoration: underline;">S-Chips</span>, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda.</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">As of March 31, 2026, the Underlying Index included 50 securities of companies with a market capitalization range of approximately $200 million to $1.42 trillion and an average market capitalization of approximately $72.7 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the largest markets represented in the Underlying Index were China, South Korea and Taiwan, and issuers in each of the Technology and Consumer Discretionary sectors, as determined by Industry Classification Benchmark, represented more than 25% of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may engage in securities lending.</p> <p id="xdx_A8A_eoef--RiskTextBlock_z8qqGEGGb7Y8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_904_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zqAtrSBfR4Dh">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_909_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zp3CeTbo7g3">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zrP2ylEcDPBl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Emerging Markets Risk.</b> The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zOb4DOTCXvHb" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zqLnjv4zrAj8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zb1IgF8JzLGl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--PrivateCompanyRiskMember_zUSLv3NKTVwi" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Private Company Risk.</b> Investments in private companies that have not issued securities in an initial public offering (“IPO”) involve greater risks than investments in securities of companies that trade publicly on an exchange. Investments in these companies are generally less liquid than investments in securities issued by public companies and may be difficult for the Fund to value. Compared to public companies, private companies may have a more limited management group and limited operating histories with narrower, less established product lines and smaller market shares, which may cause them to be more vulnerable to competitors’ actions, market conditions and consumer sentiment with respect to their products or services, as well as general economic downturns. In addition, private companies may have limited financial resources and may be unable to meet their obligations. The Fund may only have limited access to a private company’s actual financial results and there is no assurance that the information obtained by the Fund is reliable. These companies may not ever issue shares in an IPO and a liquid market for their shares may never develop, which could adversely affect the Fund’s liquidity. If the company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Fund’s investment to decrease significantly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Securities issued by private companies, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act, have not been registered under the Securities Act and as a result are subject to legal restriction on resale. Such securities typically may be resold only to “qualified institutional buyers,” in a privately negotiated transaction, to a limited number of purchasers or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Because privately-issued securities are not traded on established markets and there may be relatively few potential counterparties for transactions involving such securities, especially under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund may find it more difficult to purchase or sell such securities in the amounts, at the prices, or at the time the Fund desires than if such securities were more widely held and traded. At times, privately-issued securities may be less liquid, subject to wide fluctuations in value, and may be more difficult to determine the fair value of such securities for purposes of computing the Fund’s NAV, due to the absence of an active trading market. There can be no assurance that a privately-issued security that is deemed to be liquid when purchased will continue to be liquid for as long as it is held by the Fund, and its value may decline as a result or cause the Fund difficulty in meeting shareholder redemptions. The Fund may have to bear the expense of registering privately-issued securities for resale and the risk of substantial delays in effecting the registration.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--IPORiskMember_zfEKtPSR8xl3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>IPO Risk.</b> Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, the prices of securities sold in IPOs may be highly volatile. At any particular time or from time to time, the Fund may not be able to invest in securities issued in IPOs, or invest to the extent desired, because, for example, only a small portion (if any) of the securities being offered in an IPO may be available to the Fund. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--InternetCompaniesRiskMember_z5ieuMBdWNWb" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Internet Companies Risk.</b> Certain Funds invest significantly in Internet companies. Internet companies are subject to rapid changes in technology, hacking or other cyber security events, worldwide competition, rapid obsolescence of products and services, loss of patent protections, cyclical market patterns, evolving industry standards, frequent new product introductions, and the considerable risk of owning small capitalization companies that have recently begun operations. Many Internet companies have incurred large losses since their inception and may continue to incur large losses in the hope of capturing market share and generating future revenues. Accordingly, many such companies expect to incur significant operating losses for the foreseeable future, and may never be profitable. The markets in which many Internet companies compete face rapidly evolving industry standards, frequent new service and product announcements, introductions and enhancements and changing customer demands. The failure of an Internet company to adapt to such changes could have a material adverse effect on the company’s business. In addition, the widespread adoption of new Internet, networking, telecommunications technologies, or other technological changes could require substantial expenditures by an Internet company to modify or adapt its services or infrastructure, which could have a material adverse effect on an Internet company’s business. Internet companies are also especially at risk of hacking and other cybersecurity events.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zvwedvYzAjg" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>China Risk. </b>The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Worsening trade relations between the U.S. and China could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. U.S. Sanctions and worsening trade relations may also result in market volatility and volatility in the price of Fund’s shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>A-Shares Risk.</i></b> A-Shares are issued by companies incorporated in mainland China and are traded on Chinese exchanges. Investments in A-Shares are made available to domestic Chinese investors and certain foreign investors, including those who have been approved as a QFI and through the Stock Connect Programs, which currently include the Shanghai-Hong Kong Stock Connect, Shenzhen-Hong Kong Stock Connect, Shanghai-London Stock Connect, and China-Japan Stock Connect. Investments by foreign investors in A-Shares are subject to various restrictions, regulations and limits. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. A-Shares may be subject to frequent and widespread trading halts and may become illiquid. This could cause volatility in the Fund’s share price and subject the Fund to a greater risk of trading halts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Custody Risk.</i></b> In accordance with Chinese regulations and the terms of a QFI license and insofar as Krane acquires a QFI, A-Shares will be held in the joint names of the Fund and Krane. Thus, the Fund’s assets may not be as well protected as they would be if it were possible for them to be registered and held solely in the name of the Fund. There is a risk that creditors of Krane may assert that the securities are owned by Krane and that regulatory actions taken against Krane may affect the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Hong Kong Risk.</i></b> The economy of Hong Kong has few natural resources and any fluctuation or shortage in the commodity markets could have a significant adverse effect on the Hong Kong economy. Hong Kong is also heavily dependent on international trade and finance. Additionally, the continuation and success of the current political, economic, legal and social policies of Hong Kong is dependent on and subject to the control of the Chinese government. China may change its policies regarding Hong Kong at any time. Any such change may adversely affect market conditions and the performance of Chinese and Hong Kong issuers and, thus, the value of securities in the Fund’s portfolio.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Stock Connect Program Risk.</i></b> The Stock Connect Programs are subject to daily quota limitations, and an investor cannot purchase and sell the same security on the same trading day, which may restrict the Fund’s ability to invest in A-Shares through the Programs and to enter into or exit trades on a timely basis. The Shanghai and Shenzhen markets may be open at a time when the participating exchanges located outside of mainland China are not active, with the result that prices of A-Shares may fluctuate at times when the Fund is unable to add to or exit its positions. Only certain China A-Shares are eligible to be accessed through the Stock Connect Programs. Such securities may lose their eligibility at any time, in which case they could be sold but could no longer be purchased through the Stock Connect Programs. Because the Stock Connect Programs are still evolving, the actual effect on the market for trading A-Shares with the introduction of large numbers of foreign investors is still relatively unknown. Further, regulations or restrictions, such as limitations on redemptions or suspension of trading, may adversely impact the program. There is no guarantee that the participating exchanges will continue to support the Stock Connect Programs in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Investments in China A-Shares may not be covered by the securities investor protection programs of either exchange and, without the protection of such programs, will be subject to the risk of default by the broker. Because of the way in which China A-Shares are held in the Stock Connect Programs, the Fund may not be able to exercise the rights of a direct shareholder and may be limited in its ability to pursue claims against the issuer of a security, and may suffer losses in the event the legal or “nominee holder” of the China A-Shares under the Stock Connect Programs becomes insolvent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Chinese Equity Markets.</i></b> The use of B-shares, H-shares, N-Shares, Red-Chips, P-Chips, S-Chips by Chinese companies to obtain listings are subject to the political and economic policies in China and the markets on which they are listed. Further, the markets on which these shares are listed may behave very differently from the mainland Chinese markets, and there may be little to no correlation between the performance of the two.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Special Risk Considerations of Investing in China.</i></b> For purposes of raising capital offshore on exchanges outside of China, including on U.S. exchanges, many Chinese-based operating companies are structured as Variable Interest Entities (“VIEs”). In this structure, the Chinese-based operating company is the VIE and establishes an entity, which is typically offshore in a foreign jurisdiction, such as the Cayman Islands. The offshore entity lists on a foreign exchange and enters into contractual arrangements with the VIE. This structure allows Chinese companies in which the government restricts foreign ownership to raise capital from foreign investors. While the offshore entity has no equity ownership of the VIE, these contractual arrangements permit the offshore entity to consolidate the VIE’s financial statements with its own for accounting purposes and provide for economic exposure to the performance of the underlying Chinese operating company. Therefore, an investor in the listed offshore entity, such as the Fund, will have exposure to the Chinese-based operating company only through contractual arrangements and has no ownership in the Chinese-based operating company. Furthermore, because the offshore entity only has specific rights provided for in these service agreements with the VIE, its abilities to control the activities at the Chinese-based operating company are limited and the operating company may engage in activities that negatively impact investment value. While the VIE structure has been widely adopted, it is not formally recognized under Chinese law and therefore there is a risk that the Chinese government could prohibit the existence of such structures or negatively impact the VIE’s contractual arrangements with the listed offshore entity by making them invalid. If these contracts were found to be unenforceable under Chinese law, investors in the listed offshore entity, such as the Fund, may suffer significant losses with little or no recourse available. If the Chinese government determines that the agreements establishing the VIE structures do not comply with Chinese law and regulations, including those related to restrictions on foreign ownership, it could subject a Chinese-based issuer to penalties, revocation of business and operating licenses, or forfeiture of ownership interest.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zsVL5XEjrlhk" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Equity Securities Risk.</b> The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ForeignSecuritiesRiskMember_z9YGNJCzu2U3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Foreign Securities Risk.</b> Investments in securities of non-U.S. issuers may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, and are typically subject to different investor protection standards than U.S. issuers. Investments in non-U.S. securities entail the risk of loss due to foreign currency fluctuations, political or economic instability, less complete financial information about the issuers, the possible imposition of withholding or confiscatory taxes, the possible seizure or nationalization of foreign holdings, and the possible establishment of exchange controls or freezes on the convertibility of currency. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund’s ability to buy and sell securities. Additionally, foreign issuers may be subject to different accounting, auditing, recordkeeping, and financial reporting requirements. Securities of issuers traded on foreign exchanges may be suspended, either by the issuers themselves, by an exchange or by governmental authorities. If the Fund holds positions in such suspended securities, the Fund may be adversely impacted. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash. All of these factors could result in a loss to the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_zd3SceZbH828" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--SouthKoreaRiskMember_zyJe2A5Nt674" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>South Korea Risk.</b> The Fund is susceptible to adverse market, political, regulatory and geographic events affecting South Korea. The South Korean economy is dependent on the economies of other Asian countries, especially China and Southeast Asia, and the United States as key trading partners. South Korea’s economy may be significantly affected by currency fluctuations and increasing competition from Asia’s other low-cost emerging economies. Escalated tensions involving the two nations and the outbreak of hostilities between the two nations, or even the threat of an outbreak of hostilities, could have a severe adverse effect on the South Korean economy. In addition, South Korea’s economic growth potential has recently been on a decline because of a rapidly aging population and structural problems, among other factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaiwanRiskMember_zuQUQihIdFp9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Taiwan Risk. </b>Investments in Taiwanese issuers involve risks that are specific to Taiwan, including legal, regulatory, political and economic risks. Political and economic developments of Taiwan’s neighbors may have an adverse effect on Taiwan’s economy. Specifically, Taiwan’s geographic proximity and history of political contention with China have resulted in ongoing tensions, which may materially affect the Taiwanese economy and its securities market and may have an adverse impact on the values of the Fund’s investments in Taiwan, or make such investments impracticable or impossible.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CurrencyRiskMember_zOmhnksbwUo6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Currency Risk. </b>To the extent that the Fund is exposed directly or indirectly to foreign currencies, including through its investments, or invests in securities or other instruments denominated in or indexed to foreign currencies, changes in currency exchange rates could adversely impact investment gains or add to investment losses. Currency exchange rates may fluctuate significantly over short periods of time and can be affected unpredictably by intervention, or failure to intervene, by U.S. or foreign governments or central banks or by currency controls or political developments in the U.S. or abroad. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">A forward foreign currency contract involves a negotiated obligation to purchase or sell a specific currency at a future date (with or without delivery required), which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. Forward foreign currency contracts are not traded on exchanges; rather, a bank or dealer will act as agent or as principal in order to make or take future delivery, exposing the Fund to counterparty risk.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zN8w6LTO8uL5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk. </b>As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Authorized Participants Concentration Risk</i>. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>International Closed Market Trading Risk</i>. </b>To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zxJ08UHCd3j9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallAndMidCapitalizationCompanyRiskMember_zrTq0pm1Tnjg" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Small- and Mid-Capitalization Company Risk. </b>Investing in the securities of small and medium capitalization companies involves greater risk and the possibility of greater price volatility than investing in larger capitalization companies. Since small and medium-sized companies may have limited operating histories, product lines and financial resources, the securities of these companies may be less liquid and more volatile. They may also be sensitive to (expected) changes in interest rates and earnings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_z94G7kzkvHl9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Capitalization Company Risk.</b> Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zLjMtA2jVGWe" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zijqIGHRfUQf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zsRCTceSLEr8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z6caZxRsa3Lg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zQT8gnc38hhf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zjjnOPBYyQ6f" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zD4tGx7VnG6b" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DepositaryReceiptsRiskMember_zB3oY6Jbobnb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Depositary Receipts Risk.</b> The Fund may hold the securities of foreign companies in the form of depositary receipts, including American Depositary Receipts and Global Depositary Receipts. Investing in depositary receipts entails the risks associated with foreign investments, such as fluctuations in foreign currency exchange rates and political and economic risks distinct from those associated with investing in the securities of U.S. issuers. In addition, the value of the securities underlying the depositary receipts may change materially when the U.S. markets are not open for trading, which will affect the value of the depositary receipts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zNcyxU7DJ7g3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z98VMSuBz0P1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zTnh5OpYBhy3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_z8eKRCxB7N1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zC7oEliuRZi1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zCF9qAYOT6Dd" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_90C_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zBizSSoZJza2">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zwNb4EykFUO8">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_903_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zYZP4UyodKM8">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zUDFxNvobsdf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kemq_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5C_dU_zCwkWKry9IC1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2018</td> <td id="xdx_98A_eoef--AnnlRtrPct_c20180101__20181231__oef--ClassAxis__custom--C000176655Member_z1kM4EfXvMKi" style="display: none; width: 50%">-24.79%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2019</td> <td id="xdx_981_eoef--AnnlRtrPct_c20190101__20191231__oef--ClassAxis__custom--C000176655Member_zSQGDAJ5QnR2" style="display: none">27.69%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2020</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000176655Member_zTnPUSBtfze" style="display: none">39.13%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2021</td> <td id="xdx_980_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000176655Member_zOAgmEl5Wcw" style="display: none">-26.99%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_982_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000176655Member_zHTqezfB9px5" style="display: none">-37.95%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_986_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000176655Member_zvhJEraoPm5e" style="display: none">0.97%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_987_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000176655Member_zxxi7uAviAHh" style="display: none">13.98%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000176655Member_zUKlDzFdBK5l" style="display: none">55.15%</td></tr> </table> -0.2479 0.2769 0.3913 -0.2699 -0.3795 0.0097 0.1398 0.5515 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_z5GhabTGs3zl" style="font: 10pt Times New Roman, Times, Serif;text-align: center; margin-top: 0; margin-bottom: 0">As of <span id="xdx_902_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zHwo7J2hFZuj">June 30, 2026</span>, the Fund’s calendar <span id="xdx_90F_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zx61CXlvesQh">year-to-date total return</span> was <span id="xdx_900_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zwfvJO6nqWJc">3.59%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 70%; background-color: #DCDCDC"> </td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Return</b></td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"><b>Quarter Ended/Year</b></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90B_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_z2szsbF76Hu">Highest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_908_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zxdgUSQ8Mvnc">32.94%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_901_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zuHiyGf3z5uf">6/30/2020</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_907_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zOwS0D68xIAc">Lowest Return</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90A_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zpn0skiCp8p3">-24.11%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zk2jxxiiI1Pk">3/31/2022</span></td> </tr> </table> 2026-06-30 year-to-date total return 0.0359 Highest Return 0.3294 2020-06-30 Lowest Return -0.2411 2022-03-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A80_eoef--PerformanceTableTextBlock_zcguGvM6Kgwa"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zB4X4RRYRwaf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 55%; background-color: #DCDCDC"><b>KraneShares Public-Private Emerging Markets Internet and Technology ETF</b></td> <td id="xdx_497_20250101__20251231_zoPSaCkdGMlc" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>1 year</b></td> <td id="xdx_498_20210101__20251231_z7v0Nrmjdeek" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>5 years</b></td> <td id="xdx_495_20171011__20251231_zBXd2SnWaog8" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Since Inception<br/>(<span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000176655Member_zJ8mBcrf65rg"><span id="xdx_907_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zkVh2i0grYr3"><span id="xdx_90B_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zvLsRR8bvJZi"><span id="xdx_90A_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexMember_zlqB9tdONFel"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__custom--SolactiveEmergingMarketsConsumerTechnologyIndexMember_zrcnerDXDutk">10-11-2017</span></span></span></span></span>)</b></td> </tr> <tr id="xdx_404_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176655Member_z3hU2mPAC2Pf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000176655Member_zkmf9UguhWPf">Return Before Taxes</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">55.15%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-4.15%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1.17%</td> </tr> <tr id="xdx_407_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zZHEYiv0yRA3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_908_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zNeGHM346k11">Return After Taxes on Distributions</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">52.03%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-4.60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.73%</td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zJm7RbBqKyQh" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zUlNCzlBGgG4">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">32.69%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-3.27%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">0.76%</td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexMember_zjaoVnjtSI65" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC">MSCI Emerging Markets Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">33.57%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.29%</td> </tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__custom--SolactiveEmergingMarketsConsumerTechnologyIndexMember_z4pPRtoRnr16" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Solactive Emerging Markets Consumer Technology Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">55.06%</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-3.55%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.04%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__custom--MSCIEmergingMarketsIndexMember_zDajCp9kRvYb" style="display: none">MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000176655Member__oef--PerformanceMeasureAxis__custom--SolactiveEmergingMarketsConsumerTechnologyIndexMember_zuUC2IBkM5Hh" style="display: none">Solactive Emerging Markets Consumer Technology Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> 2017-10-11 2017-10-11 2017-10-11 2017-10-11 2017-10-11 Return Before Taxes 0.5515 -0.0415 0.0117 Return After Taxes on Distributions 0.5203 -0.0460 0.0073 Return After Taxes on Distributions and Sale of Fund Shares 0.3269 -0.0327 0.0076 0.3357 0.0420 0.0529 0.5506 -0.0355 0.0204 MSCI Emerging Markets Index (Reflects no deduction for fees, expenses or taxes) Solactive Emerging Markets Consumer Technology Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A8B_eoef--PerformanceTableClosingTextBlock_zFthbkRxBnF8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_902_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zCINhXyyTFdi">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_902_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000056077Member_zkMuI9GYM7he">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Sustainable Ultra Short Duration Index ETF Investment Objective <p id="xdx_A86_eoef--ObjectivePrimaryTextBlock_zJOwc1Cr9Idc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific fixed income securities index. The Fund’s current index is the Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A8E_eoef--ExpenseNarrativeTextBlock_zEdj2hlHRbvh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A88_eoef--ShareholderFeesTableTextBlock_zHytpC6ps8Uj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zx1JRGX93ORh" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 15%; text-align: right"><span id="xdx_903_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member__oef--ClassAxis__custom--C000251229Member_z7N6lv79Qlwc" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A82_eoef--AnnualFundOperatingExpensesTableTextBlock_zMTpGxkIEqj2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zLPFoW9iGGJj" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC; width: 85%"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_498_20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member__oef--ClassAxis__custom--C000251229Member_zPVlVfCD8ci8" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 15%"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zaQfS9SG1Kj9" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">0.29%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zg4YxIAHqlJ6" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees<span id="xdx_F4D_zzbK4XuZnKV9">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">0.00%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zBOBvmPU6Adb" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Other Expenses<span id="xdx_F4D_zz4zRGhuj6Yb">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zcQyewGlWBM3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">0.30%</td> </tr> <tr id="xdx_40B_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zJ7gFWfi4fc3" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Fee Waiver<span id="xdx_F45_ziJLSOMY1V0k">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">-0.10%</td> </tr> <tr id="xdx_407_eoef--NetExpensesOverAssets_dpn_zhFMFp1TmxFf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC"><b>Total Annual Fund Operating Expenses After Fee Waiver</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: right">0.20%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td> <td id="xdx_F0B_zrLX0jwBXKH8" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">*</td> <td id="xdx_F14_zAAopqwMmbZ4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif;vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td id="xdx_F0B_zHeprjAuoGOa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">**</td> <td id="xdx_F15_zivGdPji6qq" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.10% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until <span id="xdx_906_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zmq2Dp1njOO2">August 1, 2028</span>, and may only be terminated prior thereto by the Board.</td> </tr> </table> 0.0029 0.0000 0.0001 0.0030 -0.0010 0.0020 August 1, 2028 Example <p id="xdx_A81_eoef--ExpenseExampleNarrativeTextBlock_zTwBrtyJoTwk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div id="xdx_A83_eoef--ExpenseExampleWithRedemptionTableTextBlock_zkxpgebqsz68"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zOegezrzW1b8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_486_eoef--ExpenseExampleYear01_zuWweFzp75fc" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>1 Year</b></td> <td id="xdx_482_eoef--ExpenseExampleYear03_zB4v46UilLFf" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>3 Years</b></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z6WeXv4IHTt3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>5 Years</b></td> <td id="xdx_487_eoef--ExpenseExampleYear10_zKSPEA5O1GRh" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>10 Years</b></td> </tr> <tr id="xdx_41C_20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member__oef--ClassAxis__custom--C000251229Member_zriCdkFlGnB4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$20</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$76</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$148</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$361</td> </tr> </table> 20 76 148 361 Portfolio Turnover <p id="xdx_A84_eoef--PortfolioTurnoverTextBlock_zwkAOdFhXuPi" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zriJ6EPpYdyd">0%</span> of the average value of its portfolio. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> 0 Principal Investment Strategies <p id="xdx_A82_eoef--StrategyNarrativeTextBlock_zRPFob4P4fil" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to those in the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Index is designed to measure the performance of U.S. dollar denominated investment grade corporate debt securities with a maturity of up to one year that are compatible with the principal objective of the Paris Agreement, which seeks to limit temperature increases in this century to well below 2 degrees Celsius, preferably to 1.5 degrees Celsius, above pre-industrial levels (i.e., carbon reduction target levels).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">To be eligible for inclusion in the Underlying Index, a bond or issuer must be a constituent of the Solactive 0-1 Year USD Corporate IG Index (the “Parent Index”), which requires constituent securities to have a credit rating from BBB- to AAA, as rated by Moody’s Investors Service, Inc., or Standard &amp; Poor’s Financial Services LLC, and a maturity of one year or less. The Index Provider utilizes data from Institutional Shareholder Services Inc. (“ISS”) to exclude debt securities of the following issuers:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Companies that fail to respect established norms such as the United Nations Global Compact principles, the organization for Economic Co-operations and Development guidelines, or UN Guiding Principles for Business and Human Rights;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Companies with verified or alleged ongoing involvement in controversial weapons research, such as chemical weapons, biological weapons, nuclear weapons, cluster munitions, anti-personnel mines, or depleted uranium;</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Companies that generate revenue from certain activities, such as gambling, tobacco, cannabis, firearms and weapons, adult entertainment, fossil fuel power generation, fossil fuel production, thermal coal or genetic engineering; or</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Companies that have a significant negative impact with respect to certain sustainable development goals.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Some of these exclusions are categorical, and others are based on ownership or revenue thresholds. The Underlying Index updates the data from ISS related to the exclusions above on an annual basis. Additional information regarding these exclusions is contained in the “Additional Information about the Fund’s Underlying Index” section.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Index Provider uses an optimization process to identify security weights that seeks (a) to ensure the Underlying Index’s compliance with carbon reduction target levels, (b) to minimize portfolio turnover, and (c) to minimize weight deviations from the Parent Index with respect to: (1) ratings, (2) sectors, and (3) issuers. Each security included in the Underlying Index will have a minimum weight of at least 0.01%.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) believes will help the Fund track the Underlying Index. These investments may include securities of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange-traded funds or “ETFs”) and cash or cash equivalents (including money market funds). Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Although the Fund reserves the right to replicate (or hold all constituents of) the Underlying Index, the Fund expects to use a representative sampling strategy to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, the Underlying Index was concentrated in the Financials sector. As of March 31, 2026 the Underlying Index was comprised of 466 bonds with a modified duration of 0.423 years. The Fund’s average duration will be below one year (i.e., short duration). Duration is a measure of a fixed income security’s sensitivity to changes in interest rates. For every 1% change in interest rates, a bond’s price generally changes approximately 1% in the opposite direction for every year of duration. For example, if a portfolio of fixed income securities has an average weighted duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, the portfolio’s value can be expected to rise approximately 3% if interest rates fall by 1%. The Underlying Index is provided and calculated by Solactive AG. The Underlying Index is rebalanced and reconstituted monthly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span>The Fund is non-diversified. The Fund may engage in securities lending.</span></p> <p id="xdx_A8D_eoef--RiskTextBlock_zJNRpeniG0Rl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90E_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zCuUenz7AUJ5">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_90B_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zktiCp2lslrh">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zUIo5PhZ4V15" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Fixed Income Securities Risk. </b>Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EsgRiskMember_zOLrJSWqkoAg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ESG Risk.</b> Issuers with businesses with high ESG ratings may be difficult to identify and investments in them maybe volatile. Even companies with high ESG ratings may not necessarily compare favorably with respect to the ESG practices of other issuers. The ESG investment strategy limits the types and number of investment opportunities available and, as a result, the strategy may underperform other strategies that do not have an ESG focus. The ESG investment strategy may result in the Fund’s investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. Investing based on ESG criteria is qualitative and subjective by nature and there is no guarantee that the criteria used by the Fund will reflect the beliefs or values of any particular investor.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z2CTnA0EUh01" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Non-Diversified Fund Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zFSi6cUThOoe">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--GeographicFocusRiskMember_z6gN24IRF0Tl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Geographic Focus Risk.</b> The Fund’s investments are expected to be focused in a particular country, countries, or region to approximately the same degree as the Index and therefore the Fund may be susceptible to adverse market, political, regulatory, and geographic events affecting that country, countries or region. Such geographic focus also may subject the Fund to a higher degree of volatility than a more geographically diversified fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zzFkgTo5Wj2" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk.</b> From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_ztdARttL1248" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zXI0Zcu6YuV1" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk.</i> </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_za39mX2MGxi8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zCohuX1y4tP6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zwHZL3zIQNBk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zvtva3ekJ5hf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tracking Error Risk.</b> The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, such as when the Fund is subject to delays converting U.S. dollars into a foreign currency to purchase foreign securities and unable to invest in certain constituents of the Underlying Index due to regulatory constraints, trading suspensions, and legal restrictions imposed by foreign governments. To the extent that the Fund employs a representative sampling strategy or calculates its NAV based on fair value prices and the value of the Underlying Index is based on securities’ closing prices on local foreign markets, the Fund’s ability to track the Underlying Index may be adversely affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zYa8aBw4BP5k" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk. </b>The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zMJsB4OgZJs" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zEb1CvM5YaW2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zyP1J8PEsJtg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zTwBidTIroVc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zCjmc0a5OmT9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk. </b>The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zvMWNnNl6b05" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Securities Lending Risk.