# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001829126-26-001527
**Filing Date:** 2026-2
**Character Count:** 29823
**Document Hash:** 3d39254ab70b40810eef9f90e6ed434c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-001527.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001829126-26-001527

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**EFFECTIVENESS DATE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Krane Shares Trust
- **CENTRAL INDEX KEY:** 0001547576

**ORGANIZATION NAME:**
- **EIN:** 456861457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-180870
- **FILM NUMBER:** 26658700

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-933-0393

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### KraneShares CSI China Internet ETF (Series ID: S000041596)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| KraneShares CSI China Internet ETF | KWEB          | C000129136 |

---

### KraneShares MSCI China Clean Technology Index ETF (Series ID: S000049858)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| KraneShares MSCI China Clean Technology Index ETF | KGRN          | C000157444 |

---

### KraneShares Emerging Markets Consumer Technology Index ETF (Series ID: S000056077)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                 | Ticker Symbol | Class ID   |
| KraneShares Emerging Markets Consumer Technology Index ETF | KEMQ          | C000176655 |

---

### KraneShares MSCI One Belt One Road Index ETF (Series ID: S000056904)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                   | Ticker Symbol | Class ID   |
| KraneShares MSCI One Belt One Road Index ETF | OBOR          | C000180685 |

---

### KraneShares Asia Pacific High Income USD Bond ETF (Series ID: S000059793)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                        | Ticker Symbol | Class ID   |
| KraneShares Asia Pacific High Income USD Bond ETF | KHYB          | C000195632 |

---

### KraneShares MSCI All China Health Care Index ETF (Series ID: S000059796)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                       | Ticker Symbol | Class ID   |
| KraneShares MSCI All China Health Care Index ETF | KURE          | C000195635 |

---

### KraneShares Electric Vehicles and Future Mobility Index ETF (Series ID: S000061165)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                  | Ticker Symbol | Class ID   |
| KraneShares Electric Vehicles and Future Mobility Index ETF | KARS          | C000198139 |

---

### KraneShares MSCI China A Hedged Index ETF (Series ID: S000062619)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| KraneShares MSCI China A Hedged Index ETF | KBAH          | C000203109 |

---

### KraneShares Global Humanoid and Embodied Intelligence Index ETF (Series ID: S000063652)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                      | Ticker Symbol | Class ID   |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | KOID          | C000206147 |

---

### KraneShares MSCI Emerging Markets ex China Index ETF (Series ID: S000064914)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                           | Ticker Symbol | Class ID   |
| KraneShares MSCI Emerging Markets ex China Index ETF | KEMX          | C000210156 |

---

### Quadratic Interest Rate Volatility and Inflation Hedge ETF (Series ID: S000065362)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                 | Ticker Symbol | Class ID   |
| Quadratic Interest Rate Volatility and Inflation Hedge ETF | IVOL          | C000211437 |

---

### KraneShares Global Carbon Strategy ETF (Series ID: S000066286)

---

|  |  |  |
|:---|:---|:---|
| Class Name                             | Ticker Symbol | Class ID   |
| KraneShares Global Carbon Strategy ETF | KRBN          | C000214065 |

---

### KraneShares SSE STAR Market 50 Index ETF (Series ID: S000069005)

---

|  |  |  |
|:---|:---|:---|
| Class Name                               | Ticker Symbol | Class ID   |
| KraneShares SSE STAR Market 50 Index ETF | KSTR          | C000220718 |

---

### KraneShares Value Line(R) Dynamic Dividend Equity Index ETF (Series ID: S000069664)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                  | Ticker Symbol | Class ID   |
| KraneShares Value Line(R) Dynamic Dividend Equity Index ETF | KVLE          | C000222186 |

---

### KraneShares Hang Seng TECH Index ETF (Series ID: S000070105)

---

|  |  |  |
|:---|:---|:---|
| Class Name                           | Ticker Symbol | Class ID   |
| KraneShares Hang Seng TECH Index ETF | KTEC          | C000223017 |

---

### KraneShares Mount Lucas Managed Futures Index Strategy ETF (Series ID: S000070143)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                                 | Ticker Symbol | Class ID   |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | KMLM          | C000223083 |

