Krane Shares Trust NPORT-P KraneShares Global Luxury Index ETF (Jun 2024 report)

Schedule of Investments (Unaudited) June 30, 2024

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
CHINA — 99.3%
Communication Services — 39.9%
Autohome ADR		2,606,324	$	71,543,594
Baidu, Cl A *		18,981,884		207,265,621
Bilibili, Cl Z *		10,045,664		163,280,319
China Literature *		18,165,200		58,515,611
iQIYI ADR *		11,673,798		42,842,839
JOYY ADR		1,309,160		39,392,625
Kanzhun ADR		10,698,253		201,234,139
Kingsoft		34,216,800		98,827,886
Kuaishou Technology, Cl B *		35,272,300		208,496,637
NetEase		12,473,605		238,211,761
Tencent Holdings		11,832,075		564,370,306
Tencent Music Entertainment Group ADR		15,954,610		224,162,271
Weibo ADR (A)		3,520,095		27,034,330
Zx * (A)		7,584,400		15,717,856
				2,160,895,795
Consumer Discretionary — 42.8%
Alibaba Group Holding		53,909,864		486,800,396
JD.com, Cl A		23,109,040		305,756,572
Meituan, Cl B *		27,777,648		395,278,407
PDD Holdings ADR *		3,231,007		429,562,381
TAL Education Group ADR *		17,887,396		190,858,515
Tongcheng Travel Holdings		49,270,200		98,068,359
Trip.com Group *		4,545,750		218,105,637
Vipshop Holdings ADR		14,558,468		189,551,253
				2,313,981,520
Consumer Staples — 5.2%
Alibaba Health Information Technology * (A)		232,582,000		93,242,521
East Buy Holding * (A)		17,885,000		28,909,586
JD Health International *		46,239,750		125,854,277
Ping An Healthcare and Technology *		24,182,300		35,433,757
				283,440,141
Financials — 3.4%
Lufax Holding ADR (A)		8,121,503		19,247,961
Qifu Technology ADR		5,754,056		113,527,525
ZhongAn Online P&C Insurance, Cl H *		30,883,900		53,718,698
				186,494,184
Health Care — 0.3%
YSB * (A)		13,613,600		14,036,617

1

Schedule of Investments (Unaudited) June 30, 2024

KraneShares CSI China Internet ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Industrials — 3.8%
Full Truck Alliance ADR		25,399,481	$	204,211,827
Real Estate — 3.9%
KE Holdings ADR		14,750,976		208,726,311
TOTAL CHINA				5,371,786,395
TOTAL COMMON STOCK (Cost $6,468,709,060)				5,371,786,395
SHORT-TERM INVESTMENT — 0.8%
Invesco Government & Agency Portfolio, Cl Institutional, 5.230% (B) (C)		45,540,906		45,540,906
TOTAL SHORT-TERM INVESTMENT (Cost $45,540,906)				45,540,906
TOTAL INVESTMENTS — 100.1% (Cost $6,514,249,966)				5,417,327,301
OTHER ASSETS LESS LIABILITIES – (0.1)%				(5,763,561	)
NET ASSETS - 100%			$	5,411,563,740

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at June 30, 2024.
(B)	The rate shown is the 7-day effective yield as of June 30, 2024.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2024 was $45,540,906.

See “Glossary” for abbreviations.

KRS-QH-002-2200

2

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 99.1% ‡
CHINA — 99.1%
Communication Services — 1.5%
China United Network Communications, Cl A		2,657,500	$	1,710,794
Focus Media Information Technology, Cl A		1,206,902		1,001,777
				2,712,571
Consumer Discretionary — 7.5%
BYD, Cl A		179,900		6,166,402
China Tourism Group Duty Free, Cl A		192,932		1,651,358
Haier Smart Home, Cl A		626,100		2,433,788
Midea Group, Cl A		345,900		3,055,884
				13,307,432
Consumer Staples — 12.1%
Foshan Haitian Flavouring & Food, Cl A		209,642		989,797
Inner Mongolia Yili Industrial Group, Cl A		287,912		1,019,011
Jiangsu Yanghe Distillery, Cl A		68,122		753,361
Kweichow Moutai, Cl A		55,889		11,233,070
Luzhou Laojiao, Cl A		66,646		1,309,852
Muyuan Foods, Cl A		247,145		1,475,927
Shanxi Xinghuacun Fen Wine Factory, Cl A		55,116		1,591,987
Wuliangye Yibin, Cl A		176,479		3,095,033
				21,468,038
Energy — 4.5%
China Petroleum & Chemical, Cl A		1,933,840		1,674,034
China Shenhua Energy, Cl A		394,947		2,400,241
PetroChina, Cl A		1,286,500		1,818,511
Shaanxi Coal Industry, Cl A		577,716		2,039,179
				7,931,965
Financials — 19.7%
Agricultural Bank of China, Cl A		5,866,707		3,503,543
Bank of Communications, Cl A		2,704,899		2,767,567
Bank of Ningbo, Cl A		453,018		1,368,824
China Merchants Bank, Cl A		1,421,567		6,657,222
China Pacific Insurance Group, Cl A		469,614		1,792,045
CITIC Securities, Cl A		840,021		2,097,507
East Money Information, Cl A		1,082,931		1,566,359
Industrial & Commercial Bank of China, Cl A		4,335,226		3,384,645
Industrial Bank, Cl A		1,431,722		3,455,343
Ping An Bank, Cl A		1,331,167		1,850,654
Ping An Insurance Group of China, Cl A		741,698		4,201,788
Shanghai Pudong Development Bank, Cl A		2,022,746		2,280,173
				34,925,670

3

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Bosera MSCI China A 50 Connect Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care — 6.8%
Jiangsu Hengrui Pharmaceuticals, Cl A		778,275	$	4,099,859
Shenzhen Mindray Bio-Medical Electronics, Cl A		148,053		5,899,326
Zhangzhou Pientzehuang Pharmaceutical, Cl A		73,650		2,089,904
				12,089,089
Industrials — 15.0%
Beijing-Shanghai High Speed Railway, Cl A		4,743,000		3,488,623
China State Construction Engineering, Cl A		4,020,058		2,923,839
Contemporary Amperex Technology, Cl A		415,455		10,244,620
COSCO SHIPPING Holdings, Cl A		1,232,230		2,614,386
CRRC, Cl A		2,349,900		2,417,218
NARI Technology, Cl A		775,915		2,652,683
SF Holding, Cl A		472,859		2,311,558
				26,652,927
Information Technology — 14.9%
BOE Technology Group, Cl A		7,979,445		4,470,155
Foxconn Industrial Internet, Cl A		2,795,400		10,491,102
LONGi Green Energy Technology, Cl A		1,635,991		3,141,634
Luxshare Precision Industry, Cl A		1,546,250		8,325,481
				26,428,372
Materials — 10.9%
Wanhua Chemical Group, Cl A		724,599		8,025,240
Zijin Mining Group, Cl A		4,750,692		11,432,869
				19,458,109
Real Estate — 1.0%
China Merchants Shekou Industrial Zone Holdings, Cl A		628,100		756,213
Poly Developments and Holdings Group, Cl A		829,777		995,617
				1,751,830
Utilities — 5.2%
China National Nuclear Power, Cl A		1,411,600		2,061,083
China Yangtze Power, Cl A		1,837,470		7,278,554
				9,339,637
TOTAL CHINA				176,065,640
TOTAL COMMON STOCK (Cost $186,011,615)				176,065,640

4

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Bosera MSCI China A 50 Connect Index ETF (concluded)

	Number of Rights	Value
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (A)	61,390	$	—
TOTAL CHINA			—
TOTAL RIGHTS (Cost $—)			—
TOTAL INVESTMENTS — 99.1% (Cost $186,011,615)			176,065,640
OTHER ASSETS LESS LIABILITIES – 0.9%			1,589,994
NET ASSETS - 100%		$	177,655,634

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
‡‡	Expiration date not available.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

KRS-QH-003-2100

5

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 98.8% ‡
CHINA — 98.6%
Communication Services — 14.1%
Autohome ADR		456	$	12,517
Baidu, Cl A *		5,750		62,785
Bilibili, Cl Z *		1,100		17,879
Focus Media Information Technology, Cl A		25,000		20,751
iQIYI ADR *		2,365		8,680
Kingsoft		12,600		36,392
Kuaishou Technology, Cl B *		6,300		37,240
NetEase		4,400		84,028
Tencent Holdings		12,658		603,766
Tencent Music Entertainment Group ADR		3,190		44,819
				928,857
Consumer Discretionary — 21.9%
Alibaba Group Holding		33,224		300,009
ANTA Sports Products		4,000		38,425
BYD, Cl A		2,000		68,554
BYD, Cl H		3,000		89,146
China Tourism Group Duty Free, Cl A		2,000		17,119
Chongqing Changan Automobile, Cl A		24,338		44,770
Fuyao Glass Industry Group, Cl A		7,100		46,582
Geely Automobile Holdings		20,000		22,517
Great Wall Motor, Cl H		14,500		22,361
Guangzhou Automobile Group, Cl H		22,000		7,777
H World Group ADR		681		22,691
Haier Smart Home, Cl A		17,200		61,527
Huayu Automotive Systems, Cl A		4,000		8,974
JD.com, Cl A		5,372		71,075
Li Auto, Cl A *		3,100		27,913
Li Ning		6,500		14,070
Meituan, Cl B *		11,166		158,890
New Oriental Education & Technology Group *		5,000		38,233
NIO ADR *		4,002		16,648
PDD Holdings ADR *		1,171		155,685
SAIC Motor, Cl A		10,157		19,282
Shenzhou International Group Holdings		3,300		32,314
TAL Education Group ADR *		2,520		26,889
TravelSky Technology, Cl H		6,000		7,039
Trip.com Group *		1,400		67,172
Vipshop Holdings ADR		1,609		20,949
Yum China Holdings		1,055		32,536
				1,439,147
Consumer Staples — 8.6%
Alibaba Health Information Technology *		22,000		8,820

6

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Anhui Gujing Distillery, Cl A		1,200	$	34,692
China Mengniu Dairy		12,000		21,518
China Resources Beer Holdings		6,000		20,173
Foshan Haitian Flavouring & Food, Cl A		5,133		24,235
Guangdong Haid Group, Cl A		4,300		27,711
Henan Shuanghui Investment & Development, Cl A		4,600		14,977
Inner Mongolia Yili Industrial Group, Cl A		6,700		23,713
Jiangsu Yanghe Distillery, Cl A		1,400		15,483
Kweichow Moutai, Cl A		800		160,791
Luzhou Laojiao, Cl A		2,000		39,308
Muyuan Foods, Cl A		7,502		44,801
New Hope Liuhe, Cl A *		11,800		14,773
Shanxi Xinghuacun Fen Wine Factory, Cl A		1,460		42,171
Tingyi Cayman Islands Holding		12,000		14,463
Want Want China Holdings		20,000		12,091
Wuliangye Yibin, Cl A		2,800		49,106
				568,826
Energy — 5.0%
China Oilfield Services, Cl H		14,000		13,449
China Petroleum & Chemical, Cl A		40,800		35,319
China Petroleum & Chemical, Cl H		84,500		54,765
China Shenhua Energy, Cl H		10,000		46,046
PetroChina, Cl A		19,600		27,705
PetroChina, Cl H		59,984		60,695
Shaanxi Coal Industry, Cl A		10,400		36,709
Shanxi Lu’an Environmental Energy Development, Cl A		6,700		16,638
Yankuang Energy Group, Cl H		27,300		39,023
				330,349
Financials — 22.9%
Agricultural Bank of China, Cl A		76,600		45,745
Agricultural Bank of China, Cl H		91,397		39,099
Bank of Beijing, Cl A		24,600		19,678
Bank of China, Cl A		30,400		19,237
Bank of China, Cl H		210,396		103,751
Bank of Communications, Cl A		38,200		39,085
Bank of Communications, Cl H		37,000		29,051
Bank of Hangzhou, Cl A		12,400		22,164
Bank of Jiangsu, Cl A		19,400		19,743
Bank of Nanjing, Cl A		12,300		17,504
Bank of Ningbo, Cl A		6,300		19,036
Bank of Shanghai, Cl A		16,304		16,213
China CITIC Bank, Cl H		28,000		17,968
China Construction Bank, Cl A		10,500		10,643
China Construction Bank, Cl H		209,000		154,460

