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Overview

Outcome Details

Performance

Distributions

Outcome Period Performance

Holdings

Fund Documents

Overview

Investment Strategy:

The KraneShares 100% KWEB Defined Outcome January 2026 ETF (Ticker: KPRO) aims to match the price return of the KraneShares CSI China Internet ETF (Ticker: KWEB), to a predetermined cap of 22.69%, with a 100% downside buffer over the Outcome Period, from February 8, 2024 to January 16, 2026. For more information, see the outcome details below.

Defined Outcome ETF Features:

  • A defined outcome ETF is an exchange-traded fund that seeks to provide investors with upside returns of an underlying asset subject to an upside return "Cap" while protecting shareholders by providing a "Buffer" against decreases in the price return of the underlying asset. The upside cap may be higher for underlying assets with higher volatility.
  • Defined outcome ETFs invest in the underlying asset and FLexible EXchange® Options (Flex Options) on the underlying asset. The ETF manages the options exposure for investors, which can be more economical and time efficient than buying individual options.

KPRO Features:

  • KPRO provides capped upside participation and 100% downside protection on KWEB, an established ETF with a deep options market.
  • KWEB provides exposure to the China internet sector, which has historically been more volatile than the US internet/technology sector. As a result, KPRO may have a higher upside cap than other defined outcome strategies.
  • We believe China Internet is an important global growth theme, and China’s online retail sales totaled $2 trillion1 in 2022, compared to only $1 trillion2 in the United States.

For investors interested in more of our defined outcome strategies, we also offer:

The Fund has characteristics unlike many other traditional investment products and may not be suitable for all investors. For more information regarding whether an investment in the Fund is right for you, please read the Fund's prospectus including "Investor Suitability Considerations."

1. Data from Statista as of 12/31/2022. Retrieved 12/31/2023. Note: Figures converted from Chinese Renminbi to USD.
2. Data from U.S. Department of Commerce as of 12/31/2022. Retrieved on 12/31/2023.

Fund Details

Data as of 04/25/2024
Ticker KPRO
Primary Exchange NYSE
CUSIP 500767421
ISIN US5007674212
Net Assets $2,554,976
Total Annual Fund Operating Expense 0.95%
Inception Date 2/08/2024
Distribution Frequency Annual

Trending Funds:

KLIP

KraneShares China Internet & Covered Call Strategy ETF

KWEB

KraneShares CSI China Internet ETF

KEMQ

KraneShares Emerging Markets Consumer Technology ETF

KRBN

KraneShares Global Carbon Strategy ETF

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Outcome Details

Series 2 Year to Jan 2026
Outcome Period 2/08/2024 - 1/16/2026
Starting Cap
The starting maximum potential return if held to the end of the current Outcome Period, before fees and expenses.
22.69%
Starting Buffer
The starting amount of downside protection the fund seeks to provide if held to the end of the Outcome Period.
100.00%
Exposure KWEB
Outcome Period Values (Gross/Net)
Data as of: 04/25/2024
Starting Value
Values for the Outcome Period, as of the start of the Outcome Period, which was market open on 2/08/2024.
Current Value
Values for the Remaining Outcome Period, as of market close on 04/25/2024.
Cap
Maximum potential return the ETF seeks to provide for the Outcome Period.
22.69% / 22.10% 19.72% / 19.20%
Buffer
Maximum potential loss reduction the ETF seeks to provide for the Outcome Period.
100.00% / 99.41% 97.58% / 97.06%
Downside Before Buffer
Maximum potential loss the ETF seeks to incur before benefitting from the Buffer for the Remaining Outcome Period.
0.00% / -0.59% -2.42% / -2.94%
Remaining Outcome Period 708 days 631 days
Fund Price $25.00 $25.62
Fund Return – 2.48%
KWEB Return – 14.70%

Net values include fees and expenses yet to be incurred in the Outcome Period while gross values exclude fees and expenses. Fund return and current outcome period values assume reinvestment of capital gain distributions, if any. Investors purchasing the fund intra-period will achieve a different defined outcome than those who entered on day one. The cap current value represents the maximum return the fund can achieve at its current price. KWEB may need to rise higher or lower than the current cap before the current cap is realized. If the current buffer is greater than the fund's starting buffer, a portion of the buffer will be realized before the downside before buffer begins. After the downside before buffer has been realized, the final portion of the buffer will begin again.

