The Fund (KWIN) seeks to track the performance of the Wahed Shariah Alternative Income Index.

NEW YORK, Nov. 5, 2025 /PRNewswire/ -- Wahed, a global leader in Shariah-compliant digital investing, together with KraneShares, a specialist in innovative, research-driven exchange-traded funds (ETFs), is proud to introduce the KraneShares Wahed Alternative Income Index ETF (NYSE: KWIN). This fund is designed to offer investors an innovative and Shariah-compliant approach to generating alternative income. Shariah Compliant Alternative Income Without Compromise The Fund (KWIN) seeks to track the performance of the Wahed Shariah Alternative Income Index, an index specifically designed to comply with Islamic principles while providing an alternative income. Unlike conventional income funds that rely heavily on interest-bearing fixed-income securities, KWIN aims to generate returns through Shariah-compliant forward sale agreements. This structure enables the fund to pursue alternative income in a manner permitted under Shariah principles, while mitigating exposure to equity market risk. "KWIN was created for investors who want to stay true to their faith while accessing alternative income-generating investment strategies," said Mohsin Siddiqui, Chief Executive Officer of Wahed. "We have combined rigorous Shariah screening with modern portfolio techniques to give Muslims and values-based investors a product that is both halal and competitive in today's markets." Innovation in Islamic Alternative Income Sukuk have been considered the default fixed-income option for Shariah-compliant investors. While they serve an important role, Sukuk are often illiquid, exhibit elevated price volatility and can be exposed to sovereign or corporate credit risk. KWIN has been engineered as an alternative to clients seeking Shariah compliant alternative income by providing greater liquidity through an ETF format, offering daily tradability. The forward sale agreements are effected using a combination of exchange-traded FLEX contracts, on Shariah-compliant stocks. The strategy is designed to provide a delta-neutral outcome*, meaning it is not sensitive to the direction of the underlying stock's price. KWIN aims to provide investors with a modern, efficient, and potentially more rewarding alternative to Sukuk, without compromising their faith-based principles. Comprehensive Shariah Screening The underlying index follows a two-step screening process to ensure all holdings are in compliance with Islamic principles as interpreted by Wahed's Shariah Team. 1. Business Activity Screen — Excludes companies whose primary business involves non-permissible sectors such as: Conventional financial services (banks, insurance, interest-based lending) Alcohol, pork products, tobacco Gambling, gaming, and adult entertainment Weapons manufacturing and other industries contrary to Islamic ethics 2. Financial Ratio Screen — Excludes companies with excessive debt or that derive more than 5% of their revenue from non-permissible activities. All portfolio holdings are reviewed quarterly and monitored by Wahed's Shariah Team, ensuring continuous compliance. A Partnership of Expertise KWIN represents a strategic collaboration between Wahed, globally recognized for making halal investing accessible through its digital platforms and deep Shariah governance expertise, and KraneShares, known for delivering thematic, alternative, and non-traditional index-based strategies to investors worldwide. "KWIN reflects our commitment to innovative alternative income solutions that leverage advanced capital markets strategies," said Jonathan Shelon, CFA, COO at KraneShares. "We are proud to integrate Wahed's global expertise and particular focus on the needs of Middle Eastern investors into KWIN, and to provide an alternative income stream that we believe will resonate in today's uncertain market environment." *The Fund's strategy is designed to achieve a delta-neutral outcome, meaning that the overall portfolio is constructed so that small changes in the price of the underlying stocks have minimal impact on the Fund's value. However, a delta-neutral position does not eliminate all risk. The Fund remains subject to other risks, including larger price movements, changes in volatility, time decay, and other market factors. Investors may still experience losses, and there is no guarantee that the strategy will be successful in maintaining a delta-neutral position or in achieving its investment objectives. About Wahed Wahed is a global Islamic fintech company committed to democratizing access to Shariah compliant investments. Licensed in 9 countries, Wahed combines cutting-edge financial technology with Shariah principles to deliver innovative products that align with both faith and values. With over 450,000 clients globally and more than $1 billion in assets under management across its entities, Wahed is pioneering a new era of Islamic finance. About KraneShares KraneShares is an investment manager committed to delivering innovative, high-conviction solutions that empower investors worldwide. Through a combination of expertise, disciplined research, and first-to-market products, KraneShares enables investors to navigate pivotal trends and tap into new market opportunities. 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: http://www.kraneshares.com/kwin. 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. By writing call options and buying put options as part of its strategy, the Fund may limit its ability to benefit from increases in the value of its holdings above the options' strike prices, while still being exposed to declines in value. The premiums received from selling options may not be enough to offset losses from volatility or declines in the underlying stocks. The Fund's use of options involves unique risks, including the possibility that options may become illiquid or expire worthless, and that the Fund may not be able to close out positions at desired times or prices. FLEX options, which the Fund uses, may be less liquid than standard options and can only be exercised at expiration. The value of the Fund's options positions will fluctuate with changes in the value and volatility of the underlying securities. Unusual market conditions or trading suspensions may reduce the effectiveness of the Fund's options strategies, and the Fund's strategies may not work as expected and could result in losses. In addition, the Fund's ability to sell or buy the underlying securities may be limited while options are outstanding, unless the Fund cancels out the option positions by purchasing offsetting options before expiration. Transactions in options are centrally cleared through the Options Clearing Corporation (OCC). While the OCC guarantees settlement, there is a risk that the OCC or a clearing member could fail to meet its obligations, which could result in losses for the Fund. If the Fund cannot find a clearing member to transact with, it may be unable to effectively implement its investment strategy. Premiums received from writing options will generally result in short-term capital gains, which may be taxed at higher rates than long-term capital gains. 