</b> To the extent the Fund lends its securities, it may be subject to the following risks: (1) the securities in which the collateral is invested may not perform sufficiently to cover the applicable rebate rates paid to borrowers and related administrative costs; (2) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (3) although borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities, there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zznYzyKwPJn9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z5YsJpwllgD7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> Performance Information <p id="xdx_A87_eoef--PerformanceNarrativeTextBlock_zA5hfbqIvWof" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_z2bt1XjtjYr">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_909_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zPFdNBr3lc9b">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zPEEIp4QFiJ4">www.kraneshares.com</span>.</p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zdkKK1d4Y52c" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kcsh_001.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A52_dU_zuyb5LdttXa2" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2025</td> <td id="xdx_983_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000251229Member_zcfLBc7EuZbc" style="display: none; width: 50%">4.52%</td></tr> </table> 0.0452 <p id="xdx_A87_eoef--BarChartClosingTextBlock_z2HKfhcHXyIb" style="font: 10pt Times New Roman, Times, Serif;text-align: center; margin-top: 0; margin-bottom: 0">As of <span id="xdx_904_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zcvW8a8sTpQ1">June 30, 2026</span>, the Fund’s calendar <span id="xdx_900_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zvHvrp6K9sHi">year-to-date total return</span> was <span id="xdx_90B_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zFcw56VWUXIi">1.70%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 70%; background-color: #DCDCDC"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Return</b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"><b>Quarter Ended/Year</b></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_908_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_z3MP5UZyal28">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_905_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zjPjDCjKiK78">1.14%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_907_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zz9RRh6XXtcf">3/31/2025</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_903_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_z1q0CHT6iRJ1">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90E_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zxnFyOArlyAf">1.06%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_906_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zV7csQzMxI66">12/31/2025</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> 2026-06-30 year-to-date total return 0.0170 Highest Return 0.0114 2025-03-31 Lowest Return 0.0106 2025-12-31 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zUfbc0YiWTd4"></div> <table cellpadding="3" cellspacing="0" id="xdx_A54_dU_zZSQ2VqzQ58g" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 70%; background-color: #DCDCDC"><b>KraneShares Sustainable Ultra Short Duration Index ETF</b></td> <td id="xdx_497_20250101__20251231_zvz9ALtExbog" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>1 year</b></td> <td id="xdx_499_20240725__20251231_zkWdSiI9rEJk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Since Inception<br/>(<span id="xdx_902_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000251229Member_znE73tMezDCc"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z1eQyOx7Blv9"><span id="xdx_904_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z92JCaekIwy4"><span id="xdx_90D_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondMember_zAD8VKGftDvf"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__custom--SolactiveISSSustainableSelect0To1YearUSDCorporateIGIndexMember_zXe30k7nVvfk">07-25-2024</span></span></span></span></span>)</b></td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251229Member_zP6YlJLyngqk" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000251229Member_zDsG3IEh3RBb">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.52%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.74%</td> </tr> <tr id="xdx_401_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zHEtMKHBxqha" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z95AHTql9Pa5">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.69%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.85%</td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zXao0P2KqCx" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC"><span id="xdx_90D_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zaPqYkDzF3lh">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.65%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2.82%</td> </tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondMember_zsT8SsMNLSl1" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC">Bloomberg U.S Aggregate Bond<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">5.65%</td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__custom--SolactiveISSSustainableSelect0To1YearUSDCorporateIGIndexMember_zMzyF20uizp2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC">Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.54%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">4.82%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> <span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__custom--BloombergUSAggregateBondMember_zq1Hp11JAuNk" style="display: none">Bloomberg U.S Aggregate Bond (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000251229Member__oef--PerformanceMeasureAxis__custom--SolactiveISSSustainableSelect0To1YearUSDCorporateIGIndexMember_zOIhPLnoo5Bj" style="display: none">Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span> </span></p> 2024-07-25 2024-07-25 2024-07-25 2024-07-25 2024-07-25 Return Before Taxes 0.0452 0.0474 Return After Taxes on Distributions 0.0269 0.0285 Return After Taxes on Distributions and Sale of Fund Shares 0.0265 0.0282 0.0730 0.0565 0.0454 0.0482 Bloomberg U.S Aggregate Bond (Reflects no deduction for fees, expenses or taxes) Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (Reflects no deduction for fees, expenses or taxes) <p id="xdx_A8E_eoef--PerformanceTableClosingTextBlock_zt521AHs9Zsg" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Average annual total returns are shown on a before- and after-tax basis for the Fund. <span id="xdx_906_eoef--PerformanceTableUsesHighestFederalRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_zJp0nT5LVvp">After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span id="xdx_903_eoef--PerformanceTableNotRelevantToTaxDeferred_c20260729__20260729__dei--LegalEntityAxis__custom--S000085834Member_z7gTYsZ8L9R4">Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans.</span></p> After-tax returns for the Fund are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement plans. KraneShares Value Line® Dynamic Dividend Equity Index ETF Investment Objective <p id="xdx_A87_eoef--ObjectivePrimaryTextBlock_zieKTK3PdMoj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The KraneShares Value Line^® Dynamic Dividend Equity Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific equity securities index. The Fund’s current index is the Value Line^® Dynamic Dividend Equity Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zVK8LBSv4Mof" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A82_eoef--ShareholderFeesTableTextBlock_zBc4XoTBlEB"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zO5nNYNGAPaa" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; width: 85%; background-color: #dcdcdc"><b>Shareholder Fees </b>(fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; width: 15%; text-align: right"><span id="xdx_901_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member__oef--ClassAxis__custom--C000222186Member_zgDEAgFAlDp3" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zKIIJFjrDRP2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A58_dU_zHR67kKhFLmf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #dcdcdc; width: 85%"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49B_20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member__oef--ClassAxis__custom--C000222186Member_z4TKEwQtXIU6" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: center; width: 15%"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zol1Pxe3xcok" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #dcdcdc">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right">0.55%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zkGqOMSM8cB5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #dcdcdc">Distribution and/or Service (12b-1) Fees<span id="xdx_F4B_zSA5ZJKXA1wf">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right">0.00%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zZr8sCGDCjd4" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #dcdcdc">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zyFzjZltwcS5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #dcdcdc"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: right">0.56%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td> <td id="xdx_F05_z8kTjGBBiLyl" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">*</td> <td id="xdx_F14_zhtvBsnvhJNc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> </table> 0.0055 0.0000 0.0001 0.0056 Example <p id="xdx_A8C_eoef--ExpenseExampleNarrativeTextBlock_zt6DoEDR9Rwi" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div id="xdx_A89_eoef--ExpenseExampleWithRedemptionTableTextBlock_zXJfC2Fqw41f"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zbntSBZzcLO5" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td id="xdx_486_eoef--ExpenseExampleYear01_zAaNvlvbkGn2" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>1 Year</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zsNaW3rF3Kx1" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>3 Years</b></td> <td id="xdx_483_eoef--ExpenseExampleYear05_zOhvK16vd9Ph" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>5 Years</b></td> <td id="xdx_48B_eoef--ExpenseExampleYear10_zgI7D4yEVB54" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>10 Years</b></td> </tr> <tr id="xdx_419_20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member__oef--ClassAxis__custom--C000222186Member_zFjZMCR1wxlc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$57</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$179</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$313</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">$701</td> </tr> </table> 57 179 313 701 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_ztuqC8zL2I7d" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90C_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zhAftpcMkEod">112%</span> of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares.</p> 1.12 Principal Investment Strategies <p id="xdx_A8D_eoef--StrategyNarrativeTextBlock_zzayvNrNzlf6" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Index begins with the universe of stocks that Value Line^® ranks. All companies with an equity market capitalization of less than $1 billion, registered investment companies, American Depositary Receipts, limited partnerships and foreign securities not listed in the U.S. are eliminated from this universe. From this investable universe, the Underlying Index establishes a dividend target, which is the trailing 12-month dividend yield of stocks in the 25^th percentile of yield in this universe. Each company in the investable universe is assigned a score based on its Safety<i>™</i> Rank and Timeliness<i>™</i> Rank.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Value Line^® Safety<i>™</i> Ranking System measures the total risk of a company relative to others in the universe based on Value Line’s ranking of the company’s price stability, financial strength and other factors. Companies with high Safety ranks may be larger and more financially sound and may have lower growth prospects.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Value Line^® Timeliness<i>™</i> Ranking System ranks companies relative to each other in the universe for price performance during the next six to 12 months by using components such as historical stock-price performance, financial results, and earnings surprises.</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Each Ranking System ranks companies on a scale of 1 to 5 with 1 being the highest rank and 5 being the lowest rank. The Underlying Index assigns the highest scores to Rank 1 companies and the lower scores, progressively, to Rank 2 through 5 companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Index optimizes the weighting of companies using the score assigned to them to maximize the overall score for the Underlying Index while seeking a yield that will be no less than the dividend target. The weighting of a company can be zero and no individual company will be weighted more than 1.5% greater than its weighting in the broad-based large cap equity index. The Underlying Index is rebalanced during the first full week of each calendar month.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Fund’s adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), believes will help the Fund track the Underlying Index. These investments may include equity securities of issuers whose securities are not components of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including ETFs) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane Funds Advisors, LLC (“Krane” or “Adviser”) and/or its affiliates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">As of March 31, 2026, the Underlying Index included 75 securities of companies with a market capitalization range of approximately $1.0 billion to $4.3 trillion and an average market capitalization of approximately $337.2 billion. The Fund is diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Information Technology sector (26.6%), Industrials sector (11.7%), Financials sector (11.7%), Consumer Discretionary sector (10.8%) and Real Estate sector (10.4%) represented significant portions of the Underlying Index. The Underlying Index is provided by EULAV Asset Management (“Index Provider”), and the Underlying Index is calculated by Fuzzy Logix, Inc. (doing business as “FastINDX”). The Underlying Index is rebalanced and reconstituted monthly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may engage in securities lending.</p> <p id="xdx_A84_eoef--RiskTextBlock_zBSKtGxgfxeh" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90D_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zqoJXRN56Id3">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_90A_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zPnuB1vmr8W7">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--AffiliatedIndexProviderRiskMember_zA3k5TKdxT6b" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Affiliated Index Provider Risk. </b>The Index Provider is an affiliated person of the Adviser, which poses potential conflicts of interest. For example, a potential conflict could arise between an affiliated person of the Index Provider or the Adviser and each Fund if that entity attempted to use information regarding changes and composition of each Index to the detriment of each Fund. Additionally, potential conflicts could arise with respect to the personal trading activity of personnel of the affiliated person who may have access to, or knowledge of, pending changes to each Index’s composition methodology or the constituent securities in each Index prior to the time that information is publicly disseminated. If shared, such knowledge could facilitate “front-running” (which describes an instance in which other persons trade ahead of each Fund). Although the Adviser and the Index Provider have taken steps designed to ensure that these potential conflicts are mitigated (e.g., via the adoption of policies and procedures that are designed to minimize potential conflicts of interest and the implementation of informational barriers designed to minimize the potential for the misuse of information about the Index), there can be no assurance that such measures will be successful.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zwLyCbj91xP7" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Equity Securities Risk. </b>The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--DividendPayingSecuritiesRiskMember_zznDPKYhRdpk" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Dividend Paying Securities Risk. </b>There is no guarantee that the issuers of the stocks held by a fund will pay dividends in the future or that, if dividends are paid, they will remain at their current levels or increase over time. A fund’s emphasis on dividend-paying stocks could cause the fund to underperform similar funds that invest without consideration of a company’s track record of paying dividends or ability to pay dividends in the future. Dividend-paying stocks can fall out of favor with the market (such as in periods of rising interest rates, high inflation and/or strong economic growth) and may not participate in a broad market advance to the same degree as other stocks. A sharp rise in interest rates or economic downturn or other market or company-specific developments could cause a company to reduce or eliminate its dividend.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--RankingRiskMember_zg3wnKWcmCQe" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Ranking Risk. </b>The Underlying Index uses the Value Line^® Timeliness and Safety™ Ranking Systems in selecting securities. This is subject to the risk that the rankings may not be accurate and that the performance of these companies may not continue. The returns on these securities may be less than returns on other companies or the overall stock market. In addition, there may be periods when companies highly ranked by Value Line^® are out of favor and during which the investment performance of the Fund may suffer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zG0Si6eekue9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Capitalization Company Risk. </b>Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zqlkvNv4JHle" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zEvH5A6eKXd8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndustrialsSectorRiskMember_z261FF7tQi97" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Industrials Sector Risk.</b> The industrials sector may be affected by changes in the supply and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors. Government regulation will also affect the performance of investments in such industrials sector issuers, particularly aerospace and defense companies, which rely to a significant extent on government demand for their products and services. Transportation companies, another component of the industrials sector, are subject to sharp price movements resulting from changes in the economy, fuel prices, labor agreements and insurance costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FinancialsSectorRiskMember_zw94uqCXV3yj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Financials Sector Risk.</b> The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. This sector has experienced significant losses in the recent past, and the impact of more stringent capital requirements and of recent or future regulation on any individual financial company or on the sector as a whole cannot be predicted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_z4avXKvK5UEl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--RealEstateSectorRiskMember_zqHV4YMFOcH4" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Real Estate Sector Risk.</b> The Fund may invest in securities within the real estate sector. Investments in real estate issuers may be volatile. Real estate issuers are susceptible to the risks associated with direct ownership of real estate, including declines in the real estate market, decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems and natural disasters.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zhCzAMi3erPd" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zMW2TaJdblUc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk. </b>As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Authorized Participants Concentration Risk. </i></b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>International Closed Market Trading Risk.</i> </b>To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zRBVI1LIKwCe" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tracking Error Risk. </b>The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, the use of representative sampling strategy, if applicable, asset valuation differences, tax considerations, the unavailability of securities in the Underlying Index from time to time and other liquidity constraints.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zd9evladmyl5" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zQ3abxc0wEy4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zow1vBzgZqjf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk. </b>The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--SecuritiesLendingRiskMember_zolNFpKtTmFj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Securities Lending Risk. </b>To the extent the Fund lends its securities, it may be subject to the following risks: (1) borrowers of the Fund’s securities typically provide collateral in the form of cash that is reinvested in securities; (2) the securities in which the collateral is invested may not perform sufficiently to cover the return collateral payments owed to borrowers; (3) delays may occur in the recovery of securities from borrowers, which could interfere with the Fund’s ability to vote proxies or to settle transactions; and (4) there is the risk of possible loss of rights in the collateral should the borrower fail financially. Krane is subject to potential conflicts of interest because the compensation paid to it increases in connection with any net income received by the Fund from the securities lending program.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zbWYD1PtDthi" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>High Portfolio Turnover Risk. </b>The Fund may incur a high portfolio turnover rate, which may increase the Fund’s brokerage commission costs, generate net short-term capital gains and negatively impact the Fund’s performance. Regulations require that the portfolio turnover rate be calculated without regard to trades of short-term cash instruments, in-kind transactions or derivatives transactions, which may comprise a significant portion of the Fund’s trading. If such trades were reflected, the calculated portfolio turnover rate may be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z36UbpflsAO6" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_z2OWjwtiaqHe" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_z1Ow0rqUh2H9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zU8u437ZB8wc" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zRqXGjQNpp8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zY8eAWxDcsX1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_904_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_ztaKnXhyJjPf">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_906_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_z2lxCLD1Z8Oe">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90F_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zWeba1ZBwWMj">www.kraneshares.com.</span></p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance and an additional index with characteristics relevant to the Fund. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.kraneshares.com. Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A87_eoef--BarChartTableTextBlock_zy8Z9FDLLOH7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-kvle_001.jpg" style="height: 321px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A58_dU_zGuCQIMccgQj" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none">Years</th> <th style="display: none">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; width: 50%">2021</td> <td id="xdx_983_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000222186Member_zqQ79VveQkrc" style="display: none; width: 50%">27.81%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000222186Member_z5usZROEBUd3" style="display: none">-5.88%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2023</td> <td id="xdx_987_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000222186Member_zVH92eOSV8l5" style="display: none">11.55%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2024</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000222186Member_zM1FkJkSMSRa" style="display: none">19.21%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none">2025</td> <td id="xdx_989_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000222186Member_zYQsbgt1t1Bb" style="display: none">9.78%</td></tr> </table> 0.2781 -0.0588 0.1155 0.1921 0.0978 <p id="xdx_A8D_eoef--BarChartClosingTextBlock_zD8qdsFZNzzd" style="font: 10pt Times New Roman, Times, Serif;text-align: center; margin-top: 0; margin-bottom: 0">As of <span id="xdx_90F_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zmle3OdGiuJg">June 30, 2026</span>, the Fund’s calendar <span id="xdx_904_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zYygWpSdHbm2">year-to-date total return</span> was <span id="xdx_907_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zYfT1x8gNO1f">11.41%</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above)</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 70%; background-color: #DCDCDC"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Return</b></td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; background-color: #DCDCDC; text-align: center"><b>Quarter Ended/Year</b></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_902_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zUCzHkhHjX22">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zreqgTg2jNU4">12.93%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_90C_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zpV4ReSgYQId">12/31/2022</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_906_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zYBKyzPAoqnf">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zY8YHYipkMIg">-7.91%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #DCDCDC; text-align: center"><span id="xdx_90B_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000069664Member_zVGfIEvvbOnb">9/30/2022</span></td> </tr> </table> 2026-06-30 year-to-date total return 0.1141 Highest Return 0.1293 2022-12-31 Lowest Return -0.0791 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A89_eoef--PerformanceTableTextBlock_zCzgeOLxh1di"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_z64RbAcMPsI8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 55%; background-color: #DCDCDC"><b>KraneShares Value Line^® Dynamic Dividend Equity Index ETF</b></td> <td id="xdx_497_20250101__20251231_zXMEDAglGuX8" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>1 year</b></td> <td id="xdx_493_20210101__20251231_zsFAPxTzdGD3" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>5 years</b></td> <td id="xdx_493_20201123__20251231_zZPodmqDFzb2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: center"><b>Since Inception<br/>(<span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000222186Member_z08c0ZGhU4s2"><span id="xdx_909_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zU3IHOrUJhPi"><span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_znrCz5TrYD3g"><span id="xdx_907_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_z7ImseZ05ghf"><span id="xdx_90B_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__custom--ValueLineDynamicDividendEquityIndexMember_zxs5D7nLk9o1">11-23-2020</span></span></span></span></span>)</b></td> </tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222186Member_zcx9Fwgu0E7d" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000222186Member_zWxbeWmcn48a">Return Before Taxes</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.78%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">11.92%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.46%</td> </tr> <tr id="xdx_409_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zxWdQJ0xgnMf" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z3V9SlU7ALD1">Return After Taxes on Distributions</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.40%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.61%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">10.15%</td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zOvQC9PWYwP5" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><span id="xdx_90C_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zeUsrlbVL5G2">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">7.02%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">8.76%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.21%</td> </tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_ziIqqS21uoS" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC">S&amp;P 500 Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">17.88%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">14.42%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">15.23%</td> </tr> <tr id="xdx_40A_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__custom--ValueLineDynamicDividendEquityIndexMember_zozZzvBuy2Rc" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Value Line^® Dynamic Dividend Equity Index<br/>(Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">9.57%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">11.62%</td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">12.15%</td> </tr> </table> <p style="margin-top: 0; margin-bottom: 0"><span id="xdx_904_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__custom--SAndP500IndexMember_ze1Rb6fif598" style="display: none">S&amp;P 500 Index (Reflects no deduction for fees, expenses or taxes)</span></p> <p style="margin-top: 0; margin-bottom: 0"><span id="xdx_909_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000222186Member__oef--PerformanceMeasureAxis__custom--ValueLineDynamicDividendEquityIndexMember_z9isMK2yJfii" style="display: none">Value Line® Dynamic Dividend Equity Index (Reflects no deduction for fees, expenses or taxes)</span></p> 2020-11-23 2020-11-23 2020-11-23 2020-11-23 2020-11-23 Return Before Taxes 0.0978 0.1192 0.1246 Return After Taxes on Distributions 0.0740 0.0961 0.1015 Return After Taxes on Distributions and Sale of Fund Shares 0.0702 0.0876 0.0921 0.1788 0.1442 0.1523 0.0957 0.1162 0.1215 S&P 500 Index (Reflects no deduction for fees, expenses or taxes) Value Line® Dynamic Dividend Equity Index (Reflects no deduction for fees, expenses or taxes) KraneShares Wahed Alternative Income Index ETF Investment Objective <p id="xdx_A81_eoef--ObjectivePrimaryTextBlock_zHF4RUpDdJ39" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The KraneShares Wahed Alternative Income Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund’s current index is the Wahed Shariah Alternative Income Index (the “Underlying Index”).</p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_zxR4huIBZn87" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund.<b> You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zhJ0Sphf4j0h"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5C_dU_zdYh9rIQWo3g" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="font: 10pt Times New Roman, Times, Serif;"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 15%; text-align: right"><span id="xdx_90C_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member__oef--ClassAxis__custom--C000263033Member_zjBtwYrAqppl" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_z85hbrZMKTr"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_zTRURY6qgMS2" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; background-color: #DCDCDC; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0"><b>Annual Fund Operating Expenses</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0; margin-bottom: 0">(expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_49B_20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member__oef--ClassAxis__custom--C000263033Member_ztOSQnRX8ZYk" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; width: 15%"> </td> </tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zqQVqjZ6OHy2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: bottom; background-color: #DCDCDC">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.50%</td> </tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zUbQSI9d0EF8" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #DCDCDC">Distribution and/or Service (12b-1) Fees<span id="xdx_F44_zI1AP9a72b21">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.00%</td> </tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zNZrBHVAQ1J2" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; vertical-align: top; background-color: #DCDCDC">Other Expenses<span id="xdx_F41_zO1cMOUBwKe7">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.01%</td> </tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z2dlu2N2Rhif" style="font: 10pt Times New Roman, Times, Serif"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: top; background-color: #DCDCDC"><b>Total Annual Fund Operating Expenses</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right">0.51%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0in"></td> <td id="xdx_F04_zIcVrULXxXbl" style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">*</td> <td id="xdx_F1E_zpBm2pm8M5i7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"></td> <td id="xdx_F00_zmMSVPm7D765" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">**</td> <td id="xdx_F1D_z6biOpEq11gh" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_906_eoef--OtherExpensesNewFundBasedOnEstimates_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member_zIMlGckz1xhe">Based on estimated amounts for the current fiscal year.</span></td> </tr> </table> 0.0050 0.0000 0.0001 0.0051 Based on estimated amounts for the current fiscal year. Example <p id="xdx_A86_eoef--ExpenseExampleNarrativeTextBlock_zGkL3I3cv3md" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <div id="xdx_A82_eoef--ExpenseExampleWithRedemptionTableTextBlock_zRKkLyTRLOrf"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 25%"> </td> <td id="xdx_484_eoef--ExpenseExampleYear01_zOx0NlKEvJy7" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>1 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_z2W6QuD9ssWi" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>3 Years</b></td> <td style="width: 25%"> </td></tr> <tr id="xdx_411_20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member__oef--ClassAxis__custom--C000263033Member_zZ7KBk6VsQL6" style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$52</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center">$164</td> <td> </td></tr> </table> 52 164 Portfolio Turnover <p id="xdx_A8C_eoef--PortfolioTurnoverTextBlock_zl1HTdWFPGci" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member_zmqAdvLGWaKd">1%</span> of the average value of its portfolio.</p> 0.01 Principal Investment Strategies <p id="xdx_A8B_eoef--StrategyNarrativeTextBlock_zjskjF9S1zyg" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in instruments in its Underlying Index or in instruments that have economic characteristics similar to those in the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Index is designed to produce income which meet the requirements of Shariah and are consistent with Islamic principles as interpreted by Wahed Invest LLC (the “Sub-Adviser”). The Underlying Index consists of long positions in U.S. equity securities, the characteristics of which meet the requirements of Shariah and are consistent with Islamic principles as interpreted by the Sub-Adviser (“Shariah-compliant companies”). The Underlying Index’s long positions in U.S. equity securities will be equal-weighted at each rebalancing.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Index uses a business activity screen and financial ratio screen to determine if a company is a Shariah-compliant company. The business activity screen excludes companies based on their industry classification, where such classification indicates a company’s primary involvement in non-permissible activities (as described below). The financial ratio screen excludes companies that do not meet a financial leverage ratio requirement.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Non-permissible activities include companies involved in conventional financial services (<i>e.g.</i>, banks, conventional insurance companies and entities primarily engaged in interest-based financing and lending), alcohol, pork-related products, tobacco, gambling and gaming, weapons and arms manufacturing, adult entertainment and media or entertainment sectors generally deemed inconsistent with Islamic values. In addition to the business activity screen discussed above, the Underlying Index also excludes a company from inclusion in the Underlying Index if such company derives 5% or more of total revenue from non-permissible activities, or where, in the Sub-Adviser’s assessment, business practices are inconsistent with Islamic values and ethical principles. The Underlying Index also excludes dividend-paying stocks from inclusion in the Underlying Index.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Index will create synthetic short positions in those same long positions in approximately a 1:1 to ratio through the use of options, including Flexible Exchange^® Options (“FLEX options”). This will be done by selling a call option and buying a put option on the long positions to create the synthetic short position while also generating option income, which will be the difference in the amount received for the call option and the price paid for the put option. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Sub-Adviser will review the Underlying Index methodology and, at its discretion, certain related constituent securities on a periodic basis to ensure that the Fund is investing in securities of Shariah-compliant companies and generating Shariah-compliant income. The Sub-Adviser will oversee the Shariah compliance of the Underlying Index constituents and methodology by reviewing the Shariah-compliant screening rules described above.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index which will be compatible with Shariah investment principles, but that the Fund’s adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including options), other investment companies (including exchange traded funds (“ETFs”)) and cash or cash equivalents. Certain other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane and/or its affiliates. Uninvested monies will be held in non-interest-bearing accounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span>Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use a representative sampling strategy to track the Underlying Index. “Representative sampling” is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to that of the Underlying Index.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">As of March 31, 2026, the Underlying Index included 25 securities of companies with a market capitalization range of approximately $9.8 billion to $2.2 trillion and an average market capitalization of approximately $224 billion. The Fund is non-diversified. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of March 31, 2026, issuers in the Information Technology sector (63.4%) and Consumer Discretionary sector (19.8%) represented significant portions of the Underlying Index. The Underlying Index is provided by MerQube. The Underlying Index is rebalanced and reconstituted quarterly.</p> <p id="xdx_A82_eoef--RiskTextBlock_zkpAqcmiCtX4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90E_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zWu5o84nLlZ2">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zBLvARelqUQ3">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b> </b></p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ShariahcompliantInvestingRiskMember_zKZANnWeWByh" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Shariah-Compliant Investing Risk.</b> The consideration of Islamic principles by the Underlying Index restricts the Fund’s ability to invest in certain types of issuers and securities, such as financial companies and conventional fixed income securities (i.e., bonds and other structured securities that give a fixed return based on an obligation or promise), and reduces the size of the universe of eligible securities in which the Underlying Index can invest. As a result, the successful implementation of the Fund’s investment strategy may limit its investment opportunities and adversely affect its performance. Because Islamic principles preclude investment in interest-paying instruments, any cash or cash equivalents the Fund holds will not earn interest income. In addition, there is a risk that a security which is currently Shariah-complaint may become non-compliant after purchase and such securities may be held until the Underlying Index reconstitutes.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--OptionsRiskMember_zRz5BTu27sPd" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Options Risk.