7

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
China Everbright Bank, Cl A		48,100	$	20,885
China Galaxy Securities, Cl H		33,500		17,549
China Life Insurance, Cl H		20,483		28,964
China Merchants Bank, Cl A		15,600		73,055
China Merchants Bank, Cl H		11,500		52,216
China Merchants Securities, Cl A		8,300		15,814
China Minsheng Banking, Cl A		44,600		23,153
China Minsheng Banking, Cl H		26,000		8,991
China Pacific Insurance Group, Cl A		6,300		24,041
China Pacific Insurance Group, Cl H		9,400		22,948
CITIC Securities, Cl A		13,845		34,570
CITIC Securities, Cl H		7,000		10,311
East Money Information, Cl A		13,700		19,816
Everbright Securities, Cl A		9,000		18,022
GF Securities, Cl A		8,800		14,669
Guosen Securities, Cl A		9,500		11,308
Guotai Junan Securities, Cl A		7,300		13,548
Haitong Securities, Cl A		11,000		12,897
Huatai Securities, Cl A		10,400		17,649
Huatai Securities, Cl H		8,000		8,843
Huaxia Bank, Cl A		16,200		14,201
Industrial & Commercial Bank of China, Cl A		58,600		45,751
Industrial & Commercial Bank of China, Cl H		144,441		85,842
Industrial Bank, Cl A		17,500		42,235
Industrial Securities, Cl A		24,169		16,751
New China Life Insurance, Cl A		3,500		14,396
New China Life Insurance, Cl H		4,800		9,160
Orient Securities, Cl A		12,300		12,804
People’s Insurance Group of China, Cl H		47,452		16,289
PICC Property & Casualty, Cl H		25,510		31,694
Ping An Bank, Cl A		17,391		24,178
Ping An Insurance Group of China, Cl A		8,900		50,419
Ping An Insurance Group of China, Cl H		16,500		74,814
Shanghai Pudong Development Bank, Cl A		25,000		28,182
Shenwan Hongyuan Group, Cl A		28,700		16,943
				1,506,285
Health Care — 3.7%
Beijing Tongrentang, Cl A		1,844		9,651
Changchun High & New Technology Industry Group, Cl A		1,200		15,084
CSPC Pharmaceutical Group		39,520		31,485
Genscript Biotech *		12,000		12,788
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		2,800		11,248
Huadong Medicine, Cl A		2,580		9,828
Jiangsu Hengrui Pharmaceuticals, Cl A		4,916		25,897

8

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Shanghai Fosun Pharmaceutical Group, Cl A		3,400	$	10,310
Shanghai Pharmaceuticals Holding, Cl A		6,600		17,275
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,000		39,846
Sinopharm Group, Cl H		5,600		14,883
Wuxi Biologics Cayman *		10,000		14,781
Yunnan Baiyao Group, Cl A		1,840		12,891
Zhangzhou Pientzehuang Pharmaceutical, Cl A		600		17,026
				242,993
Industrials — 6.9%
AECC Aviation Power, Cl A		3,400		17,021
China Eastern Airlines, Cl A *		21,400		11,754
China Energy Engineering, Cl A		69,737		20,250
China Merchants Port Holdings		15,998		23,811
China Railway Group, Cl H		23,000		12,697
China Southern Airlines, Cl A *		20,100		16,216
CITIC		20,780		18,897
Contemporary Amperex Technology, Cl A		3,100		76,442
COSCO SHIPPING Holdings, Cl A		21,420		45,446
Daqin Railway, Cl A		13,600		13,338
Fosun International		15,000		8,069
Metallurgical Corp of China, Cl A		35,600		15,116
Power Construction Corp of China, Cl A		20,400		15,620
Sany Heavy Industry, Cl A		11,800		26,668
SF Holding, Cl A		3,900		19,065
Shanghai International Airport, Cl A *		1,800		7,951
Shanghai International Port Group, Cl A		15,000		11,875
Weichai Power, Cl A		15,088		33,562
Zhejiang Chint Electrics, Cl A		3,300		8,615
Zhuzhou CRRC Times Electric, Cl H		2,700		10,652
Zoomlion Heavy Industry Science and Technology, Cl A		14,100		14,832
ZTO Express Cayman ADR		1,232		25,564
				453,461
Information Technology — 4.5%
BOE Technology Group, Cl A		41,900		23,473
Iflytek, Cl A		2,800		16,472
Kingdee International Software Group *		14,000		13,126
Lenovo Group		28,000		39,521
LONGi Green Energy Technology, Cl A		8,429		16,186
Luxshare Precision Industry, Cl A		10,274		55,318
Sunny Optical Technology Group		2,600		16,068
Unigroup Guoxin Microelectronics, Cl A		2,019		14,546
Xiaomi, Cl B *		37,400		78,945
Yonyou Network Technology, Cl A *		4,625		6,335

9

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
ZTE, Cl H *		6,600	$	14,608
				294,598
Materials — 4.2%
Anhui Conch Cement, Cl A		4,600		14,863
Anhui Conch Cement, Cl H		6,000		14,294
Baoshan Iron & Steel, Cl A		24,900		22,680
China National Building Material, Cl H		16,000		5,738
China Northern Rare Earth Group High-Tech, Cl A		9,200		21,674
CMOC Group, Cl H		48,000		43,897
Ganfeng Lithium Group, Cl A		2,720		10,674
Inner Mongolia BaoTou Steel Union, Cl A *		56,000		10,738
Rongsheng Petrochemical, Cl A		10,950		14,488
Shandong Hualu Hengsheng Chemical, Cl A		4,740		17,296
Tianqi Lithium, Cl A		2,040		8,357
Wanhua Chemical Group, Cl A		2,500		27,689
Zhejiang Huayou Cobalt, Cl A		2,104		6,378
Zhejiang NHU, Cl A		6,132		16,126
Zijin Mining Group, Cl A		17,000		40,912
				275,804
Real Estate — 2.3%
China Merchants Shekou Industrial Zone Holdings, Cl A		8,000		9,632
China Overseas Land & Investment		14,839		25,735
China Resources Land		12,214		41,535
China Vanke, Cl A		9,143		8,679
China Vanke, Cl H		11,700		6,968
Country Garden Holdings *		79,612		4,451
KE Holdings ADR		1,875		26,531
Longfor Group Holdings		8,500		11,671
Poly Developments and Holdings Group, Cl A		14,500		17,398
				152,600
Utilities — 4.5%
China Gas Holdings		13,200		11,835
China Longyuan Power Group, Cl H		14,000		12,588
China Resources Gas Group		6,700		23,471
China Resources Power Holdings		12,000		36,811
China Yangtze Power, Cl A		18,700		74,074
ENN Energy Holdings		2,482		20,457
Guangdong Investment		14,000		8,195
Huadian Power International, Cl A		44,400		42,205
Huaneng Power International, Cl H *		39,077		28,980
Kunlun Energy		6,000		6,225

10

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Sichuan Chuantou Energy, Cl A		11,800	$	30,305
				295,146
TOTAL CHINA				6,488,066
HONG KONG — 0.2%
Health Care — 0.2%
Sino Biopharmaceutical		39,500		13,509
TOTAL HONG KONG				13,509
TOTAL COMMON STOCK (Cost $8,355,186)				6,501,575

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ * (A)	446		—
TOTAL CHINA			—
TOTAL RIGHTS (Cost $—)			—
TOTAL INVESTMENTS — 98.8% (Cost $8,355,186)			6,501,575
OTHER ASSETS LESS LIABILITIES – 1.2%			79,103
NET ASSETS - 100%		$	6,580,678

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
‡‡	Expiration date not available.
(A)	Level 3 security in accordance with fair value hierarchy.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

KRS-QH-011-1300

11

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
CHINA — 47.2%
Energy — 3.1%
China Petroleum & Chemical, Cl H		138,000	$	89,438
CNOOC Energy Technology & Services, Cl A		11,600		6,546
Offshore Oil Engineering, Cl A		7,500		6,072
				102,056
Financials — 4.5%
Bank of Changsha, Cl A		7,000		7,843
Bank of Chengdu, Cl A		6,600		13,732
Bank of Hangzhou, Cl A		10,300		18,411
Bank of Jiangsu, Cl A		31,355		31,909
Bank of Nanjing, Cl A		17,691		25,177
Bank of Ningbo, Cl A		11,546		34,887
Bank of Suzhou, Cl A		6,400		6,574
Chongqing Rural Commercial Bank, Cl A		15,000		10,314
				148,847
Industrials — 17.0%
Beijing New Building Materials, Cl A		2,908		11,814
Beijing-Shanghai High Speed Railway, Cl A		83,300		61,270
China Communications Services, Cl H		16,000		8,628
China Energy Engineering, Cl A		55,200		16,029
China Merchants Expressway Network & Technology Holdings, Cl A		7,700		12,508
China Railway Group, Cl H		23,500		12,973
China State Construction Engineering, Cl A		70,900		51,566
China XD Electric, Cl A		8,900		9,801
CRRC, Cl H		25,000		16,139
CSSC Science & Technology, Cl A		2,600		4,815
Daqin Railway, Cl A		29,832		29,256
Dongfang Electric, Cl A		4,900		12,383
Goldwind Science & Technology, Cl A		6,100		5,615
Goneo Group, Cl A		1,050		11,091
Gotion High-tech, Cl A		3,200		8,393
Jiangsu Expressway, Cl H		8,000		8,536
Jiangsu Zhongtian Technology, Cl A		5,900		12,809
Liaoning Port, Cl A		32,900		5,543
Metallurgical Corp of China, Cl A		30,400		12,908
NARI Technology, Cl A		13,752		47,015
Ningbo Deye Technology, Cl A		1,000		10,182
Ningbo Orient Wires & Cables, Cl A		1,200		8,023
Ningbo Sanxing Medical Electric, Cl A		2,400		11,505
Power Construction Corp of China, Cl A		30,100		23,046
Shanghai Construction Group, Cl A		15,200		4,477
Shanghai Electric Group, Cl A *		22,200		11,251

12

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Shanghai International Port Group, Cl A		12,010	$	9,508
Shenzhen Inovance Technology, Cl A		2,350		16,512
Sichuan Road & Bridge, Cl A		12,600		13,617
Sieyuan Electric, Cl A		1,300		11,912
TBEA, Cl A		8,667		16,466
Tian Di Science & Technology, Cl A		7,000		6,606
Yangzijiang Shipbuilding Holdings		17,100		31,039
Zhejiang Expressway, Cl H		8,000		5,400
Zhejiang Weixing New Building Materials, Cl A		2,800		5,914
Zhuzhou CRRC Times Electric, Cl H		2,800		11,046
				555,596
Materials — 3.5%
Anhui Conch Cement, Cl H		7,000		16,676
Beijing Oriental Yuhong Waterproof Technology, Cl A		2,300		3,887
China National Building Material, Cl H		25,000		8,966
China Northern Rare Earth Group High-Tech, Cl A		6,224		14,663
China Rare Earth Resources And Technology, Cl A		1,800		6,250
Henan Shenhuo Coal Industry & Electricity Power, Cl A		4,000		11,084
Jinduicheng Molybdenum, Cl A		5,600		7,985
Sinomine Resource Group, Cl A		1,300		4,772
Western Mining, Cl A		4,100		10,080
Xiamen Tungsten, Cl A		2,500		5,907
Yintai Gold, Cl A		4,700		10,487
Yunnan Chihong Zinc & Germanium, Cl A		8,600		6,290
Yunnan Tin, Cl A		2,900		6,153
				113,200
Utilities — 19.1%
Beijing Enterprises Holdings		3,000		10,067
CGN Power, Cl H		62,000		27,318
China Gas Holdings		15,600		13,987
China Longyuan Power Group, Cl H		18,000		16,185
China National Nuclear Power, Cl A		32,300		47,161
China Power International Development		29,000		15,043
China Resources Gas Group		5,300		18,566
China Resources Power Holdings		12,635		38,759
China Three Gorges Renewables Group, Cl A		49,100		29,322
China Yangtze Power, Cl A		41,800		165,577
Datang International Power Generation, Cl A		21,000		8,658
ENN Energy Holdings		4,600		37,914
ENN Natural Gas, Cl A		4,400		12,536
GD Power Development, Cl A		30,400		24,942
Huadian Power International, Cl A		14,642		13,918
Huaneng Power International, Cl H *		25,000		18,540
Kunlun Energy		22,000		22,824

13

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
SDIC Power Holdings, Cl A		12,906	$	32,244
Shanghai Electric Power, Cl A		5,000		6,773
Shenergy, Cl A		8,419		10,182
Shenzhen Energy Group, Cl A		8,300		8,299
Sichuan Chuantou Energy, Cl A		8,284		21,275
Wintime Energy Group, Cl A *		38,500		6,223
Zhejiang Zheneng Electric Power, Cl A *		19,300		18,796
				625,109
TOTAL CHINA				1,544,808
INDIA — 4.2%
Energy — 0.6%
Great Eastern Shipping		1,401		20,581
Industrials — 1.3%
AIA Engineering		595		29,816
GMM Pfaudler		473		7,484
MTAR Technologies *		279		6,217
				43,517
Materials — 2.3%
Navin Fluorine International		415		17,788
PI Industries		1,059		48,243
Vinati Organics		361		8,217
				74,248
TOTAL INDIA				138,346
INDONESIA — 6.6%
Energy — 1.5%
Adaro Energy Indonesia		200,800		34,213
Indo Tambangraya Megah		5,600		8,173
Medco Energi Internasional		87,700		7,150
				49,536
Materials — 5.1%
Amman Mineral Internasional *		84,200		56,562
Chandra Asri Pacific		108,600		61,181
Indah Kiat Pulp & Paper		34,400		18,697
Merdeka Copper Gold *		136,600		19,854
Pabrik Kertas Tjiwi Kimia		19,500		10,360
				166,654
TOTAL INDONESIA				216,190
ISRAEL — 4.7%
Industrials — 2.9%
Elbit Systems		373		65,209