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. Because the Index applies Islamic principles, the Fund cannot invest in certain issuers and securities—such as financial companies and interest-paying bonds—which reduces the pool of eligible investments. This may limit investment opportunities and affect performance. The Fund will not earn interest on cash, and securities may become non-compliant after purchase and be held until the Index is rebalanced. A large number of shares of the Fund is held by a single shareholder or a small group of shareholders. Redemptions from these shareholder can harm Fund performance, especially in declining markets, leading to forced sales at disadvantageous prices, increased costs, and adverse tax effects for remaining shareholders. 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. KWIN is non-diversified. Neither MerQube, Inc. nor any of its affiliates (collectively, "MerQube") is the issuer or producer of KraneShares Wahed Short-Term Alternative Income Index ETF and MerQube has no duties, responsibilities, or obligations to investors in KraneShares Wahed Short-Term Alternative Income Index ETF. The index underlying the KraneShares Wahed Short-Term Alternative Income Index ETF is a product of MerQube and has been licensed for use by Krane Funds Advisors, LLC. Such index is calculated using, among other things, market data or other information ("Input Data") from one or more sources (each such source, a "DataProvider"). MerQube® is a registered trademark of MerQube, Inc. This trademark has been licensed for certain purposes by Krane Funds Advisors, LLC in its capacity as the issuer of the KraneShares Wahed Short-Term Alternative Income Index ETF. KraneShares Wahed Short-Term Alternative Income Index ETF is not sponsored, endorsed, sold or promoted by MerQube, any Data Provider, or any other third party, and none of such parties make any representation regarding the advisability of investing in securities generally or in KraneShares Wahed Short-Term Alternative Income Index ETF particularly, nor do they have any liability for any errors, omissions, or interruptions of the Input Data, the MerQube US Shariah Reverse Convertible Index, or any associated data. Neither MerQube nor the Data Providers make any representation or warranty, express or implied, to the owners of the shares/units of KraneShares Wahed Short-Term Alternative Income Index ETF or to any member of the public, of any kind, including regarding the ability of the MerQube US Shariah Reverse Convertible Index to track market performance or any asset class. The MerQube US Shariah Reverse Convertible Index is determined, composed and calculated by MerQube without regard to Krane Funds Advisors, LLC or the KraneShares Wahed Short-Term Alternative Income Index ETF. MerQube and Data Providers have no obligation to take the needs of Krane Funds Advisors, LLC, or the owners of KraneShares Wahed Short-Term Alternative Income Index ETF into consideration in determining, composing, or calculating the MerQube US Shariah Reverse Convertible Index. Neither MerQube nor any Data Provider is responsible for and have not participated in the determination of the prices or amount of KraneShares Wahed Short-Term Alternative Income Index ETF or the timing of the issuance or sale of KraneShares Wahed Short-Term Alternative Income Index ETF or in the determination or calculation of the equation by which KraneShares Wahed Short-Term Alternative Income Index ETF is to be converted into cash, surrendered or redeemed, as the case may be. MerQube and Data Providers have no obligation or liability in connection with the administration, marketing or trading of KraneShares Wahed Short-Term Alternative Income Index ETF. There is no assurance that investment products based on the MerQube US Shariah Reverse Convertible Index will accurately track index performance or provide positive investment returns. MerQube is not an investment advisor. Inclusion of a security within an index is not a recommendation by MerQube to buy, sell, or hold such security, nor is it considered to be investment advice. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDER GUARANTEES THE ADEQUACY, ACCURACY, TIMELINESS, AND/OR THE COMPLETENESS OF THE MERQUBE US SHARIAH REVERSE CONVERTIBLE INDEX OR ANY DATA RELATED THERETO (INCLUDING DATA INPUTS) OR ANY COMMUNICATION WITH RESPECT THERETO. NEITHER MERQUBE NOR ANY OTHER DATA PROVIDERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. MERQUBE AND ITS DATA PROVIDERS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND THEY EXPRESSLY DISCLAIM ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE OR AS TO RESULTS TO BE OBTAINED BY KRANE FUNDS ADVISORS, LLC, OWNERS OF THE KRANE SHARES WAHED SHORT-TERM ALTERNATIVE INCOME INDEX ETF, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THEMERQUBE US SHARIAH REVERSE CONVERTIBLE INDEX OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITING ANYOF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL MERQUBE OR DATA PROVIDERS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING LOSSES, LOSTTIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THE FOREGOING REFERENCES TO "MERQUBE" AND/OR "DATA PROVIDER" SHALL BE CONSTRUED TO INCLUDE ANY AND ALL SERVICE PROVIDERS, CONTRACTORS, EMPLOYEES, AGENTS, AND AUTHORIZED REPRESENTATIVES OF THE REFERENCED PARTY. 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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