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Investor Presentaiton

KraneShares China's historical pattern of returns exhibits low correlations to other regions. Portfolio Impact Average correlations between China's equity market and other major equity markets, including other emerging markets, have remained low over the past 20 years, maintaining correlation coefficients generally lower than 0.7. . Correlations remain low in bull market and bear market environments. Return, Risk, and Correlation (2003-2022) Return, Risk, and Correlation (2009-2022) Asset Class Annualized Annualized Return Volatility* China United States Europe Japan Pacific ex- Japan EM ex- China Asset Class Annualized Annualized Return Volatility* China United States Europe Japan Pacific ex- Japan EM ex- China China 11.4% 23.8% 1.00 United States 9.8% 14.7% 0.48 1.00 Europe 7.0% 18.0% 0.56 0.87 1.00 Japan 5.8% 15.0% 0.44 0.66 0.69 1.00 China 7.5% 21.6% 1.00 United States 13.3% 15.3% 0.45 1.00 Europe 7.1% 18.3% 0.50 0.86 1.00 Japan 5.7% 14.2% 0.41 0.71 0.73 1.00 Pacific ex- Japan 9.8% 19.6% 0.69 0.79 0.86 0.67 1.00 Emerging Markets ex- China 8.9% 21.0% 0.66 0.77 0.84 0.68 0.90 1.00 Pacific ex- Japan 9.5% 19.5% 0.64 0.79 0.85 0.67 1.00 Emerging Markets ex- China 7.3% 19.7% 0.60 0.77 0.83 0.65 0.89 1.00 Frontier Markets 4.1% 16.1% 0.51 0.69 0.76 0.61 0.81 0.85 Index returns are for illustrative purposes only and do not represent actual Fund performance. Index returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. Data from MSCI as of 31/Dec/2022. See pages 20 and 21 for definitions. Volatility: is the degree of variation of a trading price series over time as measured by the standard deviation of returns. *Standard deviation is a quantity calculated to measure the extent of deviation for a group as a whole. A low standard deviation indicates that the data points tend to be closer to the mean (also called the expected value) of the set, while a high standard deviation indicates that the data points are spread out over a wider range of values. 12
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