</b> An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Any FLEX options written by the Fund will be exercisable at their strike price only on their expiration date. The options purchased by the Fund will be exercisable at their strike price either on their expiration date or at any time. Since the options held by the Fund do not expire until approximately two years after the commencement of the Outcome Period, the degree of non-correlation between the value of the options and the secondary market share price of the Underlying ETF will be higher when compared to options with shorter terms. As an option approaches its expiration date, its value typically will increasingly correlate with the price of Underlying ETF shares. Farther in advance of the expiration date, the value of the options may vary because related factors other than the value of the Underlying ETF influence the value. For example, the value of the options will be influenced by interest rate changes, the secondary market share price of the Underlying ETF and implied volatility levels of the Underlying ETF, among other factors. For the same reasons, the value of the options held by the Fund is not expected to increase or decrease to the same degree as the Underlying ETF’s secondary market share price on a day-to-day basis.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ClearingMemberDefaultRiskMember_zoOgGBcnjJYi" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Clearing Member Default Risk.</b> Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house, such as the OCC, rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to, and receive payments from, a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any option contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for its options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. The loss of a clearing member for the Fund to transact with could result in increased transaction costs and other operational issues that could impede the Fund’s ability to implement its investment strategy. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The OCC acts as guarantor and central counterparty with respect to the options. As a result, the ability of the Fund to meet its objective depends on the OCC being able to meet its obligations. In the event an OCC clearing member that is a counterparty of the Fund were to become insolvent, the Fund may have some or all of its options closed without its consent or may experience delays or other difficulties in attempting to close or exercise its affected options positions, both of which would impair the Fund’s ability to execute its investment strategy. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Fund could suffer significant losses.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zyxYJYnd4Ji3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InformationTechnologySectorRiskMember_zAh9NmM5tKR8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Information Technology Sector Risk.</b> Market or economic factors impacting information technology companies and companies that rely heavily on technology advances could have a major effect on the value of stocks in the information technology sector. The value of stocks of technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from competitors with lower production costs. Information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability. Additionally, companies in the information technology sector may face dramatic and often unpredictable changes in growth rates and competition for the services of qualified personnel.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zNtvA2hDNk6f" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EquitySecuritiesRiskMember_zY0sdqY5TIy3" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Equity Securities Risk. </b>The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities may be more volatile than other asset classes and are generally subordinate in rank to debt and other securities of the same issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeCapitalizationCompanyRiskMember_zlIfBzzFYsOc" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Capitalization Company Risk. </b>Large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large capitalization companies could trail the returns on investments in stocks of small and mid capitalization companies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zCX5wkAo1rnh" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk. </b>The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zjdDzDsFUzB8" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk. </b>As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk</i>. </b>Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Authorized Participants Concentration Risk</i>. </b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk</i>. </b>Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>International Closed Market Trading Risk</i>. </b>To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TrackingErrorRiskMember_zSfWrrGBpX2k" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tracking Error Risk. </b>The Fund’s return may not match or achieve a high degree of correlation with the return of the Underlying Index. This may be due to, among other factors, the Fund holding cash under certain circumstances in lieu of Underlying Index securities, the use of representative sampling strategy, if applicable, asset valuation differences, tax considerations, the unavailability of securities in the Underlying Index from time to time and other liquidity constraints.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z1hMsq91Hgt3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund may not fully replicate the Underlying Index and may hold less than the total number of securities in the Underlying Index. Therefore, the Fund is subject to the risk that Krane’s security selection process may not produce the intended results.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--PassiveInvestmentAndIndexRiskMember_zaYJIcY5dIj2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Passive Investment and Index Risk.</b> There is no guarantee that the Underlying Index will create the desired exposure and the Fund is not actively managed. It does not seek to “beat” the Underlying Index or take temporary defensive positions when markets decline. Therefore, the Fund may purchase or hold securities with current or projected underperformance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z6YYQLBBs2ik" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Non-Diversified Fund Risk. </b><span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z0o0EvLkaROc">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zIzZeFFsB8k4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk. </b>The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zGNyTznmuqI8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Valuation Risk. </b>Independent market quotations for certain investments held by the Fund may not be readily available, and such investments may be fair valued or valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund. Such differences could be significant, particularly for illiquid securities and securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zxQAD8tLkHt2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zUk6Fly5SMz2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Cash and Cash Equivalents Risk.</b> The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zw06UELzabs9" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_zYM0piRth3jj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_90A_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member_znUqKeLEjuk5">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> Once available, the Fund’s current performance information will be available at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member_zHf8Q66RUcj2">www.kraneshares.com</span>. <span id="xdx_90F_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000094500Member_zcMJaSTdKSa1">Past performance does not necessarily indicate how the Fund will perform in the future.</span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. Quadratic Interest Rate Volatility and Inflation Hedge ETF Investment Objective <p id="xdx_A83_eoef--ObjectivePrimaryTextBlock_zD6PzrCGDXWl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Quadratic Interest Rate Volatility and Inflation Hedge ETF (the “Fund”) is a fixed income ETF that seeks to hedge relative interest rate movements, whether these movements arise from falling short-term interest rates or rising long-term interest rates, and to benefit from market stress when fixed income volatility increases, while providing the potential for enhanced inflation-protected income.</span></p> Fees and Expenses of the Fund <p id="xdx_A85_eoef--ExpenseNarrativeTextBlock_z1ju6XlCvQX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A85_eoef--ShareholderFeesTableTextBlock_z8NEr5uNwt0h"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_z5AWtTX5i4el" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_90C_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member__oef--ClassAxis__custom--C000211437Member_zO4dgSvWvOYh" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A85_eoef--AnnualFundOperatingExpensesTableTextBlock_zFmosy4PSjWd"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zrCoOSuAyYf4" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_497_20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member__oef--ClassAxis__custom--C000211437Member_z4zJ2PmhVl33" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z78ffmqf5do9" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.99%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zidZ5USscbOe" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4E_zfNB31Rxwdpi">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_zgAOQM1hgmd2" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Acquired Fund Fees and Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.02%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zRtrMA3J97sc" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.125in; background-color: Gainsboro; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zoSqxdvzNVD" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">1.02%</td></tr> <tr id="xdx_40E_eoef--FeeWaiverOrReimbursementOverAssets_dpn_z6BAKql80KR7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.25pt; padding-left: 9pt; background-color: gainsboro; width: 85%">Fee Waiver<span id="xdx_F40_zppJA64Ryo6k">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.25pt; padding-left: 2.25pt; text-align: right; width: 15%">-0.04%</td></tr> <tr id="xdx_40B_eoef--NetExpensesOverAssets_dpn_zudtmXhLkKCg" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.25pt; padding-left: 2.25pt; background-color: gainsboro"><b>Total Annual Fund Operating Expenses after Fee Waiver</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 2.25pt; padding-left: 2.25pt; text-align: right">0.98%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0C_zxgKQzPyRkd3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F1F_ztR48mJJlki6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> <tr style="vertical-align: top"> <td style="width: 0"></td> <td id="xdx_F0F_zugKZQQa9zn8" style="width: 13.5pt">**</td> <td id="xdx_F14_z9FAOIMgivuf" style="text-align: justify">The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.04% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0.0099 0.0000 0.0002 0.0001 0.0102 -0.0004 0.0098 Example <p id="xdx_A8A_eoef--ExpenseExampleNarrativeTextBlock_zPF7pPVrggyj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A87_eoef--ExpenseExampleWithRedemptionTableTextBlock_zargxLsFb896"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5E_dU_zYGp2NvJiKXl" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="background-color: Gainsboro; vertical-align: bottom"> <td id="xdx_483_eoef--ExpenseExampleYear01_zIEr4AUTuLwg" style="border: Black 1pt solid; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zsY6faz6d695" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48B_eoef--ExpenseExampleYear05_zwS3Nr95fUuf" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zqtuYHViMJSk" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41B_20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member__oef--ClassAxis__custom--C000211437Member_zYjKdgltN0Z6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$100</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$317</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$555</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$1,240</td></tr> </table> 100 317 555 1240 Portfolio Turnover <p id="xdx_A8B_eoef--PortfolioTurnoverTextBlock_zkehQDGVGQX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_90B_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zxDxSAPpZ6bg">0</span>% of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares and is calculated without regard to most derivatives. If such instruments were included, the Fund’s portfolio turnover rate would be higher.</span></p> 0 Principal Investment Strategies <p id="xdx_A85_eoef--StrategyNarrativeTextBlock_zm30Ea0dMbUb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is actively managed and, under normal circumstances, seeks to achieve its investment objective primarily by investing, directly or indirectly, in a mix of U.S. Treasury Inflation-Protected Securities (“TIPS”) and long options tied to the shape of the U.S. interest rate curve (described below). A “long option” refers to the purchase of an option, as opposed to the sale of an option not previously owned by the Fund, which would be referred to as a “short option.” The Fund’s strategy is designed to hedge against inflation risk and generate positive returns from the Fund’s options during periods when interest rate volatility increases and/or the U.S. interest rate curve steepens (i.e., the spread between interest rates on U.S. long-term debt instruments and U.S. shorter-term debt instruments widens). Because equity and real estate market corrections tend to be correlated with interest rate volatility and a steepening of the interest rate curve, the Fund’s strategy may also serve to hedge against the risks of such market corrections.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund invests in TIPS directly or through other exchange-traded funds (“ETFs”) that invest in TIPS. TIPS are U.S. government bonds (specifically, Treasury securities) whose principal amount increases with inflation, as measured by the Consumer Price Index (“CPI”), and are designed to protect investors from inflation risk. The Fund may purchase TIPS of any maturity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund also invests in long options which are cash settled and tied to an index referencing the shape of the U.S. SOFR interest rate curve. The options are non-cleared, European style, and are cash settled based on a formulaic calculation referencing a snapshot of interest rates on different maturities at expiration date. The Fund buys options and pays a fixed upfront premium. The long only options used by the fund do not require any additional payment or delivery of cash during the life of the instrument. Such options are expected to (i) appreciate in value as the curve steepens or interest rate volatility increases and (ii) decrease in value or become worthless as the curve flattens or inverts or interest rate volatility declines or as time value decreases as the options approach their expiration dates. The U.S. interest rate SOFR curve “steepens” when the spread between SOFR rates on longer-term debt instruments and shorter-term debt instruments widens, “flattens” when such spread narrows, and “inverts” when SOFR rates on longer-term debt instruments become lower than those for shorter-term debt instruments (i.e., the spread is negative).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Fund purchases an option, the Fund pays a cost (premium) to purchase the option. The Fund’s investments in options will be traded in the over-the-counter (“OTC”) market. OTC derivative instruments generally have more flexible terms negotiated between the buyer and the seller. These instruments would generally be subject to greater counterparty risk. Many of the protections afforded to exchange participants will not be available for OTC options and there are no daily price fluctuation limits. OTC instruments also may be subject to greater liquidity risk. Under the Fund’s option contracts, the Fund pays upfront for the option contracts (i.e., the premium), and counterparties are not required to post variation margin. There is no potential additional cash outflow or future liability for the Fund under the options; the Fund’s only potential loss on such options is the premium paid in advance and any post appreciate in value. However, the Fund’s options contracts are subject to counterparty risk, which is the risk of non-performance by an options counterparty. Such non-performance could result in a material loss to the Fund. The Fund is also subject to custodial risk as a result of (1) holding cash at the Fund’s custodian because such cash deposits are unsecured liabilities of the custodian and (2) the custodian, at times, sweeping excess cash to other banks, which would be unsecured liabilities of those other banks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Options contracts, by their terms, have stated expirations; therefore, to maintain consistent exposure to options, the Fund must periodically migrate out of options nearing expiration and into options with later expirations — a process referred to as “rolling.” The Fund’s investment sub-adviser, Quadratic Capital Management LLC (“Quadratic” or the “Sub-Adviser”), expects that the Fund will typically purchase options with a time-to-expiration of between six months and three years, though the Fund may purchase options with shorter or longer expirations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Sub-Adviser generally expects to invest less than 20% of the Fund’s assets in option premiums (as defined below) and to actively manage the Fund’s options investments to reduce the weight of such options in the Fund’s portfolio if their value increases above the desired amount. Similarly, the Sub-Adviser generally expects to sell portfolio investments and reinvest proceeds in options if the value of such options declines below the desired amount.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investments in derivative instruments, such as options, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to gains or losses that are disproportionate to the amount the Fund has invested in those instruments. Because the Fund only invests in long options as part of its principal investment strategy, the maximum loss for the Fund’s options position is the “options premium,” which is defined as the premium paid for the options and any post-purchase appreciation in value. Thus, any disproportionate returns are generally expected to exist only when the value of such options appreciates. However, following such appreciation, even small changes in the shape of the U.S. interest rate curve or interest rate volatility may result in a significant decline in the value of such options with a maximum loss equal to the options premium. <b>The Fund is likely to be significantly more volatile than a fund holding only long positions in the same U.S. government bonds as the Fund because the options component of the Fund could result in significant gains for the Fund or in a complete loss of the premium for the Fund’s options.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or smaller number of issuers than diversified funds.</span></p> <p id="xdx_A8B_eoef--RiskTextBlock_zHnLMz5tOAr7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zK8B6F2oi3bf">As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zcoqvT6E6vU4">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zSsBTHj5ELSc"></span></div> As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zTHrREFg45ib" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">The regulation of derivatives, including under Rule 18f-4 under the 1940 Act, is an evolving area of law; legislative, regulatory or judicial developments (including revisions to or rescission of existing rules) could limit the availability of, restrict the Fund’s use of, or increase the costs of, the derivative instruments used by the Fund, which could prevent the Fund from implementing its principal investment strategies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The derivative instruments and techniques that the Fund may principally use include the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or swap on the underlying instrument at an agreed-upon price typically in exchange for a premium paid by the Fund. In general, most options on interest rate swaps are “European-style” options, which means that they can only be exercised at the end of the option term. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTC options generally have more flexible terms negotiated between the buyer and the seller, but the counterparties may be required to post “variation margin” as frequently as daily to reflect any gains or losses in such options contracts. Where, as here, such variation margin is not required to be posted, such instruments are generally subject to greater credit risk and counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the option. Counterparty risk may arise because of market activities and developments, the counterparty’s financial condition (including financial difficulties, bankruptcy, or insolvency), or other reasons. OTC instruments also may be subject to greater liquidity risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zCByplVLUYWh"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_z58K4bQnVO12" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hedging Risk.</b> The Fund seeks to mitigate (or hedge) the risk associated with the potential impact of a steepening U.S. interest rate curve (“curve risk”), an increase in inflation and inflation expectations, and an increase in interest rate volatility on the performance of U.S. government bonds. The Fund does not seek to mitigate credit risk, non-curve interest rate risk, or other factors influencing the price of U.S. government bonds, which factors may have a greater impact on the bonds’ returns than the U.S. interest rate curve or inflation. Further, there is no guarantee that the Fund’s investments will eliminate or mitigate curve risk, inflation risk or the potential impact of interest rate volatility on long positions in U.S. government bonds. <b>If interest rates rise in parallel within the U.S. interest rate curve, the Fund will not be hedged. </b>In addition, when the U.S. interest rate curve flattens or inverts, the Fund’s investments in options may lose value or end up worthless. Under such circumstances, the Fund will generally underperform a portfolio comprised solely of U.S. government bonds (without the options owned by the Fund). <b>In a flattening or inverted curve environment, the Fund’s hedging strategy could result in disproportionately larger losses in the Fund’s options as compared to gains or losses in its U.S. government bond positions attributable to interest rate changes. </b>There is no guarantee that the Fund will have positive returns, even in environments of sharply rising inflation rates in which the Fund’s options might be expected to mitigate the effects of such rises. The Fund will incur expenses when entering into positions in rate-linked options. Moreover, to the extent that curve risk has been priced into the U.S. government bonds owned by the Fund, the Fund will underperform other investments even during periods of curve steepening.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zeOYOEYH08G9"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--RateLinkedDerivativesInvestmentRiskMember_zXwB3wCcq6nc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rate-Linked Derivatives Investment Risk.</b> The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. <b>Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile.</b> The value of such investments may fluctuate rapidly based on a variety of factors, including overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. The Fund is expected to benefit from the options it holds if the U.S. interest rate curve steepens during the time period in which the Fund holds the options. However, if the U.S. interest rate curve flattens or inverts, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Sub-Adviser.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the increase is not linked to a steepening of the U.S. interest rate curve or the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to interest rate increases linked to U.S. interest rate curve steepening, outright interest rate increases may lead to heightened volatility in the fixed-income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s investments in TIPS.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There can be no assurance that the Fund’s interest-rate linked options will accurately deliver positive returns if inflation experienced in the United States or the rate of expected future inflation reflected in the prices and yields of bonds held by the Fund rises. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if inflation increases. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the steepness of the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than curve risk. Moreover, to the extent that curve risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during inflationary periods. There is no guarantee that the Fund will have positive performance even in environments of sharply rising inflation. There is no guarantee that the Fund will be able to successfully mitigate inflation risk or that bond values and interest rates will match changes in inflation rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zQDJoUCGjHJ2"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zETHHtOz1Pl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk. </b>Investing in fixed income securities subjects the Fund to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk.</i> Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Event Risk.</i> Event risk is the risk that an unexpected event could interfere with an issuer’s ability to make timely interest or principal payments or that causes market speculation about the issuer’s ability to make such payments, which could cause the credit quality and market value of an issuer’s bonds and/or other debt securities to decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Rate Risk.</i> Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in monetary policy, which can be difficult to predict, may heighten the level of interest rate risk for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Maturity Risk.</i> The value of the Fund’s fixed income investments is also dependent on their maturity. Generally, the longer the maturity of a fixed income security, the greater its sensitivity to changes in interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zKTneCoc7h7g"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TipsRiskMember_zr3jCY5sH5jc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TIPS Risk.</b> U.S. Treasury Inflation-Protected Securities (“TIPS”) are debt instruments issued by the by the United States Department of the Treasury. The principal of TIPS increases with inflation and decreases with deflation, as measured by the Consumer Price Index (“CPI”). When TIPS mature, investors are paid the adjusted principal or original principal, whichever is greater. Interest payments on TIPS are unpredictable and will fluctuate as the principal and corresponding interest payments are adjusted for inflation. Inflation-indexed bonds generally pay a lower nominal interest rate than a comparable non-inflation-indexed bond. There can be no assurance that the CPI will accurately measure the real rate of inflation in the prices of goods and services. Any increases in the principal amount of TIPS will be considered taxable ordinary income, even though the Fund or applicable underlying ETF will not receive the principal until maturity. As a result, the Fund may make income distributions to shareholders that exceed the cash it receives. In addition, TIPS are subject to credit risk, interest rate risk, and maturity risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zmSonQuqtssb"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zoWGl8tefmC" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zyNkoPS9P7Ab"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zT1cS7AHCiCh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zlucCfoI5Cc3">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zahFH8pxxKFa"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_z4jdQjR0tnR5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Premium/Discount Risk.</i></b> There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Because a portion of the Fund’s portfolio consists of OTC instruments that are typically subject to wider bid-offer spreads than exchange-traded instruments, the Fund’s shares may trade at a larger premium or discount to NAV than ETFs that hold only exchange-traded instruments, and such premium or discount could affect shareholders differently: <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a shareholder that purchases shares at a premium may experience a disproportionate loss if the shares subsequently trade at a discount, and shareholders transacting in the secondary market may experience results that differ from those of Authorized Participants transacting at NAV. Further, any of the fund’s assets and investments may be halted or restricted, whether as a result of extraordinary market volatility, regulatory action, technical failures or otherwise. In addition, dealers in OTC instruments may reduce or suspend market-making activity during periods of market stress. Under such circumstances, the Fund may be unable to establish, adjust, roll or exit positions promptly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_z2R0mV6puqzf"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_z7HmsCrI6324" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. The Fund may acquire a position in large size that may make its positions more difficult to liquidate and increase liquidity risk. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zp6KIY9EWMpg"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zNOpQA8IaCQ3" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective. The Sub-Adviser’s evaluations and assumptions regarding investments, interest rates, inflation, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions. The Sub-Adviser’s investment process is fully discretionary and reflects judgment regarding the selection, structure, execution, sizing, timing and rolling of the Fund’s options positions, use of cash, allocation to duration; it is not a quantitative model, algorithm or index, and portfolio decisions are not mechanical or formulaic. The individual investments and instruments selected for the Fund may not perform as expected or may be bought or sold at inopportune times, and the Fund may underperform funds with similar investment objectives or strategies. Even investment decisions that are well-conceived when made may prove unsuccessful because of subsequent market behavior or unexpected events. There is no assurance that the Sub-Adviser’s judgments will prove correct. In addition, hedging positions, even when successful in mitigating the risks they target, may not prevent losses to the Fund and may reduce or eliminate gains that would otherwise have been available to the Fund without the options overlay and use of cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zjWd5UxcLkjh"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zscnVg5O8uQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_z55hsdTmjiG7"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_zjhbITHU59y4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund, including OTC instruments, may not be readily available, and such investments may be fair valued or valued by a pricing service, dealer, or third-party sources deemed to be reliable by the fund administrator at an evaluated price. Over-the-counter (“OTC”) options are valued by the Administrator based upon prices determined by the applicable independent, third-party pricing agent. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund, and it is possible that the Fund would incur a loss because a position is sold at a discount to the valuation held by the Fund at that time. Such differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zHR5GZEnjtY4"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zfWBoCaMUZFb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zZOFPjztLo41"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zt0pET7H6vFj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_z4Pk5g5HI6r9"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zccv0KVXmJGk" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> To qualify for the favorable U.S. federal income tax treatment accorded to a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the Fund must satisfy certain income, asset diversification and distribution requirements each year. Among other requirements, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income and the Fund’s assets must be diversified so that at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, subject to certain other limitations (see the “Taxes” section in the SAI for additional information). The Fund’s investments in certain rate-linked derivative instruments (such as rate-linked options) may generate income that is not qualifying income and such investments may not be treated as investments in “securities” for purposes of the asset diversification requirement. The Fund will also need to manage its exposure to derivatives counterparties for purposes of satisfying the diversification test. If the Fund were to fail to meet the qualifying income test or asset diversification test and fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income, which would adversely affect the Fund’s performance. The failure by the Fund to qualify as a RIC would have significant negative tax consequences to Fund shareholders and would significantly and adversely affect a shareholder’s return on its investment in the Fund. Under certain circumstances, the Fund may be able to cure a failure to meet the qualifying income test or asset diversification test if such failure was due to reasonable cause and not willful neglect, but to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) the Fund’s returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_z7T94PMGkr6g"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zo6SW3GwUkAd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_918_exdx--NextElement_zC7i9CnNrSbi"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReturnOfCapitalRiskMember_zGhJzqGYwqd7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return of Capital Risk.</b> Historically, a portion of the Fund’s distributions have been treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to you but reduce your tax basis in your shares of the Fund. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of shares of the Fund. There is no guarantee that the character of the Fund’s distributions will be similar in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zwVgH1Hu1kpj"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zf1nzkwFjLpl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_zQiGfBVsrMB5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zcLTFXIntuKg">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zk00OxN49qBh">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zCYdxqUXA1F8">www.ivoletf.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.ivoletf.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A8D_eoef--BarChartTableTextBlock_ze52d6zsvByl" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img alt="" src="pro-ivol_001.jpg" style="height: 323px; width: 550px"/></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A56_dU_zvAJYi4abhak" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2020</td> <td id="xdx_98C_eoef--AnnlRtrPct_c20200101__20201231__oef--ClassAxis__custom--C000211437Member_zAUs2bgIjFnj" style="display: none; text-align: center; width: 50%">14.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2021</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20210101__20211231__oef--ClassAxis__custom--C000211437Member_ziDODKAUSIJ5" style="display: none; text-align: center">-0.09%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2022</td> <td id="xdx_988_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000211437Member_zzoibEjvNJm" style="display: none; text-align: center">-12.75%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_984_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000211437Member_zQHM9Gg008A" style="display: none; text-align: center">-5.39%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_980_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000211437Member_zc8GXwTR2tc2" style="display: none; text-align: center">-10.92%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_981_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000211437Member_zcBg7sqyjz9e" style="display: none; text-align: center">11.73%</td></tr> </table> 0.1475 -0.0009 -0.1275 -0.0539 -0.1092 0.1173 <p id="xdx_A89_eoef--BarChartClosingTextBlock_zL3YIhrqq8g8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zewLuMxgmk8f">June 30, 2026</span>, the Fund’s calendar <span id="xdx_90C_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zSiHMF5br8gk">year-to-date total return</span> was <span id="xdx_905_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zxVHCv7GGDyg">-7.86%</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left; padding-bottom: 1pt"><span id="xdx_90C_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_z48WVlKM9X4f">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zLStXSihDhVh">6.02%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center; width: 15%; padding-bottom: 1pt"><span id="xdx_903_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zv4skGy5IqMh">3/31/2025</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left; padding-bottom: 1pt"><span id="xdx_901_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zpcVQhCzZ682">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span id="xdx_900_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zOWa09cXgIr9">-11.51%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center; padding-bottom: 1pt"><span id="xdx_904_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000065362Member_zW5Mub2DQ7q7">9/30/2022</span></td></tr> </table> 2026-06-30 year-to-date total return -0.0786 Highest Return 0.0602 2025-03-31 Lowest Return -0.1151 2022-09-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A81_eoef--PerformanceTableTextBlock_zUenI7izJD63"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zB16PQH9QuZi" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Quadratic Interest Rate Volatility and Inflation Hedge ETF</td> <td id="xdx_49F_20250101__20251231_z3BuZfu81TJk" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_49F_20210101__20251231_zbBJW77LwaI9" style="border-top: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">5 years</td> <td id="xdx_497_20190514__20251231_z1NTcJqeNw7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_902_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__custom--BloombergUsTreasuryInflationlinkedBondIndexMember_zTaa1jN6HQb2"><span id="xdx_902_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000211437Member_zhPxOvPWwXNj"><span id="xdx_90E_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zfutNFG8FsL3"><span id="xdx_904_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z5g5Va6Zo8Wa">5-14-2019</span></span></span></span>)</td></tr> <tr id="xdx_403_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000211437Member_zjIqbURCROW9" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 55%; text-align: left"><span id="xdx_906_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000211437Member_zAWTZRcDogYb">Return Before Taxes</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">11.73%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-3.87%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 15%; text-align: center">-0.44%</td></tr> <tr id="xdx_402_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zSa4PojfIY43" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zTRv6UW3lUTi">Return After Taxes on Distributions</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">11.73%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-4.14%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.91%</td></tr> <tr id="xdx_408_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQHIjmhIP3y6" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"><span id="xdx_90F_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zwdpacT95Fci">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">6.94%</td> <td style="border-top: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-2.98%</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; text-align: center">-0.48%</td></tr> <tr id="xdx_40B_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__custom--BloombergUsTreasuryInflationlinkedBondIndexMember_zxn3v6Qnj8gj" style="vertical-align: bottom"> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left">Bloomberg US Treasury Inflation-Linked Bond Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">7.01%</td> <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">1.12%</td> <td style="border: Black 1pt solid; text-align: center">3.12%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_901_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000211437Member__oef--PerformanceMeasureAxis__custom--BloombergUsTreasuryInflationlinkedBondIndexMember_z3G9K4tto49b" style="display: none">Bloomberg US Treasury Inflation-Linked Bond Index (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> 2019-05-14 2019-05-14 2019-05-14 2019-05-14 Return Before Taxes 0.1173 -0.0387 -0.0044 Return After Taxes on Distributions 0.1173 -0.0414 -0.0091 Return After Taxes on Distributions and Sale of Fund Shares 0.0694 -0.0298 -0.0048 0.0701 0.0112 0.0312 Bloomberg US Treasury Inflation-Linked Bond Index (Reflects no deduction for fees, expenses or taxes) Quadratic Deflation ETF Investment Objective <p id="xdx_A88_eoef--ObjectivePrimaryTextBlock_zpYOhP8Qvq27" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Quadratic Deflation ETF (the “Fund”) seeks to benefit from lower growth, deflation, lower or negative long-term interest rates, and/or a reduction in the spread between shorter and longer term interest rates by investing in U.S. Treasuries and options.