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This advertisement has been paid for Krane Funds Advisors, LLC and its affiliates (collectively “Krane”). KraneShares Hedgeye Hedged Equity Index ETF (“KSPY” or the “Fund”) is an ETF, which tracks the Hedgeye Hedged Equity Index (“Index”). In addition to this paid advertisement, Krane and Hedgeye Asset Management, LLC (“HAM”), a subsidiary of Hedgeye Risk Management, LLC (“Hedgeye” or “HRM”), have entered into an index provider agreement, pursuant to which HAM has licensed the exclusive use of the Index to Krane and under which HAM receives a fee based in part on the level of assets under management of the Fund. As such, HAM and Hedgeye may benefit directly or indirectly from an investment in KSPY. The Fund is not in any way advised, managed, sponsored, endorsed, sold or promoted by HAM or HRM, and neither HAM nor HRM make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index, (ii) the performance or price of the Index at any particular time on any particular day or otherwise, or (iii) the merchantability, fitness or suitability of the Index for the particular purpose to which it is being put in connection with the Fund. Neither HAM nor HRM has provided, nor do they provide, any financial or investment advice or recommendation in relation to the Index to Krane or its affiliates, including the Fund. All rights in the Index vest in HAM other than those licensed to Krane under the Agreement. Neither HAM nor HRM makes any warranty, express or implied, as to results to be obtained by Krane or its affiliates, owners of shares of the Fund or any other person or entity from the use of the Index or any data included therein. Without limiting any of the foregoing, in no event shall HAM or HRM have any liability for any special, punitive, indirect or consequential damages (including lost profits) resulting from the use of the Index or any data included therein, even if notified of the possibility of such damages. HRM sells financial research to financial institutions and investors, including the Hedgeye Risk Range™ signals which are a critical input of the Index provided to the Fund by HRM subsidiary, HAM. HRM publishes Hedgeye Risk Range™ signals direct to its subscribers who will receive the Risk Range™ signals before they are delivered to HAM and become a part of the Index. As such, due to processing time between publication and receipt of the Risk Range™ signals by HAM, other investors may execute trades based on the signals before Krane receives the published Index for the Fund.

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THE REGISTRATION PERIOD IS NOW CLOSED. SEE YOU NEXT TIME!

HEDGEYE RISK MANAGEMENT

THE REGISTRATION PERIOD IS NOW CLOSED.
SEE YOU NEXT TIME!