Kraneshares California Carbon Allowance Strategy ETF (KCCA) Exchange: NYSE ARCA

Effective December 3, 2021, the first paragraph underthe “Principal Investment Strategies” section of the Fund’s Prospectus and the first and second paragraph under the“Additional Information about Principal Investment Strategies” section of the Fund’s Statutory Prospectus are deletedand replaced with the following: In seeking to achieve its investment objective, theFund attempts to maintain exposure to carbon credit futures that are substantially the same as those included in the Index. The Indexis designed to measure the performance of a portfolio of futures contracts on carbon credits issued under the California Carbon Allowance“cap and trade” regime (“carbon credit futures”). The Index includes only carbon credit futures that mature inDecember of the next one to two years. The Fund may also invest directly and indirectly in certain debt instruments. Effective December 3, 2021, the fourth paragraph underthe “Principal Investment Strategies” section of the Fund’s Prospectus and sixth paragraph under the “AdditionalInformation about Principal Investment Strategies” section of the Fund’s Statutory Prospectus are deleted and replaced withthe following: While the Fund will generally seek to obtain exposureto the same carbon credit futures that are in the Index, the Fund and Subsidiary may not replicate the Index. For example, the Fund mayinvest in carbon credit futures with different maturity dates (i.e., not one of the next two Decembers), the Fund may weight the carboncredit futures differently than the Index, or the Fund may purchase carbon credit futures on different dates than the rebalancing datefor the Index.  Effective December 3, 2021, the “Temporary DefensivePositions” section in the “Additional Information about Principal Investment Strategies” section of the Fund’sStatutory Prospectus is deleted.