Kraneshares Funds Advisors, known for its China ETFs and majority owned by China International Capital Corporation (CICC), filed to launch CICC US Government Money Market Fund. The filing explains, "The CICC US Government Money Market Fund seeks to provide current income consistent with the preservation of capital. The Fund invests in a portfolio of U.S. Treasury and government securities maturing in 397 days or less and repurchase agreements collateralized fully by U.S. Treasury and government securities. The Fund may also hold cash. In pursuing its investment objective and implementing its investment strategies, the Fund will comply with Rule 2a-7 under the Investment Company Act of 1940 and will operate as a 'government money market fund' under Rule 2a-7 under the Investment Company Act of 1940, as amended. 'Government money market funds' are required to invest at least 99.5% of their total assets in: (i) cash; (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities; and/or (iii) repurchase agreements that are collateralized fully. Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation ('Freddie Mac'), the Federal National Mortgage Association ('Fannie Mae'), the Federal Farm Credit Banks and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association ('Ginnie Mae'). Finally, the Fund may invest in government securities that are issued by entities whose activities are sponsored by the federal government, but that have no explicit financial support. Government money market funds, such as the Fund, are exempt from requirements that permit money market funds to impose a liquidity fee and/or temporary redemption gates. The Fund has not elected to be subject to the liquidity fees and gates requirement at this time." The Registration Statement adds, "CICC Wealth Management (USA), LLC serves as the investment adviser to the Fund. Federated Investment Management Company serves as the sub-adviser to the Fund.... The Adviser is a wholly-owned subsidiary of Krane Funds Advisors, LLC, which has received 'manager of managers' exemptive relief from the SEC that permits the Adviser, subject to the approval of the Board of Trustees, to appoint an unaffiliated sub-adviser or co-adviser or to change the terms of an advisory agreement with an unaffiliated sub-adviser or co-adviser for the Fund without first obtaining shareholder approval.... SEI Investments Global Funds Services ... serves as the Fund's administrator and accounting services agent.... SEI Investments Distribution Co. … is a registered broker-dealer and serves as the distributor of the Fund's shares.... Brown Brothers Harriman & Co. ... serves as the Fund's custodian.... DST Systems, Inc. ... serves as the Fund's transfer agent.... CICC Wealth Management (USA), LLC serves as investment adviser to the Fund pursuant to an Investment Advisory Agreement between the Trust and the Adviser.... The Adviser ... is a wholly-owned subsidiary of Krane Funds Advisors, LLC. China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited owns a majority stake in Krane. As of March 31, 2018, Central Huijin Investment Limited, a mainland Chinese-domiciled entity, held approximately 55.7% of the shares of China International Capital Corporation Limited. Central Huijin Investment Limited is a wholly-owned subsidiary of China Investment Corporation, which is a mainland Chinese sovereign wealth fund."

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