KraneShares MSCI All China Consumer Discretionary Index ETF

The investment seeks to provide investment results that, before fees and expenses, track the price and yield performance of the MSCI China All Shares Consumer Discretionary Index. Under normal circumstances, the fund will invest at least 80% of its total assets in components of the underlying index, depositary receipts. The underlying index is a free float adjusted market capitalization weighted index, subject to the 10/40 Constraint, which is designed to measure the equity market performance of Chinese companies in the consumer discretionary sector. The fund is non-diversified.