KraneShares MSCI All China Index ETF (KALL US) – Portfolio Construction Methodology

The underlying MSCI China All Shares Index provides free float market cap exposure to large- and mid-cap Chinese equities across A-shares, B-shares, H-shares, Red chips, P chips and foreign listings such as ADRs. It applies the MSCI Global Investable Market Indexes framework to an integrated China universe, requiring securities to meet emerging-market investability standards for minimum free float, liquidity and foreign ownership room; China A-shares admitted via Stock Connect receive a 100% inclusion factor subject to ongoing foreign-room adjustments. Constituents are selected to represent roughly the top 85% of China’s free-float market cap, with smaller companies relegated to separate small-cap indexes. The index is strictly free-float market cap weighted with no explicit single-name cap beyond float and foreign-ownership constraints. It undergoes quarterly index reviews in February, May, August and November, when size, liquidity and accessibility screens are reapplied and ST/*ST-designated A-shares are removed.

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