Key Investor Information This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. You are advised to read it so you can make an informed decision about whether to invest. KraneShares MSCI China Clean Technology Index UCITS ETF Class USD Shares KraneShares MSCI China Clean Technology Index UCITS ETF (the “Fund”) Class USD Shares (ISIN: IE000Y61WD48) (the “Class”) A Fund of KraneShares ICAV (the “ICAV”). The Fund is managed by Waystone Management Company (IE) Limited (the “Manager”). Objectives and investment policy The Fund seeks to deliver the performance generally corresponding to Regulation and Article 6 of the Taxonomy Regulation. the performance of the investable universe of publicly traded China The Fund seeks to hold all the securities of the Index with the Clean Technology Companies in the industrial, utility, real estate and approximate weightings that they have in the Index. The Fund seeks to technology sectors whose primary business or businesses involve create a near mirror image of the Index but may, in certain circumstances contributing to a more environmentally sustainable economy by making purchase securities that are not included in the Index. Although the Index more efficient use of scarce natural resources or by mitigating is generally well diversified, because of the market it reflects, depending environmental degradation through working to lessen environmentalon market conditions, the Fund may, in order to track the Index damage. accurately, hold positions in individual constituents of the Index up to 20% The Fund is passively managed and will seek to achieve its objective by of the Fund’s Net Asset Value. The Fund does not intend to use financial tracking the performance of the MSCI China IMI Environment 10/40 derivative instruments. Index (the “Index”) as closely as possible. Under normal circumstances, Save in exceptional circumstances, the Fund will only issue and redeem the Fund invests at least 80% of its net assets in securities issued by shares of the Fund (“Shares”) to certain institutional investors. However, China Clean Technology Companies or in depositary receipts other investors may purchase or sell Shares through brokers on one or representing securities of the Index. Depositary receipts are securities more stock exchanges. The Shares trade on these stock exchanges at issued by a financial institution which evidence ownership interests in amarket prices which may fluctuate throughout the day. Market prices may security or a pool of securities deposited with the financial institution. The be greater or less than the daily net asset value of the Fund. Index is designed to measure the equity market performance of ChineseThe Fund may engage in securities lending but does not intend to use Clean Technology Companies (“Companies”). The China Cleanrepurchase agreements or total return swaps. The Fund may invest up to Technology Companies derive at least 50% of their revenues from (1) 10% of its net asset value in other regulated collective investment alternative energy; (2) sustainable water; (3) green building; (4) pollution schemes, including other exchange traded funds. prevention; and (5) energy efficiency. The Fund contributes substantiallyShareholders may redeem Shares on any Business Day (as defined in to the climate change mitigation objective, as the economic activities ofthe Fund supplement) and any other day at the Directors’ discretion the China Clean Technology Companies substantially contribute to the provided Shareholders are notified in advance. A list of dealing days for stabilisation of greenhouse gas concentrations in the atmosphere. Thethe Fund is published on https://kraneshares.eu/. Fund seeks to promote a combination of ESG characteristics, within the The Fund’s base currency and the class currency of this Class is U.S. meaning of Article 8 of the Sustainable Finance Disclosure Regulation. Dollar. The Fund’s income will be reinvested and the Fund does not in- In light of this, the Fund promotes environmental characteristics, while tend to declare dividends. investing in companies with good governance and provides disclosures Please refer to the ICAV’s prospectus and the supplement in respect of in accordance with Article 8 of the Sustainable Finance Disclosure the Fund for more information. Risk and reward profile Lower risk Higher risk• Concentration Risk: The Fund may invest in a relatively small number of investments or concentrate its investments in a specific 1 2 3 4 5 6 7industry sector. As a result, investments may be more volatile than a more diversified investment. Typically lower rewards Typically higher rewards • Country Concentration: As the Fund focuses its investments in a particular economic or geographical area, issues affecting these areas The risk category above is not a measure of capital loss or gains but of will have a greater effect on the Fund than if its investments were more how significant the rises and falls in the Fund's return are predicted to diversified. This concentration may also limit the Shares’ liquidity. be. • The risk reward category shown is based on historic data which may • Emerging Market including China: Investments in emerging market including China may involve a higher risk of financial loss than not be a reliable indication for future performance of the Fund. investments in more developed countries due to lower liquidity and • The risk category shown is not guaranteed and may shift over time. possible lack of adequate, legal, social, political and economic • The higher the category, the greater potential for reward, but