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Value Line Risk Disclosure

Value Line®, the Value Line® Logo, Timeliness™ and Safety™ are trademarks or registered trademarks of Value Line, Inc. and/or its affiliates in the United States and other countries. Used by permission. This Fund is not sponsored, endorsed, sold or promoted by Value Line Publishing LLC (“VLP”), Value Line, Inc. (“VLI”) or any of their affiliates (collectively, “VL”). VL makes no representation or warranty, express or implied, to the owners and advisors of the KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF or any member of the public regarding the advisability of investing in securities generally or in the KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF particularly. VL’s only relationship to Krane Funds Advisors LLC (“the Licensee”) in connection with this KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF is the Licensee’s right to license certain VL service marks and trade names and to use authorized advisory and sub-advisory service providers that license the Value Line® Safety™ Ranking System and the Value Line® Timeliness™ Ranking System (the “Ranks”), which are composed by VL without regard to the Licensee, this KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF or any investor. VL has no obligation to take the needs of the Licensee or any investor in the KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF into consideration in composing the Ranks. The KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF results may differ from the hypothetical or published results of the Ranks. VL is not responsible for and has not participated in the determination of the prices and composition of the KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF or the timing of the issuance for sale of the KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF or in the calculation of the equations by which the KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF is to be converted into cash. VL MAKES NO WARRANTY AND EXPRESSLY DISCLAIMS ALL WARRANTIES CONCERNING THE RANKS, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR ANY IMPLIED WARRANTIES ARISING FROM USAGE OF TRADE, COURSE OF DEALING OR COURSE OF PERFORMANCE, AND VL MAKES NO WARRANTY AS TO THE POTENTIAL PROFITS OR ANY OTHER BENEFITS THAT MAY BE ACHIEVED BY USING THE RANKS OR ANY INFORMATION OR MATERIALS GENERATED THEREFROM. VL DOES NOT WARRANT THAT THE RANKS WILL MEET ANY REQUIREMENTS OR THAT IT WILL BE ACCURATE OR ERROR-FREE. VL ALSO DOES NOT GUARANTEE ANY USES, INFORMATION, DATA OR OTHER RESULTS GENERATED FROM THE RANKS. VLP HAS NO OBLIGATION OR LIABILITY (I) IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR TRADING OF THIS KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF; OR (II) FOR ANY LOSS, DAMAGE, COST OR EXPENSE SUFFERED OR INCURRED BY ANY INVESTOR OR OTHER PERSON OR ENTITY IN CONNECTION WITH THIS KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF, AND IN NO EVENT SHALL VL BE LIABLE FOR ANY LOST PROFITS OR OTHER CONSEQUENTIAL, SPECIAL, PUNITIVE, INCIDENTAL, INDIRECT OR EXEMPLARY DAMAGES IN CONNECTION WITH THIS KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF, EVEN IF IT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. THE LICENSING AGREEMENT TO WHICH KRANE FUNDS ADVISORS, LLC IS A PARTY (THE “LICENSEE”) IS SOLELY FOR THEIR BENEFIT AND THE BENEFIT OF VL AND EAM, AND NOT FOR THE BENEFIT OF ANY OTHER OWNERS OF THE KRANESHARES VALUE LINE® DYNAMIC DIVIDEND EQUITY INDEX ETF OR ANY OTHER THIRD PARTIES.

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