KBUF

KBUF utilizes a defined outcome strategy on the KraneShares CSI China Internet ETF (KWEB). It aims to provide long exposure to China internet stocks, up to a cap, while hedging some of the downside risk over a two-year period. The fund primarily invests in KWEB and options, including FLEX options, that reference the underlying ETF. In exchange for preventing the realization of the first 90% of KWEB's losses, investors forego upside participation above a certain threshold. The upside cap and downside buffer reset every other year, in January. The specific defined outcome pursued may only be possible if an investor were to hold the shares for the entire outcome period. However, there is no guarantee the defined outcome of the strategy pursued will be realized by investors. The issuer publishes effective interim levels daily on its website. The targeted buffers and caps do not include the fund's expense ratio. For comparative purposes, KBUF investors need to double the stated expense ratio of the fund.