also thestructures, protection and stability as well as uncertain tax positions. greater the risk of losing the investment. • Liquidity Risk: In stressed market conditions, the nature of the Fund's • The lowest category does not mean risk free. assets may result in the Fund not being able to process all redemption • The Fund is in category 7. The Fund is in this category due to the requests in line with its usual procedures and timeframes. nature of its investments and their recent price volatility. This means that the Shares may be subject to significant increases and decreases • Index Tracking Risk: The Fund’s performance may not track the Index exactly. This can result from market fluctuations, changes in the in price. composition of the Index, transaction costs, the costs of making Significant risks for the Fund not taken into account in this indicator changes to the Fund’s portfolio and other Fund expenses. include the following: • Index Related Risk: The Fund tracks the performance of the Index. • Sustainability Risk: A sustainability risk could materialise as an ESG As a result, the net asset value of the Fund's assets is directly event causing material negative impact on the Fund’s investment. It dependent on the performance of the Index. Losses that could be can represent a risk of their own or have an impact to other risk avoided via active management will not be offset. factors. Page 1 of 2 • Risk related to Stock Connect Programs: The Fund may be investing market conditions, sometimes rapidly or unpredictably. If a company in China A Shares via the Shanghai – Hong Kong Stock Connect and thegoes through bankruptcy or a similar financial restructuring, its shares Shenzhen-Hong Kong Stock Connect which may entail additionalin issue typically lose most or all of their value. clearing and settlement, regulatory, operational and counterparty risks. For full details of the relevant risks reference should be made to the •Equity Risk: The value of equity securities may go down as well as up in risk factors sections of the prospectus and supplement. response to the performance of individual companies and generalCharges The charges you pay are used to pay the costs of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment. One-off charges taken before or after you invest The entry and exit charges shown are maximum figures. In some cases you might pay less – you can find this out from your financial Entry charge 0.00% adviser. Entry and exit charges are not applicable to investors buying/selling Exit Charge 0.00% Shares on a stock exchange, but such investors will do so at market prices and may be subject to broker fees and/or other charges. These are the maximum charges that we might take out of your money before it is The ongoing charges figure is based on expenses for the year ended invested and before we pay out the sale proceeds of your investment. In some cases, 31 December 2024. The ongoing charges figure is an estimate based you might pay less and you should speak to your financial adviser about this. on the expected total charges. This figure may vary from year to year. Charges taken from the Fund over a year It excludes portfolio transaction costs, except in the case of an entry/exit charge by the Fund when buying or selling units in another Ongoing Charge0.78% collective investment scheme. For more information about charges, please make reference to Charges taken from the Fund under specific conditions fees and expenses section of the prospectus and supplement. Performance Fee 0.00% Past performance1.3You should be aware that past performance is not a guide to future performance. 1% Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges. Fund launch date: 12/10/2023. Share class launch date: 12/10/2023 0% Performance is calculated in: USD 0.1 20202021 202220232024Class USD SharesMSCI China IMI Environment 10/40 Practical information • The Depositary is SEI Investments – Depositary and Custodial Services (Ireland) Limited. • Further information about the Fund including copies of the prospectus, the supplement in respect of the Fund, annual audited reports and accounts (once available) and the most recent subscription and repurchase prices may be obtained in English free of charge from https://kraneshares.eu/. •The indicative net asset value per share of the Fund is available on major market data vendor terminals, including Bloomberg, Reuters. •Details of the Manager’s current remuneration policy are available on www.Waystone.com or alternatively a paper copy may be obtained, free of charge, at the registered office of the Manager, upon request. •This key investor information document relates to the Class. More specific information about the Fund, including how to buy, sell and switch Shares, may be found in the prospectus and the supplement. •The ICAV is structured as an umbrella fund with segregated liability between its Funds. This means that the assets and liabilities of each Fund are segregated by law, so that an investor should have no claims over the assets of a Fund in which they do not own shares. •The ICAV is subject to the tax laws and regulations of Ireland. Depending on your country of residence, this might have an impact on your personal tax position. You are advised to seek professional tax advice. •The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsis- tent with the relevant parts of the prospectus and supplement for the Fund. This ICAV is authorised as a UCITS in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. This Key Investor Information is accurate as at: 20/02/2025 Page 2 of 2