</span></p> Fees and Expenses of the Fund <p id="xdx_A80_eoef--ExpenseNarrativeTextBlock_zWKdBylOtzR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zwodCTF0p0oi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zBYrJgwTDpAf" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left; width: 85%"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right; width: 15%"><span id="xdx_90E_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member__oef--ClassAxis__custom--C000225265Member_zt43TDmJy9Ja" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> 0 <div id="xdx_A8A_eoef--AnnualFundOperatingExpensesTableTextBlock_z0YbH5tc6qj6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_z890rxub5QR1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left"> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0in; margin-top: 0; margin-bottom: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</span></p> </td> <td id="xdx_49E_20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member__oef--ClassAxis__custom--C000225265Member_zAPiGiqOzbga" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_zOj3w5vjquA7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; width: 85%; text-align: left">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: right">0.99%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zGQNDiEDeCUj" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Distribution and/or Service (12b-1) Fees<span id="xdx_F4A_zGcDIizW1xgf">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.00%</td></tr> <tr id="xdx_40D_eoef--AcquiredFundFeesAndExpensesOverAssets_dpn_z4PCQVFjDL7d" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Acquired Fund Fees and Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.02%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zDQBFnD0ziKj" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; padding-left: 0.125in; text-align: left">Other Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zEWjGZHnvvy7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Total Annual Fund Operating Expenses</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: right">1.02%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify; border-collapse: collapse"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: left"><span id="xdx_F0C_znMaP5bsVTb6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F14_zyADQIIWnmKh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> </table> 0.0099 0.0000 0.0002 0.0001 0.0102 Example <p id="xdx_A8F_eoef--ExpenseExampleNarrativeTextBlock_zkCitr7AEqfg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div id="xdx_A8B_eoef--ExpenseExampleWithRedemptionTableTextBlock_zNjaEl4Kp1n1"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_zJI1FrbcPiYi" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom"> <td id="xdx_486_eoef--ExpenseExampleYear01_zfKHNWmxWMjk" style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">1 Year</td> <td id="xdx_488_eoef--ExpenseExampleYear03_zRH42cDaA7b9" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">3 Years</td> <td id="xdx_48A_eoef--ExpenseExampleYear05_zVGi60d5jpk3" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">5 Years</td> <td id="xdx_484_eoef--ExpenseExampleYear10_zOL4heIRuT7i" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">10 Years</td></tr> <tr id="xdx_41C_20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member__oef--ClassAxis__custom--C000225265Member_zORDoY92cDy8" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 25%; text-align: center">$104</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$325</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$563</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; text-align: center">$1,248</td></tr> </table> 104 325 563 1248 Portfolio Turnover <p id="xdx_A89_eoef--PortfolioTurnoverTextBlock_zuzZb7yiEzKd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span id="xdx_904_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zbFczCthsQAh">0</span>% of the average value of its portfolio. This rate excludes the value of portfolio securities received or delivered as a result of in-kind creations or redemptions of the Fund’s shares and is calculated without regard to most derivatives. If such instruments were included, the Fund’s portfolio turnover rate would be higher.</span></p> 0 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zBzbOPyeorV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is actively managed by the Fund’s investment sub-adviser, Quadratic Capital Management LLC (“Quadratic” or the “Sub-Adviser”), and seeks to achieve its investment objective primarily by investing, directly or indirectly, in a mix of U.S. Treasury securities (“Treasuries”) and option strategies (as defined below) tied to the shape of the U.S. interest rate SOFR curve (described below). The Fund’s strategy is designed to hedge against deflation risk and generate positive returns from the Fund’s options during periods when the U.S. interest rate curve flattens (i.e., the spread between interest rates on U.S. long-term debt instruments and U.S. shorter-term debt instruments tightens) or inverts.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Fund invests in Treasuries of various maturities directly or through other exchange-traded funds (“ETFs”) that invest in Treasuries. The “option strategies” used by the Fund are structured to limit the loss to the Fund and include long options, long spreads and butterflies and are cash settled and tied to an index referencing the shape of the U.S. SOFR interest rate curve. The options are non-cleared, European style, and are cash settled based on a formulaic calculation referencing a snapshot of interest rates on different maturities at expiration date. The Fund buys options and options strategies and pays a fixed upfront premium. The options and options strategies used by the fund do not require any additional payment or delivery of cash during the life of the instrument. Such options are expected to (i) appreciate in value as the curve flattens or inverts and (ii) decrease in value or become worthless as the curve steepens or with adverse interest rate volatility movements or if time value decreases as the options approach their expiration dates. The U.S. interest rate SOFR curve “steepens” when the spread between SOFR rates on longer-term debt instruments and shorter-term debt instruments widens, “flattens” when such spread narrows, and “inverts” when SOFR rates on longer-term debt instruments become lower than those for shorter-term debt instruments (i.e., the spread is negative).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The Fund may buy options, long spreads and “butterflies”. Long spreads involve buying one call (put) option and selling another call (put) option to create a range consisting of a lower (higher) strike price and an upper (lower) strike price and the maximum loss should be limited to the premium paid. Butterflies involve buying a call (put) with a lower (higher) strike price, selling two call (put) options with an intermediate strike price, and buying one additional call (put) option with a higher (lower) strike price and the maximum loss should be limited to the premium paid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">When the Fund purchases an option, the Fund pays a cost (premium) to purchase the option. The Fund’s investments in options will be traded in the over-the-counter (“OTC”) market. OTC derivative instruments generally have more flexible terms negotiated between the buyer and the seller. These instruments would generally be subject to greater counterparty risk. Many of the protections afforded to exchange participants will not be available for OTC options and there are no daily price fluctuation limits. OTC instruments also may be subject to greater liquidity risk. Under the Fund’s option contracts, the Fund pays upfront for the option contracts (i.e., the premium), and counterparties are not required to post variation margin. There is no potential additional cash outflow or future liability for the Fund under the options; the Fund’s only potential loss on such options is the premium paid in advance and any post-purchase appreciation in value. However, the Fund’s options contracts are subject to counterparty risk, which is the risk of non-performance by an options counterparty. Such non-performance could result in a material loss to the Fund. The Fund is also subject to significant counterparty risk as a result of holding cash at the Fund’s custodian because such cash deposits are unsecured liabilities of the custodian.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options contracts, by their terms, have stated expirations; therefore, to maintain consistent exposure to options, the Fund will periodically migrate out of existing positions and into different positions with different strike prices and maturities — a process referred to as “rolling.” Quadratic will use its discretion to implement option strategies with a time-to-expiration of any maturity.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Sub-Adviser generally expects to invest less than 20% of the Fund’s assets in option premiums (as defined below) and to actively manage the Fund’s options investments to reduce the weight of such options in the Fund’s portfolio if their value increases above the desired amount. Similarly, the Sub-Adviser generally expects to sell portfolio investments and reinvest proceeds in options if the value of such options declines below the desired amount.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Investments in derivative instruments, such as the options used in the options strategies, have the economic effect of creating financial leverage in the Fund’s portfolio because such investments may give rise to gains or losses that are disproportionate to the amount the Fund has invested in those instruments. Because the Fund only invests in option strategies structured to limit the potential loss to the Fund as part of its principal investment strategy, the maximum loss for the Fund’s options position is the “options premium,” which is defined as the net premium paid for the options and any post-purchase appreciation in value. Thus, any disproportionate returns are generally expected to exist only when the value of such options appreciates. However, following such appreciation, even small changes in the shape of the U.S. interest rate curve or interest rate volatility may result in a significant decline in the value of such options with a maximum loss equal to the options premium at risk. Even small changes in the shape of the U.S. interest rate curve or changes to interest rate volatility levels may result in a significant decline in the value of such options. While the options strategies used by the Fund are structured to limit the potential loss to the Fund, there is no guarantee that this will occur.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund is non-diversified and therefore may invest a larger percentage of its assets in the securities of a single issuer or smaller number of issuers than diversified funds.</span></p> <p id="xdx_A8E_eoef--RiskTextBlock_z4csSrNYmyYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zp6wYQEfuj3d">As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money.</span> The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90D_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_z5VxvUdwRIT2">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> An investment in the Fund involves the risk of total loss. In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zRdFyLpQGYE2"></span></div> As with all exchange traded funds (“ETFs”), a shareholder of the Fund is subject to the risk that his or her investment could lose money. An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zctnvvzCsw7j" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">The regulation of derivatives, including under Rule 18f-4 under the 1940 Act, is an evolving area of law; legislative, regulatory or judicial developments (including revisions to or rescission of existing rules) could limit the availability of, restrict the Fund’s use of, or increase the costs of, the investments, assets and instruments used by the Fund, which could prevent the Fund from implementing its principal investment strategies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The derivative instruments and techniques that the Fund may principally use include the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options Risk.</i> If the Fund buys an option, it buys a legal contract giving it the right to buy or sell a specific amount of the underlying instrument or swap on the underlying instrument at an agreed-upon price typically in exchange for a premium paid by the Fund. In general, most options on interest rate swaps are “European-style” options, which means that they can only be exercised at the end of the option term. A decision as to whether, when and how to use options involves the exercise of skill and judgment and even a well-conceived option transaction may be unsuccessful because of market behavior or unexpected events. The prices of options can be highly volatile and the use of options can lower total returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OTC options generally have more flexible terms negotiated between the buyer and the seller, but the counterparties may be required to post “variation margin” as frequently as daily to reflect any gains or losses in such options contracts. Where, as here, such variation margin is not required to be posted, such instruments are generally subject to greater credit risk and counterparty risk, which is the risk that the other party to the derivative will fail to make required payments or otherwise comply with the terms of the option. Counterparty risk may arise because of market activities and developments, the counterparty’s financial condition (including financial difficulties, bankruptcy, or insolvency), or other reasons. OTC instruments also may be subject to greater liquidity risk.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><i>Options Strategies Risk. </i>The options strategies used by the Fund may involve writing covered options and are structured as long call spreads, long put spreads or long butterflies. If there is a broad market move, the strategies may not have the same return as a strategy composed of only long options. The Fund will pay a premium for its options strategies and they are structured to limit the potential loss to the Fund to the market value of the options strategy; however, there is no guarantee that this will occur. If an option that the Fund has purchased is never exercised or closed out, the Fund will lose the amount of the premium it paid and any post-purchase appreciation in value and the use of those funds.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zJhVndo2Dk0l"></span></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--HedgingRiskMember_zoFye35A4Oy2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hedging Risk.</b> The Fund seeks to mitigate (or hedge) the risk associated with the potential impact of a flattening or inverting U.S. interest rate curve (“curve risk”), deflation and deflationary expectations, and an increase in interest rate volatility on the performance of U.S. government bonds. The Fund does not seek to mitigate credit risk, non-curve interest rate risk, or other factors influencing the price of U.S. government bonds, which factors may have a greater impact on the bonds’ returns than the U.S. interest rate curve or deflation. Further, there is no guarantee that the Fund’s investments will eliminate or mitigate curve risk, deflation risk on long positions in U.S. government bonds. <b>If interest rates increase in parallel within the U.S. interest rate curve, the Fund will not be hedged.</b> In addition, when the U.S. interest rate curve steepens, the Fund’s investments in options may lose value or end up worthless. Under such circumstances, the Fund will generally underperform a portfolio comprised solely of U.S. government bonds (without the options owned by the Fund). <b>In a steepening curve environment, the Fund’s hedging strategy could result in disproportionately larger losses in the Fund’s options as compared to gains or losses in its U.S. government bond positions attributable to interest rate changes.</b> There is no guarantee that the Fund will have positive returns, even in environments of sharply declining inflation rates. The Fund will incur expenses when entering into positions in rate-linked options. Moreover, to the extent that curve risk has been priced into the U.S. government bonds owned by the Fund, the Fund will underperform other investments even during periods of curve flattening.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zJRSLOhHWAk7"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--RateLinkedDerivativesInvestmentRiskMember_zqJ7C2aKTEpc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rate-Linked Derivatives Investment Risk.</b> The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. <b>Investing in derivatives tied to interest rates, including through options tied to the shape of the U.S. interest rate curve, can be extremely volatile.</b> The value of such investments may fluctuate rapidly based on a variety of factors, including overall market movements; economic events and policies; changes in interest rates or inflation rates; changes in monetary and exchange control programs; war; acts of terrorism; natural disasters; and technological developments. The Fund is expected to benefit from the options it holds if the U.S. interest rate curve flattens or inverts during the time period in which the Fund holds the options. However, if the U.S. interest rate curve steepens, the Fund will lose money on the options, up to the amount invested in option premiums, and underperform an otherwise identical bond fund that had not used such options. Rate-linked derivatives may lose money if interest rates change in a manner not anticipated by the Sub-Adviser.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An increase in interest rates may cause the value of securities held directly or indirectly by the Fund to decline to the extent that the increase is not linked to a flattening or inverting of the U.S. interest rate curve or the Fund’s hedging strategy is not effectively implemented. Even if the Fund is hedged against losses due to interest rate increase linked to U.S. interest rate curve flattening or inverting, outright interest rate increases may lead to heightened volatility in the fixed-income markets and may positively affect the value of the Fund’s options while negatively impacting the Fund’s investments in Treasuries.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There can be no assurance that the Fund’s interest-rate linked options will accurately deliver positive returns if deflation experienced in the United States or the rate of expected future inflation reflected in the prices and yields of bonds held by the Fund declines. The Fund could lose money on the options held by the Fund, and the present value of the Fund’s portfolio investments could decrease if deflation occurs. These interest rate-linked options may also cause the Fund’s net asset value and returns to be more volatile and expose the Fund to increased counterparty risk. Fluctuations in the steepness of the U.S. interest rate curve or the price of the options owned by the Fund could materially adversely affect an investment in the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund’s investments in options are not intended to mitigate duration and credit risk or other factors influencing the price of U.S. government bonds, which may have a greater impact on the bonds’ returns than curve risk. Moreover, to the extent that curve risk has been priced into the government bonds owned directly or indirectly by the Fund, the Fund could underperform other investments even during deflationary periods. There is no guarantee that the Fund will have positive performance even in environments of sharply declining inflation. There is no guarantee that the Fund will be able to successfully mitigate deflation risk or that bond values and interest rates will match changes in inflation rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_z8vQTjoWJSm3"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_z04UZb7ExwD7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fixed Income Securities Risk. </b>Investing in fixed income securities subjects the Fund to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Credit Risk.</i> Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of an investment in that issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Event Risk.</i> Event risk is the risk that an unexpected event could interfere with an issuer’s ability to make timely interest or principal payments or that causes market speculation about the issuer’s ability to make such payments, which could cause the credit quality and market value of an issuer’s bonds and/or other debt securities to decline significantly.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interest Rate Risk.</i> Generally, the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. This risk will be greater for long-term securities than for short-term securities. Changes in monetary policy, which can be difficult to predict, may heighten the level of interest rate risk for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Maturity Risk.</i> The value of the Fund’s fixed income investments is also dependent on their maturity. Generally, the longer the maturity of a fixed income security, the greater its sensitivity to changes in interest rates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zcuFwPsCEg84"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--USGovernmentObligationsRiskMember_zp7hAjoasQzi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>U.S. Government Obligations Risk.</b> Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so. Additionally, market prices and yields of securities supported by the full faith and credit of the U.S. government or other countries may decline or be negative for short or long periods of time.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zXGSKhIVwTsg"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zSZsMJaaLphh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z3qvr0Jx8zY6">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zMoXzjrEhGr5"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zZX79pMYr53k" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Premium/Discount Risk.</i> </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">Because a portion of the Fund’s portfolio consists of OTC instruments that are typically subject to wider bid-offer spreads than exchange-traded instruments, the Fund’s shares may trade at a larger premium or discount to NAV than ETFs that hold only exchange-traded instruments, and such premium or discount could affect shareholders differently: a shareholder that purchases shares at a premium may experience a disproportionate loss if the shares subsequently trade at a discount, and shareholders transacting in the secondary market may experience results that differ from those of Authorized Participants transacting at NAV. Further, any of the fund’s assets and investments may be halted or restricted, whether as a result of extraordinary market volatility, regulatory action, technical failures or otherwise. In addition, dealers in OTC instruments may reduce or suspend market-making activity during periods of market stress. Under such circumstances, the Fund may be unable to establish, adjust, roll or exit positions promptly.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zFGDoKUP6W59"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--LiquidityRiskMember_zPUUqBZHMaWj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity Risk.</b></span> The Fund’s investments are subject to liquidity risk, which exists when an investment is or becomes difficult or impossible to purchase or sell at an advantageous time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Fund to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. The Fund may acquire a position in large size that may make its positions more difficult to liquidate and increase liquidity risk. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zQQVX1YlBhbc"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zgJDOUvGRBXj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk. </b></span>The Fund is actively-managed and may not meet its investment objective. The Sub-Adviser’s evaluations and assumptions regarding investments, interest rates, inflation, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions. The Sub-Adviser’s investment process is fully discretionary and reflects judgment regarding the selection, structure, execution, sizing, timing and rolling of the Fund’s options positions, use of cash, allocation to duration; it is not a quantitative model, algorithm or index, and portfolio decisions are not mechanical or formulaic. The individual investments and instruments selected for the Fund may not perform as expected or may be bought or sold at inopportune times, and the Fund may underperform funds with similar investment objectives or strategies. Even investment decisions that are well-conceived when made may prove unsuccessful because of subsequent market behavior or unexpected events. There is no assurance that the Sub-Adviser’s judgments will prove correct. In addition, hedging positions, even when successful in mitigating the risks they target, may not prevent losses to the Fund and may reduce or eliminate gains that would otherwise have been available to the Fund without the options overlay and use of cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zuRb0tuHTeo2"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zus2JXyVjOY" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zDeC7P0fXYsj"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ValuationRiskMember_znBVT0E02L7i" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Valuation Risk.</b> Independent market quotations for certain investments held by the Fund, including OTC instruments, may not be readily available, and such investments may be fair valued or valued by a pricing service, dealer, or third-party sources deemed to be reliable by the fund administrator at an evaluated price. Over-the-counter (“OTC”) options are valued by the Administrator based upon prices determined by the applicable independent, third-party pricing agent. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that the Fund may not be able to sell an investment at the price assigned to the investment by the Fund, and it is possible that the Fund would incur a loss because a position is sold at a discount to the valuation held by the Fund at that time. Such differences could be significant, particularly for securities that trade in relatively thin markets and/or markets that experience extreme volatility. In addition, the securities in which the Fund invests may trade on days that the Fund does not price its shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their Fund holdings.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zqP9OATiyxFl"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LargeShareholderRiskMember_zTL3xWY4qprc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Large Shareholder Risk.</b> To the extent a large number of shares of the Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund’s performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zg1XqGg0JTZ6"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zNlnq5H1H2Fc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zSo5WELbEIdf"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zSPGLj8oIITb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Risk.</b> To qualify for the favorable U.S. federal income tax treatment accorded to a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), the Fund must satisfy certain income, asset diversification and distribution requirements each year. Among other requirements, the Fund must derive at least 90% of its gross income each taxable year from certain qualifying sources of income and the Fund’s assets must be diversified so that at least 50% of the value of the Fund’s total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, subject to certain other limitations (see the “Taxes” section in the SAI for additional information). The Fund’s investments in certain rate-linked derivative instruments (such as rate-linked options) may generate income that is not qualifying income and such investments may not be treated as investments in “securities” for purposes of the asset diversification requirement. The Fund will also need to manage its exposure to derivatives counterparties for purposes of satisfying the diversification test. If the Fund were to fail to meet the qualifying income test or asset diversification test and fail to qualify as a RIC, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income, which would adversely affect the Fund’s performance. The failure by the Fund to qualify as a RIC would have significant negative tax consequences to Fund shareholders and would significantly and adversely affect a shareholder’s return on its investment in the Fund. Under certain circumstances, the Fund may be able to cure a failure to meet the qualifying income test or asset diversification test if such failure was due to reasonable cause and not willful neglect, but to do so the Fund may incur significant fund-level taxes, which would effectively reduce (and could eliminate) the Fund’s returns.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zyCRmHLBXEEf"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zYsX3sNGwzOj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_912_exdx--NextElement_zAJv76DC8Skk"></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ReturnOfCapitalRiskMember_zVW4LbavKaLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Return of Capital Risk.</b> Historically, a portion of the Fund’s distributions have been treated as a return of capital for tax purposes. Return of capital distributions are not taxable income to you but reduce your tax basis in your shares of the Fund. Such a reduction in tax basis will result in larger taxable gains and/or lower tax losses on a subsequent sale of shares of the Fund. There is no guarantee that the character of the Fund’s distributions will be similar in the future.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91A_exdx--NextElement_zPCcB9a3zRG7"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zELbLdqiAXn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk.</b> The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A8F_eoef--PerformanceNarrativeTextBlock_z2AQ1f6ecj2f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90D_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zSlR4duHHlti">The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance.</span> All returns include the reinvestment of dividends and distributions. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zIz51qMXl2p5">As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future.</span> Updated performance information is available at no cost by visiting <span id="xdx_90D_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_z8HO9o0lTMwh">www.bnddetf.com</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> The following bar chart and table illustrate the variability of the Fund’s returns and indicate the risks of investing in the Fund by showing how the Fund’s average annual total returns compare with those of a broad measure of market performance. As always, please note that the Fund’s past performance (before and after taxes) is not necessarily an indication of how it will perform in the future. www.bnddetf.com Total Annual Returns For Calender Years Ended December 31 <p id="xdx_A88_eoef--BarChartTableTextBlock_zZzM4AiZs8t9" style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><img alt="" src="pro-ivol_002.jpg" style="height: 323px; width: 550px"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <table cellpadding="0" cellspacing="0" id="xdx_A5D_dU_z5BLEvIYHq7l" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Total Returns"> <tr style="display: none; vertical-align: bottom; text-align: center"> <th style="display: none; text-align: center">Years</th> <th style="display: none; text-align: center">Returns</th></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center; width: 50%">2022</td> <td id="xdx_989_eoef--AnnlRtrPct_c20220101__20221231__oef--ClassAxis__custom--C000225265Member_zGktzPOhqwV8" style="display: none; text-align: center; width: 50%">-17.71%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2023</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20230101__20231231__oef--ClassAxis__custom--C000225265Member_zPS9wZF7E5b1" style="display: none; text-align: center">3.84%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2024</td> <td id="xdx_98B_eoef--AnnlRtrPct_c20240101__20241231__oef--ClassAxis__custom--C000225265Member_zYWYm7Y0Cpc8" style="display: none; text-align: center">-6.25%</td></tr> <tr style="display: none; vertical-align: top; text-align: left"> <td style="display: none; text-align: center">2025</td> <td id="xdx_98E_eoef--AnnlRtrPct_c20250101__20251231__oef--ClassAxis__custom--C000225265Member_zE0Y4ihRxnLc" style="display: none; text-align: center">-8.12%</td></tr> </table> -0.1771 0.0384 -0.0625 -0.0812 <p id="xdx_A86_eoef--BarChartClosingTextBlock_zLeAGsdJb1X8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of <span id="xdx_90E_eoef--BarChartYearToDateReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zoGiceojq8t1">June 30, 2026</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">, the Fund’s calendar <span id="xdx_90D_eoef--YearToDateReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zjJGbip7BYfi">year-to-date total return</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was <span id="xdx_90E_eoef--BarChartYearToDateReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zLoydxgWlose">5.90%</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Best and Worst Quarter Returns (for the period reflected in the bar chart above) </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; text-align: left"> </td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Return</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: center">Quarter Ended/Year</td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left; padding-bottom: 1pt"><span id="xdx_90A_eoef--HighestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_z8y5PNcZEUUd">Highest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center"><span id="xdx_90D_eoef--BarChartHighestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zlwKwO3XMBy8">6.46%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center; width: 15%; padding-bottom: 1pt"><span id="xdx_902_eoef--BarChartHighestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zLJd2SDQdj8g">12/31/2023</span></td></tr> <tr style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left; padding-bottom: 1pt"><span id="xdx_90E_eoef--LowestQuarterlyReturnLabel_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zq2n1ge70ta6">Lowest Return</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><span id="xdx_90C_eoef--BarChartLowestQuarterlyReturn_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zR9C1DLncvl3">-11.56%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: Gainsboro; text-align: center; padding-bottom: 1pt"><span id="xdx_902_eoef--BarChartLowestQuarterlyReturnDate_dd_c20260729__20260729__dei--LegalEntityAxis__custom--S000070938Member_zGzDENqtReCg">6/30/2022</span></td></tr> </table> 2026-06-30 year-to-date total return 0.0590 Highest Return 0.0646 2023-12-31 Lowest Return -0.1156 2022-06-30 Average Annual Total Returns for the periods ended December 31, 2025 <div id="xdx_A8F_eoef--PerformanceTableTextBlock_zuF9UPK5gUEj"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_za6zc1mRq7M9" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Average Annual Total Returns"> <tr style="vertical-align: bottom"> <td style="border: Black 1pt solid; background-color: Gainsboro; font-weight: bold; text-align: left">Quadratic Deflation ETF</td> <td id="xdx_498_20250101__20251231_z1Jhn3GMLTCh" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">1 year</td> <td id="xdx_49C_20210920__20251231_zkeAESlVUQe7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Since Inception<br/>(<span id="xdx_907_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000225265Member_z9WA3HVCwRre"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGEljDC0Acec"><span id="xdx_90F_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zQb2isqCkjEk"><span id="xdx_90C_eoef--PerfInceptionDate_c20260729__20260729__oef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__custom--BloombergLongUSTreasuryIndexMember_z1u2nDhSv3d9">9-20-2021</span></span></span></span>)</td></tr> <tr id="xdx_40C_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225265Member_z46RF79Cu25e" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; width: 70%; text-align: left; padding-bottom: 1pt"><span id="xdx_90A_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000225265Member_zfvs3eNWJiD6">Return Before Taxes</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">-8.12%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 15%; text-align: center">-5.73%</td></tr> <tr id="xdx_405_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_z0xh8oE0CjP6" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left; padding-bottom: 1pt"><span id="xdx_905_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsMember_zGVJDe6wjVsk">Return After Taxes on Distributions</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-8.12%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-9.32%</td></tr> <tr id="xdx_40E_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_zkJJMz28Q8V4" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left; padding-bottom: 1pt"><span id="xdx_900_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__oef--AfterTaxesOnDistributionsAndSalesMember_z7z0xCZxYux2">Return After Taxes on Distributions and Sale of Fund Shares</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-4.80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-5.47%</td></tr> <tr id="xdx_40F_eoef--AvgAnnlRtrPct_dp_hoef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__custom--BloombergLongUSTreasuryIndexMember_z9z0AesUTSC7" style="vertical-align: bottom"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: Gainsboro; text-align: left; padding-bottom: 1pt">Bloomberg Long U.S. Treasury Index<br/> (Reflects no deduction for fees, expenses or taxes)</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">5.59%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">-7.64%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_903_eoef--AverageAnnualReturnLabel_c20260729__20260729__oef--ClassAxis__custom--C000225265Member__oef--PerformanceMeasureAxis__custom--BloombergLongUSTreasuryIndexMember_zACnSxc5Veok" style="display: none">Bloomberg Long U.S. Treasury Index (Reflects no deduction for fees, expenses or taxes)</span></span></span></p> 2021-09-20 2021-09-20 2021-09-20 2021-09-20 Return Before Taxes -0.0812 -0.0573 Return After Taxes on Distributions -0.0812 -0.0932 Return After Taxes on Distributions and Sale of Fund Shares -0.0480 -0.0547 0.0559 -0.0764 Bloomberg Long U.S. Treasury Index (Reflects no deduction for fees, expenses or taxes) KraneShares 2x Long BABA Daily ETF Investment Objective <p id="xdx_A8D_eoef--ObjectivePrimaryTextBlock_zvgerOZZwwyf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the ADR of Alibaba Group Holding Limited (NYSE: BABA).</span></p> Fees and Expenses of the Fund <p id="xdx_A8D_eoef--ExpenseNarrativeTextBlock_zWPpnJa3kYib" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A8C_eoef--ShareholderFeesTableTextBlock_z4QNhR0zxdU8"></div> <table cellpadding="3" cellspacing="0" id="xdx_A55_dU_zBjADUmDMZUd" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="border: black 1pt solid; vertical-align: bottom; width: 85%; background-color: Gainsboro"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; width: 15%"><span id="xdx_908_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member__oef--ClassAxis__custom--C000255783Member_zofdhUaXLbE7" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> <div></div> 0 <div id="xdx_A88_eoef--AnnualFundOperatingExpensesTableTextBlock_zm6VrKFW8Swf"></div> <table cellpadding="3" cellspacing="0" id="xdx_A52_dU_zr7BK8ivMA4c" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: Gainsboro; vertical-align: top; text-align: left; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Annual Fund Operating Expenses</b><br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_492_20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member__oef--ClassAxis__custom--C000255783Member_zjB0v4CXgne5" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: right; width: 15%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z1B6vyjFkMme"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: Gainsboro">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">1.25%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zV16Odjl0TWi"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: Gainsboro">Distribution and/or Service (12b-1) Fees<span id="xdx_F42_zRCYyGP4K4Jk">*</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zmSqLJsQCr21"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: Gainsboro">Other Expenses<span id="xdx_F4D_zMbdpwpRK2M"></span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">0.01%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_zfKbwLh9tZzi"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: Gainsboro"><b>Total Annual Fund Operating Expenses<span id="xdx_F40_zV5I7i4rGUCk">**</span></b></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">1.26%</td></tr> <tr id="xdx_403_eoef--FeeWaiverOrReimbursementOverAssets_dpn_zd63CawUwXii"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: Gainsboro">Fee Waiver<span id="xdx_F40_zpVf6po8g4ph">***</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">-0.27%</td></tr> <tr id="xdx_40C_eoef--NetExpensesOverAssets_dpn_z1xkqdp3CMZ9"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: Gainsboro"><b>Total Annual Fund Operating Expenses After Fee Waiver</b></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">0.99%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.35in; text-align: left"><span id="xdx_F0C_zwfY3QaiHkLj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F1B_z8a0w33c9et4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td> <td id="xdx_F05_z1yygeZqlVgk" style="text-align: left">**</td> <td id="xdx_F1F_zTVYsX2UTAG" style="text-align: justify"> The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, was 0.36% for the fiscal year ending March 31, 2026.