14

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
ZIM Integrated Shipping Services		1,346	$	29,841
				95,050
Materials — 1.8%
ICL Group		10,806		46,784
Israel		53		11,848
				58,632
TOTAL ISRAEL				153,682
KAZAKHSTAN — 1.1%
Energy — 1.1%
NAC Kazatomprom JSC GDR		906		36,240
Materials — 0.0%
Solidcore Resources *		7,154		—
TOTAL KAZAKHSTAN				36,240
KUWAIT — 9.7%
Financials — 9.7%
Kuwait Finance House		137,311		317,819
TOTAL KUWAIT				317,819
MALAYSIA — 2.5%
Industrials — 0.9%
Pentamaster		7,000		7,449
Sime Darby		38,100		21,160
				28,609
Materials — 1.6%
Petronas Chemicals Group		39,100		52,299
TOTAL MALAYSIA				80,908
PHILIPPINES — 1.5%
Industrials — 1.5%
Ayala		3,410		33,862
JG Summit		36,042		16,020
TOTAL PHILIPPINES				49,882
POLAND — 2.2%
Materials — 2.2%
KGHM Polska Miedz		1,962		73,379
TOTAL POLAND				73,379
RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC (A) (B)		33,666		—

15

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Energy (continued)
Sovcomflot PJSC (A) (B)		9,110	$	—
Surgutneftegas PJSC (A) (B)		143,400		—
				—
Materials — 0.0%
GMK Norilskiy Nickel PAO (A) (B)		123,900		—
Segezha Group PJSC * (A) (B)		78,500		—
				—
TOTAL RUSSIA				—
SINGAPORE — 9.6%
Financials — 7.1%
Oversea-Chinese Banking		21,712		231,178
Industrials — 2.5%
Singapore Airlines		9,700		49,386
Singapore Technologies Engineering		10,200		32,589
				81,975
TOTAL SINGAPORE				313,153
SOUTH AFRICA — 2.6%
Materials — 2.6%
Impala Platinum Holdings		12,704		63,151
Kumba Iron Ore		918		22,102
TOTAL SOUTH AFRICA				85,253
THAILAND — 4.2%
Energy — 3.8%
PTT		140,400		124,341
Materials — 0.4%
Indorama Ventures		21,200		11,265
TOTAL THAILAND				135,606
TURKEY — 2.6%
Industrials — 2.6%
Otokar Otomotiv Ve Savunma Sanayi A.S		591		11,880
Turk Hava Yollari AO *		7,711		72,621
TOTAL TURKEY				84,501

16

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI One Belt One Road Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
UNITED ARAB EMIRATES — 0.6%
Industrials — 0.6%
Air Arabia PJSC		31,930	$	19,994
TOTAL UNITED ARAB EMIRATES				19,994
TOTAL COMMON STOCK (Cost $3,968,179)				3,249,761
PREFERRED STOCK — 0.0%
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC (A) (B) (C)		136,600		—
TOTAL PREFERRED STOCK (Cost $74,846)				—
TOTAL INVESTMENTS — 99.3% (Cost $4,043,025)				3,249,761
OTHER ASSETS LESS LIABILITIES – 0.7%				24,416
NET ASSETS - 100%			$	3,274,177

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Level 3 security in accordance with fair value hierarchy.
(B)	Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.
(C)	Currently, no stated interest rate.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

KRS-QH-006-1400

17

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
AUSTRALIA — 0.8%
Consumer Discretionary — 0.8%
IDP Education		12,065	$	122,073
TOTAL AUSTRALIA				122,073
BRAZIL — 3.4%
Consumer Discretionary — 2.6%
MercadoLibre *		252		414,137
Information Technology — 0.8%
TOTVS		22,000		120,527
TOTAL BRAZIL				534,664
CHINA — 43.0%
Communication Services — 15.4%
Baidu, Cl A *		33,564		366,489
Bilibili, Cl Z *		28,020		455,432
Cloud Music *		9,100		117,139
Kuaishou Technology, Cl B *		60,300		356,437
NetEase		29,700		567,189
Tencent Holdings		11,675		556,878
				2,419,564
Consumer Discretionary — 16.8%
Alibaba Group Holding		57,000		514,704
JD.com, Cl A		37,725		499,141
Meituan, Cl B *		37,898		539,285
PDD Holdings ADR *		3,801		505,343
Tongcheng Travel Holdings		53,200		105,890
Trip.com Group *		7,750		371,846
Vipshop Holdings ADR		7,465		97,194
				2,633,403
Consumer Staples — 5.0%
Alibaba Health Information Technology * (A)		822,000		329,541
JD Health International *		125,650		341,991
Ping An Healthcare and Technology *		81,500		119,420
				790,952
Information Technology — 5.8%
GDS Holdings, Cl A * (A)		364,100		435,107
Hua Hong Semiconductor		42,000		118,618
Kingdee International Software Group *		389,000		364,716
				918,441
TOTAL CHINA				6,762,360

18

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
FINLAND — 2.5%
Information Technology — 2.5%
Nokia		103,975	$	396,544
TOTAL FINLAND				396,544
GREECE — 0.7%
Consumer Discretionary — 0.7%
OPAP		7,573		118,824
TOTAL GREECE				118,824
INDIA — 4.4%
Consumer Discretionary — 2.8%
Zomato *		181,264		435,968
Financials — 1.6%
One 97 Communications *		26,295		126,686
PB Fintech *		7,701		129,039
				255,725
TOTAL INDIA				691,693
JAPAN — 2.6%
Communication Services — 2.6%
Nexon		22,400		414,273
TOTAL JAPAN				414,273
RUSSIA — 0.0%
Communication Services — 0.0%
VK GDR * (B) (C)		49,503		—
Consumer Discretionary — 0.0%
Ozon Holdings PLC ADR * (B) (C)		58,005		—
Industrials — 0.0%
HeadHunter Group PLC ADR * (B) (C)		11,746		—
TOTAL RUSSIA				—
SINGAPORE — 3.5%
Communication Services — 3.5%
Sea ADR *		7,619		544,149
TOTAL SINGAPORE				544,149
SOUTH AFRICA — 3.4%
Consumer Discretionary — 3.4%
Naspers, Cl N		2,718		530,980
TOTAL SOUTH AFRICA				530,980

19

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH KOREA — 20.6%
Communication Services — 14.2%
Kakao		12,747	$	376,437
Kakao Games *		8,189		121,958
Krafton *		2,150		439,684
NAVER		3,231		391,757
NCSoft		2,941		384,370
Netmarble *		9,804		382,474
Pearl Abyss *		4,173		133,845
				2,230,525
Consumer Discretionary — 2.4%
Coupang, Cl A *		18,034		377,812
Information Technology — 4.0%
SK Hynix		3,624		622,649
TOTAL SOUTH KOREA				3,230,986
TAIWAN — 14.2%
Consumer Discretionary — 0.8%
momo.com		9,300		123,125
Information Technology — 13.4%
Nanya Technology *		200,000		429,696
Powerchip Semiconductor Manufacturing *		153,000		126,394
Taiwan Semiconductor Manufacturing		20,000		595,533
United Microelectronics		234,000		401,763
Vanguard International Semiconductor		35,000		139,713
VisEra Technologies		13,000		139,451
Win Semiconductors		28,000		150,610
WPG Holdings		45,000		124,563
				2,107,723
TOTAL TAIWAN				2,230,848
URUGUAY — 0.8%
Financials — 0.8%
Dlocal, Cl A * (A)		15,090		122,078
TOTAL URUGUAY				122,078
TOTAL COMMON STOCK (Cost $18,065,275)				15,699,472

20

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

	Shares		Value
SHORT-TERM INVESTMENT — 5.4%
Invesco Government & Agency Portfolio, Cl Institutional, 5.230% (D) (E)		845,753	$	845,753
TOTAL SHORT-TERM INVESTMENT (Cost $845,753)				845,753
TOTAL INVESTMENTS — 105.3% (Cost $18,911,028)				16,545,225
OTHER ASSETS LESS LIABILITIES – (5.3)%				(832,326	)
NET ASSETS - 100%			$	15,712,899

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
(A)	Certain securities or partial positions of certain securities are on loan at June 30, 2024.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.
(D)	The rate shown is the 7-day effective yield as of June 30, 2024.
(E)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2024 was $845,753.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

KRS-QH-007-1400

21

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 99.0% ‡
CHINA — 97.9%
Consumer Discretionary — 35.8%
BYD, Cl A		17,600	$	603,272
BYD, Cl H		165,500		4,917,898
Li Auto, Cl A *		482,700		4,346,365
NIO ADR *		715,633		2,977,033
Seres Group, Cl A *		80,800		1,008,444
Tianneng Power International		602,000		432,567
XPeng, Cl A *		621,500		2,352,297
Yadea Group Holdings		1,082,694		1,368,726
Zhejiang Leapmotor Technology *		444,100		1,524,436
				19,531,038
Industrials — 19.6%
Beijing-Shanghai High Speed Railway, Cl A		2,625,500		1,931,136
China Conch Venture Holdings		1,283,000		1,196,332
China Everbright Environment Group		3,281,216		1,647,458
Contemporary Amperex Technology, Cl A		138,650		3,418,939
Dynagreen Environmental Protection Group, Cl H		324,000		126,987
Ginlong Technologies, Cl A		21,450		122,339
Goldwind Science & Technology, Cl A		184,535		169,854
Gotion High-tech, Cl A		95,500		250,495
Ningbo Deye Technology, Cl A		32,232		328,198
Sungrow Power Supply, Cl A		111,160		944,445
Zhejiang Chint Electrics, Cl A		114,900		299,964
Zhejiang Weiming Environment Protection, Cl A		91,200		257,078
				10,693,225
Information Technology — 15.9%
China Railway Signal & Communication, Cl A		384,191		315,737
Flat Glass Group, Cl A		101,600		279,715
Flat Glass Group, Cl H		388,000		571,509
Hengdian Group DMEGC Magnetics, Cl A		87,000		148,598
JA Solar Technology, Cl A		176,868		271,327
Jinko Solar, Cl A		446,492		434,209
JinkoSolar Holding ADR		29,936		620,274
Kingdee International Software Group *		2,327,000		2,181,730
Kingsoft Cloud Holdings *		1,812,000		317,960
LONGi Green Energy Technology, Cl A		405,046		777,820
Sanan Optoelectronics, Cl A		266,800		428,292
Shanghai Aiko Solar Energy, Cl A		97,820		121,256
Tuya ADR *		202,689		346,598
Xinyi Solar Holdings		3,659,588		1,842,122
				8,657,147
Utilities — 26.6%
Beijing Enterprises Water Group		3,618,500		1,112,329

22

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI China Clean Technology Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
CGN Power, Cl A		547,600	$	347,273
CGN Power, Cl H		6,132,000		2,701,806
China Datang Renewable Power, Cl H		2,144,000		554,715
China Longyuan Power Group, Cl H		2,771,800		2,492,256
China National Nuclear Power, Cl A		1,009,500		1,473,975
China Three Gorges Renewables Group, Cl A		1,529,800		913,582
China Yangtze Power, Cl A		772,000		3,058,033
SDIC Power Holdings, Cl A		398,600		995,838
Sichuan Chuantou Energy, Cl A		260,600		669,271
Xinyi Energy Holdings		1,520,000		196,634
				14,515,712
TOTAL CHINA				53,397,122
HONG KONG — 1.1%
Utilities — 1.1%
Canvest Environmental Protection Group		439,000		236,161
Concord New Energy Group		4,710,000		361,964
TOTAL HONG KONG				598,125
TOTAL COMMON STOCK (Cost $68,375,836)				53,995,247
TOTAL INVESTMENTS — 99.0% (Cost $68,375,836)				53,995,247
OTHER ASSETS LESS LIABILITIES – 1.0%				557,478
NET ASSETS - 100%			$	54,552,725

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

See “Glossary” for abbreviations.

