KRBN — KraneShares Global Carbon ETF ☆

The investment seeks to provide a total return that, before fees and expenses, exceeds that of the IHS Markit Global Carbon Index (the ''index'') over a complete market cycle. The fund invests to maintain exposure to carbon credit futures contracts ("carbon credit futures") that are the same as or similar to those included in the index and to exceed the performance of the index through direct or indirect investment in debt instruments. The index is designed to track a portfolio of liquid carbon credit futures with "physical delivery" of emissions allowances issued under "cap and trade" programs. It is non-diversified.