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td> <td style="text-align: left"><span id="xdx_F02_zjT76CkgsWt8">***</span></td> <td style="text-align: justify"><span id="xdx_F1E_zxYmDpl15z57"> The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.27% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until <span id="xdx_90A_eoef--FeeWaiverOrReimbursementOverAssetsDateOfTermination_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member_z3bEzJUhV1wb">August 1, 2028</span>, and may only be terminated prior thereto by the Board.</span></td></tr> </table> 0.0125 0.0000 0.0001 0.0126 -0.0027 0.0099 August 1, 2028 Example <p id="xdx_A89_eoef--ExpenseExampleNarrativeTextBlock_z4d229ak8HB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same, except that it reflects the Fee Waiver for the period described above. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A8C_eoef--ExpenseExampleWithRedemptionTableTextBlock_zVJF5pQrnKZe"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zCw49C6xa3R7" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top; background-color: Gainsboro"> <td id="xdx_48A_eoef--ExpenseExampleYear01_ziRJZ3gBVea9" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 25%; font-size: 10pt; text-align: center"><b>1 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zPmtIdzjaOO6" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 25%; font-size: 10pt; text-align: center"><b>3 Years</b></td> <td id="xdx_487_eoef--ExpenseExampleYear05_z2Gsls5gD64k" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center; width: 25%"><b>5 Years</b></td> <td id="xdx_483_eoef--ExpenseExampleYear10_zVl9NHAHwio6" style="border: Black 1pt solid; vertical-align: bottom; text-align: center; width: 25%"><b>10 Years</b></td></tr> <tr id="xdx_417_20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member__oef--ClassAxis__custom--C000255783Member_zavpb9vQi0rj" style="vertical-align: top"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center">$101</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font-size: 10pt; text-align: center">$345</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$638</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$1,474</td></tr> </table> 101 345 638 1474 Portfolio Turnover <p id="xdx_A82_eoef--PortfolioTurnoverTextBlock_zaHPOYU0GZYh" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ending March 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_902_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member_zG50bKBWg9ik">0</span>% of the average value of its portfolio.</span></p> 0 Principal Investment Strategies <p id="xdx_A89_eoef--StrategyNarrativeTextBlock_zREuo5Tv6plc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Underlying Stock and financial instruments, such as swap agreements and options, that, in combination, provide notional investment exposure of two times (200%) the performance of the Underlying Stock. For purposes of this 80% policy, derivatives will be counted based on their notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, the Fund will invest in the Underlying Stock and enter into swap agreements on the Underlying Stock as it attempts to replicate two times (200%) the daily percentage change of the Underlying Stock. The Fund aims to generate two times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the Underlying Stock. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund needs to take a temporary defensive position, it may result in the Fund not achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The impact of the Underlying Stock’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Stock has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of the Underlying Stock has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in: (1) government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) cash and cash equivalents, including money market funds and repurchase agreements; (3) short-term bond funds and exchange-traded funds (“ETFs”), which can include affiliated ETFs; and/or (4) corporate or other non-government fixed-income securities, such as commercial paper and other short-term unsecured promissory notes. These may serve as collateral for the Fund’s investments in financial instruments, such as swap agreements and options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is non-diversified. Due to the Fund’s investment strategies, the Fund will concentrate its investment in the particular industry to which its Underlying Stock is assigned (<i>i.e.</i>, hold 25% of more its total assets in investments that provide exposure to which the Underlying Stock is assigned). As of March 31, 2026, the Underlying Stock is assigned to the consumer discretionary sector and the consumer discretionary distribution and retail industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time. It is even possible, due to the result of daily rebalancing, the Underlying Stock’s volatility and the effects of compounding, that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, KRANESHARES TRUST, AND KRANE FUNDS ADVISORS, LLC (“KRANE” OR “ADVISER”) ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Alibaba Group Holding Limited is a Chinese multinational technology company that specializes in e-commerce, retail, internet, and technology services. BABA is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Alibaba Group Holding Limited pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36614 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Alibaba Group Holding Limited may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The Fund has derived all disclosures contained in this document regarding Alibaba Group Holding Limited (BABA) from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Alibaba Group Holding Limited is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BABA have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Alibaba Group Holding Limited could affect the value of the Fund’s investments with respect to BABA and therefore the value of the Fund.</b></span></p> <p id="xdx_A88_eoef--RiskTextBlock_z1a9u8fDlxI" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_903_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zgJRu3lptZI1">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></span> <span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member__oef--RiskAxis__oef--RiskLoseMoneyMember_ztVe6piw4X7k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in the Fund involves the risk of total loss.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zfM10w9cPcff"></span></div> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--AlibabaGroupHoldingLimitedInvestingRiskMember_zlP9yTHMwjqa" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Alibaba Group Holding Limited Investing Risk.</b> Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the technology sector, the issuer faces risks associated with: the highly competitive nature of the e-commerce industry; economic and market uncertainty; reductions in demand for its products; potential concentration of revenues in a few large clients; geopolitical events and pandemics; adequate protection of technology or other intellectual property; exchange rates; reliance on third parties to manufacture products; possible shortages of equipment or materials needed to manufacture products; cybersecurity attacks and data breaches; system failures or outages; potential incompatibility of product with some or all industry standard software and hardware; increases in costs; adverse government regulations; regulatory compliance costs; litigation; taxes; indebtedness; and the ability to attract and retain high quality talent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies, the company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zEtH3tNbd82a"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_z6ndlkOCHTq" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indirect Investment Risk. </b>The issuer is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the issuer and make no representation as to the performance of the issuer. Investing in the Fund is not equivalent to investing in the issuer. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_913_exdx--NextElement_zpITlJO7cE9g"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z8HwTpwSW2tc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the issuer during the shareholder’s holding period. For a fund aiming to replicate two times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart, the Fund would be expected to lose 6.1% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td rowspan="2" style="border: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year<br/> Performance of the<br/> Underlying Stock</b></span></p></td> <td rowspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200% of One Year</b></span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance of the<br/> Underlying Stock</b></span></p></td> <td colspan="7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility of the Underlying Stock (annualized)</b></span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>125%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>150%</b></span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 19%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.3%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-46.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.1%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">238.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-24.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.0%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-16.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Underlying Stock’s annualized historical volatility rate for the five-year period ended May 31, 2026, was 50.9%. During this five-year period, the Underlying Stock’s highest volatility rate over a 12-month period was 69.1% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended May 31, 2026, was -9.9%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zkftxkilMRmb"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_z70cqMeOwanh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Correlation Risk.</b> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRisk.Member_zmridZoPET93" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Intraday Investment Risk. </b>The intra-day performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade or the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zjFIRNTLc9Nd"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_z8PlzcyzSi09" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zNTMfdZhUNsl"></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zgjGYuz4xxda" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_918_exdx--NextElement_zdLUlp8QDEd2"></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zlNZO1Im4Hf2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Swap Risk.</b> Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index. Total return swaps are subject to counterparty risk, which relates to credit risk of the counterparty and liquidity risk of the swaps themselves. The primary risks associated with the use of swaps are mispricing or improper valuation, imperfect correlation between movements of the notional value of a swap and the price of the reference asset, and the failure of a counterparty to perform. If a swap counterparty’s creditworthiness for an “over-the-counter” swap declines, the value of the swap would also likely decline. There is no guarantee that the Fund could eliminate its exposure under an outstanding swap by entering into offsetting swap with the same or another party. The number of counterparties available to enter into swaps with the Fund is limited. The risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_znxdaDYi9OG" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Counterparty Risk.</b> A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zRwmxWnTEf"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zdmIZfO2R1wl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk.</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in the People’s Republic of China (“China” or the “PRC”) and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. Investments in Chinese securities, including those that are Hong Kong-listed and U.S.-listed securities, subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund. In addition, worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. This may also result in market volatility and volatility in the price of Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements or due to worsening relations between the U.S. and China, which would significantly decrease the liquidity and value of the securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zAANLTZ11Gb7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Emerging Markets Risk. </b>The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zKVe82mKrs1c" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules. In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zvd9XJwyJEbc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--OnLineBusinessServicesAndRetailCompanyRisksMember_zHg6I8yRiD82" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>On-Line Business Services and Retail Company Risks.</b> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to the risks of the online retail company sector. Companies that operate in the online marketplace and retail segments are subject to fluctuating consumer demand. Unlike traditional brick and mortar retailers, online marketplaces and retailers must assume shipping costs or pass such costs to consumers. Consumer access to price information for the same or similar products may cause companies that operate in the online marketplace and retail segments to reduce profit margins in order to compete. Due to the nature of their business models, companies that operate in the online marketplace and retail segments may also be subject to heightened cyber security risk, including the risk of theft or damage to vital hardware, software and information systems.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ECommerceRiskMember_zccYP2iQ6FVj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>E-Commerce Risk.</b> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to e-commerce risk. E-commerce companies are subject to various risks that may cause significant losses, including risks related to warehousing and logistics capacity and deficiency issues, online security, system reliability, privacy failures, customer disputes, payment fraud, and website traffic decreases. Laws generally vary by country, including the application of taxes, which may create challenges for some e-commerce companies seeking to achieve scale. Companies in the e-commerce sector are especially subject to the adverse effects of economic recession and competition from new entrants in their fields of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zByFGMqnh9e6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zPvzsyAVEX7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zGFh2nmUzMad"></span></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zIuNZQ3nlAYf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Fund’s shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zuL4jG9VIQ9c"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zRISzgyREjel" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on Krane’s success or failure to implement investment strategies for the Fund. Krane’s evaluations and assumptions regarding investments, markets, trends, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zasUXjLlbK62"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zTN2nO8PyMnc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallFundRiskMember_z6r6ZOh1X6Ad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Small Fund Risk. </b>The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_915_exdx--NextElement_zDnmn7rtqgz1"></span></div> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z5SY5t5a1w0f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_90F_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_z2xsxo37pRNj">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zmwNkWgyqov2"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zuP6KYIGHAv7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk. </b>If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zGv4ySUgbfW1"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zqOZcCIah2Cd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zUvflgXdrW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zIBQcnF6B9i5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_zDyMOBI6x4m4"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zc5NnpJboDa1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_914_exdx--NextElement_zvIldDiBxmv"></span></div> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zxUIjkeTUpg5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A82_eoef--PerformanceNarrativeTextBlock_zI3b07PwyNBh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_903_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member_zsk1mqxGBGSf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once available, the Fund’s current performance information is available at <span id="xdx_909_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member_z1hbeImKg7F7">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span id="xdx_90B_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000089268Member_zzdaeQe5uMCh">Past performance does not necessarily indicate how the Fund will perform in the future.</span></span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares 2x Long BIDU Daily ETF Investment Objective <p id="xdx_A8B_eoef--ObjectivePrimaryTextBlock_zqU27cHJUsth" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the ADR of Baidu Inc. (NASDAQ: BIDU).</span></p> Fees and Expenses of the Fund <p id="xdx_A86_eoef--ExpenseNarrativeTextBlock_z2w7PXd6OOQ7" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A84_eoef--ShareholderFeesTableTextBlock_z4lgaw7YQFAa"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_z2CPMVwYIaOg" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="border: black 1pt solid; vertical-align: bottom; width: 85%; background-color: Gainsboro"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; width: 15%"><span id="xdx_90D_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member__oef--ClassAxis__custom--C000255784Member_z645hUUZz7Rj" title="Shareholder Fees (fees paid directly from your investment)">None</span></td></tr> </table> <div></div> 0 <div id="xdx_A83_eoef--AnnualFundOperatingExpensesTableTextBlock_zoGslff7eJz6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zOMv7yY8xSz3" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: Gainsboro; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_491_20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member__oef--ClassAxis__custom--C000255784Member_zLnP22zpqeY7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; width: 15%"> </td></tr> <tr id="xdx_40B_eoef--ManagementFeesOverAssets_dpn_z9mYttI08G6f"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: Gainsboro">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">1.25%</td></tr> <tr id="xdx_40C_eoef--DistributionAndService12b1FeesOverAssets_dpn_zNqcaw94gZb"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: Gainsboro">Distribution and/or Service (12b-1) Fees<span id="xdx_F4F_zHmjvVQljHPc">*</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">0.00%</td></tr> <tr id="xdx_40B_eoef--OtherExpensesOverAssets_dpn_zroY2G3a2Pa4"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: Gainsboro">Other Expenses<span id="xdx_F4C_zPODEHd38n4a">**</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">0.00%</td></tr> <tr id="xdx_403_eoef--ExpensesOverAssets_dpn_z7zDmFW4toQf"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: Gainsboro"><b>Total Annual Fund Operating Expenses</b><span id="xdx_F41_z8JQr29zZRg7">***</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">1.25%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td style="width: 0.35in; text-align: left"><span id="xdx_F08_zar0INGt810e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td> <td style="text-align: justify"><span id="xdx_F1E_zScbkbweXQ0c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</span></td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td> <td style="text-align: left"><span id="xdx_F04_zCD0894NO7I8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**</span></td> <td style="text-align: justify"><span id="xdx_F19_zEr6hGDGCiX5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> <span id="xdx_90D_eoef--OtherExpensesNewFundBasedOnEstimates_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member_ze3M4Q3g2XT1">Based on estimated amounts for the current fiscal year.</span></span></td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td> <td style="text-align: left"><span id="xdx_F09_zYeDUEq6fgF8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">***</span></td> <td style="text-align: justify"><span id="xdx_F1B_zAXe7WvsYac5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets was 0.68% from Fund inception November 19, 2025, through the fiscal year ending March 31, 2026.</span></td> </tr> </table> 0.0125 0.0000 0.0000 0.0125 Based on estimated amounts for the current fiscal year. Example <p id="xdx_A87_eoef--ExpenseExampleNarrativeTextBlock_zJGmFRU3HIed" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div></div> <div id="xdx_A84_eoef--ExpenseExampleWithRedemptionTableTextBlock_zyS8vJHtsNT9"></div> <table cellpadding="3" cellspacing="0" id="xdx_A57_dU_z5QRLfEtbEJa" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td style="background-color: White; width: 25%"> </td> <td id="xdx_488_eoef--ExpenseExampleYear01_zfWFn7KUy493" style="border: Black 1pt solid; width: 25%; font-weight: bold; text-align: center"><span>1 Year</span></td> <td id="xdx_48C_eoef--ExpenseExampleYear03_zD7yfMO0qFxb" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 25%; font-weight: bold; text-align: center"><span>3 Years</span></td> <td style="background-color: White; width: 25%"> </td></tr> <tr id="xdx_414_20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member__oef--ClassAxis__custom--C000255784Member_zXoBNsrk0ryh" style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$127</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$397</td> <td style="background-color: White"> </td></tr> </table> 127 397 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zs5QxQDl3xzc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the period November 19, 2025 to March 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90D_eoef--PortfolioTurnoverRate_dp_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member_z5tSTFw3lCZ3">0</span>% of the average value of its portfolio.</span></p> 0 Principal Investment Strategies <p id="xdx_A8C_eoef--StrategyNarrativeTextBlock_zHxpienEzGo6" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Underlying Stock and financial instruments, such as swap agreements and options, that, in combination, provide notional investment exposure of two times (200%) the performance of the Underlying Stock. For purposes of this 80% policy, derivatives will be counted based on their notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, the Fund will invest in the Underlying Stock and enter into swap agreements on the Underlying Stock as it attempts to replicate two times (200%) the daily percentage change of the Underlying Stock. The Fund aims to generate two times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” <i>e.g.</i>, the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the Underlying Stock. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund needs to take a temporary defensive position, it may result in the Fund not achieving its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The impact of the Underlying Stock’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Stock has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of the Underlying Stock has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>The Fund may invest in: (1) government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) cash and cash equivalents, including money market funds and repurchase agreements; (3) short-term bond funds and exchange-traded funds (“ETFs”), which can include affiliated ETFs; and/or (4) corporate or other non-government fixed-income securities, such as commercial paper and other short-term unsecured promissory notes. These may serve as collateral for the Fund’s investments in financial instruments, such as swap agreements and options.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is non-diversified. Due to the Fund’s investment strategies, the Fund will concentrate its investment in the particular industry to which its Underlying Stock is assigned (<i>i.e.</i>, hold 25% of more its total assets in investments that provide exposure to which the Underlying Stock is assigned). As of March 31, 2026, the Underlying Stock is assigned to the communication services sector and the media and entertainment industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time. It is even possible, due to the result of daily rebalancing, the Underlying Stock’s volatility and the effects of compounding, that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>THE FUND, KRANESHARES TRUST, AND KRANE FUNDS ADVISORS, LLC (“KRANE” OR “ADVISER”) ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Baidu Inc. is a Chinese multinational technology company that specializes in artificial intelligence and internet services. BIDU is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by Baidu Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 000-51469 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding Baidu Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Fund has derived all disclosures contained in this document regarding Baidu Inc. (BIDU) from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding Baidu Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of BIDU have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning Baidu Inc. could affect the value of the Fund’s investments with respect to BIDU and therefore the value of the Fund.</b></p> <p id="xdx_A82_eoef--RiskTextBlock_zCLA3L10yPZh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90F_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zYsyfbz21rNl">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></span> <span id="xdx_901_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zvpNAHSdltFa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An investment in the Fund involves the risk of total loss.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <div style="display: none"></div> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zcUrsmZb4qD4"></span></div> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--BaiduIncInvestingRiskMember_zPvkup5a4KD" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Baidu Inc. Investing Risk.</b> Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the communication sector, BIDU faces risks associated with: the highly competitive nature of the e-commerce industry; economic and market uncertainty; reductions in demand for its products; potential concentration of revenues in a few large clients; geopolitical events and pandemics; adequate protection of technology or other intellectual property; exchange rates; reliance on third parties to manufacture products; possible shortages of equipment or materials needed to manufacture products; cybersecurity attacks and data breaches; system failures or outages; potential incompatibility of product with some or all industry standard software and hardware; increases in costs; adverse government regulations; regulatory compliance costs; litigation; taxes; indebtedness; and the ability to attract and retain high quality talent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies, the company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_910_exdx--NextElement_z8uweNccj9Tg"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zZdztHMU57p8" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indirect Investment Risk. </b>The issuer is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the issuer and make no representation as to the performance of the issuer. Investing in the Fund is not equivalent to investing in the issuer. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_919_exdx--NextElement_zdhtRvA0BOCk"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zk745lVJTrV1" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the issuer during the shareholder’s holding period. For a fund aiming to replicate two times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart, the Fund would be expected to lose 6.1% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td rowspan="2" style="border: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>One Year<br/> Performance of the<br/> Underlying Stock</b></span></p></td> <td rowspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>200% of One Year</b></span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Performance of the<br/> Underlying Stock</b></span></p></td> <td colspan="7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Volatility of the Underlying Stock (annualized)</b></span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>25%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>50%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>75%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>100%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>125%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>150%</b></span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 19%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100.0%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-99.1%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-98.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-75.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-85.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-90.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-97.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-66.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-92.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-96.3%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-51.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-54.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-61.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-72.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-94.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-50.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-86.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-93.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-23.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-36.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-53.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-70.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-83.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-91.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-1.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-6.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-22.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-43.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-63.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-89.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-31.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-55.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-74.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-87.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">42.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-47.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-84.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">67.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-3.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-37.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-64.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-82.3%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">94.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-27.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-79.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">122.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">111.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">75.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-17.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-52.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-76.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">153.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-5.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-46.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-73.1%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">185.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">171.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">125.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-39.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-69.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">220.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">204.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">152.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">84.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-32.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-65.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">238.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">181.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">105.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-24.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-62.0%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">256.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">196.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">116.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-20.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-59.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">200%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">295.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">275.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">211.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">128.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-16.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-57.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Underlying Stock’s annualized historical volatility rate for the five-year period ended May 31, 2026, was 51.3%. During this five-year period, the Underlying Stock’s highest volatility rate over a 12-month period was 70.5% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended May 31, 2026, was -9.0%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91D_exdx--NextElement_zeg62wgHYRt7"></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zD7DT5GTEPWd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Correlation Risk.</b> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zmqvRwnHXlsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Intraday Investment Risk. </b>The intra-day performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade or the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zQHT4viBHiWh"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zf7KafvSIgE3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zEnNFzHW0gfd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"><span id="xdx_91E_exdx--NextElement_zPWdgCTH7KS4"></span></div> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zTwKLu8tqyAh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Swap Risk.</b> Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index. Total return swaps are subject to counterparty risk, which relates to credit risk of the counterparty and liquidity risk of the swaps themselves. The primary risks associated with the use of swaps are mispricing or improper valuation, imperfect correlation between movements of the notional value of a swap and the price of the reference asset, and the failure of a counterparty to perform. If a swap counterparty’s creditworthiness for an “over-the-counter” swap declines, the value of the swap would also likely decline. There is no guarantee that the Fund could eliminate its exposure under an outstanding swap by entering into offsetting swap with the same or another party. The number of counterparties available to enter into swaps with the Fund is limited. The risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zgM8VzmNPkCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Counterparty Risk.</b> A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <div style="margin-left: 0.5in; display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zdAfXOyN7Qza"></span></div> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zyBsRtI3o2rg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk.</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in the People’s Republic of China (“China” or the “PRC”) and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. Investments in Chinese securities, including those that are Hong Kong-listed and U.S.-listed securities, subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund. In addition, worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. This may also result in market volatility and volatility in the price of Fund shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span>Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements or due to worsening relations between the U.S. and China, which would significantly decrease the liquidity and value of the securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zIcgSn5N4zhf" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Emerging Markets Risk. </b>The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_911_exdx--NextElement_z6CB4n1bycA9"></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_z0vv1EojWsni" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules. In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zAMC0GSKxPxg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--ArtificialIntelligenceTechnologyRiskMember_zyhqnwNoWWQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><b>Artificial Intelligence Technology Risk. </b>Companies in the artificial intelligence (“AI”) and technology industries typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers’ products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer’s product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an AI and Technology company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">Certain AI and Technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in">The economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence technologies. As artificial intelligence technologies are used more widely, the profitability and growth of the Fund’s holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which artificial intelligence technologies operate continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91B_exdx--NextElement_zrRHLzGaBrD8"></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--CommunicationServicesSectorRiskMember_zj4tQ95u59n" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-align: justify"><b>Communication Services Sector Risk. </b>The communication services sector may be dominated by a small number of companies which may lead to additional volatility in the sector. Communication services companies are particularly vulnerable to the potential obsolescence of products and services due to technological advances and the innovation of competitors. Communication services companies may also be affected by other competitive pressures, such as pricing competition, as well as research and development costs, substantial capital requirements and government regulation. Fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer demand can drastically affect a communication services company’s profitability. Telecommunication service providers are often required to obtain licenses or franchises in order to provide services in a given location. Licensing or franchise rights are limited, which may result in an advantage to certain participants. Compliance with governmental regulations, delays or failure to receive regulatory approvals, or the enactment of new regulatory requirements may negatively affect the business of telecommunication services companies. Companies in media and entertainment industries can be significantly affected by competition, particularly in formulating new products and services using new technologies, and the cyclicality of revenues and earnings. Certain companies in the communication services sector may be particular targets of network security breaches, hacking and potential theft of proprietary or consumer information or disruptions in services, which would have a material adverse effect on their businesses.