KRS-QH-008-1400

23

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 94.2% ‡
AUSTRALIA — 7.2%
Materials — 7.2%
IGO		443,578	$	1,670,816
Lynas Rare Earths *		470,360		1,862,793
Mineral Resources		18,862		679,231
Pilbara Minerals		918,542		1,883,289
TOTAL AUSTRALIA				6,096,129
BELGIUM — 2.0%
Materials — 2.0%
Umicore		114,521		1,722,019
TOTAL BELGIUM				1,722,019
CHINA — 46.3%
Consumer Discretionary — 25.6%
BAIC BluePark New Energy Technology, Cl A *		903,500		999,922
BYD, Cl A		122,500		4,198,912
Geely Automobile Holdings		1,871,000		2,106,475
Guangzhou Automobile Group, Cl H		1,614,000		570,566
Li Auto, Cl A *		372,900		3,357,695
NIO ADR * (A)		771,696		3,210,255
Seres Group, Cl A *		200,100		2,497,396
Shenzhen Kedali Industry, Cl A		42,336		442,911
XPeng, Cl A *		558,300		2,113,093
Yadea Group Holdings		642,000		811,607
Zhejiang Leapmotor Technology *		419,600		1,440,336
				21,749,168
Industrials — 9.8%
Beijing Easpring Material Technology, Cl A		80,300		377,366
China Baoan Group, Cl A		397,107		467,770
Contemporary Amperex Technology, Cl A		138,120		3,405,874
Eve Energy, Cl A		323,060		1,766,446
Farasis Energy Gan Zhou, Cl A *		187,726		246,844
Gotion High-tech, Cl A		279,189		732,308
Hunan Yuneng New Energy Battery Material, Cl A		71,300		307,238
Qingdao TGOOD Electric, Cl A		167,600		461,879
Wuxi Lead Intelligent Equipment, Cl A		245,700		559,660
				8,325,385
Materials — 10.9%
Chengxin Lithium Group, Cl A		144,100		264,876
CMOC Group, Cl A		2,180,200		2,538,294
CNGR Advanced Material, Cl A		142,670		605,593
Ganfeng Lithium Group, Cl A		257,358		1,009,924
GEM, Cl A		810,240		706,935

24

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Guangzhou Tinci Materials Technology, Cl A		300,694	$	723,229
Ningbo Shanshan, Cl A		353,800		393,496
Shanghai Putailai New Energy Technology, Cl A		337,700		653,581
Tianqi Lithium, Cl A		236,500		968,889
Xiamen Tungsten, Cl A		229,351		541,897
Zhejiang Huayou Cobalt, Cl A		275,163		834,062
				9,240,776
TOTAL CHINA				39,315,329
INDONESIA — 0.4%
Materials — 0.4%
Aneka Tambang		4,676,600		356,992
TOTAL INDONESIA				356,992
JAPAN — 5.4%
Consumer Discretionary — 4.4%
Panasonic Holdings		456,200		3,735,020
Industrials — 1.0%
Nidec		19,700		879,924
TOTAL JAPAN				4,614,944
NETHERLANDS — 0.3%
Industrials — 0.3%
Alfen Beheer BV * (A)		12,465		230,584
TOTAL NETHERLANDS				230,584
SOUTH KOREA — 13.5%
Industrials — 9.6%
Ecopro *		16,038		2,132,186
L&F *		13,336		1,310,833
LG Energy Solution *		8,848		2,098,708
POSCO Future M		11,840		2,223,494
SK IE Technology *		12,644		405,086
				8,170,307
Information Technology — 3.9%
Samsung SDI		12,722		3,271,767
TOTAL SOUTH KOREA				11,442,074
SWEDEN — 1.2%
Consumer Discretionary — 1.2%
Volvo Car, Cl B *		343,605		1,063,728
TOTAL SWEDEN				1,063,728

25

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
UNITED STATES — 17.9%
Consumer Discretionary — 10.1%
Lucid Group * (A)		511,802	$	1,335,803
Rivian Automotive, Cl A * (A)		223,647		3,001,343
Tesla *		21,614		4,276,978
				8,614,124
Industrials — 1.3%
Nikola * (A)		24,196		198,166
Plug Power * (A)		386,849		901,358
				1,099,524
Materials — 6.5%
Albemarle		30,164		2,881,265
Arcadium Lithium *		522,799		1,756,605
MP Materials * (A)		70,987		903,664
				5,541,534
TOTAL UNITED STATES				15,255,182
TOTAL COMMON STOCK (Cost $124,198,604)				80,096,981
PREFERRED STOCK — 4.9%
CHILE — 2.4%
Industrials — 2.4%
Sociedad Quimica y Minera de Chile (B)		50,821		2,047,377
GERMANY — 2.5%
Consumer Discretionary — 2.5%
Dr Ing hc F Porsche (B)		28,564		2,128,256
TOTAL PREFERRED STOCK (Cost $6,396,242)				4,175,633
SHORT-TERM INVESTMENT — 11.0%
Invesco Government & Agency Portfolio, Cl Institutional, 5.230% (C) (D)		9,304,067		9,304,067
TOTAL SHORT-TERM INVESTMENT (Cost $9,304,067)				9,304,067
TOTAL INVESTMENTS — 110.1% (Cost $139,898,913)				93,576,681
OTHER ASSETS LESS LIABILITIES – (10.1)%				(8,613,349	)
NET ASSETS - 100%			$	84,963,332

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.

(A) Certain securities or partial positions of certain securities are on loan at June 30, 2024.

(B) Currently, no stated interest rate.

26

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

(C) The rate shown is the 7-day effective yield as of June 30, 2024.

(D) This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2024 was $9,304,067.

See “Glossary” for abbreviations.

KRS-QH-009-1300

27

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
CHINA — 94.8%
Health Care — 94.8%
Aier Eye Hospital Group, Cl A		733,914	$	1,037,412
Akeso *		115,000		556,043
Asymchem Laboratories Tianjin, Cl A		27,124		244,461
Autobio Diagnostics, Cl A		46,730		294,877
BeiGene *		176,018		1,943,381
Beijing Tiantan Biological Products, Cl A		157,010		524,739
Beijing Tongrentang, Cl A		109,290		571,984
Beijing Wantai Biological Pharmacy Enterprise, Cl A		83,622		754,572
Bloomage Biotechnology, Cl A *		38,006		294,486
Changchun High & New Technology Industry Group, Cl A		32,108		403,590
China National Medicines, Cl A		60,155		253,693
China Resources Pharmaceutical Group		487,500		361,532
China Resources Sanjiu Medical & Pharmaceutical, Cl A		102,947		600,407
Chongqing Zhifei Biological Products, Cl A		189,272		726,668
CSPC Innovation Pharmaceutical, Cl A		113,460		392,091
CSPC Pharmaceutical Group		2,208,889		1,759,778
Dong-E-E-Jiao, Cl A		51,240		439,349
Genscript Biotech * (A)		296,000		315,434
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		111,240		446,889
Guangzhou Kingmed Diagnostics Group, Cl A		37,299		138,910
Hangzhou Tigermed Consulting, Cl A		29,350		195,376
Hansoh Pharmaceutical Group		302,000		631,278
Huadong Medicine, Cl A		140,041		533,437
Hualan Biological Engineering, Cl A		147,447		318,893
Hubei Jumpcan Pharmaceutical, Cl A		73,200		317,932
Humanwell Healthcare Group, Cl A		129,400		304,320
Hygeia Healthcare Holdings (A)		99,400		358,392
Imeik Technology Development, Cl A		23,980		565,271
Innovent Biologics *		310,500		1,463,535
Jiangsu Hengrui Pharmaceuticals, Cl A *		504,528		2,657,793
Jiangsu Nhwa Pharmaceutical, Cl A		79,500		258,508
Jiangsu Yuyue Medical Equipment & Supply, Cl A		80,710		415,663
Joincare Pharmaceutical Group Industry, Cl A		148,545		227,268
Jointown Pharmaceutical Group, Cl A		402,084		268,759
Lepu Medical Technology Beijing, Cl A		148,300		301,440
Livzon Pharmaceutical Group, Cl A		49,259		251,057
MGI Tech, Cl A		32,703		212,366
Pharmaron Beijing, Cl A		117,375		298,709
Shandong Weigao Group Medical Polymer, Cl H		646,800		308,181
Shanghai Fosun Pharmaceutical Group, Cl A		168,029		509,552
Shanghai Pharmaceuticals Holding, Cl A		219,494		574,526
Shanghai Pharmaceuticals Holding, Cl H		181,000		272,170
Shanghai RAAS Blood Products, Cl A		529,734		567,402
Shanghai United Imaging Healthcare, Cl A		65,128		978,590

28

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Shenzhen Kangtai Biological Products, Cl A		88,377	$	188,959
Shenzhen Mindray Bio-Medical Electronics, Cl A		96,655		3,851,319
Shenzhen New Industries Biomedical Engineering, Cl A		62,600		578,254
Shenzhen Salubris Pharmaceuticals, Cl A		87,665		319,760
Shijiazhuang Yiling Pharmaceutical, Cl A		132,250		277,693
Sichuan Kelun Pharmaceutical, Cl A		126,815		526,829
Sinopharm Group, Cl H		344,800		916,387
Walvax Biotechnology, Cl A		127,700		199,049
WuXi AppTec, Cl A		200,020		1,073,681
WuXi AppTec, Cl H		90,484		338,414
Wuxi Biologics Cayman *		993,635		1,468,677
Yunnan Baiyao Group, Cl A		144,023		1,009,030
Zhangzhou Pientzehuang Pharmaceutical, Cl A		47,834		1,357,345
Zhejiang Huahai Pharmaceutical, Cl A		116,672		272,469
TOTAL CHINA				37,228,580
HONG KONG — 2.3%
Health Care — 2.3%
Sino Biopharmaceutical		2,695,750		921,901
TOTAL HONG KONG				921,901
UNITED STATES — 2.2%
Health Care — 2.2%
Legend Biotech ADR *		19,257		852,893
TOTAL UNITED STATES				852,893
TOTAL COMMON STOCK (Cost $55,216,078)				39,003,374

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ‡‡ (B)	109,673	—
TOTAL CHINA		—
TOTAL RIGHTS (Cost $—)		—

29

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI All China Health Care Index ETF (concluded)

	Shares		Value
SHORT-TERM INVESTMENT — 1.6%
Invesco Government & Agency Portfolio, Cl Institutional, 5.230% (C) (D)		637,421	$	637,421
TOTAL SHORT-TERM INVESTMENT (Cost $637,421)				637,421
TOTAL INVESTMENTS — 100.9% (Cost $55,853,499)				39,640,795
OTHER ASSETS LESS LIABILITIES – (0.9)%				(349,873	)
NET ASSETS - 100%			$	39,290,922

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.

‡‡ Expiration date not available.

(A) Certain securities or partial positions of certain securities are on loan at June 30, 2024.

(B) Level 3 security in accordance with fair value hierarchy.

(C) The rate shown is the 7-day effective yield as of June 30, 2024.

(D) This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2024 was $637,421.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

KRS-QH-010-1300

30

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Asia Pacific High Income USD Bond ETF ^†

	Face Amount		Value
CORPORATE OBLIGATIONS — 97.0%
AUSTRALIA — 4.3%
Financials — 3.0%
Macquarie Bank, MTN
6.125%, USSW5 + 3.703% (A) (B)	$	250,000	$	245,980
QBE Insurance Group, MTN
5.250%, H15T5Y + 3.047% (A) (B)		250,000		244,983
				490,963
Materails — 1.3%
Perenti Finance Pty
7.500%, 04/26/2029		200,000		203,854
TOTAL AUSTRALIA				694,817
CHINA — 25.1%
Consumer Discretionary — 4.9%
Fortune Star BVI
5.950%, 10/19/2025		400,000		384,300
5.050%, 01/27/2027		200,000		180,500
5.000%, 05/18/2026		250,000		231,945
				796,745
Financials — 1.5%
Huarong Finance 2019, MTN
4.250%, (A) (B)		250,000		240,370
Materials — 1.6%
China Hongqiao Group
7.750%, 03/27/2025		250,000		251,250
Real Estate — 17.1%
Central Plaza Development
4.650%, 01/19/2026		200,000		185,320
Franshion Brilliant
6.000%, H15T5Y + 5.584% (A) (B)		200,000		176,282
4.250%, 07/23/2029		200,000		152,100
Fuqing Investment Management, MTN
3.250%, 06/23/2025		200,000		184,140
Greentown China Holdings
5.650%, 07/13/2025		400,000		379,344
4.700%, 04/29/2025		200,000		189,000
Pingan Real Estate Capital, MTN
3.450%, 07/29/2026		200,000		171,648
2.750%, 07/29/2024		500,000		492,705
Vanke Real Estate Hong Kong, MTN
3.975%, 11/09/2027		400,000		253,844
3.150%, 05/12/2025		200,000		171,500
Yanlord Land HK
5.125%, 05/20/2026		450,000		383,535
				2,739,418

31

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Asia Pacific High Income USD Bond ETF ^† (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Real Estate (continued)
TOTAL CHINA			$	4,027,783
HONG KONG — 13.6%
Consumer Discretionary — 3.8%
Li & Fung, MTN
5.000%, 08/18/2025	$	250,000		243,125
LS Finance 2017
4.800%, 06/18/2026		200,000		182,000
Melco Resorts Finance
5.250%, 04/26/2026		200,000		193,248
				618,373
Financials — 6.4%
Bank of East Asia, MTN
5.825%, H15T5Y + 5.527% (A) (B)		250,000		244,656
FWD Group Holdings
8.045%, H15T5Y + 4.865% (A) (B)		200,000		195,372
FWD Group Holdings, MTN
7.635%, 07/02/2031		200,000		203,430
PCGI Intermediate, MTN
4.750%, 10/28/2024		200,000		197,751
PCGI Intermediate Holdings III
4.500%, 08/23/2026		200,000		184,000
				1,025,209
Real Estate — 3.4%
NWD Finance BVI
6.150%, (A) (B)		400,000		383,700
5.250%, (A) (B)		200,000		162,100
				545,800
TOTAL HONG KONG				2,189,382
INDIA — 18.5%
Energy — 8.3%
Greenko Solar Mauritius
5.550%, 01/29/2025		200,000		198,120
Greenko Wind Projects Mauritius
5.500%, 04/06/2025		200,000		196,010
India Clean Energy Holdings, MTN
4.500%, 04/18/2027		400,000		367,046
India Cleantech Energy
4.700%, 08/10/2026		596,750		567,211
				1,328,387
Financials — 3.0%
Axis Bank, MTN
4.100%, H15T5Y + 3.315% (A) (B)		200,000		186,550

