KRANESHARES TRUST

KraneShares Asia Pacific High Income Bond ETF

KFA Mount Lucas Managed Futures Index Strategy ETF

(each, a “Fund”)

Supplement dated July 25, 2024 to the currently effective Summary Prospectus, Statutory Prospectus, and Statement of Additional Information, as each may be supplemented or amended

This supplement provides new and additional information beyond that contained in each Fund’s currently effective Summary Prospectus and Statutory Prospectus (together, the “Prospectus”) and Statement of Additional Information.

This supplement should be read in conjunction with each Fund’s Prospectus and Statement of Additional Information dated August 1, 2023, as each may be supplemented or amended.

Effective as of August 1, 2024, the name of each Fund is changed as follows:

As of that date, all references to the Old Name are replaced with the New Name in the Prospectus and Statement of Additional Information.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.