Premium Discount Chart

Daily Performance

Data as of 04/25/2024
Daily Net Asset Value (NAV) and Market Price
NAV $25.55
NAV Daily Change -0.12%
Market Price $25.62
Market Price Daily Change 0.00%
30 Day Median Bid/Ask Spread
0%
The ETF’s 30 Day Median Bid-Ask Spread is calculated by identifying the ETF’s national best bid and national best offer ("NBBO") as of the end of each 10 second interval during each trading day of the last 30 calendar days and dividing the difference between each such bid and offer by the midpoint of the NBBO. The median of those values is identified and that value is expressed as a percentage rounded to the nearest hundredth.

Performance History

Cumulative %
Data as of: 03/31/2024
Fund NAV Closing Price Index
1 Month 1.08% 1.12% 2.28%
3 Month – – –
6 Month – – –
YTD – – –
Since Inception 0.84% 1.24% 7.28%
Cumulative %
Data as of quarter end: 03/31/2024
Fund NAV Closing Price Index
Since Inception 0.84% 1.24% 7.28%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Ex-Date Record Date Payable Date Amount

Future calendar dates are subject to change. There is no guarantee that dividends will be paid. Past distributions are not indicative of future trends. This material is provided for educational purposes only and does not constitute investment advice.

Distributions are issued to brokers on the payable date, and are subject to broker payment schedules.

Topics:

Outcome Period Performance

Data as of 04/25/2024

The Outcome Period Performance chart assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted. This chart is hypothetical and for illustration purposes only. Fund performance data used in this chart is based on market price and represents past performance. Past performance does not guarantee future results. Investors purchasing the fund intra-period will achieve a different defined outcome than those who entered on day one. The current cap value represents the maximum return the fund can achieve at its current price. KWEB may need to rise higher or lower than the current cap before the current cap is realized. If the current buffer is greater than the fund's starting buffer, a portion of the buffer will be realized before the downside before buffer begins. After the downside before buffer has been realized, the final portion of the buffer will begin again.

Top 10 Holdings

Data as of 04/26/2024 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Type Shares Held Market Value($)
1 KraneShares CSI China Internet ETF 114.34% KWEB US5007673065 ETF 102,000 2,937,600
2 KWEB US 01/16/2026 P24.42 8.04% – – Option 1,020 206,652
3 Cash 0.07% – – Cash 1,775 1,775
4 KWEB US 01/16/2026 C29.96 -22.45% – – Option -1,020 -576,739

Holdings are subject to change.

Fund Documents

©2024 Krane Funds Advisors, LLC
280 Park Avenue, 32nd Floor, New York, NY 10017

Carefully consider the Funds’ investment objectives, risk factors, charges and expenses before investing. This and additional information can be found in the Funds’ full and summary prospectus, which may be obtained by visiting: www.kraneshares.com. Read the prospectus carefully before investing.

Risk Disclosures:

Investing involves risk, including possible loss of principal. There can be no assurance that a Fund will achieve its stated objectives. Indices are unmanaged and do not include the effect of fees. One cannot invest directly in an index.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Certain content represents an assessment of the market environment at a specific time and is not intended to be a forecast of future events or a guarantee of future results; material is as of the dates noted and is subject to change without notice.