32

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Asia Pacific High Income USD Bond ETF ^† (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
Shriram Finance, MTN
4.150%, 07/18/2025	$	300,000	$	292,326
				478,876
Industrials — 6.3%
Delhi International Airport
6.450%, 06/04/2029		200,000		200,050
GMR Hyderabad International Airport
4.250%, 10/27/2027		200,000		187,178
India Airport Infrastructure
6.250%, 10/25/2025		250,000		249,062
Magnum Holdings
5.375%, 10/31/2026		400,000		380,682
				1,016,972
Materials — 0.9%
Vedanta Resources Finance II
13.875%, 01/21/2027		141,000		139,144
TOTAL INDIA				2,963,379
INDONESIA — 3.7%
Energy — 1.2%
Medco Bell Pte
6.375%, 01/30/2027		200,000		196,400
Financials — 1.1%
Bank Negara Indonesia Persero
4.300%, H15T5Y + 3.466% (A) (B)		200,000		185,550
Materials — 1.4%
Nickel Industries
11.250%, 10/21/2028		200,000		218,000
TOTAL INDONESIA				599,950
JAPAN — 3.6%
Information Technology — 3.6%
Rakuten Group
5.125%, H15T5Y + 4.578% (A) (B)		200,000		176,555
SoftBank Group
7.000%, 07/08/2031		400,000		397,000
				573,555
TOTAL JAPAN				573,555
MACAU — 8.3%
Consumer Discretionary — 8.3%
Champion Path Holdings
4.850%, 01/27/2028		200,000		181,578
MGM China Holdings
7.125%, 06/26/2031		200,000		201,316
5.250%, 06/18/2025		200,000		197,606

33

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Asia Pacific High Income USD Bond ETF ^† (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Consumer Discretionary (continued)
Studio City Finance
6.500%, 01/15/2028	$	200,000	$	190,018
Wynn Macau
5.625%, 08/26/2028		200,000		187,227
5.500%, 10/01/2027		200,000		190,551
5.125%, 12/15/2029		200,000		181,130
				1,329,426
TOTAL MACAU				1,329,426
MONGOLIA — 1.3%
Energy — 1.3%
Mongolian Mining
12.500%, 09/13/2026		200,000		212,500
PHILIPPINES — 6.0%
Consumer Discretionary — 1.2%
Jollibee Worldwide Pte
3.900%, (A) (B)		200,000		195,500
Energy — 2.4%
Petron
5.950%, (A) (B)		400,000		386,611
Financials — 1.2%
Rizal Commercial Banking
6.500%, H15T5Y + 6.236% (A) (B)		200,000		197,091
Utilities — 1.2%
San Miguel Global Power Holdings
5.450%, (A) (B)		200,000		185,426
TOTAL PHILIPPINES				964,628
SINGAPORE — 3.1%
Real Estate — 3.1%
GLP Pte, MTN
4.500%, H15T5Y + 3.735% (A) (B)		200,000		123,100
3.875%, 06/04/2025		400,000		370,280
				493,380
TOTAL SINGAPORE				493,380
THAILAND — 4.7%
Financials — 4.7%
Kasikornbank, MTN
4.000%, H15T5Y + 3.337% (A) (B)		400,000		368,114
Krung Thai Bank
4.400%, H15T5Y + 3.530% (A) (B)		200,000		184,390
TMBThanachart Bank, MTN
4.900%, H15T5Y + 3.256% (A) (B)		200,000		198,100
				750,604

34

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Asia Pacific High Income USD Bond ETF ^† (concluded)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
TOTAL THAILAND			$	750,604
UNITED KINGDOM — 2.3%
Financials — 2.3%
Standard Chartered
7.750%, H15T5Y + 4.976% (A) (B)	$	200,000		201,977
4.750%, H15T5Y + 3.805% (A) (B)		200,000		165,283
				367,260
TOTAL UNITED KINGDOM				367,260
VIETNAM — 2.5%
Utilities — 2.5%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		421,640		400,556
TOTAL CORPORATE OBLIGATIONS (Cost $15,473,259)				15,567,220
SOVEREIGN DEBT — 1.3%
MONGOLIA — 1.3%
Mongolia Government International Bond
8.650%, 01/19/2028		200,000		208,244
TOTAL SOVEREIGN DEBT (Cost $206,728)				208,244
TOTAL INVESTMENTS — 98.3% (Cost $15,679,987)				15,775,464
OTHER ASSETS LESS LIABILITIES – 1.7%				274,202
NET ASSETS - 100%			$	16,049,666

† Formerly KraneShares Asia Pacific High Income Bond ETF, effective August 1, 2024.

(A) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.

(B) Perpetual security with no stated maturity date.

See “Glossary” for abbreviations.

KRS-QH-012-1300

35

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 96.9% ‡
BRAZIL — 4.2%
Communication Services — 0.1%
Telefonica Brasil		9,900	$	80,812
Consumer Discretionary — 0.0%
Lojas Renner		17,325		38,927
Consumer Staples — 0.4%
Ambev		92,400		189,809
Raia Drogasil		25,168		116,359
				306,168
Energy — 0.9%
Petroleo Brasileiro		77,100		560,505
Ultrapar Participacoes		22,400		87,109
				647,614
Financials — 0.8%
B3 - Brasil Bolsa Balcao		102,500		188,966
Banco Bradesco		49,188		99,094
Banco do Brasil		44,800		215,432
BB Seguridade Participacoes		12,400		73,514
				577,006
Industrials — 0.6%
CCR		19,800		41,493
Localiza Rent a Car		14,420		109,037
Rumo		19,800		73,861
WEG		29,700		225,592
				449,983
Materials — 1.2%
Klabin		13,740		53,036
Suzano		14,700		150,879
Vale		64,700		724,758
				928,673
Utilities — 0.2%
Cia de Saneamento Basico do Estado de Sao Paulo		5,000		67,486
Equatorial Energia		22,200		122,662
				190,148
TOTAL BRAZIL				3,219,331
CHILE — 0.6%
Consumer Discretionary — 0.0%
Falabella *		12,658		38,902

36

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Energy — 0.1%
Empresas Copec		6,582	$	50,555
Financials — 0.3%
Banco de Chile		1,121,628		124,779
Banco de Credito e Inversiones		1,094		30,696
Banco Santander Chile		1,116,507		52,281
				207,756
Materials — 0.1%
Empresas CMPC		21,405		40,138
Utilities — 0.1%
Enel Americas		482,272		44,757
Enel Chile		1,209,442		68,036
				112,793
TOTAL CHILE				450,144
COLOMBIA — 0.1%
Financials — 0.1%
Bancolombia		12,401		105,632
TOTAL COLOMBIA				105,632
CZECH REPUBLIC — 0.2%
Financials — 0.1%
Komercni Banka		1,220		40,852
Utilities — 0.1%
CEZ		2,594		97,682
TOTAL CZECH REPUBLIC				138,534
EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE		44,444		71,621
TOTAL EGYPT				71,621
GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization		3,892		56,062
TOTAL GREECE				56,062
HUNGARY — 0.4%
Energy — 0.1%
MOL Hungarian Oil & Gas		6,065		47,370

37

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 0.2%
OTP Bank Nyrt		3,714	$	184,699
Health Care — 0.1%
Richter Gedeon Nyrt		2,994		77,839
TOTAL HUNGARY				309,908
INDIA — 22.0%
Communication Services — 1.3%
Bharti Airtel		55,048		953,285
Consumer Discretionary — 2.4%
Bajaj Auto		1,376		156,789
Eicher Motors		2,618		146,710
Mahindra & Mahindra		15,602		536,357
Maruti Suzuki India		2,525		364,389
Tata Motors		30,589		363,070
Titan		5,929		242,045
				1,809,360
Consumer Staples — 2.0%
Dabur India		28,361		204,305
Godrej Consumer Products		15,399		254,075
Hindustan Unilever		15,257		452,482
ITC		73,392		373,968
Nestle India		6,784		207,590
				1,492,420
Energy — 1.4%
Bharat Petroleum		34,754		126,680
Indian Oil		102,074		202,747
Oil & Natural Gas		74,596		245,291
Reliance Industries		13,561		509,150
				1,083,868
Financials — 6.2%
Axis Bank		46,490		705,399
Bajaj Finance		4,255		363,084
Bajaj Finserv		8,527		162,400
HDFC Bank		54,293		1,096,310
HDFC Life Insurance		16,920		120,741
ICICI Bank		78,391		1,127,721
Jio Financial Services *		36,907		158,516
Kotak Mahindra Bank		29,006		626,992
State Bank of India		36,680		373,431
				4,734,594

38

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care — 1.0%
Aurobindo Pharma		8,650	$	125,267
Cipla		9,982		177,261
Dr Reddy’s Laboratories		1,918		147,261
Sun Pharmaceutical Industries		18,314		334,017
				783,806
Industrials — 0.7%
Larsen & Toubro		12,141		516,645
Information Technology — 4.1%
HCL Technologies		22,020		385,434
Infosys ADR		77,419		1,441,542
Tata Consultancy Services		18,316		857,543
Tech Mahindra		12,640		216,815
Wipro		30,570		188,745
				3,090,079
Materials — 1.8%
Asian Paints		8,196		286,711
Grasim Industries		5,527		177,000
Hindalco Industries		34,131		283,874
JSW Steel		14,477		161,719
UltraTech Cement		1,967		275,230
UPL		9,107		62,344
Vedanta		22,222		120,987
				1,367,865
Utilities — 1.1%
GAIL India		51,399		135,328
NTPC		82,022		372,154
Power Grid Corp of India		80,267		318,565
				826,047
TOTAL INDIA				16,657,969
INDONESIA — 2.6%
Communication Services — 0.3%
Telkom Indonesia Persero		1,124,300		214,904
Consumer Staples — 0.1%
Charoen Pokphand Indonesia		153,900		47,697
Unilever Indonesia		158,900		29,306
				77,003
Energy — 0.2%
Adaro Energy Indonesia		564,400		96,164

39

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Energy (continued)
United Tractors		35,300	$	47,372
				143,536
Financials — 1.8%
Bank Central Asia		1,062,300		643,867
Bank Mandiri Persero		878,500		329,941
Bank Negara Indonesia Persero		327,600		93,228
Bank Rakyat Indonesia Persero		1,221,100		343,027
				1,410,063
Industrials — 0.2%
Astra International		487,800		132,860
TOTAL INDONESIA				1,978,366
MALAYSIA — 2.1%
Communication Services — 0.1%
CelcomDigi Bhd		72,600		56,633
Maxis		72,600		54,325
				110,958
Consumer Discretionary — 0.1%
Genting		47,600		47,524
Consumer Staples — 0.1%
SD Guthrie		55,100		49,289
Financials — 1.2%
CIMB Group Holdings		200,955		289,665
Hong Leong Bank		12,700		51,688
Malayan Banking		136,616		288,436
Public Bank		316,400		269,619
				899,408
Health Care — 0.1%
IHH Healthcare		47,600		63,568
Materials — 0.1%
Petronas Chemicals Group		72,600		97,108
Utilities — 0.4%
Petronas Gas		12,400		46,840
Tenaga Nasional		90,000		262,894
				309,734
TOTAL MALAYSIA				1,577,589

40

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
MEXICO — 4.0%
Communication Services — 0.6%
America Movil		581,200	$	494,888
Consumer Staples — 1.2%
Fomento Economico Mexicano		40,200		432,724
Grupo Bimbo, Ser A		27,200		96,108
Wal-Mart de Mexico		104,800		356,832
				885,664
Financials — 0.7%
Grupo Financiero Banorte, Cl O		55,100		429,578
Grupo Financiero Inbursa, Cl O *		37,100		88,198
				517,776
Industrials — 0.5%
Grupo Aeroportuario del Pacifico, Cl B		10,080		157,759
Grupo Aeroportuario del Sureste, Cl B		6,425		193,535
				351,294
Materials — 0.9%
Cemex		305,800		195,834
Grupo Mexico		55,100		296,540
Southern Copper		1,758		189,354
				681,728
Real Estate — 0.1%
Fibra Uno Administracion †		69,000		84,828
TOTAL MEXICO				3,016,178
PERU — 0.6%
Financials — 0.3%
Credicorp		1,620		261,355
Materials — 0.3%
Cia de Minas Buenaventura SAA ADR		13,878		235,232
TOTAL PERU				496,587
PHILIPPINES — 0.9%
Financials — 0.2%
BDO Unibank		66,224		144,857
Industrials — 0.3%
Ayala		7,800		77,456
JG Summit		98,535		43,796
SM Investments		7,800		110,527
				231,779