</p> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><b> </b></p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MediaAndEntertainmentIndustryRiskMember_ztmQ963Bdwvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt;text-align: justify"><b>Media and Entertainment Industry Risk.</b> Media, entertainment and related industries can be significantly affected by several factors, including competition, particularly in formulation of products and services using new technologies, high costs of production, research and development for new content, products and services, rapid obsolescence of products, cyclicality of revenues and earnings, a potential decrease in the discretionary income of targeted individuals, changing consumer tastes, preferences and discretionary income patterns, legislative or regulatory changes and a potential increase in government regulation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"></div> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zwU8OnmEjYze" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_z7ZuL5ST6k34" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Fund’s shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zSDyNNwNjei3" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on Krane’s success or failure to implement investment strategies for the Fund. Krane’s evaluations and assumptions regarding investments, markets, trends, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_z3zLCvcwKLbf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallFundRiskMember_zjgZfic5NwF" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Small Fund Risk. </b>The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zfiIe0nJLkwk"></span></div> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z1Ji3HgoAZ4i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_90B_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zrggIsTvFSBd">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_916_exdx--NextElement_zlw39D1GxLL7"></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zRcLbMoTWUxb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk. </b>If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <div style="display: none"></div> <div style="display: none"></div> <div style="display: none"></div> <div style="display: none"></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91C_exdx--NextElement_zkqjkfhimenh"></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zYG3FmEk36Db" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zv9ndcwbw04f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zirJeY5NXqZ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span id="xdx_917_exdx--NextElement_zf6MFRU528Ud"></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zu3lNWjcWx7d" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span id="xdx_91F_exdx--NextElement_zkW1N4K28s92"></span></div> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zkPRBoMM2qgc" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A88_eoef--PerformanceNarrativeTextBlock_zLffLMKm8BWk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member_zT1A9F0ARiE2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once available, the Fund’s current performance information will be available at <span id="xdx_900_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member_zutJhOxOrSM7">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000089269Member_zmNQND8ai97h">Past performance does not necessarily indicate how the Fund will perform in the future.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment Adviser</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Krane Funds Advisors, LLC (“Krane” or “Adviser”) serves as the investment adviser to the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Portfolio Managers</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James Maund, Head of Capital Markets at the Adviser, has served as the lead portfolio manager of the Fund since the Fund’s inception. Jonathan Shelon, Chief Operating Officer of the Adviser, supports Mr. Maund and Krane’s investment team for the Fund and has been a portfolio manager of the Fund since the Fund’s inception.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Purchase and Sale of Fund Shares</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares may be purchased and redeemed from the Fund only in a large specified number of Shares each called a “Creation Unit,” or multiples thereof. As a practical matter, only institutions and large investors, such as market makers or other large broker-dealers, purchase or redeem Creation Units. Most investors will buy and sell shares of the Fund on the Exchange. Individual shares can be bought and sold throughout the trading day like other publicly traded securities through a broker-dealer on the Exchange. These transactions do not involve the Fund. The price of an individual Fund share is based on market prices, which may be different from its NAV. As a result, the Fund’s shares may trade at a price greater than the NAV (at a premium) or less than the NAV (at a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”). Most investors will incur customary brokerage commissions and charges when buying or selling shares of the Fund through a broker-dealer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent information regarding the Fund, including its NAV, market price, premiums and discounts, and bid ask spreads, are available on the Fund’s website at www.kraneshares.com</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Tax Information</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fund distributions are generally taxable as ordinary income, qualified dividend income or capital gains (or a combination), unless your investment is in an IRA or other tax-advantaged retirement account, which may be taxable upon withdrawal.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Payments to Broker-Dealers and Other Financial Intermediaries</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If you purchase Fund shares through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your sales person to recommend the Fund over another investment. Ask your sales person or visit your financial intermediary’s website for more information.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares 2x Long JD Daily ETF Investment Objective <p id="xdx_A8C_eoef--ObjectivePrimaryTextBlock_z71LwBcNJQPh" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the ADR of JD.com, Inc. (NASDAQ: JD).</p> Fees and Expenses of the Fund <p id="xdx_A8F_eoef--ExpenseNarrativeTextBlock_zG2j0X8Q2Gf1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A81_eoef--ShareholderFeesTableTextBlock_zGyTO5Z0OL3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zN8UoDnTEGCj" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="border: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: #DCDCDC"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: right"><span id="xdx_902_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member__oef--ClassAxis__custom--C000255785Member_zw4vTcQztu41" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A8E_eoef--AnnualFundOperatingExpensesTableTextBlock_zK0ZJLeV5cdh"></div> <table cellpadding="3" cellspacing="0" id="xdx_A59_dU_z9rEFCCQN9Be" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC; width: 85%"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_497_20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member__oef--ClassAxis__custom--C000255785Member_zbo2BaB2Fm58" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; width: 15%"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zoXkaaEpkclb"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC; padding-left: 0.125in">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">1.25%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zAp0nnJ0nQZ4"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC; padding-left: 0.125in">Distribution and/or Service (12b-1) Fees<span id="xdx_F44_zMA8Pv08UQVk">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">0.00%</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_ziX5YwdenY06"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC; padding-left: 0.125in">Other Expenses<span id="xdx_F4A_zoG6yAMs5hs5">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">0.00%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zSJrafLB2gcf"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: #DCDCDC"><b>Total Annual Fund Operating Expenses</b><span id="xdx_F45_zW0zuGwgJ5Ec">***</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">1.25%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td id="xdx_F00_zSPQW2kZ4SLd" style="width: 0.35in; text-align: justify">*</td> <td id="xdx_F19_zESxdIChcSxb" style="text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr style="vertical-align: top"> <td id="xdx_F02_zFZ7yo62WF64" style="text-align: justify">**</td> <td id="xdx_F13_zEBnNnLCMNhb" style="text-align: justify">Based on estimated amounts for the current fiscal year.</td> </tr> <tr style="vertical-align: top"> <td id="xdx_F02_zbvxsNbTk0yc" style="text-align: justify">***</td> <td id="xdx_F1E_zYbZqsmltqUi" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets was 0.35% from Fund inception October 14, 2025, through the fiscal year ending March 31, 2026.</td> </tr> </table> 0.0125 0.0000 0.0000 0.0125 Example <p id="xdx_A80_eoef--ExpenseExampleNarrativeTextBlock_z1eLMCzWf7D7" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zA6cq9wZed9b"></div> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Expense Example"> <tr> <td style="width: 25%"> </td> <td id="xdx_486_eoef--ExpenseExampleYear01_z4nTmHoWBxbb" style="border: Black 1pt solid; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>1 Year</b></td> <td id="xdx_48F_eoef--ExpenseExampleYear03_zXHW632Ii673" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>3 Years</b></td> <td style="width: 25%"> </td></tr> <tr id="xdx_414_20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member__oef--ClassAxis__custom--C000255785Member_zWk6t0vkQd72"> <td> </td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">$127</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">$397</td> <td> </td></tr> </table> 127 397 Portfolio Turnover <p id="xdx_A8A_eoef--PortfolioTurnoverTextBlock_zI7OHMzvijp5" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the period October 14, 2025 to March 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_905_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member_z7NLI0gpIpW4">0</span>% of the average value of its portfolio.</p> 0 Principal Investment Strategies <p id="xdx_A8E_eoef--StrategyNarrativeTextBlock_zbmtKwt518ql" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Underlying Stock and financial instruments, such as swap agreements and options, that, in combination, provide notional investment exposure of two times (200%) the performance of the Underlying Stock. For purposes of this 80% policy, derivatives will be counted based on their notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Generally, the Fund will invest in the Underlying Stock and enter into swap agreements on the Underlying Stock as it attempts to replicate two times (200%) the daily percentage change of the Underlying Stock. The Fund aims to generate two times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” <i>e.g.</i>, the return on or change in value of a particular dollar amount representing the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the Underlying Stock. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund needs to take a temporary defensive position, it may result in the Fund not achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The impact of the Underlying Stock’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Stock has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of the Underlying Stock has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may invest in: (1) government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) cash and cash equivalents, including money market funds and repurchase agreements; (3) short-term bond funds and exchange-traded funds (“ETFs”), which can include affiliated ETFs; and/or (4) corporate or other non-government fixed-income securities, such as commercial paper and other short-term unsecured promissory notes. These may serve as collateral for the Fund’s investments in financial instruments, such as swap agreements and options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund is non-diversified. Due to the Fund’s investment strategies, the Fund will concentrate its investment in the particular industry to which its Underlying Stock is assigned (<i>i.e.</i>, hold 25% of more its total assets in investments that provide exposure to which the Underlying Stock is assigned). As of March 31, 2026, the Underlying Stock is assigned to the consumer discretionary sector and the consumer discretionary distribution and retail industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time. It is even possible, due to the result of daily rebalancing, the Underlying Stock’s volatility and the effects of compounding, that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>THE FUND, KRANESHARES TRUST, AND KRANE FUNDS ADVISORS, LLC (“KRANE” OR “ADVISER”) ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>JD.com Inc. is a Chinese company that provides e-commerce, technology and financial services. JD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by JD.com, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-36450 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding JD.com, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>The Fund has derived all disclosures contained in this document regarding JD.com, Inc. (JD) from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding JD.com, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of JD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning JD.com, Inc. could affect the value of the Fund’s investments with respect to JD and therefore the value of the Fund.</b></p> <p id="xdx_A85_eoef--RiskTextBlock_zP43eFnGY3o9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zj7agyeRE5S1">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_908_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zeohUMOcKcxh">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--JDComInvestingRiskMember_zOA5XbDm4j15" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>JD.com, Inc. Investing Risk.</b> Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the technology sector, JD faces risks associated with: the highly competitive nature of the e-commerce industry; economic and market uncertainty; reductions in demand for its products; potential concentration of revenues in a few large clients; geopolitical events and pandemics; adequate protection of technology or other intellectual property; exchange rates; reliance on third parties to manufacture products; possible shortages of equipment or materials needed to manufacture products; cybersecurity attacks and data breaches; system failures or outages; potential incompatibility of product with some or all industry standard software and hardware; increases in costs; adverse government regulations; regulatory compliance costs; litigation; taxes; indebtedness; and the ability to attract and retain high quality talent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies, the company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zlFCUl6MS3vk" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Indirect Investment Risk. </b>The issuer is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the issuer and make no representation as to the performance of the issuer. Investing in the Fund is not equivalent to investing in the issuer. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zrwhBDlfbykl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the issuer during the shareholder’s holding period. For a fund aiming to replicate two times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart, the Fund would be expected to lose 6.1% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td rowspan="2" style="border: Black 1pt solid; vertical-align: bottom; text-align: center"><b>One Year<br/>Performance of the<br/>Underlying Stock</b></td> <td rowspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>200% of One Year</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Performance of the<br/>Underlying Stock</b></p> </td> <td colspan="7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>Volatility of the Underlying Stock (annualized)</b></td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>10%</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>25%</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>50%</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>75%</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>100%</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>125%</b></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"><b>150%</b></td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center; width: 19%">-95%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center; width: 18%">-190%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%">-99.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%">-99.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%">-99.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%">-99.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%">-99.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%">-100.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%">-100.0%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-90%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-180%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.9%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-160%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-96.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-96.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-96.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-97.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-98.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.6%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-70%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-140%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-91.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-91.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-93.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-94.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-96.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-98.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-99.1%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-84.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-85.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-87.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-91.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-94.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-96.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">-98.4%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-75.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-76.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-80.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-85.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-90.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-94.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-97.4%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-64.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-66.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-72.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-79.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-86.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-92.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-96.3%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-51.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-54.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-61.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-72.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-82.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-89.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-94.9%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-36.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-39.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-50.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-63.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-76.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-86.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-93.4%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">-10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">-20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">-19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-23.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-36.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-53.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-70.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-83.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-91.6%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-1.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-6.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-22.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-43.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-63.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-79.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-89.6%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">10%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">19.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">13.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-5.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-31.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-55.5%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-74.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-87.4%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">20%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">42.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">35.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">12.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-17.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-47.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-69.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-84.9%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">30%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">67.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">58.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">31.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-3.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-37.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-64.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-82.3%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">40%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">94.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">84.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">52.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">11.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-27.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-59.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-79.4%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">50%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">122.6%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">111.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">75.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">28.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-17.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-52.9%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-76.4%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">60%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">120%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">153.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">140.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">99.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">46.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-5.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-46.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-73.1%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">70%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">140%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">185.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">171.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">125.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">64.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">6.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-39.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-69.6%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">80%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">160%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">220.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">204.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">152.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">84.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">19.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-32.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-65.9%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">90%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">180%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">256.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">238.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">181.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">105.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">33.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-24.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-62.0%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">95%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">190%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">275.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">256.7%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">196.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">116.8%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">40.1%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-20.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-59.9%</td> </tr> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: top; text-align: center">100%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: center">200%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">295.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C6DFB3; text-align: center">275.2%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #C4DFB3; text-align: center">211.3%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">128.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">47.4%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-16.0%</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; background-color: #DA8E85; text-align: center">-57.8%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Stock’s annualized historical volatility rate for the five-year period ended May 31, 2026, was 53.3%. During this five-year period, the Underlying Stock’s highest volatility rate over a 12-month period was 58.4% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended May 31, 2026, was -16.7%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zOnOdanwR0Q9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Correlation Risk.</b> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_znkbZc0WoqVe" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Intraday Investment Risk. </b>The intra-day performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade or the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zrlQC2p6yaD1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_znQY63TZSpk9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zG8QcrJqJ7a2" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Swap Risk.</b> Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index. Total return swaps are subject to counterparty risk, which relates to credit risk of the counterparty and liquidity risk of the swaps themselves. The primary risks associated with the use of swaps are mispricing or improper valuation, imperfect correlation between movements of the notional value of a swap and the price of the reference asset, and the failure of a counterparty to perform. If a swap counterparty’s creditworthiness for an “over-the-counter” swap declines, the value of the swap would also likely decline. There is no guarantee that the Fund could eliminate its exposure under an outstanding swap by entering into offsetting swap with the same or another party. The number of counterparties available to enter into swaps with the Fund is limited. The risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zsptlo0Ig6Rj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Counterparty Risk.</b> A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zyOC9uB06i5a" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>China Risk.</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in the People’s Republic of China (“China” or the “PRC”) and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. Investments in Chinese securities, including those that are Hong Kong-listed and U.S.-listed securities, subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund. In addition, worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. This may also result in market volatility and volatility in the price of Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements or due to worsening relations between the U.S. and China, which would significantly decrease the liquidity and value of the securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_z1XTT8owqDgj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Emerging Markets Risk. </b>The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zyvXMzyOna2e" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Trading Halt Risk.</b> Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules. In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zxvmL5qhYOJ1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--EcommerceRiskMember_zLLYiw5i1oG6" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>E-Commerce Risk.</b> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to e-commerce risk. E-commerce companies are subject to various risks that may cause significant losses, including risks related to warehousing and logistics capacity and deficiency issues, online security, system reliability, privacy failures, customer disputes, payment fraud, and website traffic decreases. Laws generally vary by country, including the application of taxes, which may create challenges for some e-commerce companies seeking to achieve scale. Companies in the e-commerce sector are especially subject to the adverse effects of economic recession and competition from new entrants in their fields of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_z7alfjlvrz41" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_z4p0QPwJr8Li" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zN4FDbPKznLk" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Fund’s shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_z1KIVRwizKZb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on Krane’s success or failure to implement investment strategies for the Fund. Krane’s evaluations and assumptions regarding investments, markets, trends, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zaNKVmRmCGxh" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--SmallFundRiskMember_z3xSRoWahAFl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Small Fund Risk. </b>The Fund is small and does not yet have a significant number of shares outstanding or significant assets under management and, therefore, even small trading or similar errors, if experienced, may have a significant impact on NAV. Small funds are 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 stop to trading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z2DflmhpKmq" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Non-Diversified Fund Risk.</b> <span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zwZyq3HwbP41">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zeKngyys2fji" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Rebalancing Risk. </b>If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zj65OmEVRqfd" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zhuvKgrbRCP9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A80_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_z1kVWVPmsOL7" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zQsT4wZ0ab3a" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zkN4ltItiDI1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A8B_eoef--PerformanceNarrativeTextBlock_zIFQgWWHWcm1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_901_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member_zH9tu9k8Bk12">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> Once available, the Fund’s current performance information will be available at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member_zc6HP4oUe1R6">www.kraneshares.com</span>. <span id="xdx_902_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000089270Member_z7UKAN5iaIFd">Past performance does not necessarily indicate how the Fund will perform in the future.</span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares 2x Long MELI Daily ETF Investment Objective <p id="xdx_A82_eoef--ObjectivePrimaryTextBlock_zrN9IAZx2Qq" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the ADR of MercadoLibre, Inc. (NASDAQ: MELI).</p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zRNlx1hNzAd6" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></p> <div id="xdx_A83_eoef--ShareholderFeesTableTextBlock_zcojJ8X8tjGk"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5B_dU_zGUnCx2yt4uf" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="border: Black 1pt solid; text-align: left; vertical-align: bottom; width: 85%; background-color: Gainsboro"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%; text-align: right"><span id="xdx_90D_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member__oef--ClassAxis__custom--C000258496Member_zjdFxSPEOsLk" title="Shareholder Fees (fees paid directly from your investment)">None</span></td> </tr> </table> 0 <div id="xdx_A8B_eoef--AnnualFundOperatingExpensesTableTextBlock_zvSCPBVBAgW2"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5D_dU_zglZ4iNvuISe" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: Gainsboro; width: 85%"><b>Annual Fund Operating Expenses</b><br/>(expenses that you pay each year as a percentage of the value of your investment)</td> <td id="xdx_49C_20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member__oef--ClassAxis__custom--C000258496Member_zMbXzecI4F1" style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right; width: 15%"> </td> </tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_zNqc3nBRrqd2"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: Gainsboro; padding-left: 0.125in">Management Fees</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">1.25%</td> </tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_znQ35wGZnOLk"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: Gainsboro; padding-left: 0.125in">Distribution and/or Service (12b-1) Fees<span id="xdx_F4A_zGK4LSZR1Btf">*</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">0.00%</td> </tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zF1QNiIkbX32"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: Gainsboro; padding-left: 0.125in">Other Expenses<span id="xdx_F45_zPamAUinFmN6">**</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">0.01%</td> </tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zSKR0ecVXSRl"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; vertical-align: bottom; background-color: Gainsboro"><b>Total Annual Fund Operating Expenses</b><span id="xdx_F49_zgpbCL9WCTc8">***</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">1.26%</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td id="xdx_F0D_zU80w9DUUPXb" style="width: 0.35in; text-align: justify">*</td> <td id="xdx_F15_zX2WSBZIRwc6" style="text-align: justify">Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr style="vertical-align: top"> <td id="xdx_F0E_zLVXZdVAGyt7" style="text-align: justify">**</td> <td id="xdx_F1D_zYmoPH5OuMOk" style="text-align: justify"><span id="xdx_902_eoef--OtherExpensesNewFundBasedOnEstimates_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member_z35qZrsUYpN1">Based on estimated amounts for the current fiscal year.</span></td> </tr> <tr style="vertical-align: top"> <td id="xdx_F0E_zsZmAFoNXnze" style="text-align: justify">***</td> <td id="xdx_F18_zNd7XsPa6gce" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, was 0.41% from Fund inception, June 11, 2025 through the fiscal year ending March 31, 2026.</td> </tr> </table> 0.0125 0.0000 0.0001 0.0126 Based on estimated amounts for the current fiscal year. Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zRDQFjGpQgcl" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</p> <div id="xdx_A8E_eoef--ExpenseExampleWithRedemptionTableTextBlock_zLOGLfITyrtb"></div> <table cellpadding="3" cellspacing="0" id="xdx_A56_dU_zpraV6ZB1U06" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: top"> <td id="xdx_485_eoef--ExpenseExampleYear01_z9qdbTgnz6q2" style="border: Black 1pt solid; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>1 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear03_zIbQa5l4ZZ08" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>3 Year</b></td> <td id="xdx_48E_eoef--ExpenseExampleYear05_zUWOamvH2YZi" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; background-color: #DCDCDC; text-align: center"><b>5 Year</b></td> <td id="xdx_480_eoef--ExpenseExampleYear10_zd54pIsdWbN6" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; background-color: #DCDCDC; text-align: center; width: 25%"><b>10 Years</b></td> </tr> <tr id="xdx_412_20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member__oef--ClassAxis__custom--C000258496Member_zzM61PmhiTXc" style="vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$128</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$400</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$692</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">$1,523</td> </tr> </table> 128 400 692 1523 Portfolio Turnover <p id="xdx_A87_eoef--PortfolioTurnoverTextBlock_zTcUQyFmXAQc" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the period June 11, 2025 to March 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_90E_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member_ztFpXjoeeZp">0</span>% of the average value of its portfolio.</p> 0 Principal Investment Strategies <p id="xdx_A87_eoef--StrategyNarrativeTextBlock_zyR2rGhOGWg7" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Underlying Stock and financial instruments, such as swap agreements and options, that, in combination, provide notional investment exposure of two times (200%) the performance of the Underlying Stock. For purposes of this 80% policy, derivatives will be counted based on their notional value.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Generally, the Fund will invest in the Underlying Stock and enter into swap agreements on the Underlying Stock as it attempts to replicate two times (200%) the daily percentage change of the Underlying Stock. The Fund aims to generate two times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the Underlying Stock. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund needs to take a temporary defensive position, it may result in the Fund not achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The impact of the Underlying Stock’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Stock has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of the Underlying Stock has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund may invest in: (1) government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) cash and cash equivalents, including money market funds and repurchase agreements; (3) short-term bond funds and exchange-traded funds (“ETFs”), which can include affiliated ETFs; and/or (4) corporate or other non-government fixed-income securities, such as commercial paper and other short-term unsecured promissory notes. These may serve as collateral for the Fund’s investments in financial instruments, such as swap agreements and options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Fund is non-diversified. Due to the Fund’s investment strategies, the Fund will concentrate its investment in the particular industry to which its Underlying Stock is assigned (<i>i.e.</i>, hold 25% of more its total assets in investments that provide exposure to which the Underlying Stock is assigned). As of March 31, 2026, the Underlying Stock is assigned to the consumer discretionary sector and the consumer discretionary distribution and retail industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time. It is even possible, due to the result of daily rebalancing, the Underlying Stock’s volatility and the effects of compounding, that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>THE FUND, KRANESHARES TRUST, AND KRANE FUNDS ADVISORS, LLC (“KRANE” OR “ADVISER”) ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>MercadoLibre, Inc. operates the largest online e-commerce ecosystem in Latin America, serving as an integrated regional platform and as a provider of digital and technology tools that allow businesses and individuals to advertise, trade and pay for products and services in the region. MELI is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by MercadoLibre, Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-33647 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding MercadoLibre, Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>The Fund has derived all disclosures contained in this document regarding MercadoLibre, Inc. (MELI) from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding MercadoLibre, Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of MELI have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning MercadoLibre, Inc. could affect the value of the Fund’s investments with respect to MELI and therefore the value of the Fund.