KraneShares European Carbon Allowance Strategy ETF (KEUA) Exchange: NYSE ARCA

EffectiveDecember 3, 2021, the first paragraph under the “Principal Investment Strategies” section of the Fund’s Prospectus and thefirst and second paragraph under the “Additional Information about Principal Investment Strategies” section of the Fund’sStatutory Prospectus are deleted and replaced with the following: Inseeking to achieve its investment objective, the Fund attempts to maintain exposure to carbon credit futures that are substantially thesame as those included in the Index. The Index is designed to measure the performance of a portfolio of futures contracts on carbon creditsissued under the European Union Emissions Trading System “cap and trade” regime (“carbon credit futures”). TheIndex includes only carbon credit futures that mature in December of the next one to two years. The Fund may also invest directly andindirectly in certain debt instruments. EffectiveDecember 3, 2021, the fourth paragraph under the “Principal Investment Strategies” section of the Fund’s Prospectus andsixth paragraph under the “Additional Information about Principal Investment Strategies” section of the Fund’s StatutoryProspectus are deleted and replaced with the following:  Whilethe Fund will generally seek to obtain exposure to the same carbon credit futures that are in the Index, the Fund and Subsidiary maynot replicate the Index. For example, the Fund may invest in carbon credit futures with different maturity dates (i.e., not one of thenext two Decembers), the Fund may weight the carbon credit futures differently than the Index, or the Fund may purchase carbon creditfutures on different dates than the rebalancing date for the Index. EffectiveDecember 3, 2021, the “Temporary Defensive Positions” section in the “Additional Information about Principal InvestmentStrategies” section of the Fund’s Statutory Prospectus is deleted.