41

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 0.4%
Ayala Land		269,700	$	131,148
SM Prime		368,300		177,838
				308,986
TOTAL PHILIPPINES				685,622
POLAND — 1.7%
Communication Services — 0.1%
CD Projekt		1,475		50,982
Consumer Discretionary — 0.3%
LPP		61		259,323
Energy — 0.2%
ORLEN		6,846		115,274
Financials — 1.0%
Bank Polska Kasa Opieki		4,039		168,792
Powszechna Kasa Oszczednosci Bank Polski		20,191		316,021
Powszechny Zaklad Ubezpieczen		14,669		188,067
Santander Bank Polska		781		105,142
				778,022
Materials — 0.1%
KGHM Polska Miedz		2,816		105,318
TOTAL POLAND				1,308,919
QATAR — 1.0%
Financials — 0.8%
Masraf Al Rayan		95,608		61,262
Qatar Islamic Bank QPSC		28,035		143,216
Qatar National Bank		99,395		398,836
				603,314
Industrials — 0.2%
Industries Qatar		44,590		156,757
TOTAL QATAR				760,071
ROMANIA — 0.2%
Real Estate — 0.2%
NEPI Rockcastle		22,869		164,529
TOTAL ROMANIA				164,529
RUSSIA — 0.0%
Communication Services — 0.0%
Mobile TeleSystems PJSC ADR (A) (B)		3,839		—

42

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 0.0%
X5 Retail Group GDR * (A) (B)		915	$	—
Energy — 0.0%
Gazprom PJSC * (A) (B)		89,700		—
LUKOIL PJSC (A) (B)		3,729		—
Novatek PJSC GDR * (A) (B)		756		—
Rosneft Oil PJSC (A) (B)		10,270		—
Tatneft PJSC (A) (B)		16,537		—
				—
Financials — 0.0%
Sberbank of Russia PJSC (A) (B)		99,330		—
Materials — 0.0%
Alrosa PJSC (A) (B)		18,910		—
GMK Norilskiy Nickel PAO (A) (B)		67,000		—
Novolipetsk Steel PJSC (A) (B)		8,860		—
Severstal PAO (A) (B)		1,512		—
				—
TOTAL RUSSIA				—
SOUTH AFRICA — 5.5%
Communication Services — 0.3%
MTN Group		34,266		159,395
Vodacom Group		17,985		96,042
				255,437
Consumer Discretionary — 1.4%
Naspers, Cl N		4,682		914,662
Woolworths Holdings		37,765		127,772
				1,042,434
Consumer Staples — 0.6%
Bid		6,846		159,291
Clicks Group		4,108		77,472
Shoprite Holdings		13,066		203,238
				440,001
Energy — 0.2%
Exxaro Resources		10,915		106,400
Financials — 2.3%
Absa Group		14,676		127,350
Capitec Bank		2,121		305,373
Discovery		14,594		107,649
FirstRand		91,459		385,170
Nedbank Group		9,252		129,924

43

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Old Mutual		174,788	$	118,599
Remgro		17,837		132,937
Sanlam		29,739		131,790
Standard Bank Group		26,925		310,847
				1,749,639
Industrials — 0.1%
Bidvest Group		5,480		85,363
Materials — 0.6%
Anglo American Platinum		1,429		47,090
Gold Fields		21,782		326,158
Sasol		11,367		85,968
				459,216
TOTAL SOUTH AFRICA				4,138,490
SOUTH KOREA — 17.3%
Communication Services — 0.7%
Kakao		5,229		154,420
NAVER		2,567		311,248
NCSoft		378		49,402
				515,070
Consumer Discretionary — 2.3%
Coway		880		41,043
Hyundai Mobis		1,401		255,976
Hyundai Motor		3,064		656,651
Kia		6,104		573,373
LG Electronics		2,325		187,317
				1,714,360
Consumer Staples — 0.5%
Amorepacific		856		104,038
KT&G		3,437		220,228
LG H&H		203		50,953
				375,219
Energy — 0.3%
HD Hyundai		2,144		116,039
SK Innovation *		1,325		111,756
S-Oil		756		36,523
				264,318
Financials — 2.4%
DB Insurance		830		69,041
Hana Financial Group		7,339		323,631
Industrial Bank of Korea		4,262		43,410

44

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
KB Financial Group		8,760	$	499,571
Samsung Fire & Marine Insurance		1,106		312,556
Samsung Life Insurance		1,152		74,066
Shinhan Financial Group		9,360		327,413
Woori Financial Group		12,287		131,127
				1,780,815
Health Care — 0.2%
Samsung Biologics *		355		187,494
Industrials — 1.7%
Hyundai Engineering & Construction		2,881		67,080
Hyundai Glovis		1,442		229,421
Korea Aerospace Industries		3,714		143,002
Korea Shipbuilding & Offshore Engineering *		632		72,911
LG		2,665		156,047
Samsung C&T		2,375		245,005
Samsung Heavy Industries *		23,023		156,386
SK Holdings		954		109,712
SK Square *		1,768		128,454
				1,308,018
Information Technology — 7.9%
LG Display *		3,616		30,131
Samsung Electro-Mechanics		1,628		186,868
Samsung Electronics		65,632		3,885,948
Samsung SDI		1,102		283,406
Samsung SDS		576		62,140
SK Hynix		9,035		1,552,327
				6,000,820
Materials — 1.1%
Hyundai Steel		3,155		66,584
Korea Zinc		128		47,890
LG Chemical		979		245,728
Lotte Chemical		303		25,248
POSCO Holdings		1,668		439,872
				825,322
Utilities — 0.2%
Korea Electric Power *		10,378		147,546
TOTAL SOUTH KOREA				13,118,982
TAIWAN — 29.3%
Communication Services — 1.1%
Chunghwa Telecom		99,000		382,982

45

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Communication Services (continued)
Far EasTone Telecommunications		73,000	$	189,242
Taiwan Mobile		73,000		240,772
				812,996
Consumer Staples — 0.6%
President Chain Store		25,000		210,764
Uni-President Enterprises		99,000		248,099
				458,863
Energy — 0.1%
Formosa Petrochemical		25,000		49,936
Financials — 5.6%
Cathay Financial Holding		148,000		269,161
Chailease Holding		49,615		234,758
Chang Hwa Commercial Bank		379,150		215,629
China Development Financial Holding *		450,000		209,454
CTBC Financial Holding		368,000		429,351
E.Sun Financial Holding		316,397		278,444
First Financial Holding		316,605		274,235
Fubon Financial Holding		176,827		432,236
Hua Nan Financial Holdings		252,567		205,532
Mega Financial Holding		203,414		253,315
Shanghai Commercial & Savings Bank		153,000		217,180
Shin Kong Financial Holding *		746,000		226,273
SinoPac Financial Holdings		175,211		137,181
Taishin Financial Holding		550,300		319,750
Taiwan Cooperative Financial Holding		279,114		223,694
Yuanta Financial Holding		301,285		297,650
				4,223,843
Industrials — 0.3%
Far Eastern New Century		222,000		241,219
Information Technology — 20.3%
ASE Technology Holding		77,000		399,935
Asustek Computer		25,000		383,768
AUO		199,600		109,517
Catcher Technology		25,000		178,783
Delta Electronics		50,000		597,229
Hon Hai Precision Industry		222,000		1,464,421
Innolux		255,001		112,796
Lite-On Technology		99,000		323,474
MediaTek		25,000		1,078,865
Novatek Microelectronics		25,000		466,994
Pegatron		76,000		244,810

46

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Quanta Computer		75,000	$	721,298
Taiwan Semiconductor Manufacturing		302,000		8,992,556
United Microelectronics		198,000		339,953
				15,414,399
Materials — 1.3%
Asia Cement		99,000		133,815
China Steel		326,000		232,128
Formosa Chemicals & Fibre		75,000		116,517
Formosa Plastics		99,000		175,470
Nan Ya Plastics		124,000		188,438
TCC Group Holdings		147,404		155,394
				1,001,762
TOTAL TAIWAN				22,203,018
THAILAND — 1.7%
Communication Services — 0.2%
Advanced Info Service		23,500		133,837
				133,837
Consumer Staples — 0.3%
CP ALL		125,200		187,642
				187,642
Energy — 0.5%
PTT		256,400		227,073
PTT Exploration & Production		35,200		145,797
				372,870
Health Care — 0.2%
Bangkok Dusit Medical Services, Cl F		230,500		168,019
				168,019
Industrials — 0.2%
Airports of Thailand		114,400		180,029
				180,029
Materials — 0.2%
Indorama Ventures		75,000		39,853
PTT Global Chemical		62,500		51,945
Siam Cement		12,200		74,801
				166,599

47

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 0.1%
Central Pattana		35,200	$	52,995
				52,995
TOTAL THAILAND				1,261,991
TURKEY — 0.9%
Consumer Staples — 0.4%
BIM Birlesik Magazalar		17,095		284,191
Energy — 0.2%
Turkiye Petrol Rafinerileri		34,228		172,792
Financials — 0.3%
Akbank		122,312		238,964
TOTAL TURKEY				695,947
UNITED ARAB EMIRATES — 1.0%
Communication Services — 0.3%
Emirates Telecommunications Group PJSC		53,501		234,513
Financials — 0.5%
Abu Dhabi Commercial Bank PJSC		54,295		118,554
First Abu Dhabi Bank PJSC		80,020		271,452
				390,006
Real Estate — 0.2%
Emaar Properties PJSC		59,940		133,817
TOTAL UNITED ARAB EMIRATES				758,336
UNITED KINGDOM — 0.3%
Materials — 0.3%
Anglogold Ashanti		8,065		203,069
TOTAL UNITED KINGDOM				203,069
UNITED STATES — 0.1%
Consumer Staples — 0.1%
JBS *		14,800		85,984
TOTAL UNITED STATES				85,984
TOTAL COMMON STOCK (Cost $67,010,954)				73,462,879
PREFERRED STOCK — 3.2%
BRAZIL — 2.1%
Energy — 0.7%
Petroleo Brasileiro (C)		82,500		565,155

48

Schedule of Investments (Unaudited) June 30, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

	Shares		Value
PREFERRED STOCK (continued)
Financials — 1.2%
Banco Bradesco (C)		111,571	$	248,674
Itau Unibanco Holding (C)		79,600		464,463
Itausa (C)		105,076		185,770
				898,907
Materials — 0.1%
Gerdau (C)		21,290		70,450
Utilities — 0.1%
Cia Energetica de Minas Gerais (C)		26,500		47,184
TOTAL BRAZIL				1,581,696
CHILE — 0.2%
Industrials — 0.2%
Sociedad Quimica y Minera de Chile (C)		3,101		124,927
COLOMBIA — 0.1%
Financials — 0.1%
Bancolombia (C)		7,516		61,809
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC (A) (B) (C)		50,900		—
SOUTH KOREA — 0.8%
Information Technology — 0.8%
Samsung Electronics (C)		13,434		620,706
TOTAL PREFERRED STOCK (Cost $2,544,274)				2,389,138
TOTAL INVESTMENTS — 100.1% (Cost $69,555,228)				75,852,017
OTHER ASSETS LESS LIABILITIES – (0.1)%				(80,406	)
NET ASSETS - 100%			$	75,771,611

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
†	Real Estate Investment Trust
(A)	Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	Currently, no stated interest rate.

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

KRS-QH-014-1100

49

Schedule of Investments (Unaudited) June 30, 2024

KraneShares CICC China 5G & Semiconductor Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
CHINA — 99.9%
Communication Services — 0.9%
Kunlun Tech, Cl A		16,900	$	74,629
Consumer Discretionary — 0.8%
Hisense Visual Technology, Cl A		20,800		70,484
Information Technology — 98.2%
ACM Research Shanghai, Cl A		6,765		78,307
Advanced Micro-Fabrication Equipment China, Cl A		9,592		185,590
Avary Holding Shenzhen, Cl A		33,485		182,357
Beijing Kingsoft Office Software, Cl A		6,962		216,941
BOE Technology Group, Cl A		568,130		318,271
BYD Electronic International		34,500		172,336
Cambricon Technologies, Cl A *		6,260		170,346
Chaozhou Three-Circle Group, Cl A		29,664		118,602
China Resources Microelectronics, Cl A		20,550		105,384
Eoptolink Technology, Cl A		10,900		157,584
Foxconn Industrial Internet, Cl A		230,274		864,215
GigaDevice Semiconductor, Cl A *		10,100		132,281
GoerTek, Cl A		51,722		138,216
Guobo Electronics, Cl A		6,049		58,528
Hangzhou Silan Microelectronics, Cl A *		25,500		61,158
Hengtong Optic-electric, Cl A		38,500		83,161
Hua Hong Semiconductor		19,000		53,661
Hygon Information Technology, Cl A		35,718		344,027
Iflytek, Cl A		33,700		198,253
Ingenic Semiconductor, Cl A		7,400		56,193
JCET Group, Cl A		26,800		116,401
Lingyi iTech Guangdong, Cl A		102,000		99,473
Luxshare Precision Industry, Cl A		109,605		590,147
Maxscend Microelectronics, Cl A		8,269		88,047
Montage Technology, Cl A		17,376		136,041
National Silicon Industry Group, Cl A *		42,736		80,838
NAURA Technology Group, Cl A		8,218		360,075
Sanan Optoelectronics, Cl A		75,000		120,397
SG Micro, Cl A		7,500		85,038
Shanghai BOCHU Electronic Technology, Cl A		3,222		81,450
Shennan Circuits, Cl A		7,900		114,450
Shenzhen Goodix Technology, Cl A		7,100		66,859
Shenzhen Transsion Holdings, Cl A		17,579		184,295
Sunny Optical Technology Group		16,800		103,825
Suzhou TFC Optical Communication, Cl A		8,660		104,881
TCL Zhonghuan Renewable Energy Technology, Cl A		61,500		72,865
TongFu Microelectronics, Cl A		23,200		71,149
Unigroup Guoxin Microelectronics, Cl A		13,000		93,660

50

Schedule of Investments (Unaudited) June 30, 2024

KraneShares CICC China 5G & Semiconductor Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Universal Scientific Industrial Shanghai, Cl A		33,300	$	73,206
Will Semiconductor Shanghai, Cl A		19,006		258,684
Wingtech Technology, Cl A *		19,155		74,119
WUS Printed Circuit Kunshan, Cl A		29,000		144,983
Xiaomi, Cl B *		318,200		671,662
Yealink Network Technology, Cl A		19,532		98,371
Zhejiang Dahua Technology, Cl A		50,000		105,878
Zhejiang Jingsheng Mechanical & Electrical, Cl A		20,120		79,175
Zhongji Innolight, Cl A		16,940		319,920
ZTE, Cl H		116,400		257,626
				8,348,926
TOTAL CHINA				8,494,039
TOTAL COMMON STOCK (Cost $9,083,207)				8,494,039
TOTAL INVESTMENTS — 99.9% (Cost $9,083,207)				8,494,039
OTHER ASSETS LESS LIABILITIES – 0.1%				6,789
NET ASSETS - 100%			$	8,500,828

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

See “Glossary” for abbreviations.