---

### Quadratic Deflation ETF (Series ID: S000070938)

---

|  |  |  |
|:---|:---|:---|
| Class Name              | Ticker Symbol | Class ID   |
| Quadratic Deflation ETF | BNDD          | C000225265 |

---

### KraneShares California Carbon Allowance Strategy ETF (Series ID: S000072749)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                           | Ticker Symbol | Class ID   |
| KraneShares California Carbon Allowance Strategy ETF | KCCA          | C000229247 |

---

### KraneShares Eastern US Carbon Strategy ETF (Series ID: S000072751)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| KraneShares Eastern US Carbon Strategy ETF | KRGI          | C000229249 |

---

### KraneShares KWEB Covered Call Strategy ETF (Series ID: S000079434)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                 | Ticker Symbol | Class ID   |
| KraneShares KWEB Covered Call Strategy ETF | KLIP          | C000240471 |

---

### KraneShares Global EM Revenue Leaders Index ETF (Series ID: S000081606)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                      | Ticker Symbol | Class ID   |
| KraneShares Global EM Revenue Leaders Index ETF | KREV          | C000244533 |

---

### KraneShares 90% KWEB Defined Outcome January 2027 ETF (Series ID: S000083833)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                            | Ticker Symbol | Class ID   |
| KraneShares 90% KWEB Defined Outcome January 2027 ETF | KBUF          | C000247858 |

---

### KraneShares 100% KWEB Defined Outcome January 2027 ETF (Series ID: S000083834)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| KraneShares 100% KWEB Defined Outcome January 2027 ETF | KPRO          | C000247859 |

---

### KraneShares Hedgeye Hedged Equity Index ETF (Series ID: S000084734)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                  | Ticker Symbol | Class ID   |
| KraneShares Hedgeye Hedged Equity Index ETF | KSPY          | C000249202 |

---

### KraneShares China Alpha Index ETF (Series ID: S000085113)

---

|  |  |  |
|:---|:---|:---|
| Class Name                        | Ticker Symbol | Class ID   |
| KraneShares China Alpha Index ETF | KCAI          | C000249978 |

---

### KraneShares Artificial Intelligence and Technology ETF (Series ID: S000085506)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| KraneShares Artificial Intelligence and Technology ETF | AGIX          | C000250789 |

---

### KraneShares Sustainable Ultra Short Duration Index ETF (Series ID: S000085834)

---

|  |  |  |
|:---|:---|:---|
| Class Name                                             | Ticker Symbol | Class ID   |
| KraneShares Sustainable Ultra Short Duration Index ETF | KCSH          | C000251229 |

---

### KraneShares Man Buyout Beta Index ETF (Series ID: S000088090)

---

|  |  |  |
|:---|:---|:---|
| Class Name                            | Ticker Symbol | Class ID   |
| KraneShares Man Buyout Beta Index ETF | BUYO          | C000254137 |

---

### KraneShares 2x Long BABA Daily ETF (Series ID: S000089268)

---

|  |  |  |
|:---|:---|:---|
| Class Name                         | Ticker Symbol | Class ID   |
| KraneShares 2x Long BABA Daily ETF | KBAB          | C000255783 |

---

### KraneShares 2x Long BIDU Daily ETF (Series ID: S000089269)

---

|  |  |
|:---|:---|
| Class Name                         | Class ID   |
| KraneShares 2x Long BIDU Daily ETF | C000255784 |

---

### KraneShares 2x Long JD Daily ETF (Series ID: S000089270)

---

|  |  |
|:---|:---|
| Class Name                       | Class ID   |
| KraneShares 2x Long JD Daily ETF | C000255785 |

---

### KraneShares 2x Long PDD Daily ETF (Series ID: S000089271)

---

|  |  |  |
|:---|:---|:---|
| Class Name                        | Ticker Symbol | Class ID   |
| KraneShares 2x Long PDD Daily ETF | KPDD          | C000255786 |

---

### KraneShares 2x Long TSM Daily ETF (Series ID: S000089272)

---

|  |  |
|:---|:---|
| Class Name                        | Class ID   |
| KraneShares 2x Long TSM Daily ETF | C000255787 |

