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Ocean-Related Sector Risk

The Fund shares may be affected by events that adversely affect Ocean Related Companies, such as government regulation, institutional investor changes, climate changes and environmental events, new technologies, changes in consumer sentiment (particularly related to climate change) and spending and changes in government spending. Ocean Related Companies may be subject to liability for environmental damage, depletion of resources, conflicts with local communities over water rights and mandated expenditures for safety and pollution control. The Fund may underperform funds that do not invest primarily in Ocean Related Companies. Because the Fund’s strategy may be considered to be an “ESG” strategy and public opinion is strongly divided about ESG strategies, the Fund may not appeal to certain investors and may fail to attract significant assets.