Strategy. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to such securities, including depositary receipts. The Underlying Index reflects the large- and mid-cap Chinese renminbi (RMB)-denominated equity securities listed on the Shenzhen or Shanghai Stock Exchanges (A-Shares) that are accessible through the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect programs (together, the Stock Connect Programs). The Underlying Index is constructed by selecting the two securities with the largest weights in each of the 11 Global Industry Classification Standard (GICS ) sectors in the large-capitalization portion of the MSCI China A Index (the Parent Index). … Show more… Under normal circumstances, the Fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of the Underlying Index and other instruments that have economic characteristics similar to such securities, including depositary receipts. The Underlying Index reflects the large- and mid-cap Chinese renminbi (RMB)-denominated equity securities listed on the Shenzhen or Shanghai Stock Exchanges (A-Shares) that are accessible through the Shanghai-Hong Kong Stock Connect or Shenzhen-Hong Kong Stock Connect programs (together, the Stock Connect Programs). The Underlying Index is constructed by selecting the two securities with the largest weights in each of the 11 Global Industry Classification Standard (GICS ) sectors in the large-capitalization portion of the MSCI China A Index (the Parent Index). The remaining securities are selected from the Parent Index by largest security weight until the total security count reaches 50. The Underlying Index constituents are then weighted based on (a) the free-float market capitalization weights of the Parent Index and (b) the GICS sector weight allocation of the Parent Index. A-Shares are issued by companies incorporated in mainland China. Under current regulations in the Peoples Republic of China (China or the PRC), foreign investors can invest in A-Shares only through certain institutional investors that have obtained a license from the Chinese regulators or through the Stock Connect Programs. Bosera Asset Management (International) Co., Ltd. (Bosera), the Funds sub-adviser, has received a license as a Qualified Foreign Investor (QFI) from the China Securities Regulatory Commission (CSRC). In addition, the Fund may invest in A-Shares through the Stock Connect Programs. The Fund may invest up to 20% of its assets in instruments that are not included in the Underlying Index, but that Krane and/or Bosera believes will help the Fund track the Underlying Index. These investments may include equity securities and depositary receipts of issuers whose securities are not constituents of the Underlying Index, derivative instruments (including swaps, futures, forwards, structured notes and options), other investment companies (including exchange traded funds or ETFs) and cash or cash equivalents (including money market funds). The other investment companies in which the Fund may invest may be advised, sponsored or otherwise serviced by Krane, Bosera and/or its affiliates. In addition to China A-Shares, which are described above, the Fund may invest in the following China-related securities: ? China B-Shares, which are shares of companies listed on the Shanghai or Shenzhen Stock Exchange but quoted and traded in foreign currencies (such as Hong Kong Dollars or U.S. Dollars), which were primarily created for trading by foreign investors. ? China H-Shares, which are shares of companies incorporated in mainland China and listed on the Hong Kong Stock Exchange (H-Shares), where they are traded in Hong Kong dollars and may be traded by foreign investors. ? China N-Shares, which are shares of companies with business operations in mainland China and listed on an American stock exchange, such as NYSE or NASDAQ (N-Shares). ? P-Chips, which are shares of private sector companies with a majority of their business operations in mainland China and controlling private Chinese shareholders, which are incorporated outside of mainland China and traded on the Hong Kong Stock Exchange in Hong Kong dollars. ? Red Chips, which are shares of companies with a majority of their business operations in mainland China and controlled by the central, provincial or municipal governments of the PRC, whose shares are traded on the Hong Kong Stock Exchange in Hong Kong dollars. ? S-Chips, which are shares of companies with business operations in mainland China and listed on the Singapore Exchange. S-Chip shares are issued by companies incorporated anywhere, but many are registered in Singapore, the British Virgin Islands, the Cayman Islands, or Bermuda. Although the Fund expects to replicate (or hold all constituents of) the Underlying Index, the Fund reserves the right to use representative sampling to track the Underlying Index. Representative sampling is a strategy that involves investing in a representative sample of securities that collectively have an investment profile similar to the Underlying Index. As of May 31, 2025, the Underlying Index included 50 securities of companies with a market capitalization range of approximately $10.9 billion to $328.1 billion and an average market capitalization of approximately $71.4 billion. The Underlying Index is rebalanced and reconstituted quarterly. To the extent the Underlying Index is concentrated in a particular industry, the Fund is expected to be concentrated in that industry. As of May 31, 2025, issuers in the Financials sector (24.1%), Information Technology sector (16.0%), Industrials sector (15.4%), and Consumer Staples sector (11.7%) represented significant portions of the Underlying Index. The Underlying Index is provided by MSCI Inc. (Index Provider). The Fund may engage in securities lending. Show less