The Fund has characteristics unlike many other traditional investment products and may not be suitable for all investors. An investment in the Fund may not be appropriate for investors who do not intend to hold Fund shares for the entire Outcome Period. In the event an investor purchases shares after the beginning of the Outcome Period or sells shares prior to end of the Outcome Period, the returns realized by the investor may not match those that the Fund seeks to provide. The Fund may not fully protect against KWEB losses if its share price drops during the Outcome Period. Buying or selling shares during this time may affect the Buffer’s availability. Even if KWEB’s value rises, the Buffer won’t guard against any subsequent decrease. A new Cap is set at the start of each Outcome Period and depends on current market conditions. Therefore, the Cap may change between Outcome Periods and is unlikely to stay constant. Investors should keep track of Cap changes for each Outcome Period, details of which will be provided according to the process outlined in the Fund’s prospectus. The Fund aims to provide returns subject to a Cap, but there is no guarantee of success. If the Fund’s gains exceed the Cap, the Fund won’t appreciate beyond the Cap and will underperform. Due to the Cap, the Fund may significantly underperform KWEB. Buying shares after the Outcome Period starts may limit gains, exposing to potential losses. Selling shares before the Outcome Period ends may result in underperformance.

The Fund may invest in derivatives, which are often more volatile than other investments and may magnify the Fund's gains or losses. A derivative (i.e., futures/forward contracts, swaps, and options) is a contract that derives its value from the performance of an underlying asset. The primary risk of derivatives is that changes in the asset’s market value and the derivative may not be proportionate, and some derivatives can have the potential for unlimited losses. Derivatives are also subject to liquidity and counterparty risk. The Fund is subject to liquidity risk, meaning that certain investments may become difficult to purchase or sell at a reasonable time and price. If a transaction for these securities is large, it may not be possible to initiate, which may cause the Fund to suffer losses. Counterparty risk is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of the derivative. The Fund will use FLEX options from the Options Clearing Corporation (OCC). There’s a risk of the OCC failing to meet its obligations. The Fund may face challenges in less liquid FLEX options markets and have difficulty closing positions at desired times and prices. If the unlikely event the OCC becomes insolvent, the Fund could suffer losses. Failure by market participants to enter into FLEX options transactions that reflect market value could result in losses. Some FLEX options may expire worthless. The value of these options is associated with KWEB and influenced by factors such as market fluctuations and time until expiration.

The ability of the Fund to achieve its respective investment objectives is dependent, in part, on the continuous availability of A Shares and the ability to obtain, if necessary, additional A Shares quota. If the Fund is unable to obtain sufficient exposure to limited availability of A Share quota, the Fund could seek exposure to the component securities of the Underlying Index by investment in other types of securities. The Fund is subject to political, social or economic instability within China which may cause decline in value. Emerging markets involve heightened risk related to the same factors as well as increase volatility and lower trading volume. Fluctuations in currency of foreign countries may have an adverse effect to domestic currency values. The Fund is new and does not yet have a significant number of shares outstanding. If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a trading halt.

Narrowly focused investments typically exhibit higher volatility. The Fund’s assets are expected to be concentrated in a sector, industry, market, or group of concentrations to the extent that the Underlying Index has such concentrations. The securities or futures in that concentration could react similarly to market developments. Thus, the Fund is subject to loss due to adverse occurrences that affect that concentration. In addition to the normal risks associated with investing, investments in smaller companies typically exhibit higher volatility. KPRO is non-diversified.

ETF shares are bought and sold on an exchange at market price (not NAV) and are not individually redeemed from the Fund. However, shares may be redeemed at NAV directly by certain authorized broker-dealers (Authorized Participants) in very large creation/redemption units. The returns shown do not represent the returns you would receive if you traded shares at other times. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. Beginning 12/23/2020, market price returns are based on the official closing price of an ETF share or, if the official closing price isn't available, the midpoint between the national best bid and national best offer ("NBBO") as of the time the ETF calculates the current NAV per share. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The KraneShares ETFs and KFA Funds ETFs are distributed by SEI Investments Distribution Company (SIDCO), 1 Freedom Valley Drive, Oaks, PA 19456, which is not affiliated with Krane Funds Advisors, LLC, the Investment Adviser for the Funds, or any sub-advisers for the Funds.

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