KRS-QH-022-0700

51

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
UNITED STATES — 99.9%
Communication Services — 5.5%
Alphabet, Cl C		1,669	$	306,128
Comcast, Cl A		12,344		483,391
Meta Platforms, Cl A		1,568		790,617
Netflix *		143		96,508
				1,676,644
Consumer Discretionary — 7.1%
Amazon.com *		5,044		974,753
Dick’s Sporting Goods		428		91,956
Home Depot		2,186		752,509
McDonald’s		669		170,488
Modine Manufacturing *		778		77,948
Williams-Sonoma		331		93,464
				2,161,118
Consumer Staples — 7.0%
Altria Group		7,352		334,884
Colgate-Palmolive		1,556		150,994
Flowers Foods		18,779		416,894
Kimberly-Clark		3,754		518,803
Procter & Gamble		1,699		280,199
Universal		8,880		427,927
				2,129,701
Energy — 4.5%
Chevron		515		80,556
DT Midstream		7,120		505,734
Hess Midstream, Cl A		12,550		457,322
Phillips 66		2,268		320,173
				1,363,785
Financials — 8.1%
Allstate		779		124,375
BlackRock, Cl A		452		355,869
CME Group, Cl A		702		138,013
Goldman Sachs Group		1,157		523,334
Invesco		10,886		162,854
JPMorgan Chase		1,649		333,527
T Rowe Price Group		3,941		454,437
Western Union		32,549		397,749
				2,490,158
Health Care — 8.6%
AbbVie		2,117		363,108
Bristol-Myers Squibb		9,924		412,144

52

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Value Line^® Dynamic Dividend Equity Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
CVS Health		1,612	$	95,205
Eli Lilly		419		379,354
Gilead Sciences		5,925		406,514
Merck		3,239		400,988
Pfizer		20,659		578,039
				2,635,352
Industrials — 10.9%
Automatic Data Processing		1,860		443,963
Cummins		867		240,098
Fastenal		6,329		397,714
General Dynamics		166		48,163
MSC Industrial Direct, Cl A		4,296		340,716
Paychex		3,854		456,930
Powell Industries		392		56,213
Robert Half		2,956		189,125
Snap-on		1,500		392,085
Union Pacific		1,269		287,124
United Parcel Service, Cl B		549		75,131
Vertiv Holdings, Cl A		1,549		134,097
Watsco		611		283,040
				3,344,399
Information Technology — 22.5%
Apple		5,570		1,173,153
AppLovin, Cl A *		634		52,762
Cisco Systems		12,349		586,701
Dell Technologies, Cl C		420		57,922
International Business Machines		1,822		315,115
Microsoft		4,392		1,963,004
NetApp		1,432		184,442
NVIDIA		15,030		1,856,806
Oracle		336		47,443
Super Micro Computer *		166		136,012
Texas Instruments		2,671		519,590
				6,892,950
Materials — 5.5%
Air Products and Chemicals		1,709		441,008
Dow		8,356		443,286
Packaging Corp of America		2,432		443,986
Sonoco Products		7,220		366,198
				1,694,478
Real Estate — 6.8%
American Tower †		2,372		461,069

53

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Value Line^® Dynamic Dividend Equity Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
Crown Castle †		4,427	$	432,518
Equinix †		345		261,027
Public Storage †		1,552		446,433
Simon Property Group †		3,120		473,616
				2,074,663
Utilities — 13.4%
ALLETE		6,898		430,090
American Electric Power		5,620		493,099
Consolidated Edison		4,987		445,938
Duke Energy		4,979		499,045
Entergy		4,408		471,656
Evergy		4,250		225,122
ONE Gas		3,188		203,554
Public Service Enterprise Group		5,093		375,354
Spire		1,815		110,225
UGI		17,888		409,635
WEC Energy Group		5,326		417,878
				4,081,596
TOTAL UNITED STATES				30,544,844
TOTAL COMMON STOCK (Cost $28,487,643)				30,544,844
TOTAL INVESTMENTS — 99.9% (Cost $28,487,643)				30,544,844
OTHER ASSETS LESS LIABILITIES – 0.1%				41,101
NET ASSETS - 100%			$	30,585,945

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.

† Real Estate Investment Trust

See “Glossary” for abbreviations.

KRS-QH-026-0700

54

Consolidated Schedule of Investments (Unaudited) June 30, 2024

KraneShares Mount Lucas Managed Futures Index Strategy ETF ^†

	Face Amount		Value
U.S. TREASURY OBLIGATIONS — 71.2%
U.S. Treasury Bills
5.293%, 07/23/2024 (A)	$	40,000,000	$	39,871,789
5.292%, 07/30/2024 (A)		40,000,000		39,830,833
5.275%, 07/02/2024 (A)		40,000,000		39,994,178
5.267%, 08/06/2024 (A)		40,000,000		39,791,180
0.000%, 08/29/2024 (A)		40,000,000		39,655,341
TOTAL U.S. TREASURY OBLIGATIONS (Cost $199,145,416)				199,143,321
TOTAL INVESTMENTS — 71.2% (Cost $199,145,416)				199,143,321
OTHER ASSETS LESS LIABILITIES – 28.8%				80,509,545
NET ASSETS - 100%			$	279,652,866

A list of the open futures contracts held by the Fund at June 30, 2024, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
AUD Currency	613	Sep-2024	$	41,028,246		$	40,966,784		$	(61,462	)
British Pound	567	Sep-2024		45,416,003			44,824,894			(591,109	)
Canadian 10-Year Bond	580	Sep-2024		51,353,901			50,905,011			(459,230	)
Copper ^	165	Sep-2024		18,457,540			18,114,937			(342,602	)
Gold ^	81	Aug-2024		19,719,540			18,950,760			(768,781	)
Live Cattle ^	114	Aug-2024		8,267,641			8,455,380			187,739
Long Gilt 10-Year Bond	303	Sep-2024		37,539,273			37,371,328			(50,111	)
WTI Crude Oil ^	130	Sep-2024		9,934,520			10,483,200			548,680
				231,716,664			230,072,294			(1,536,876	)
Short Contracts
CAD Currency	(614)	Sep-2024		(44,780,432	)		(44,944,800	)		(164,368	)
Corn ^	(818)	Dec-2024		(19,229,346	)		(17,208,675	)		2,020,671
Euro FX	(332)	Sep-2024		(45,080,372	)		(44,620,800	)		459,572
Euro-Bund 10-Year Bond	(263)	Sep-2024		(37,524,244	)		(37,072,086	)		(128,775	)
Gasoline ^	(45)	Sep-2024		(4,556,251	)		(4,670,190	)		(113,939	)
Japanese 10-Year Bond	(78)	Sep-2024		(70,938,516	)		(69,258,997	)		1,388
Japanese Yen	(559)	Sep-2024		(45,272,488	)		(43,968,844	)		1,303,644
Natural Gas ^	(715)	Sep-2024		(21,648,352	)		(18,575,700	)		3,072,652
NY Harbor ULSD ^	(186)	Sep-2024		(19,271,447	)		(19,912,007	)		(640,560	)
Soybean ^	(322)	Nov-2024		(18,509,841	)		(17,774,400	)		735,442
Sugar No. 11 ^	(931)	Oct-2024		(19,685,446	)		(21,167,216	)		(1,481,770	)
Swiss Franc	(322)	Sep-2024		(45,520,090	)		(45,212,825	)		307,265
Ultra 10-Year U.S. Treasury Note	(633)	Sep-2024		(70,845,970	)		(71,865,281	)		(1,019,312	)
Wheat ^	(225)	Dec-2024		(6,651,458	)		(6,716,250	)		(64,792	)
				(469,514,253	)		(462,968,071	)		4,287,118
			$	(237,797,589	)	$	(232,895,777	)	$	2,750,242

55

Consolidated Schedule of Investments (Unaudited) June 30, 2024

KraneShares Mount Lucas Managed Futures Index Strategy ETF ^† (concluded)

^ Security is held by the KFA MLM Index Subsidiary, Ltd. as of June 30, 2024.

† Formerly KFA Mount Lucas Futures Index Strategy ETF, effective August 1, 2024.

(A) Interest rate represents the security’s effective yield at the time of purchase.

KRS-QH-025-0700

56

Schedule of Investments (Unaudited) June 30, 2024

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 99.0% ‡
CHINA — 99.0%
Consumer Discretionary — 4.6%
Beijing Roborock Technology, Cl A		16,694	$	897,713
Tianneng Battery Group, Cl A		26,023		85,046
				982,759
Health Care — 11.3%
Bloomage Biotechnology, Cl A *		34,921		270,582
iRay Technology, Cl A		18,109		285,816
MGI Tech, Cl A		37,666		244,594
Shanghai Junshi Biosciences, Cl A *		97,234		386,893
Shanghai United Imaging Healthcare, Cl A		59,750		897,782
Sichuan Biokin Pharmaceutical, Cl A *		14,536		361,168
				2,446,835
Industrials — 5.4%
AVIC Chengdu UAS, Cl A		36,702		166,045
Baimtec Material, Cl A		16,312		118,148
GoodWe Technologies, Cl A		30,703		236,004
Pylon Technologies, Cl A		31,195		169,671
Sany Renewable Energy, Cl A		43,699		148,679
Zhuzhou CRRC Times Electric, Cl A		47,246		319,553
				1,158,100
Information Technology — 73.9%
ACM Research Shanghai, Cl A		15,794		182,821
Advanced Micro-Fabrication Equipment China, Cl A		78,670		1,522,142
Amlogic Shanghai, Cl A		60,656		492,835
ASR Microelectronics, Cl A *		37,908		194,503
Beijing Kingsoft Office Software, Cl A		41,873		1,304,794
Biwin Storage Technology, Cl A *		46,797		411,189
Cambricon Technologies, Cl A *		37,753		1,027,331
China Railway Signal & Communication, Cl A		468,758		385,235
China Resources Microelectronics, Cl A		95,953		492,063
CSI Solar, Cl A *		84,104		117,271
Everdisplay Optronics Shanghai, Cl A *		753,454		204,338
GalaxyCore, Cl A		141,404		234,548
Guobo Electronics, Cl A		8,700		84,178
Hangzhou EZVIZ Network, Cl A		28,546		133,369
Hwatsing Technology, Cl A		17,284		448,811
Hygon Information Technology, Cl A		168,511		1,623,057
Jinko Solar, Cl A		725,362		705,407
Loongson Technology, Cl A *		29,072		350,137
Montage Technology, Cl A		165,508		1,295,799
National Silicon Industry Group, Cl A *		298,749		565,102
Nexchip Semiconductor, Cl A *		72,721		146,122
Piotech, Cl A		25,222		414,947

57

Schedule of Investments (Unaudited) June 30, 2024

KraneShares SSE STAR Market 50 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Qi An Xin Technology Group, Cl A *		49,674	$	160,707
Shanghai BOCHU Electronic Technology, Cl A		14,895		376,514
Shanghai Fudan Microelectronics Group, Cl A		58,151		249,941
Shenzhen Transsion Holdings, Cl A		81,865		858,251
SICC, Cl A *		31,153		200,209
SUPCON Technology, Cl A		114,535		591,434
Trina Solar, Cl A		197,501		457,716
United Nova Technology, Cl A *		255,435		138,549
Verisilicon Microelectronics Shanghai, Cl A *		63,425		232,386
Xinjiang Daqo New Energy, Cl A		116,629		325,724
				15,927,430
Materials — 3.8%
Cathay Biotech, Cl A		52,868		328,685
Western Superconducting Technologies, Cl A *		82,424		432,619
Zhongfu Shenying Carbon Fiber, Cl A		17,943		49,890
				811,194
TOTAL CHINA				21,326,318
TOTAL COMMON STOCK (Cost $30,892,253)				21,326,318
TOTAL INVESTMENTS — 99.0% (Cost $30,892,253)				21,326,318
OTHER ASSETS LESS LIABILITIES – 1.0%				207,817
NET ASSETS - 100%			$	21,534,135

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

See “Glossary for abbreviations”.