</b></p> <p id="xdx_A87_eoef--RiskTextBlock_zBMvWqqJMmi8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_902_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zyxT6r6foC75">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span id="xdx_900_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zqC58KxmX4Th">An investment in the Fund involves the risk of total loss.</span> In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--MercadolibreIncInvestingRiskMember_zMYAjrUchEIf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>MercadoLibre, Inc. Investing Risk.</b> Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the consumer discretionary sector, MELI faces risks associated with: the highly competitive nature of the e-commerce industry; economic and market uncertainty; reductions in demand for its products; potential concentration of revenues in a few large clients; geopolitical events and pandemics; adequate protection of technology or other intellectual property; exchange rates; reliance on third parties to manufacture products; possible shortages of equipment or materials needed to manufacture products; cybersecurity attacks and data breaches; system failures or outages; potential incompatibility of product with some or all industry standard software and hardware; increases in costs; adverse government regulations; regulatory compliance costs; litigation; taxes; indebtedness; and the ability to attract and retain high quality talent.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies, the company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zx1zYRWmIWGe" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Indirect Investment Risk. </b>The issuer is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the issuer and make no representation as to the performance of the issuer. Investing in the Fund is not equivalent to investing in the issuer. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the issuer.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_zOSNzvJxbyjl" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the issuer during the shareholder’s holding period. For a fund aiming to replicate two times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart, the Fund would be expected to lose 6.1% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="3" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr> <td rowspan="2" style="border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>One Year<br/>Performance of the<br/>Underlying Stock</b></span></td> <td rowspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>200% of One Year</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Performance of the<br/>Underlying Stock</b></span></p> </td> <td colspan="7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Volatility of the Underlying Stock (annualized)</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>10%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>25%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>50%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>75%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>100%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>125%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>150%</b></span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 19%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-100.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center; width: 9%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-100.0%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.9%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-97.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-98.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.6%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-93.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-98.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.1%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-84.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-85.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-87.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-98.4%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-75.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-76.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-80.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-85.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-90.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-97.4%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-64.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-66.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-72.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-79.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-86.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-92.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.3%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-51.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-54.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-61.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-72.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-82.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-89.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.9%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-36.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-39.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-50.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-63.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-76.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-86.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-93.4%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-23.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-36.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-53.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-70.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-83.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.6%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-1.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-6.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-22.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-43.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-63.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-79.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-89.6%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">13.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-5.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-31.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-55.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-74.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-87.4%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">42.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">35.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-17.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-47.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-69.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-84.9%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">67.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">58.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">31.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-3.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-37.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-64.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-82.3%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">94.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">84.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">52.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">11.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-27.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-59.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-79.4%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">122.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">111.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">75.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">28.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-17.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-52.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-76.4%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">153.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">140.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">46.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-5.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-46.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-73.1%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">185.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">171.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">125.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">64.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">6.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-39.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-69.6%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">220.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">204.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">152.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">84.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">19.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-32.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-65.9%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">256.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">238.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">181.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">105.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">33.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-24.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-62.0%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">275.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">256.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">196.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">116.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">40.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-20.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-59.9%</span></td> </tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">200%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">295.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">275.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">211.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">128.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">47.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-16.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-57.8%</span></td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">The Underlying Stock’s annualized historical volatility rate for the five-year period ended May 31, 2026, was 49.3%. During this five-year period, the Underlying Stock’s highest volatility rate over a 12-month period was 56.0% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended May 31, 2026, was 2.3%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zmJd4o6uVEH1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Correlation Risk.</b> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zKpSQhKUD7X1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Intraday Investment Risk. </b>The intra-day performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade or the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zbeVh7EnQ32h" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_zvGBcm8Xi53b" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_z8iH4dMVCT5" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Swap Risk.</b> Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index. Total return swaps are subject to counterparty risk, which relates to credit risk of the counterparty and liquidity risk of the swaps themselves. The primary risks associated with the use of swaps are mispricing or improper valuation, imperfect correlation between movements of the notional value of a swap and the price of the reference asset, and the failure of a counterparty to perform. If a swap counterparty’s creditworthiness for an “over-the-counter” swap declines, the value of the swap would also likely decline. There is no guarantee that the Fund could eliminate its exposure under an outstanding swap by entering into offsetting swap with the same or another party. The number of counterparties available to enter into swaps with the Fund is limited. The risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8B_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zcKro7090ay8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Counterparty Risk.</b> A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zV0Oq7pNhcUa" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>China Risk.</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in the People’s Republic of China (“China” or the “PRC”) and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. Investments in Chinese securities, including those that are Hong Kong-listed and U.S.-listed securities, subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span>Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span>In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund. In addition, worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. This may also result in market volatility and volatility in the price of Fund shares.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span>In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span>Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements or due to worsening relations between the U.S. and China, which would significantly decrease the liquidity and value of the securities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span>The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zTGdhCZnUPH9" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Emerging Markets Risk. </b>The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_ztg2C9x4vh21" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Trading Halt Risk.</b> Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules. In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zpIQrMEhQxV" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--LatinAmericaRiskMember_zUVAscNn7Xr" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Latin America Risk.</b> Latin America has long suffered from political, economic, and social instability. This has meant additional risk caused by periods of regional conflict, political corruption, totalitarianism, protectionist measures, nationalization, hyperinflation, debt crises and defaults, sudden and large currency devaluation, and intervention by the military in civilian and economic spheres. While some Latin American governments have experienced privatization of state-owned companies and relaxation of trade restrictions, future free-market economic reforms are uncertain, and political unrest could result in significant disruption in securities markets in the region. The economies of certain Latin American countries have experienced high interest rates, economic volatility, inflation and high unemployment rates. Adverse economic events in one country may have a significant adverse effect on other Latin American countries.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Commodities (such as oil, gas and minerals) represent a significant percentage of the region’s exports and many economies in this region are particularly sensitive to fluctuations in commodity prices. Some markets are in areas that have historically been prone to natural disasters or are economically sensitive to environmental events, and a natural disaster could have a significant adverse impact on the economies in the geographic region.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Many Latin American countries have high levels of debt, which may stifle economic growth, contribute to prolonged periods of recession and adversely impact the Fund.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--BrazilRiskMember_zv5t2dLbH5U8" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Brazil Risk.</b> Investing in Brazilian issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to Brazil. Agricultural and mining exports are important to the Brazilian economy, which thus is susceptible to fluctuations in the commodity markets. The Brazilian economy has experienced high inflation and high government debt levels, which could constrain economic growth. Brazil may face heightened risks of political instability, which could exacerbate structural economic risks.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--EcommerceRiskMember_zWyMnu9rfLxf" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>E-Commerce Risk.</b> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to e-commerce risk. E-commerce companies are subject to various risks that may cause significant losses, including risks related to warehousing and logistics capacity and deficiency issues, online security, system reliability, privacy failures, customer disputes, payment fraud, and website traffic decreases. Laws generally vary by country, including the application of taxes, which may create challenges for some e-commerce companies seeking to achieve scale. Companies in the e-commerce sector are especially subject to the adverse effects of economic recession and competition from new entrants in their fields of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zbi1xxRJ5I53" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Consumer Discretionary Sector Risk. </b>The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zgM9ITtxAggk" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><span><b><i>Authorized Participants Concentration Risk.</i></b> The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b><i>International Closed Market Trading Risk.</i></b> To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zaFlJaWY5Nf1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Fund’s shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zsg0irYJ4j08" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on Krane’s success or failure to implement investment strategies for the Fund. Krane’s evaluations and assumptions regarding investments, markets, trends, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zorH7tCiCOd3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_z47OuDWPSUZ1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Non-Diversified Fund Risk.</b> <span id="xdx_90B_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zsdIxBwwfZN4">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zBb8kTWl0RF1" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Rebalancing Risk. </b>If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zbslhRySqCEj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A82_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zxdQVNNurKhj" style="font: 10pt Times New Roman, Times, Serif;text-align: justify; margin-top: 0; margin-bottom: 0"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zo18gQvi9Ij4" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A88_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zhb04sLoAcs3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A87_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_z2TpowfMaiXf" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</p> Performance Information <p id="xdx_A85_eoef--PerformanceNarrativeTextBlock_zap9xX3VAIV3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0"><span id="xdx_90F_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member_zAGldZNvXGKc">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span> Once available, the Fund’s current performance information will be available at <span id="xdx_902_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member_zjRFMAViIOUi">www.kraneshares.com</span>. <span id="xdx_907_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000091101Member_z4kTwhgijrZg">Past performance does not necessarily indicate how the Fund will perform in the future.</span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. KraneShares 2x Long PDD Daily ETF Investment Objective <p id="xdx_A80_eoef--ObjectivePrimaryTextBlock_z1DqGKRVlUVi" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the ADR of PDD Holdings Inc. (NASDAQ: PDD).</span></p> Fees and Expenses of the Fund <p id="xdx_A87_eoef--ExpenseNarrativeTextBlock_zh042J2choej" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The following table describes the fees and expenses you may pay if you buy, hold and sell shares of the Fund. <b>You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</b></span></p> <div id="xdx_A8A_eoef--ShareholderFeesTableTextBlock_zR42EtngrHI3"></div> <table cellpadding="3" cellspacing="0" id="xdx_A50_dU_zmn6CBdy1MG8" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Shareholder Fees"> <tr> <td style="border: black 1pt solid; vertical-align: bottom; width: 85%; background-color: #dcdcdc"><b>Shareholder Fees</b> (fees paid directly from your investment)</td> <td style="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; white-space: nowrap; vertical-align: bottom; text-align: right; width: 15%"><span title="Shareholder Fees (fees paid directly from your investment)"><span id="xdx_90D_eoef--ShareholderFeeOther_dn_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member__oef--ClassAxis__custom--C000255786Member_z2SxgHEkWVJ9" title="Shareholder Fees (fees paid directly from your investment)">None</span></span></td></tr> </table> <div></div> <div></div> 0 <div id="xdx_A80_eoef--AnnualFundOperatingExpensesTableTextBlock_zyMW8rfDjjI6"></div> <table cellpadding="3" cellspacing="0" id="xdx_A5F_dU_zTrNuEM1WQe4" style="font: 10pt Times New Roman, Times, Serif;border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Annual Fund Operating Expenses"> <tr style="vertical-align: bottom"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; background-color: #dcdcdc; width: 85%"> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><b>Annual Fund Operating Expenses</b> <br/> (expenses that you pay each year as a percentage of the value of your investment)</p> </td> <td id="xdx_497_20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member__oef--ClassAxis__custom--C000255786Member_z7IlCYZxiWp7" style="border-right: black 1pt solid; border-bottom: black 1pt solid; vertical-align: bottom; text-align: right; white-space: nowrap; width: 15%"> </td></tr> <tr id="xdx_405_eoef--ManagementFeesOverAssets_dpn_z6pPiLGZuJMj"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: #dcdcdc">Management Fees</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">1.25%</td></tr> <tr id="xdx_400_eoef--DistributionAndService12b1FeesOverAssets_dpn_zTd05zXWKiM4"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: #dcdcdc">Distribution and/or Service (12b-1) Fees<span id="xdx_F47_zFV1tKZpJHrf">*</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">0.00%</td></tr> <tr id="xdx_406_eoef--OtherExpensesOverAssets_dpn_zaCdWS4AsdMe"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-left: 0.125in; vertical-align: bottom; background-color: #dcdcdc">Other Expenses</td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">0.01%</td></tr> <tr id="xdx_40F_eoef--ExpensesOverAssets_dpn_zHdo1iQBrW39"> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; vertical-align: bottom; background-color: #dcdcdc"><b>Total Annual Fund Operating Expenses</b><span id="xdx_F4C_zSs8YsAFtksk">**</span></td> <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: right; white-space: nowrap; vertical-align: bottom">1.26%</td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif;margin-top: 0pt; margin-bottom: 0pt; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td> <td id="xdx_F07_zGSJIOcZg3Jc" style="width: 0.35in; text-align: left">*</td> <td id="xdx_F19_zGIvYzmVqWp1" style="text-align: justify"> Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan.</td> </tr> <tr style="vertical-align: top; text-align: justify"> <td></td> <td id="xdx_F03_zQenSrOQzwbl" style="text-align: left">**</td> <td id="xdx_F1B_zHEXyZIzR1B" style="text-align: justify">The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, was 0.30% for the fiscal year ending March 31, 2026.</td> </tr> </table> 0.0125 0.0000 0.0001 0.0126 Example <p id="xdx_A8E_eoef--ExpenseExampleNarrativeTextBlock_zAJZ41Bjy9Bd" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be:</span></p> <div id="xdx_A8A_eoef--ExpenseExampleWithRedemptionTableTextBlock_zPpnoUr6smOi"></div> <table cellpadding="3" cellspacing="0" id="xdx_A53_dU_zM9dq4oNNng1" style="font: 10pt Times New Roman, Times, Serif;margin-left: auto; border-collapse: collapse; width: 100%; margin-right: auto" summary="xdx: Disclosure - Expense Example"> <tr style="vertical-align: bottom; background-color: Gainsboro"> <td id="xdx_489_eoef--ExpenseExampleYear01_zYCXJH5Uu5Re" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 25%; font-weight: bold; text-align: center"><span>1 Year</span></td> <td id="xdx_488_eoef--ExpenseExampleYear03_zCoaqu1yBk12" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; width: 25%; font-weight: bold; text-align: center"><span>3 Year</span></td> <td id="xdx_487_eoef--ExpenseExampleYear05_zZ3sdvoOjIu9" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; vertical-align: bottom; text-align: center; width: 25%"><b>5 Year</b></td> <td id="xdx_488_eoef--ExpenseExampleYear10_zRkVYXqdgmVj" style="border: Black 1pt solid; vertical-align: bottom; text-align: center; width: 25%"><b>10 Years</b></td></tr> <tr id="xdx_41C_20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member__oef--ClassAxis__custom--C000255786Member_zDc3TJIPLKb" style="vertical-align: bottom; background-color: White"> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$128</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$400</td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$692</td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">$1,523</td></tr> </table> 128 400 692 1523 Portfolio Turnover <p id="xdx_A85_eoef--PortfolioTurnoverTextBlock_zysBQgFhSLn7" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. For the fiscal year ending March 31, 2026, the Fund’s portfolio turnover rate was <span id="xdx_909_eoef--PortfolioTurnoverRate_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member_zF37XqmyAFTi">0</span></span>% of the average value of its portfolio.</p> 0 Principal Investment Strategies <p id="xdx_A84_eoef--StrategyNarrativeTextBlock_zbHPX9Xoyer9" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in the Underlying Stock and financial instruments, such as swap agreements and options, that, in combination, provide notional investment exposure of two times (200%) the performance of the Underlying Stock. For purposes of this 80% policy, derivatives will be counted based on their notional value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally, the Fund will invest in the Underlying Stock and enter into swap agreements on the Underlying Stock as it attempts to replicate two times (200%) the daily percentage change of the Underlying Stock. The Fund aims to generate two times the daily performance of the Underlying Stock for a single day. A “single day” is defined as being calculated “from the close of regular trading on one trading day to the close on the next trading day.”</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The Fund will enter into one or more swap agreements with major financial institutions for a specified period ranging from a day to more than one year whereby the Fund and the financial institution will agree to exchange the return (or differentials in rates of return) earned or realized on the Underlying Stock. The gross return to be exchanged or “swapped” between the parties is calculated with respect to a “notional amount,” e.g., the return on or change in value of a particular dollar amount representing the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will attempt to achieve its investment objective without regard to overall market movement or the increase or decrease of the value of the Underlying Stock. Generally, the Fund pursues its investment objective regardless of market conditions and does not generally take defensive positions. If the Fund needs to take a temporary defensive position, it may result in the Fund not achieving its investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The impact of the Underlying Stock’s price movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. For example, if the price of the Underlying Stock has risen on a given day, net assets of the Fund should rise, meaning that the Fund’s exposure will need to be increased. Conversely, if the price of the Underlying Stock has fallen on a given day, net assets of the Fund should fall, meaning the Fund’s exposure will need to be reduced. This daily rebalancing typically results in high portfolio turnover.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund may invest in: (1) government securities, such as bills, notes and bonds issued by the U.S. Treasury; (2) cash and cash equivalents, including money market funds and repurchase agreements; (3) short-term bond funds and exchange-traded funds (“ETFs”), which can include affiliated ETFs; and/or (4) corporate or other non-government fixed-income securities, such as commercial paper and other short-term unsecured promissory notes. These may serve as collateral for the Fund’s investments in financial instruments, such as swap agreements and options.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Fund is non-diversified. Due to the Fund’s investment strategies, the Fund will concentrate its investment in the particular industry to which its Underlying Stock is assigned (<i>i.e.</i>, hold 25% of more its total assets in investments that provide exposure to which the Underlying Stock is assigned). As of March 31, 2026, the Underlying Stock is assigned to the consumer discretionary sector and the consumer discretionary distribution and retail industry.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time. It is even possible, due to the result of daily rebalancing, the Underlying Stock’s volatility and the effects of compounding, that the Fund will lose money over time while the Underlying Stock’s performance increases over a period longer than a single day.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>THE FUND, KRANESHARES TRUST, AND KRANE FUNDS ADVISORS, LLC (“KRANE” OR “ADVISER”) ARE NOT AFFILIATED WITH THE UNDERLYING STOCK.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>PDD Holdings Inc. is a multinational commerce group that owns and operates a diverse portfolio of businesses. The company provides an e-commerce platform, which offers a wide selection of merchandise and promotes an interactive shopping experience through its team purchase model. PDD is registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Information provided to or filed with the Securities and Exchange Commission by PDD Holdings Inc. pursuant to the Exchange Act can be located by reference to the Securities and Exchange Commission file number 001-38591 through the Securities and Exchange Commission’s website at www.sec.gov. In addition, information regarding PDD Holdings Inc. may be obtained from other sources including, but not limited to, press releases, newspaper articles and other publicly disseminated documents.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>The Fund has derived all disclosures contained in this document regarding PDD Holdings Inc. (PDD) from the publicly available documents described above. Neither the Fund, the Trust, the Adviser nor any affiliate has participated in the preparation of such documents. Neither the Fund, the Trust, the Adviser nor any affiliate makes any representation that such publicly available documents or any other publicly available information regarding PDD Holdings Inc. is accurate or complete. Furthermore, the Fund cannot give any assurance that all events occurring prior to the date of the prospectus (including events that would affect the accuracy or completeness of the publicly available documents described above) that would affect the trading price of PDD have been publicly disclosed. Subsequent disclosure of any such events or the disclosure of, or failure to disclose, material future events concerning PDD Holdings Inc. could affect the value of the Fund’s investments with respect to PDD and therefore the value of the Fund.</b></span></p> <p id="xdx_A82_eoef--RiskTextBlock_zlBdKBrX79pj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As with all ETFs, a shareholder of the Fund is subject to the risk that his or her investment could lose money. The Fund may not achieve its investment objective and an investment in the Fund is not by itself a complete or balanced investment program. <span id="xdx_907_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member__oef--RiskAxis__oef--RiskNotInsuredDepositoryInstitutionMember_zS2hYXj5IdK5">An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span></span> <span id="xdx_90C_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member__oef--RiskAxis__oef--RiskLoseMoneyMember_zASgordQtjWl">An investment in the Fund involves the risk of total loss.</span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to these risks, the Fund is subject to a number of additional principal risks that may affect the Fund’s performance, net asset value (“NAV”) and trading price, including:</span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> An investment in the Fund is not a deposit with a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. An investment in the Fund involves the risk of total loss. <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--PddHoldingsIncInvestingRiskMember_zQ1iVTlSnPBb" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>PDD Holdings Inc. Investing Risk.</b> Issuer-specific attributes may cause an investment held by the Fund to be more volatile than the market generally. The value of an individual security or particular type of security may be more volatile than the market as a whole and may perform differently from the value of the market as a whole. As of the date of this prospectus, in addition to the risks associated with companies in the consumer discretionary sector, PDD faces risks associated with: the highly competitive nature of the e-commerce industry; economic and market uncertainty; reductions in demand for its products; potential concentration of revenues in a few large clients; geopolitical events and pandemics; adequate protection of technology or other intellectual property; exchange rates; reliance on third parties to manufacture products; possible shortages of equipment or materials needed to manufacture products; cybersecurity attacks and data breaches; system failures or outages; potential incompatibility of product with some or all industry standard software and hardware; increases in costs; adverse government regulations; regulatory compliance costs; litigation; taxes; indebtedness; and the ability to attract and retain high quality talent.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by trends in commerce, and cloud computing, changes in the economic conditions in China and globally, international trade policies, the company’s investment transactions and changes in governmental regulations. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--IndirectInvestmentRiskMember_zYuTk7r8K8Z2" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indirect Investment Risk. </b>The issuer is not affiliated with the Trust, the Adviser or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund. The Trust, the Fund and any affiliate are not responsible for the performance of the issuer and make no representation as to the performance of the issuer. Investing in the Fund is not equivalent to investing in the issuer. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the issuer.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--EffectsOfCompoundingAndMarketVolatilityRiskMember_z4WOYFl88isj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effects of Compounding and Market Volatility Risk.</b> The Fund seeks daily investment results, before fees and expenses, of two times (200%) the daily percentage change of the Underlying Stock and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the Underlying Stock’s performance, before fees and expenses. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Fund is held and the volatility of the issuer during the shareholder’s holding period. For a fund aiming to replicate two times the daily performance of an Underlying Stock, if adverse daily performance of the Underlying Stock reduces the amount of a shareholder’s investment, any further adverse daily performance will lead to a smaller dollar loss because the shareholder’s investment had already been reduced by the prior adverse performance. Equally, however, if the favorable daily performance of the Underlying Stock increases the amount of a shareholder’s investment, the dollar amount lost due to future adverse performance will increase because the shareholder’s investment has increased.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The chart below provides examples of how Underlying Stock volatility could affect the Fund’s performance. Fund performance for periods greater than one single day can be estimated given any set of assumptions for the following factors: a) Underlying Stock volatility; b) Underlying Stock’s performance; c) period of time; d) financing rates associated with leveraged exposure; e) other Fund expenses; and f) the Underlying Stock’s dividends. The chart below illustrates the impact of two principal factors – Underlying Stock volatility and performance – on Fund performance. The chart shows estimated Fund returns for a number of combinations of Underlying Stock volatility and performance over a one-year period. Performance shown in the chart assumes that (i) there were no Fund expenses; and (ii) borrowing rates (needed to obtain a leveraged long exposure) of 0%. If Fund expenses and/or actual borrowing/lending rates were reflected, the estimated returns would be lower than those shown. Particularly during periods of higher Underlying Stock volatility, compounding will cause results for periods longer than a trading day to vary from the performance of the Underlying Stock. As shown in the chart, the Fund would be expected to lose 6.1% if the Underlying Stock provided no return over a one-year period during which the Underlying Stock experienced annualized volatility of 25%. At higher ranges of volatility, there is a chance of a significant loss of value in the Fund, even if the Underlying Stock return is flat.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">For instance, if the Underlying Stock annualized volatility is 100%, the Fund would be expected to lose 63.3% of its value, even if the cumulative Underlying Stock return for the year was 0%. Areas shaded red (or dark gray) represent those scenarios where the Fund can be expected to return less than 200% of the performance of the Underlying Stock and those shaded green (or light gray) represent those scenarios where the Fund can be expected to return more than 200% of the performance of the Underlying Stock. The Fund’s actual returns may be significantly better or worse than the returns shown below as a result of any of the factors discussed above or in “Tracking Error Risk” below.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="3" cellspacing="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td rowspan="2" style="border: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>One Year<br/> Performance of the<br/> Underlying Stock</b></span></p></td> <td rowspan="2" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>200% of One Year</b></span></p> <p style="font: 8pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Performance of the<br/> Underlying Stock</b></span></p></td> <td colspan="7" style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Volatility of the Underlying Stock (annualized)</b></span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>10%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>25%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>50%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>75%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>100%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>125%</b></span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>150%</b></span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 19%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-100.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; width: 9%; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-100.0%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-97.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-98.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-93.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-98.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-99.1%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-84.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-85.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-87.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-98.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-75.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-76.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-80.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-85.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-90.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-97.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-64.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-66.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-72.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-79.