---

### KraneShares 2x Long ASML Daily ETF (Series ID: S000091099)

---

|  |  |
|:---|:---|
| Class Name                         | Class ID   |
| KraneShares 2x Long ASML Daily ETF | C000258494 |

---

### KraneShares 2x Long GRAB Daily ETF (Series ID: S000091100)

---

|  |  |
|:---|:---|
| Class Name                         | Class ID   |
| KraneShares 2x Long GRAB Daily ETF | C000258495 |

---

### KraneShares 2x Long MELI Daily ETF (Series ID: S000091101)

---

|  |  |
|:---|:---|
| Class Name                         | Class ID   |
| KraneShares 2x Long MELI Daily ETF | C000258496 |

---

### KraneShares 2x Long SE Daily ETF (Series ID: S000091102)

---

|  |  |
|:---|:---|
| Class Name                       | Class ID   |
| KraneShares 2x Long SE Daily ETF | C000258497 |

---

### KraneShares Wahed Alternative Income Index ETF (Series ID: S000094500)

---

|  |  |
|:---|:---|
| Class Name                                     | Class ID   |
| KraneShares Wahed Alternative Income Index ETF | C000263033 |

---

### KraneShares Dragon Capital Vietnam Growth Index ETF (Series ID: S000095396)

---

|  |  |
|:---|:---|
| Class Name                                          | Class ID   |
| KraneShares Dragon Capital Vietnam Growth Index ETF | C000264117 |

---

### KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (Series ID: S000095404)

---

|  |  |
|:---|:---|
| Class Name                                                         | Class ID   |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | C000264125 |

---

## Series and Classes Contracts Data

### KraneShares CSI China Internet ETF (Series ID: S000041596)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000129136 | KraneShares CSI China Internet ETF | KWEB            |

### KraneShares MSCI China Clean Technology Index ETF (Series ID: S000049858)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000157444 | KraneShares MSCI China Clean Technology Index ETF | KGRN            |

### KraneShares Emerging Markets Consumer Technology Index ETF (Series ID: S000056077)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000176655 | KraneShares Emerging Markets Consumer Technology Index ETF | KEMQ            |

### KraneShares MSCI One Belt One Road Index ETF (Series ID: S000056904)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000180685 | KraneShares MSCI One Belt One Road Index ETF | OBOR            |

### KraneShares Asia Pacific High Income USD Bond ETF (Series ID: S000059793)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000195632 | KraneShares Asia Pacific High Income USD Bond ETF | KHYB            |

### KraneShares MSCI All China Health Care Index ETF (Series ID: S000059796)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000195635 | KraneShares MSCI All China Health Care Index ETF | KURE            |

### KraneShares Electric Vehicles and Future Mobility Index ETF (Series ID: S000061165)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000198139 | KraneShares Electric Vehicles and Future Mobility Index ETF | KARS            |

### KraneShares MSCI China A Hedged Index ETF (Series ID: S000062619)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000203109 | KraneShares MSCI China A Hedged Index ETF | KBAH            |

### KraneShares Global Humanoid and Embodied Intelligence Index ETF (Series ID: S000063652)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000206147 | KraneShares Global Humanoid and Embodied Intelligence Index ETF | KOID            |

### KraneShares MSCI Emerging Markets ex China Index ETF (Series ID: S000064914)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000210156 | KraneShares MSCI Emerging Markets ex China Index ETF | KEMX            |

### Quadratic Interest Rate Volatility and Inflation Hedge ETF (Series ID: S000065362)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000211437 | Quadratic Interest Rate Volatility and Inflation Hedge ETF | IVOL            |

### KraneShares Global Carbon Strategy ETF (Series ID: S000066286)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000214065 | KraneShares Global Carbon Strategy ETF | KRBN            |

### KraneShares SSE STAR Market 50 Index ETF (Series ID: S000069005)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000220718 | KraneShares SSE STAR Market 50 Index ETF | KSTR            |

### KraneShares Value Line(R) Dynamic Dividend Equity Index ETF (Series ID: S000069664)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000222186 | KraneShares Value Line(R) Dynamic Dividend Equity Index ETF | KVLE            |

