The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. It is calculated based on a Morningstar RiskAdjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The 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.Morningstar Rating(TM) The Morningstar Rating(TM) for funds, or 'star rating', is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. (1-88).īased on Bloomberg reporting as of, IVOL is the only US derivative based ETF to utilize OTC interest rate volatility options. Wacker Dr., Suite 500, Chicago, IL 60606. For a more comprehensive discussion of the risks involved in options investing, please review Characterizations and Risks of Standardized Options available at or contact the Options Clearing Corporation directly at 1 N. This fund utilizes sophisticated options strategies which may not be suitable for all investors. Options investing is not suitable for all investors. There are risks involved with investing in options including total loss of principal. Investing in derivatives tied to interest rates, including through options tied to the shape of the swap curve, is speculative and can be extremely volatile. The Fund’s exposure to derivatives tied to interest rates subjects the Fund to greater volatility than investments in traditional securities, such as stocks and bonds. government bond positions attributable to interest rate changes. In a flattening curve environment, the Fund’s hedging strategy could result in disproportionately larger losses in the Fund’s options as compared to gains or losses in the U.S. In addition, when the swap curve flattens, the Fund’s investments will generally underperform a portfolio comprised solely of the U.S. There is no guarantee that the Fund’s investments will completely eliminate the curve or inflation risk of the long positions in U.S. The Fund’s use of such instruments is intended to mitigate the curve risk and is not intended to mitigate credit risk, or non-curve interest rate risk. government bonds by investing in products designed to appreciate in value when the swap curve steepens. The Fund seeks to mitigate the risk associated with the potential impact of a steepening swap curve (“curve risk”) on the performance of U.S. This risk is usually greater for longer term debt securities. Investments in debt securities typically decrease in value when interest rates rise. OTC instruments also may be subject to greater liquidity risk. As a result, such instruments generally are subject to greater credit risk and counterparty risk. OTC options generally have more flexible terms negotiated between the buyer and the seller. The prices of options can be highly volatile and the use of options can lower total returns.

Leverage magnifies the potential for gain and the risk of loss. The derivatives used by the Fund may give rise to a form of leverage. The Fund’s derivatives investments involve risks. NAVs are calculated using prices as of 4:00 PM Eastern Time.

Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. Brokerage commissions will reduce returns.īeginning, 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 current NAV per share.

The returns shown do not represent the returns you would receive if you traded shares at other times. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. There can be no assurance that a Fund will achieve its stated objectives. Please read it carefully before investing. The prospectus contains this and other important information about the company and may be obtained by calling +1-833-IVOL-ETF. The fund's investment objectives, risks, charges and expenses must be considered carefully before investing.

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