Summary

• Demand for lithium and other electrification materials has risen steadily over the past year, driven by expectations that the oil price shock will accelerate electrification trends already in motion.
• Even as EV sales continue to reach new highs, manufacturers’ share prices have experienced headwinds.
• KARS provides exposure to a basket of vehicle manufacturers and metals and materials producers, capturing potential opportunities across the electric vehicle ecosystem and providing a potential hedge against oil-related risks.

Demand for lithium and other electrification metals, such as nickel, cobalt, copper, and graphite, is rising as electric vehicles (EVs) and energy storage systems are scaling rapidly, accelerated by the oil price shock earlier this year. We believe electrification has moved from an

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