KPHO

The KraneShares Dragon Capital Vietnam Growth Index ETF (the "Fund") seeks to provide investment results that, correspond generally to the price and yield performance of the Dragon Capital MerQube Vietnam Growth Index (the "Underlying Index"). The Underlying Index is designed to measure the performance of growth stocks listed on the Ho Chi Minh City Stock Exchange ("HOSE") and includes both equity securities and foreign exchange-traded funds ("ETFs"). The Underlying Index's equity securities must meet capitalization and liquidity requirements and be listed on HOSE. The Underlying Index's foreign ETFs consist of the Diamond ETFs, which are foreign ETFs that track the VN Diamond Index. The Fund currently expects to invest in a foreign ETF which is advised by an affiliate of Dragon Capital Management (HK) Limited (the "Sub-Adviser"). The index is comprised of companies that display attractive growth and value metrics, good corporate governance, and align with Vietnam's underlying growth drivers.