### KraneShares Hang Seng TECH Index ETF (Series ID: S000070105)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000223017 | KraneShares Hang Seng TECH Index ETF | KTEC            |

### KraneShares Mount Lucas Managed Futures Index Strategy ETF (Series ID: S000070143)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000223083 | KraneShares Mount Lucas Managed Futures Index Strategy ETF | KMLM            |

### Quadratic Deflation ETF (Series ID: S000070938)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000225265 | Quadratic Deflation ETF | BNDD            |

### KraneShares California Carbon Allowance Strategy ETF (Series ID: S000072749)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000229247 | KraneShares California Carbon Allowance Strategy ETF | KCCA            |

### KraneShares Eastern US Carbon Strategy ETF (Series ID: S000072751)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000229249 | KraneShares Eastern US Carbon Strategy ETF | KRGI            |

### KraneShares KWEB Covered Call Strategy ETF (Series ID: S000079434)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000240471 | KraneShares KWEB Covered Call Strategy ETF | KLIP            |

### KraneShares Global EM Revenue Leaders Index ETF (Series ID: S000081606)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000244533 | KraneShares Global EM Revenue Leaders Index ETF | KREV            |

### KraneShares 90% KWEB Defined Outcome January 2027 ETF (Series ID: S000083833)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000247858 | KraneShares 90% KWEB Defined Outcome January 2027 ETF | KBUF            |

### KraneShares 100% KWEB Defined Outcome January 2027 ETF (Series ID: S000083834)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000247859 | KraneShares 100% KWEB Defined Outcome January 2027 ETF | KPRO            |

### KraneShares Hedgeye Hedged Equity Index ETF (Series ID: S000084734)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000249202 | KraneShares Hedgeye Hedged Equity Index ETF | KSPY            |

### KraneShares China Alpha Index ETF (Series ID: S000085113)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000249978 | KraneShares China Alpha Index ETF | KCAI            |

### KraneShares Artificial Intelligence and Technology ETF (Series ID: S000085506)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000250789 | KraneShares Artificial Intelligence and Technology ETF | AGIX            |

### KraneShares Sustainable Ultra Short Duration Index ETF (Series ID: S000085834)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000251229 | KraneShares Sustainable Ultra Short Duration Index ETF | KCSH            |

### KraneShares Man Buyout Beta Index ETF (Series ID: S000088090)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000254137 | KraneShares Man Buyout Beta Index ETF | BUYO            |

### KraneShares 2x Long BABA Daily ETF (Series ID: S000089268)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255783 | KraneShares 2x Long BABA Daily ETF | KBAB            |

### KraneShares 2x Long BIDU Daily ETF (Series ID: S000089269)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255784 | KraneShares 2x Long BIDU Daily ETF |  |

### KraneShares 2x Long JD Daily ETF (Series ID: S000089270)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000255785 | KraneShares 2x Long JD Daily ETF |  |

### KraneShares 2x Long PDD Daily ETF (Series ID: S000089271)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000255786 | KraneShares 2x Long PDD Daily ETF | KPDD            |

### KraneShares 2x Long TSM Daily ETF (Series ID: S000089272)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000255787 | KraneShares 2x Long TSM Daily ETF |  |

### KraneShares 2x Long ASML Daily ETF (Series ID: S000091099)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000258494 | KraneShares 2x Long ASML Daily ETF |  |

### KraneShares 2x Long GRAB Daily ETF (Series ID: S000091100)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000258495 | KraneShares 2x Long GRAB Daily ETF |  |

### KraneShares 2x Long MELI Daily ETF (Series ID: S000091101)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000258496 | KraneShares 2x Long MELI Daily ETF |  |

### KraneShares 2x Long SE Daily ETF (Series ID: S000091102)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000258497 | KraneShares 2x Long SE Daily ETF |  |

### KraneShares Wahed Alternative Income Index ETF (Series ID: S000094500)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000263033 | KraneShares Wahed Alternative Income Index ETF |  |

### KraneShares Dragon Capital Vietnam Growth Index ETF (Series ID: S000095396)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000264117 | KraneShares Dragon Capital Vietnam Growth Index ETF |  |

### KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (Series ID: S000095404)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000264125 | KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF |  |

**KRANESHARES TRUST**

**Each series of KraneShares Trust listed in Appendix A**

**(each, a "Fund")**

**Supplement dated February 20, 2026**

**to the currently effective Prospectus and Statement of Additional Information,<br> as supplemented, for each Fund**

**This supplement provides new and additional information beyond that contained in each currently effective Prospectus and the Statement of Additional Information listed above and should be read in conjunction with the Prospectus and Statement of Additional Information.**

Krane Funds Advisors, LLC ("**Krane**" or the "**Adviser**"), the investment adviser to each Fund, recently entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "**Transaction**"). Pursuant to the requirements of the Investment Company Act of 1940, as amended ("**1940 Act**"), the closing of the Transaction will automatically terminate the current investment advisory agreement ("**Current IAA**") between Krane and the Trust, on behalf of each Fund, and for Funds that are sub-advised (as listed on Appendix B, the "**Sub-advised Funds**"), the investment sub-advisory agreement ("**Current Sub-IAAs**") between Krane and the relevant sub-adviser (as listed in Appendix B, "**Sub-advisers**").

In anticipation of the closing of the Transaction and to provide for a continuous investment program to the Funds, the Board of Trustees of the Funds ("**Board**") met at an in-person meeting on February 20, 2026 to review and consider a new investment advisory agreement between Krane and the Trust, on behalf of each Fund ("**New IAA**") and a new investment sub-advisory agreement for each of the Sub-advised Funds ("**New Sub-IAAs**"). At that meeting, the Board, including a majority of the members who are not "interested persons," as defined in the 1940 Act ("**Independent Trustees**"), unanimously approved a New IAA for each Fund and the New Sub-IAAs for the Sub-advised Funds. The terms of the New IAA and each New Sub-IAA are identical to the terms of the Current IAA and the relevant Sub-IAA, respectively, except as to their effective and termination dates.

The Board approved the new Sub-IAAs for the Sub-advised Funds with the Sub-advisers pursuant to a manager-of-managers exemptive order. This order permits Krane, subject to the approval of the Board, to appoint, terminate or replace a wholly-owned or unaffiliated sub-adviser without the need for shareholder approval. Accordingly, while shareholders of the Funds will be asked to approve the New IAA at a special meeting of each Fund's shareholders ("**Shareholder Meeting**"), shareholders of the Sub-advised Funds will not be asked to vote on the New Sub-IAAs at the Shareholder Meeting. In connection with the Shareholder Meeting, shareholders will receive a proxy statement that describes in greater detail the terms of the New IAA.

The closing of the Transaction is conditioned upon, among other matters, the vote of a majority of the outstanding shares of certain Funds approving the New IAA. In order to seek to ensure the continuity of management of the operational Funds in the event that the requisite vote is not obtained by the time the Transaction closes, the Board, including a majority of the Independent Trustees, unanimously approved an interim investment advisory agreement ("**Interim IAA**") between Krane and the Trust, on behalf of the Funds, pursuant to Rule 15a-4(b)(2) under the 1940 Act, and interim sub-advisory agreements ("**Interim Sub-IAAs**") between Krane and the Sub-advisers, pursuant to Rule 15a-4(b)(1), to become effective upon the closing of the Transaction. The terms of the Interim IAA and each Interim Sub-IAAs are identical to the terms of the Current IAA and the relevant Sub-IAA, respectively, except as required by law and the effective date. The Interim IAA and Sub-IAAs may remain in effect for up to 150 days after the closing of the Transaction, allowing such Funds to continue soliciting shareholders to approve the New IAA.

