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.

Fund prospectus is effective. Fund has not yet listed.