KraneShares California Carbon Allowance ETF KCCA Strategy

The investment seeks to provide investment results that, before fees and expenses, track the performance of the S&P Carbon Credit CCA Index Excess Return, plus any returns from any available collateral. The index is comprised of futures contracts on emission allowances issued by a “cap and trade” regulatory regime that seeks to reduce greenhouse gas emissions over time. The fund will invest at least 80% of its net assets in instruments that provide exposure to California Carbon Allowances. It is non-diversified.