KHBM KraneShares High-Bandwidth Memory ETF

The Fund seeks growth of capital by investing at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of High-Bandwidth Memory Companies and other instruments that provide exposure to High-Bandwidth Memory Companies. For purposes of the 80% policy, such other instruments include options, futures and swap contracts on High-Bandwidth Memory Companies. Investments in derivatives will be counted at notional value for purposes of the 80% policy. The Fund defines “High-Bandwidth Memory Companies” as companies 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 semiconductor memory products: High-bandwidth memory (“HBM”) technology, dynamic random-access technology (“DRAM”), and Not-And (“NAND”) flash memory or solid-state drive (“SSD”) technologies that utilize NAND flash memory.

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.