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Overview

The Fund seeks growth of capital by investing at least 80% of its net assets (plus borrowings for investment purposes) in the publicly-traded or privately offered securities of AI Energy Demand Companies and other instruments that have economic characteristics similar to such securities. In the case of publicly-traded securities, KraneShares determines whether a company is an “AI Energy Demand” company based on its proprietary assessment of whether the company derives at least 50% of its revenue, gross profit or revenue growth contribution from designing, developing and manufacturing:

  • AI Power Agreements & Contracted Generation: Power purchase agreements (“PPAs”) or equivalent contractual arrangements to supply dedicated electricity to artificial intelligence (“AI”) data center operators, hyperscale cloud providers, or other large-scale technology-driven power consumers. Owning, operating, or developing power generation assets—including nuclear, natural gas, coal, hydroelectric, geothermal, solar, wind, or hybrid facilities—from which contracted or anticipated output is materially directed toward AI or high-performance computing (“HPC”) load, and pursuing capacity additions, plant restarts, fuel conversions, or license renewals specifically in connection with AI-driven power demand.
  • Power Generation Technologies & Infrastructure: Electricity generation technologies across any fuel source, including nuclear fission reactors, natural gas-fired combined cycle and peaking plants, hydrogen and natural gas fuel cell systems, geothermal systems, hydroelectric facilities, and utility-scale solar and wind assets, supply chain components supporting these generation technologies, including fuel supply, reactor components, turbines, and generators, and engineering, procurement, and construction (“EPC”) and operations and maintenance (“O&M”) services for power generation facilities.
  • Grid Modernization & Electrical Infrastructure: High-voltage power transformers, switchgear, circuit breakers, electrical bus systems, and distribution equipment used to connect new generation capacity to load centers, electrical contracting, power grid construction, high-voltage transmission line installation, and substation engineering and procurement services, and power management electronics, electrical enclosures, and data center power distribution and conditioning systems.
  • On-Site & Distributed Power Systems: Distributed generation systems—including hydrogen and natural gas fuel cells, on-site reciprocating engine generators, microturbines, and other dispatchable behind-the-meter (“BTM”) generation technologies—designed to provide firm, uninterruptible power directly to data centers or industrial facilities, and microgrids, virtual power plants (“VPPs”), or integrated energy management systems that aggregate and optimize distributed generation assets to serve AI or HPC load.
  • Grid-Scale Energy Storage & Power Management: Grid-scale battery energy storage systems (“BESS”), flow batteries, long-duration energy storage (“LDES”) technologies, and pumped hydro or other mechanical storage systems that enhance the reliability, dispatchability, and resilience of power delivery to AI and HPC infrastructure, and energy management software, demand response platforms, and power analytics systems that optimize electricity procurement, consumption, or delivery for large-scale technology-driven power consumers.

Subject to Completion: The information in this advertisement is not complete and may be changed. We may not sell securities until the registration statement filed with the Securities and Exchange Commission is effective. This advertisement is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Preliminary Prospectus

©2026 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017 [email protected]

The fund has filed a registration statement with the Securities and Exchange Commission but it is not yet effective. An investment in the fund cannot be made, nor money accepted, until the registration statement is effective. An investor should consider the investment objectives, risks, and charges and expenses of the fund before investing. A preliminary prospectus which contains this and other information about the fund may be obtained by visiting SEC.gov. The information in the preliminary prospectus is not complete and may be changed. The final prospectus should be read carefully before investing, and when available may be obtained from the same source. This communication is not an offer to sell fund shares and is not soliciting an offer to buy fund shares in any state where the offer or sale is not permitted.

The Fund is non-diversified.

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund’s gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk 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 the derivative.

Narrowly focused investments typically exhibit higher volatility.

Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values.

The Fund is subject to non-U.S. issuers risk, which may be less liquid than investments in U.S. issuers, may have less governmental regulation and oversight, are typically subject to different investor protection standards than U.S. issuers, and the economic instability of the non-U.S. countries. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. The Fund may invest in Initial Public Offerings (IPOs). 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. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

Large capitalization companies may struggle to adapt fast, impacting their growth compared to smaller firms, especially in expansive times. This could result in lower stock returns than investing in smaller and mid-sized companies. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate which may cause the Fund to suffer losses. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be 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 trading halt.

The Fund may invest in private companies. Private companies involve greater risks than investments in securities of companies that have traded publicly on an exchange for extended periods of time. 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.

The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

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