KraneShares Global Carbon ETF KRBN Strategy

The investment seeks to provide investment results that, before fees and expenses, track the performance of the S&P Global Carbon Credit Index Excess Return, plus any returns from any available collateral. The advisor attempts to maintain exposure to carbon credit futures that are substantially the same as those included in the index. The index is comprised of futures contracts on emission allowances issued by various “cap and trade” regulatory regimes that seek to reduce greenhouse gas emissions over time. It is non-diversified.