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-86.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-92.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-96.3%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-51.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-54.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-61.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-72.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-82.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-89.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-94.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-36.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-39.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-50.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-63.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-76.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-86.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-93.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-23.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-36.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-53.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-70.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-83.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-91.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-1.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-6.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-22.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-43.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-63.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-79.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-89.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">10%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">19.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">13.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-5.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-31.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-55.5%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-74.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-87.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">20%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">42.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">35.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">12.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-17.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-47.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-69.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-84.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">30%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">67.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">58.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">31.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-3.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-37.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-64.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-82.3%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">40%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">94.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">84.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">52.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">11.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-27.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-59.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-79.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">50%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">122.6%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">111.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">75.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">28.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-17.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-52.9%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-76.4%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">60%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">120%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">153.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">140.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">99.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">46.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-5.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-46.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-73.1%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">70%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">140%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">185.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">171.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">125.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">64.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">6.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-39.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-69.6%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">80%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">160%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">220.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">204.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">152.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">84.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">19.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-32.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-65.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">90%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">180%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">256.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">238.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">181.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">105.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">33.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-24.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-62.0%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">95%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">190%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">275.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">256.7%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">196.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">116.8%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">40.1%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-20.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-59.9%</span></td></tr> <tr style="font: 8pt Times New Roman, Times, Serif; vertical-align: top"> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">100%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">200%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">295.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C6DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">275.2%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #C4DFB3; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">211.3%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">128.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">47.4%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-16.0%</span></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; background-color: #DA8E85; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">-57.8%</span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">The Underlying Stock’s annualized historical volatility rate for the five-year period ended May 31, 2026, was 67.9%. During this five-year period, the Underlying Stock’s highest volatility rate over a 12-month period was 58.6% and volatility for a shorter period of time may have been substantially higher. The Underlying Stock’s annualized performance for the five-year period ended May 31, 2026, was -9.8%. Historical volatility and performance are not indications of what the Underlying Stock volatility and performance will be in the future. The volatility of instruments that reflect the value of the Underlying Stock, such as swaps, may differ from the volatility of the Underlying Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--CorrelationRiskMember_zhyyLywY24Ef" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Correlation Risk.</b> A number of factors may affect the Fund’s ability to achieve a high degree of correlation with Underlying Stock, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund’s NAV each day may differ, perhaps significantly in amount, and possibly even direction, from 200% of the percentage change of Underlying Stock on such day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">In order to achieve a high degree of correlation with Underlying Stock, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially under- or overexposed to Underlying Stock may prevent the Fund from achieving a high degree of correlation with Underlying Stock and may expose the Fund to greater leverage risk. Market disruptions or closure, regulatory restrictions, market volatility, illiquidity in the markets for the financial instruments in which the Fund invests, and other factors will adversely affect the Fund’s ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by Underlying Stock’s movements, including intraday movements. Because of this, it is unlikely that the Fund will have perfect 200% exposure during the day or at the end of each day and the likelihood of being materially under- or overexposed is higher on days when Underlying Stock is volatile, particularly when Underlying Stock is volatile at or near the close of the trading day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">A number of other factors may also adversely affect the Fund’s correlation with Underlying Stock, including fees, expenses, transaction costs, financing costs associated with the use of derivatives, income items, valuation methodology, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may take or refrain from taking positions in order to improve tax efficiency, comply with regulatory restrictions, or for other reasons, each of which may negatively affect the Fund’s correlation with Underlying Stock. The Fund may also be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being under- or overexposed to Underlying Stock. Additionally, the Fund’s underlying investments and/or reference assets may trade on markets that may not be open on the same day as the Fund, which may cause a difference between the changes in the daily performance of the Fund and changes in the performance of Underlying Stock. Any of these factors could decrease correlation between the performance of the Fund and Underlying Stock and may hinder the Fund’s ability to meet its daily investment objective on or around that day.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--IntradayInvestmentRiskMember_zhKwTS6vngza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Intraday Investment Risk. </b>The intra-day performance of Fund shares traded in the secondary market will be different from the performance of the Fund when measured from the close of the market on a given trading day until the close of the market on the subsequent trading day. An investor that purchases shares intra-day may experience performance that is greater than, or less than, the Fund’s stated investment objective.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is a significant intra-day market event and/or the securities experience a significant change in value, the Fund may not meet its investment objective or may be unable to rebalance its portfolio appropriately, resulting in significant losses or reduced gains. In response to significant intraday market volatility, among other actions, the Adviser may determine to trade a portion or all of the rebalance trade or the Fund prior to market close, which may result in the Fund not achieving its investment objective. Additionally, the Fund’s Shares traded on the secondary market may experience significant premiums or discounts, or widened bid-ask spreads.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--LeverageRiskMember_zmn4Db5KU8El" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>Leverage Risk.</b> The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Fund could theoretically lose an amount greater than its net assets in the event the Underlying Stock declines more than 50%. Leverage will also have the effect of magnifying any differences in the Fund performance’s correlation with the Underlying Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">Due to the limited availability of necessary investments or financial instruments, the Fund could, among other things, as a defensive measure, limit or suspend creations or redemptions of Creation Units until the adviser determines that the requisite exposure to the Underlying Stock is obtainable. During the period that creation or redemptions are affected, the Fund’s shares could trade at a significant premium or discount to their net asset value or the bid-ask spread of the Fund’s shares could widen significantly. In the case of a period during which creations are suspended, the Fund could experience significant redemptions, which may cause the Fund to sell portfolio securities at unfavorable prices and increased transaction and other costs and make greater taxable distributions to shareholders of the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--DerivativesRiskMember_z9KhfEoV1QEa" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Derivatives Risk.</b> The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which 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 derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (“OTC”) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to government regulations, the Fund’s portfolio turnover rate is calculated without regard to most derivatives. As a result, the Fund’s portfolio turnover may be low despite relatively high portfolio activity. High portfolio turnover or high portfolio activity may increase the Fund’s brokerage commission costs and other transaction costs and may negatively impact the Fund’s performance. Such portfolio turnover or activity also may generate net short-term capital gains.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"><span></span></div> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--SwapRiskMember_zLO3DlvOCXoe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Swap Risk. </b>Swap agreements are entered into primarily with major global financial institutions for a specified period which may range from one day to more than one year. In a standard swap transaction, two parties agree to exchange the return (or differentials in rates of return) earned or realized on particular predetermined reference or underlying securities or instruments. The gross return to be exchanged or swapped between the parties is calculated based on a notional amount or the return on or change in value of a particular dollar amount invested in a basket of securities representing a particular index. Total return swaps are subject to counterparty risk, which relates to credit risk of the counterparty and liquidity risk of the swaps themselves. The primary risks associated with the use of swaps are mispricing or improper valuation, imperfect correlation between movements of the notional value of a swap and the price of the reference asset, and the failure of a counterparty to perform. If a swap counterparty’s creditworthiness for an “over-the-counter” swap declines, the value of the swap would also likely decline. There is no guarantee that the Fund could eliminate its exposure under an outstanding swap by entering into offsetting swap with the same or another party. The number of counterparties available to enter into swaps with the Fund is limited. The risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make or, in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--CounterpartyRiskMember_zg6ox4L3eOKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Counterparty Risk.</b> A counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations. If this occurs, it could result in a reduction in the NAV of the Fund and could impair the Fund’s ability to achieve its investment objective. The counterparty risk associated with the Fund’s investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--ChinaRiskMember_zbUqnVASyCni" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>China Risk.</b> The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in the People’s Republic of China (“China” or the “PRC”) and surrounding Asian countries and may demonstrate significantly higher volatility from time to time in comparison to developed markets. Investments in Chinese securities, including those that are Hong Kong-listed and U.S.-listed securities, subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. In addition, the Chinese economy is export-driven and highly reliant on trading with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The RMB is not freely convertible, but rather is subject to approval of PRC authorities. Although Chinese authorities have indicated an intent to move to a freely convertible RMB, there is no assurance that repatriation restrictions will not continue. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency convertibility, interest rate fluctuations and higher rates of inflation. China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund. In addition, worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China. This may also result in market volatility and volatility in the price of Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make Chinese securities illiquid.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Disclosure and regulatory standards in emerging market countries, such as China, are in many respects less stringent than U.S. standards. There is substantially less publicly available information about Chinese issuers than there is about U.S. issuers. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements or due to worsening relations between the U.S. and China, which would significantly decrease the liquidity and value of the securities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The tax laws and regulations in China are somewhat unclear and are subject to change, possibly with retroactive effect. The interpretation, application and enforcement of such laws and regulations by the applicable authorities may vary over time and from region to region, and could have an adverse effect on the Fund and its shareholders, particularly in relation to tax imposed upon foreign investors’ capital gains. Uncertainties in Chinese tax rules could result in unexpected tax liabilities for the Fund.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--EmergingMarketsRiskMember_zp5opzxYfAsj" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Emerging Markets Risk. </b>The Fund may invest in markets that are considered to be “emerging.” Investing in securities listed and traded in emerging markets may be subject to additional risks associated with emerging market economies. Such risks may include: (i) greater market volatility, (ii) greater risk of asset seizures and capital controls, (iii) lower trading volume and liquidity, (iv) greater social, political and economic uncertainty, (v) governmental controls on foreign investments and limitations on repatriation of invested capital, (vi) lower disclosure, corporate governance, auditing and financial reporting standards, (vii) fewer protections of property rights, (viii) restrictions on the transfer of securities or currency, and (ix) settlement and trading practices that differ from U.S. markets. Emerging markets are generally less liquid and less efficient than developed securities markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Investments in emerging markets may be considered speculative.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8D_eoef--RiskTextBlock_hoef--RiskAxis__custom--TradingHaltRiskMember_zEJqztqdcrAg" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Trading Halt Risk.</b> Although the Underlying Stock’s shares are listed for trading on an exchange, there can be no assurance that an active trading market for such shares will be available at all times and the exchange may halt trading of such shares in certain circumstances. A halt in trading in the Underlying Stock’s shares is expected, in turn, to result in a halt in the trading in the Fund’s shares. Trading in the Underlying Stock’s and/or Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Underling Stock’s and/or Fund’s shares inadvisable. In addition, trading in Underlying Stock’s and/or Fund’s shares on an exchange is subject to trading halts caused by extraordinary market volatility pursuant to exchange “circuit breaker” rules. In the event of a trading halt for an extended period of time, the Fund may be unable to execute arrangements with swap counterparties that are necessary to implement the Fund’s investment strategy.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConcentrationRiskMember_zYKfMRg0spJe" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Concentration Risk. </b>From time to time, based on market or economic conditions, the Fund may have significant positions in one or more sectors or industries of the market. To the extent the Fund invests more heavily in particular sectors, its performance will be especially sensitive to developments that significantly affect those sectors. Individual sectors may be more volatile, and may perform differently, than the broader market. The industries that constitute a sector may all react in the same way to economic, political or regulatory events. Thus, the Fund is subject to loss due to adverse occurrences that affect one industry or group of industries or sector. While the Fund’s sector and industry exposure is expected to vary over time, the Fund is currently subject to the principal risks of the sectors and industries disclosed herein.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--EcommerceRiskMember_zwExyQbUGH2d" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>E-Commerce Risk.</b> The performance of the Underlying Stock, and consequently the Fund’s performance, is subject to e-commerce risk. E-commerce companies are subject to various risks that may cause significant losses, including risks related to warehousing and logistics capacity and deficiency issues, online security, system reliability, privacy failures, customer disputes, payment fraud, and website traffic decreases. Laws generally vary by country, including the application of taxes, which may create challenges for some e-commerce companies seeking to achieve scale. Companies in the e-commerce sector are especially subject to the adverse effects of economic recession and competition from new entrants in their fields of business.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--ConsumerDiscretionarySectorRiskMember_zfuGpsMIJxs" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Consumer Discretionary Sector Risk.</b> The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products in the marketplace.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A85_eoef--RiskTextBlock_hoef--RiskAxis__custom--ETFRiskMember_zT6XaN2JZDda" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>ETF Risk.</b> As an ETF, the Fund is subject to the following risks:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Premium/Discount Risk</i>. </b>There may be times when the market price of the Fund’s shares is more than the NAV intra-day (at a premium) or less than the NAV intra-day (at a discount). As a result, shareholders of the Fund may pay more than NAV when purchasing shares and receive less than NAV when selling Fund shares. This risk is heightened in times of market volatility or periods of steep market declines. In such market conditions, market or stop loss orders to sell Fund shares may be executed at prices well below NAV.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Secondary Market Trading Risk.</i></b> Investors buying or selling shares in the secondary market may pay brokerage commissions, which may be a significant proportional cost for investors buying or selling relatively small amounts of shares. Secondary market trading is subject to bid-ask spreads and trading in Fund shares may be halted by the Exchange because of market conditions or other reasons. Although the Fund’s shares are listed on the Exchange, there can be no assurance that an active trading market for shares will develop or be maintained or that the Fund’s shares will continue to be listed. Trading in the Fund’s shares on the exchange may be halted due to market conditions or for reasons that, in the view of the exchange, make trading in the Fund’s shares inadvisable, such as extraordinary market volatility. In the event of a trading halt for an extended period of time, the Fund may be unable to execute its investment strategy and shareholders may be unable to liquidate any position in Fund shares.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>Authorized Participants Concentration Risk. </i></b>The Fund has a limited number of financial institutions that may act as Authorized Participants. To the extent they exit the business or are otherwise unable to proceed in creation and redemption transactions with the Fund and no other Authorized Participant is able to step forward to create or redeem, shares of the Fund may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash Transactions Risk.</i></b> Because the Fund may effect its creations and redemptions at least partially or fully for cash, rather than in-kind securities, an investment in the Fund may be less tax-efficient than an investment in other ETFs as the Fund may recognize a capital gain that it could have avoided by making redemptions in-kind. Cash transactions may involve considerable transaction expenses and taxes, including brokerage fees, that might not have occurred if the Fund utilized in-kind transactions. To the extent any costs associated with cash transactions are not offset by any transaction fees payable by an Authorized Participant, the Fund’s performance could be negatively impacted.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b><i>International Closed Market Trading Risk. </i></b>To the extent the Fund’s investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund’s NAV. As a result, Shares may appear to trade at a significant discount or premium to NAV greater than those incurred by other ETFs. In addition, shareholders may not be able to purchase or redeem their shares of the Fund, or purchase or sell shares of the Fund on the Exchange, on days when the NAV of the Fund could be significantly affected by events in the relevant non-U.S. markets.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A86_eoef--RiskTextBlock_hoef--RiskAxis__custom--HighPortfolioTurnoverRiskMember_zojanZwgplo" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>High Portfolio Turnover Risk.</b> Daily rebalancing of the Fund’s holdings pursuant to its daily investment objective causes a much greater number of portfolio transactions when compared to most ETFs. Additionally, active secondary market trading of the Fund’s shares could cause more frequent creation and redemption activities, which would increase the number of portfolio transactions. High levels of portfolio transactions may cause higher transaction costs because of increased broker commissions resulting from such transactions and increased taxable capital gains. The Fund calculates portfolio turnover without including the short-term cash instruments or derivative transactions that comprise most of the Fund’s trading. As such, if the Fund’s extensive use of derivative instruments were reflected, the calculated portfolio turnover rate would be significantly higher.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A84_eoef--RiskTextBlock_hoef--RiskAxis__custom--ManagementRiskMember_zj4NxVWtciik" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify; text-indent: 0in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Management Risk.</b> The Fund is actively-managed and may not meet its investment objective based on Krane’s success or failure to implement investment strategies for the Fund. Krane’s evaluations and assumptions regarding investments, markets, trends, and other factors may not successfully achieve the Fund’s investment objective given actual market conditions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A89_eoef--RiskTextBlock_hoef--RiskAxis__custom--MarketRiskMember_zkghXZrkVCB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Market Risk.</b> The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors, including those in foreign countries, or changes in global trade relationships could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods and can occur suddenly and unexpectedly. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify">Artificial intelligence, including machine learning technology and generative artificial intelligence (collectively, “artificial intelligence”), is rapidly evolving. While the full extent of current or future risks related thereto is not possible to predict, artificial intelligence could significantly disrupt the business models and markets in which the Fund invests and subject the Fund or issuers in which it invests to increased competition, legal and regulatory risks and compliance costs, any of which could have a material adverse effect on the Fund or the business, financial condition and results of operations of the issuers in which it invests. The Fund’s service providers, or the issuers of securities in which the Fund invests may utilize artificial intelligence technologies in business operations. It is possible that the information provided through the use of artificial intelligence could be insufficient, incomplete, inaccurate or biased, or constitute infringement of third-party intellectual property rights, leading to adverse effects for the Fund, including, potentially, operational errors, cybersecurity vulnerabilities and investment losses. Moreover, technological developments in, and the increasingly widespread use of, artificial intelligence technologies may pose risks to the Manager and the Fund. For instance, the Fund may be exposed to competitive risks related to the adoption of artificial intelligence or other new technologies by others within the industry. In addition, investments in technology systems and artificial intelligence by the Manager may not deliver the benefits the Fund expects.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--NonDiversifiedFundRiskMember_zainXQRBYeTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Non-Diversified Fund Risk.</b> <span id="xdx_904_eoef--RiskTextBlock_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member__oef--RiskAxis__oef--RiskNondiversifiedStatusMember_zGhRqtPGdTl7">Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> Because the Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance. <p id="xdx_A8C_eoef--RiskTextBlock_hoef--RiskAxis__custom--RebalancingRiskMember_zvrXqlRpP27g" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rebalancing Risk. </b>If for any reason the Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to the Underlying Stock that is significantly greater or less than its stated multiple. As a result, the Fund may be more exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A81_eoef--RiskTextBlock_hoef--RiskAxis__custom--TaxRiskMember_zEucrT3A6rc" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><b>Tax Risk.</b> In order to qualify for the favorable tax treatment available to regulated investment companies, the Fund must satisfy certain income, asset diversification and distribution requirements each year. The Fund’s pursuit of its investment strategy will potentially be limited by the Fund’s intention to qualify for such treatment and could adversely affect the Fund’s ability to so qualify. The Fund may make certain investments, the treatment of which for these purposes is unclear. The Fund’s investments in issuers whose control persons are not certain creates a risk that tax authorities may retrospectively deem the Fund to have failed the asset diversification requirements. If the Fund were to fail the favorable tax treatment requirements, it would be taxed in the same manner as an ordinary corporation, which would adversely affect its performance.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_A8E_eoef--RiskTextBlock_hoef--RiskAxis__custom--FixedIncomeSecuritiesRiskMember_zkzwo2qkY1Yl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;text-align: justify"><b>Fixed Income Securities Risk.</b> Fixed income securities are subject to credit risk and interest rate risk. Credit risk refers to the possibility that the issuer of a security will not make timely interest payments or repay the principal of the debt issued (i.e., default on its obligations). A downgrade or default on securities held by the Fund could adversely affect the Fund’s performance. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. Interest rate risk refers to fluctuations in the value of a debt resulting from changes in the level of interest rates. When interest rates go up, the prices of most debt instruments generally go down; and when interest rates go down, the prices of most debt instruments generally go up. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile. Interest rates have recently increased and may continue increasing, thereby heightening the risks associated with rising interest rates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_A8F_eoef--RiskTextBlock_hoef--RiskAxis__custom--InvestmentsInInvestmentCompaniesRiskMember_zuwJHQxA3Fhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Investments in Investment Companies Risk.</b> The Fund may invest in other investment companies, including those advised, sponsored or otherwise serviced by Krane and/or its affiliates. The Fund will indirectly be exposed to the risks of investments by such funds and will incur its pro rata share of the underlying fund’s expenses. Additionally, investments in ETFs are subject to ETF Risk. Krane is subject to conflicts of interest in allocating Fund assets to investment companies that are advised, sponsored or otherwise serviced by Krane and/or its affiliates. To the extent that the Fund invests in investment companies or other pooled investment vehicles that are not registered pursuant to the 1940 Act, it will not enjoy the protections of the U.S. law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A83_eoef--RiskTextBlock_hoef--RiskAxis__custom--CashAndCashEquivalentsRiskMember_zSNpZth3bX29" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cash and Cash Equivalents Risk. </b>The Fund may hold cash or cash equivalents. Generally, such positions offer less potential for gain than other investments. This is particularly true when the market for other investments in which the Fund may invest is rapidly rising. If the Fund holds cash uninvested it will be subject to the credit risk of the depositing institution holding the cash.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <div style="display: none"></div> <div style="display: none"><span></span></div> <p id="xdx_A8A_eoef--RiskTextBlock_hoef--RiskAxis__custom--OperationalAndCybersecurityRiskMember_zxvxeuVtTHwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Operational and Cybersecurity Risk. </b>The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></p> Performance Information <p id="xdx_A86_eoef--PerformanceNarrativeTextBlock_z1TDGwsngE32" style="font: 10pt Times New Roman, Times, Serif; margin: 0;text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eoef--PerformanceInformationIllustratesVariabilityOfReturns_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member_zWlGpwZLblN3">Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance.</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once available, the Fund’s current performance information is available at <span id="xdx_908_eoef--PerformanceAvailabilityWebSiteAddress_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member_zMmXPHsFVJml">www.kraneshares.com</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">. <span id="xdx_90C_eoef--PerformancePastDoesNotIndicateFuture_c20260729__20260729__dei--LegalEntityAxis__custom--S000089271Member_zQEAx37Ppkb9">Past performance does not necessarily indicate how the Fund will perform in the future.</span></span></p> Once the Fund has completed a full calendar year of operations, a bar chart and table will be included in this Prospectus that will provide some indication of the risks of investing in the Fund by showing the variability of the Fund’s return based on net assets and comparing the variability of the Fund’s return to a broad measure of market performance. www.kraneshares.com Past performance does not necessarily indicate how the Fund will perform in the future. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” will differ from those presented in the Fund’s Financial Highlights. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” will differ from those presented in the Fund’s Financial Highlights. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.23% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board. The Custom Blended KBA Index consists of the MSCI China A Index from the inception of the Fund through October 23, 2014, the MSCI China A International Index from October 23, 2014 through December 26, 2017, the MSCI China A Inclusion Index from December 26, 2017 through May 29, 2019, the MSCI China A Index from May 29, 2019 through January 5, 2022, and the MSCI China A 50 Connect Index after January 4, 2022. As described in the prior sentence, the Fund sought investment results that, before fees and expenses, corresponded to the price and yield performance of the various indices for the various time periods noted. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement” will differ from those presented in the Fund’s Financial Highlights. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Although the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) receives 10% of the net revenue generated by the Fund’s securities lending activities and such amount is included in “Other Expenses,” the Fund receives 90% of such net revenues. Please see the “Management” section of the Prospectus for more information. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Based on estimated amounts for the current fiscal year. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). Based on estimated amounts for the current fiscal year. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Although the Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”) receives 10% of the net revenue generated by the Fund’s securities lending activities and such amount is included in “Other Expenses,” the Fund receives 90% of such net revenues. Please see the “Management” section of the Prospectus for more information. The Custom Blended KARS Index consists of the Solactive Electric Vehicles and Future Mobility Index from the inception of the Fund through June 15, 2021 and the Bloomberg Electric Vehicles Total Return Index going forward. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement” will differ from those presented in the Fund’s Financial Highlights. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.10% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Based on estimated amounts for the current fiscal year. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Based on estimated amounts for the current fiscal year. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares of other investment companies (such as exchange-traded funds). They are not direct operating expenses paid by Fund shareholders and are not used to calculate the Fund’s net asset value (“NAV”). In addition, “Acquired Fund Fees and Expenses” will not be reflected in the Fund’s Financial Statements in its shareholder report. Therefore, the amounts listed in “Total Annual Fund Operating Expenses” will differ from those presented in the Fund’s Financial Highlights. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Krane has contractually agreed to waive its management fee by 0.14% per year of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.35% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The MSCI Global China Infrastructure Exposure Index (Net) reflects the reinvestment of any cash distributions after deduction of any withholding tax using the maximum rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Krane has contractually agreed to waive its management fee by 0.30% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.10% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Based on estimated amounts for the current fiscal year. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.04% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, was 0.36% for the fiscal year ending March 31, 2026. The Fund’s investment adviser, Krane Funds Advisors, LLC (“Krane” or “Adviser”), has contractually agreed to waive its management fee by 0.27% of the Fund’s average daily net assets (“Fee Waiver”). The Fee Waiver will continue until August 1, 2028, and may only be terminated prior thereto by the Board. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets was 0.68% from Fund inception November 19, 2025, through the fiscal year ending March 31, 2026. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets was 0.35% from Fund inception October 14, 2025, through the fiscal year ending March 31, 2026. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. Based on estimated amounts for the current fiscal year. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, was 0.41% from Fund inception, June 11, 2025 through the fiscal year ending March 31, 2026. Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. The cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of investing in swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, was 0.30% for the fiscal year ending March 31, 2026.