KRANE SHARES TRUST Kraneshares E Fund China
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KRANE SHARES TRUST KraneShares E Fund China Commercial Paper ETF KraneShares Bloomberg Barclays China Aggregate Bond Inclusion Index ETF (the “Funds”) Supplement dated March 24, 2021 to the currently effective Summary Prospectus, Statutory Prospectus and Statement of Additional Information as each may be supplemented, for the Funds This supplement provides new and additional information beyond that contained in the currently effective Summary Prospectus and Statutory Prospectus (together, the “Prospectus”) and Statement of Additional Information and should be read in conjunction with the Prospectus and Statement of Additional Information dated August 1, 2020 and the supplement dated January 12, 2021. IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY Pursuant to a supplement dated January 12, 2021, KraneShares E Fund China Commercial Paper ETF and KraneShares Bloomberg Barclays China Bond Inclusion Index ETF, announced certain changes that would be effective on April 1, 2021. Due to timing of certain Chinese holidays, the effective date of the changes announced in supplement dated January 12, 2021 has been delayed by a week and the effective date of the previously announced changes is now April 8, 2021. As a result, all the changes noted in the supplement dated January 12, 2021 are now effective on April 8, 2021 instead of April 1, 2021. This includes the name changes and the changes to the goal, principal investment strategies, principal investment risks, fee table, management information and underlying index description. For more information about these changes, please refer to the supplement dated January 12, 2021. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. KRANE SHARES TRUST KraneShares MSCI China Environment Index ETF (the “Fund”) Supplement dated March 19, 2021 to the currently effective Summary Prospectus, Statutory Prospectus, and Statement of Additional Information, as each may be supplemented, for the Fund This supplement provides new and additional information beyond that contained in the currently effective Summary Prospectus and Statutory Prospectus (together, the “Prospectus”) and the Statement of Additional Information for the Fund and should be read in conjunction with the Prospectus and Statement of Additional Information dated August 1, 2020. 1. The name of the KraneShares MSCI China Environment Index ETF has changed to KraneShares MSCI China Clean Technology Index ETF. Accordingly, all references to the KraneShares MSCI China Environment Index ETF are replaced with KraneShares MSCI China Clean Technology Index ETF. 2. In the “Principal Investment Strategies” section of the Fund’s Summary Prospectus, the first paragraph is deleted and replaced with the following: Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Underlying Index, depositary receipts, including American depositary receipts (“ADRs”), representing such components and securities underlying depositary receipts included in the Underlying Index. The Underlying Index is a modified, free float adjusted market capitalization weighted index (subject to the modifications below) designed to track the equity market performance of Chinese companies that derive at least a majority of their revenues from environmentally beneficial products and services, as determined by MSCI Inc., the provider of the Underlying Index. The Underlying Index is intended to provide exposure to Chinese issuers in the industrial, utility, real estate and technology sectors that focus on “clean technologies,” which contribute to a more environmentally sustainable economy by making more efficient use of scarce natural resources or by mitigating environmental degradation. Securities of companies in the Underlying Index derive at least 50% of their revenues from products and services related to: (1) alternative energy; (2) sustainable water; (3) green building; (4) pollution prevention; and (5) energy efficiency. The issuers included in the Underlying Index may include small-cap, mid-cap and large- cap companies. PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. KRANE SHARES TRUST KraneShares SSE STAR Market 50 Index ETF (the “Fund”) Supplement dated January 22, 2021 to the currently effective Summary Prospectus, Statutory Prospectus, and Statement of Additional Information, as each may be supplemented, for the Fund This supplement provides new and additional information beyond that contained in the currently effective Summary Prospectus and Statutory Prospectus (together, the “Prospectus”) and the Statement of Additional Information for the Fund and should be read in conjunction with the Prospectus and Statement of Additional Information dated August 1, 2020. 1. Due to a change in the name of the Fund’s Underlying Index, all references to the SSE Star Market 50 Component Index are replaced with SSE Science and Technology Innovation Board 50 Index. 2. The fee table and expense example in the “Fees and Expenses of the Fund” and “Example” sections of the Fund’s Prospectus are deleted in their entirety and replaced with the following: Shareholder Fees (fees paid directly from your investment) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.88% Distribution and/or Service (12b-1) Fees* 0.00% Other Expenses** 0.01% Total Annual Fund Operating Expenses 0.89% *Pursuant to a Distribution Plan, the Fund may bear a Rule 12b-1 fee not to exceed 0.25% per year of the Fund’s average daily net assets. However, no such fee is currently paid by the Fund, and the Board of Trustees has not currently approved the commencement of any payments under the Distribution Plan. **Based on estimated amounts for the current fiscal year. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, whether you do or do not sell your shares, your costs would be: 1 Year 3 Years $91 $284 3. All references to SSE STAR Market are replaced with SSE Science and Technology Innovation Board. 4. In the “Principal Investment Strategies” section of the Fund’s Prospectus and in the “Additional Information About the Funds - Underlying Indexes - KraneShares SSE STAR Market 50 Index ETF” section of the Fund’s Statutory Prospectus, the first sentence of the second paragraph is deleted and replaced with the following: The Underlying Index components are weighted based on their free-float market capitalizations, subject to a 10% cap on any particular component. 5. In the table following the third paragraph of the section entitled “Management - Investment Adviser” to the Fund’s Statutory Prospectus, the reference to the management fee of 0.99% of the average daily net assets of the Fund is deleted and the following is added: KraneShares SSE STAR Market 50 Index ETF 0.88% 6. In the table following the third paragraph of the section entitled “Investment Adviser” to the Fund’s Statement of Additional Information, the reference to the management fee of 0.99% of the average daily net assets of the Fund is deleted and the following is added: KraneShares SSE STAR Market 50 Index ETF 0.88% PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE. KRANE SHARES TRUST KraneShares E Fund China Commercial Paper ETF KraneShares Bloomberg Barclays China Aggregate Bond Inclusion Index ETF (the “Funds”) Supplement dated January 13, 2021 to the currently effective Summary Prospectus, Statutory Prospectus and Statement of Additional Information as each may be supplemented, for the Funds This supplement provides new and additional information beyond that contained in the currently effective Summary Prospectus and Statutory Prospectus (together, the “Prospectus”) and Statement of Additional Information and should be read in conjunction with the Prospectus and Statement of Additional Information dated August 1, 2020. IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY Effective April 1, 2021, the name of KraneShares E Fund China Commercial Paper ETF will be changed to KraneShares Bloomberg Barclays China Bond Inclusion Index ETF. In addition, in the Prospectus and Statement of Additional Information of KraneShares E Fund China Commercial Paper ETF, all references to KraneShares E Fund China Commercial Paper ETF are replaced with KraneShares Bloomberg Barclays China Bond Inclusion Index ETF, all references to KCNY are replaced with KBND, and all references to CSI Diversified High Grade Commercial Paper Index are replaced with the Bloomberg Barclays China Inclusion Focused Bond Index. Also, effective April 1, 2021, the Fund’s 80% policy will be as follows: Under normal circumstances, the Fund will invest at least 80% of its total assets in components of the Bloomberg Barclays China Inclusion Focused Bond Index or instruments that have economic characteristics similar to securities included in the Bloomberg Barclays China Inclusion Focused Bond Index. In connection with these changes, after March 15, 2021, the Fund will depart from its current investment objective, 80% policy and strategies and begin to transition to the new investment objective, 80% policy and strategies. As a result of these changes, effective April 1, 2021, the following changes