KraneShares Man Buyout Beta Index ETF

Under normal circumstances, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in instruments in its underlying index or in instruments with economic characteristics similar to those in the index. The index is designed to provide a proxy for private equity performance and risk exposures by focusing on small- and mid-capitalization stocks that have characteristics similar to companies in private equity buyout funds. The fund is non-diversified.