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 CSI China Internet UCITS ETF Class GBP Shares KraneShares CSI China Internet UCITS ETF (the “Fund”) Class GBP Shares (ISIN: IE00BMW13836) (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 of publically traded China The Fund’s investment policy and the nature of the Index means that the Internet Companies whose main business are in the Internet and Investment Manager will not generally be able to take Sustainability Risks Internet-related sectors.into account in making investment decisions. The Fund is passively managed and will seek to achieve its objective by Save in exceptional circumstances, the Fund will only issue and redeem tracking the performance of the CSI Overseas China Internet Index (the shares of the Fund (“Shares”) to certain institutional investors. However, “Index”) as closely as possible. Under normal circumstances, the Fundother investors may purchase or sell Shares through brokers on one or invests at least 80% of its net assets in securities of China Internet more stock exchanges. The Shares trade on these stock exchanges at Companies or in depositary receipts representing securities of the Index.market prices which may fluctuate throughout the day. Market prices may Depositary receipts are securities issued by a financial institution which be greater or less than the daily net asset value of the Fund. The Fund evidence ownership interests in a security or a pool of securities deposited may engage in securities lending but does not intend to use repurchase with the financial institution. The Fund invests primarily in securities which agreements or total return swaps. are included in the Index. These consist of China-related equity securities The Fund may invest up to 10% of its net asset value in other regulated which are issued and traded outside of China. However, the Fund may collective investment schemes, including other exchange traded funds. also invest in securities issued and traded in China. Shareholders may redeem Shares on any Business Day (as defined in The Fund seeks to hold all the securities of the Index with the approximate the Fund supplement) and any other day at the Directors’ discretion weightings that they have in the Index. The Fund will seek to create a near provided Shareholders are notified in advance. A list of dealing days for mirror image of the Index but may, in certain circumstances purchase the Fund is published on https://kraneshares.eu/. securities that are not included in the Index. The Fund does not intend to use financial derivative instruments. Although the Index is generally well The Fund’s base currency is U.S. Dollar and the class currency of this diversified, because of the market it reflects, depending on market Class is Pounds Sterling. conditions, the Fund may, in order to track the Index accurately, hold The Fund’s income will be reinvested and the Fund does not intend to positions in individual constituents of the Index up to 20% of the Fund’s Netdeclare dividends. Asset Value. Please refer to the ICAV’s prospectus and the supplement in respect of the Fund for more information. Risk and reward profile Lower riskHigher risk• Index Tracking Risk: The Fund’s performance may not track the Index exactly. This can result from market fluctuations, changes in the 1 2 3 4 5 6 7 composition of the Index, transaction costs, the costs of making changes to the Fund’s portfolio and other Fund expenses. Typically lower rewards Typically higher rewards • Liquidity Risk: In stressed market conditions, the nature of the Fund's The risk category above is not a measure of capital loss or gains but ofassets may result in the Fund not being able to process all redemption how significant the rises and falls in the Fund's return are predicted to be. requests in line with its usual procedures and timeframes. • The risk reward category shown is based on historic data which may • Emerging Market including China: Investments in emerging market not be a reliable indication for future performance of the Fund. including China may involve a higher risk of financial loss than 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 the structures, protection and stability as well as uncertain tax positions. greater the risk of losing the investment. • The lowest category does not mean risk free. • Equity Risk: The value of equity securities may go down as well as up in response to the performance of individual companies and general • The Fund is in category 7. The Fund is in this category due to themarket conditions, sometimes rapidly or unpredictably. If a company nature of its investments and their recent price volatility. This means that the Shares may be subject to significant increases and decreasesgoes through bankruptcy or a similar financial restructuring, its shares in price.in issue typically lose most or all of their value. Significant risks for the Fund not taken into account in this indicator • Index Related Risk: The Fund tracks the performance of the Index. include the following: As a result, the net asset value of the Fund's assets is directly dependent on the performance of the Index. Losses that could be • Concentration Risk: The Fund may invest in a relatively small number avoided via active management will not be offset. of investments or concentrate its investments in a specific industry sector. As a result, investments may be more volatile than a more • Risk related to Stock Connect Programs: The Fund may be diversified investment. investing in China A Shares via the Shanghai – Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect which may • Country Concentration: As the Fund focuses its investments in a entail additional clearing and settlement, regulatory, operational and particular economic or geographical area, issues affecting these areas will have a greater effect on the Fund than if its investments were more counterparty risks. diversified. This concentration may also limit the Shares’ liquidity. For full details of the relevant risks reference should be made to the risk factors sections of the prospectus and supplement. Page 1 of 2 Charges 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 2025. 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 Charge0.75% 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 performance15.2 13.9 15.4 14.8You should be aware that past performance is not a guide to future performance. Performance data has been calculated including tax, ongoing charges and portfolio transaction costs and excluding entry and exit charges.-5.9 -6.3 Fund launch date: 20/11/2018. -20% -14.8 -15.1 Share class launch date: 01/10/2020 Performance is calculated in: GBP -40%-48.3 -48.5 2021 2022202320242025Class GBP SharesCSI Overseas China Internet Index (GBP) 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 inconsistent 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: 29/01/2026Page 2 of 2