KraneShares Asia Pacific High Income USD Bond 

The investment seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific fixed income securities index. The fund's current index is the Solactive USD China Corporate High Yield Bond Index. Under normal circumstances, the fund will invest at least 80% of its total assets in components of the underlying index and to-be-announced transactions representing such components. The underlying index seeks to track the performance of outstanding high yield debt securities denominated in U.S. dollars issued by Chinese companies. The fund is non-diversified.