**APPENDIX A**

KraneShares 100% KWEB Defined Outcome January 2027 ETF (KPRO)

KraneShares 2x Long ASML Daily ETF (KASM)\*

KraneShares 2X Long BABA Daily ETF (KBAB)

KraneShares 2X Long BIDU Daily ETF (KBDU)

KraneShares 2x Long GRAB Daily ETF (KGRB)\*

KraneShares 2X Long JD Daily ETF (KJD)

KraneShares 2X Long MELI Daily ETF (KMLI)

KraneShares 2X Long PDD Daily ETF (KPDD)

KraneShares 2x Long SE Daily ETF (KSE)\*

KraneShares 2x Long TSM Daily ETF (KTSM)\*

KraneShares 90% KWEB Defined Outcome January 2027 ETF (KBUF)

KraneShares Artificial Intelligence and Technology ETF (AGIX)

KraneShares Asia Pacific High Income USD Bond ETF (KHYB)

KraneShares California Carbon Allowance Strategy ETF (KCCA)

KraneShares China Alpha Index ETF (KCAI)

KraneShares CSI China Internet ETF (KWEB)

KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO)

KraneShares Eastern US Carbon Strategy ETF (KRGI)\*

KraneShares Electric Vehicles and Future Mobility Index ETF (KARS)

KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ)

KraneShares Global Carbon Strategy ETF (KRBN)

KraneShares Global EM Revenue Leaders Index ETF (KREV)\*

KraneShares Global Humanoid and Embodied Intelligence Index ETF (KOID)

KraneShares Hang Seng TECH Index ETF (KTEC)

KraneShares Hedgeye Hedged Equity Index ETF (KSPY)

KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (KIQQ)

KraneShares KWEB Covered Call Strategy ETF (KLIP)

KraneShares Man Buyout Beta Index ETF (BUYO)

KraneShares Mount Lucas Managed Futures Index Strategy ETF (KMLM)

KraneShares MSCI All China Health Care Index ETF (KURE)

KraneShares MSCI China A Hedged Index ETF (KBAH)\*

KraneShares MSCI China Clean Technology Index ETF (KGRN)

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX)

KraneShares MSCI One Belt One Road Index ETF (OBOR)

KraneShares SSE STAR Market 50 Index ETF (KSTR)

KraneShares Sustainable Ultra Short Duration Index ETF (KCSH)

KraneShares Value Line® Dynamic Dividend Equity Index ETF (KVLE)

KraneShares Wahed Alternative Income Index ETF (KWIN)

Quadratic Deflation ETF (BNDD)

Quadratic Interest Rate Volatility and Inflation Hedge ETF (IVOL)

\* Funds are effective but not operational.

**APPENDIX B**

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| | |
|:---|:---|
| **Fund** | **Sub-Adviser** |
| KraneShares Asia Pacific High Income USD Bond ETF | Amova Asset Management Americas, Inc.<br> 605 Third Avenue, 38th Floor<br> New York, New York 10158 |
| KraneShares SSE STAR Market 50 Index ETF | Bosera Asset Management (International) Co., Ltd.<br> Jardine House, Suite 4109<br> One Connaught Place, Central, Hong Kong |
| KraneShares Global Carbon Strategy ETF<br> KraneShares California Carbon Allowance Strategy ETF | Climate Finance Partners LLC<br> 1000 N. West Street, Suite 1200, Wilmington, Delaware 19801 |
| KraneShares Dragon Capital Vietnam Growth Index ETF | Dragon Capital Management (HK) Limited<br> Unit 2406, 24/F.<br> 9 Queen's Road Central, Hong Kong, |
| KraneShares Artificial Intelligence and Technology ETF | Etna Capital Management Company Ltd<br> 1532 Nexxus Building, Connaught Road<br> Central, Hong Kong |
| KraneShares Hedgeye Hedged Equity Index ETF | Hedgeye Asset Management, LLC<br> 1 High Ridge Park, Third Floor, Stamford, Connecticut 06905 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | Mount Lucas Index Advisers LLC<br> 405 South State Street<br> Newtown, Pennsylvania 18940 |
| KraneShares Man Buyout Beta Index ETF | Numeric Investors LLC<br> 200 Pier 4 Boulevard, Fifth Floor<br> Boston, Massachusetts 02210 |
| Quadratic Interest Rate Volatility and Inflation Hedge ETF Quadratic Deflation ETF | Quadratic Capital Management LLC<br> 39 Lewis Street, Fourth Floor<br> Greenwich, Connecticut 06830 |
| KraneShares Wahed Alternative Income Index ETF | Wahed Invest LLC<br> 27 East 28th Street, 8th Floor<br> New York, New York 10016 |

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