KRS-QH-024-0700

58

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 90.6% ‡
CHINA — 90.6%
Communication Services — 24.9%
Baidu, Cl A *		22,650	$	247,318
Bilibili, Cl Z *		9,460		153,761
China Literature *		14,600		47,031
Kingsoft		30,000		86,649
Kuaishou Technology, Cl B *		45,300		267,771
NetEase		14,305		273,186
Tencent Holdings		12,200		581,920
Weibo, Cl A		160		1,248
				1,658,884
Consumer Discretionary — 41.0%
Alibaba Group Holding		60,400		545,405
Haier Smart Home, Cl A		77,826		260,171
JD.com, Cl A		39,410		521,429
Li Auto, Cl A *		29,400		264,726
Meituan, Cl B *		40,680		578,880
NIO, Cl A *		4,410		19,233
Tongcheng Travel Holdings		39,600		78,820
Trip.com Group *		5,450		261,492
XPeng, Cl A *		51,500		194,921
				2,725,077
Consumer Staples — 3.5%
Alibaba Health Information Technology *		206,000		82,586
East Buy Holding *		14,500		23,438
JD Health International *		35,800		97,439
Ping An Healthcare and Technology *		19,700		28,866
				232,329
Financials — 0.7%
ZhongAn Online P&C Insurance, Cl H *		27,300		47,485
Information Technology — 20.5%
BYD Electronic International		25,000		124,882
Hua Hong Semiconductor		21,000		59,309
Kingdee International Software Group *		98,000		91,882
Lenovo Group		190,000		268,181
SenseTime Group, Cl B *		751,000		126,972
Sunny Optical Technology Group		22,840		141,152

59

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Xiaomi, Cl B *		259,800	$	548,391
				1,360,769
TOTAL CHINA				6,024,544
TOTAL COMMON STOCK (Cost $6,219,408)				6,024,544
TOTAL INVESTMENTS — 90.6% (Cost $6,219,408)				6,024,544
OTHER ASSETS LESS LIABILITIES – 9.4%				625,733
NET ASSETS - 100%			$	6,650,277

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

* Non-income producing security.

See “Glossary for abbreviations”.

KRS-QH-028-0700

60

Schedule of Investments (Unaudited) June 30, 2024

KraneShares S&P Pan Asia Dividend Aristocrats ETF

	Shares		Value
COMMON STOCK — 98.3% ‡
AUSTRALIA — 16.3%
Communication Services — 1.0%
CAR Group		1,211	$	28,509
Financials — 3.9%
AUB Group		1,574		33,312
Steadfast Group		8,929		36,853
Washington H Soul Pattinson		1,618		35,465
				105,630
Health Care — 2.8%
EBOS Group		2,029		39,836
Sonic Healthcare		2,113		37,114
				76,950
Industrials — 1.5%
Computershare		2,252		39,615
Materials — 2.1%
Brickworks		1,645		28,784
Northern Star Resources		3,113		27,027
				55,811
Real Estate — 1.8%
Charter Hall Group †		6,465		48,272
Utilities — 3.2%
APA Group		16,230		86,605
TOTAL AUSTRALIA				441,392
CHINA — 31.5%
Consumer Discretionary — 3.9%
Bosideng International Holdings		170,000		106,041
Energy — 7.3%
PetroChina, Cl H		194,000		196,301
Financials — 9.2%
China Merchants Bank, Cl H		28,500		129,406
Ping An Insurance Group of China, Cl H		26,500		120,155
				249,561
Health Care — 4.4%
CSPC Pharmaceutical Group		62,000		49,394
Sinopharm Group, Cl H		26,000		69,101
				118,495

61

Schedule of Investments (Unaudited) June 30, 2024

KraneShares S&P Pan Asia Dividend Aristocrats ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 3.6%
China Resources Land		28,500	$	96,918
Utilities — 3.1%
ENN Energy Holdings		10,100		83,246
TOTAL CHINA				850,562
HONG KONG — 9.9%
Financials — 1.0%
AIA Group		4,000		27,154
Real Estate — 2.8%
Swire Properties		47,800		76,163
Utilities — 6.1%
CK Infrastructure Holdings		14,000		79,079
Hong Kong & China Gas		111,000		84,450
				163,529
TOTAL HONG KONG				266,846
INDIA — 1.1%
Information Technology — 1.1%
Infosys ADR		1,554		28,935
TOTAL INDIA				28,935
INDONESIA — 1.1%
Financials — 1.1%
Bank Central Asia		49,000		29,699
TOTAL INDONESIA				29,699
JAPAN — 28.1%
Communication Services — 0.7%
KDDI		400		10,578
Nippon Telegraph & Telephone		9,700		9,154
				19,732
Consumer Discretionary — 3.4%
Fujitsu General		500		6,487
Open House Group		600		18,381
Rinnai		300		6,826
Sangetsu		800		14,825
Sekisui Chemical		1,000		13,838
Sekisui House		700		15,505
TS Tech		1,400		16,584
				92,446

62

Schedule of Investments (Unaudited) June 30, 2024

KraneShares S&P Pan Asia Dividend Aristocrats ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 2.5%
Asahi Group Holdings		300	$	10,584
Kao		300		12,167
Lion		900		7,016
Morinaga		500		7,736
Nisshin Seifun Group		600		6,898
Seven & i Holdings		600		7,311
Sundrug		400		10,081
Yakult Honsha		300		5,365
				67,158
Financials — 6.3%
Chiba Bank		1,700		15,134
Fuyo General Lease		200		15,299
Jaccs		400		11,575
SBI Holdings		800		20,226
Sompo Holdings		1,000		21,354
Sumitomo Mitsui Financial Group		300		20,002
Tokio Marine Holdings		600		22,398
Tokyo Century		1,200		11,257
Yamaguchi Financial Group		1,600		18,158
Zenkoku Hosho		400		14,736
				170,139
Health Care — 2.7%
Alfresa Holdings		600		8,217
Astellas Pharma		1,500		14,827
Hisamitsu Pharmaceutical		300		6,932
Kyowa Kirin		600		10,248
Mani		600		7,404
Medipal Holdings		700		10,653
Shionogi		200		7,804
Ship Healthcare Holdings		500		7,382
				73,467
Industrials — 3.5%
COMSYS Holdings		600		11,529
EXEO Group		1,500		14,915
Hikari Tsushin		100		18,628
Kandenko		1,100		11,776
Sanwa Holdings		700		12,800
SHO-BOND Holdings		200		7,163
Takeuchi Manufacturing		500		17,500
				94,311
Information Technology — 2.2%
Azbil		200		5,571

63

Schedule of Investments (Unaudited) June 30, 2024

KraneShares S&P Pan Asia Dividend Aristocrats ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Dentsu Soken		200	$	6,565
FUJIFILM Holdings		300		7,016
Murata Manufacturing		400		8,261
NEC Networks & System Integration		500		7,593
Otsuka		500		9,608
SCSK		400		7,989
TIS		300		5,815
				58,418
Materials — 2.1%
Air Water		1,000		13,524
Fujimi		500		9,434
Nissan Chemical		300		9,506
Nitto Denko		200		15,802
Shin-Etsu Chemical		200		7,756
				56,022
Real Estate — 4.2%
Aeon Mall		1,000		11,784
Daiwa Securities Living Investments, Cl A †		26		16,971
Hulic		1,200		10,627
Japan Metropolitan Fund Invest †		26		14,628
Japan Real Estate Investment †		4		12,632
Mori Hills REIT Investment, Cl A †		20		16,362
Nomura Real Estate Holdings		600		15,035
Tokyo Tatemono		900		14,205
				112,244
Utilities — 0.5%
Nippon Gas		900		13,526
TOTAL JAPAN				757,463
NEW ZEALAND — 1.3%
Health Care — 1.3%
Fisher & Paykel Healthcare		1,925		35,284
TOTAL NEW ZEALAND				35,284
PHILIPPINES — 2.4%
Industrials — 2.4%
International Container Terminal Services		10,790		64,399
TOTAL PHILIPPINES				64,399
TAIWAN — 5.5%
Financials — 1.2%
Chailease Holding		7,120		33,689

64

Schedule of Investments (Unaudited) June 30, 2024

KraneShares S&P Pan Asia Dividend Aristocrats ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology — 4.3%
Advantech		3,300	$	37,633
Sinbon Electronics		5,000		45,004
Wistron		10,000		32,674
				115,311
TOTAL TAIWAN				149,000
THAILAND — 1.1%
Financials — 1.1%
Krungthai Card		27,000		29,981
TOTAL THAILAND				29,981
TOTAL COMMON STOCK (Cost $2,615,456)				2,653,561
TOTAL INVESTMENTS — 98.3% (Cost $2,615,456)				2,653,561
OTHER ASSETS LESS LIABILITIES – 1.7%				45,541
NET ASSETS - 100%			$	2,699,102

‡ Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.

† Real Estate Investment Trust

See “Glossary” for abbreviations.

KRS-QH-035-0400

65

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Dynamic Emerging Markets Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 99.0%
KraneShares MSCI All China Index ETF (A)		132,009	$	2,469,413
KraneShares MSCI Emerging Markets ex China Index ETF (A)		65,805		1,976,815
TOTAL EXCHANGE - TRADED FUNDS (Cost $4,383,279)				4,446,228
TOTAL INVESTMENTS — 99.0% (Cost $4,383,279)				4,446,228
OTHER ASSETS LESS LIABILITIES – 1.0%				42,965
NET ASSETS - 100%			$	4,489,193

(A) Affiliated Investment.

Transactions with affiliated companies during the period ended June 30, 2024 are as follows:

Value as of 3/31/2024		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)		Value as of 6/30/2024		Dividend Income		Capital Gain Distributions
KraneShares MSCI All China Index ETF
$	2,027,280	$	391,184	$	—		$	50,949	$	—	$	2,469,413	$	—	$	—
KraneShares MSCI Emerging Markets ex China Index ETF
	1,668,176		277,888		(13,696	)		43,496		951		1,976,815		—		—
$	3,695,456	$	669,072	$	(13,696	)	$	94,445	$	951	$	4,446,228	$	—	$	—

Amounts designated as “—” are $0 or have been rounded to $0.

See “Glossary” for abbreviations.

KRS-QH-038-0200

66

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Global Luxury Index ETF

	Shares		Value
COMMON STOCK — 96.8% ‡
CHINA — 0.7%
Consumer Discretionary — 0.7%
Chow Tai Fook Jewellery Group		15,400	$	16,667
TOTAL CHINA				16,667
DENMARK — 4.5%
Consumer Discretionary — 4.5%
Pandora		717		108,299
TOTAL DENMARK				108,299
FRANCE — 35.1%
Consumer Discretionary — 22.0%
Hermes International		83		190,365
Kering		315		114,279
LVMH Moet Hennessy Louis Vuitton		299		228,676
				533,320
Consumer Staples — 8.6%
L’Oreal		474		208,310
Health Care — 4.5%
EssilorLuxottica		508		109,543
TOTAL FRANCE				851,173
GERMANY — 0.9%
Consumer Discretionary — 0.9%
HUGO BOSS		459		20,548
TOTAL GERMANY				20,548
ITALY — 11.0%
Consumer Discretionary — 11.0%
Brunello Cucinelli		293		29,361
Ferrari		269		109,757
Moncler		1,621		99,131
PRADA		3,900		29,172
TOTAL ITALY				267,421
JAPAN — 8.1%
Consumer Staples — 8.1%
Kao		2,600		105,448
Shiseido		3,200		91,270
TOTAL JAPAN				196,718
SWITZERLAND — 10.1%
Consumer Discretionary — 10.1%
Cie Financiere Richemont, Cl A		1,243		194,003

67

Schedule of Investments (Unaudited) June 30, 2024

KraneShares Global Luxury Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Swatch Group		253	$	51,819
TOTAL SWITZERLAND				245,822
UNITED KINGDOM — 1.4%
Consumer Discretionary — 1.4%
Burberry Group		3,031		33,633
TOTAL UNITED KINGDOM				33,633
UNITED STATES — 25.0%
Consumer Discretionary — 19.3%
Capri Holdings *		1,164		38,505
Deckers Outdoor *		113		109,378
Ralph Lauren, Cl A		330		57,770
Samsonite International		10,800		32,231
Signet Jewelers		380		34,041
Tapestry		1,998		85,494
Vail Resorts		366		65,928
VF		3,372		45,522
				468,869
Consumer Staples — 5.7%
Coty, Cl A *		2,829		28,346
Estee Lauder, Cl A		854		90,866
Inter Parfums		165		19,145
				138,357
TOTAL UNITED STATES				607,226
TOTAL COMMON STOCK (Cost $2,290,385)				2,347,507
TOTAL INVESTMENTS — 96.8% (Cost $2,290,385)				2,347,507
OTHER ASSETS LESS LIABILITIES – 3.2%				76,839
NET ASSETS - 100%			$	2,424,346

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.

See “Glossary” for abbreviations.

KRS-QH-039-0200

68

Schedules of Investments/Consolidated Schedule of Investments (Unaudited) June 30, 2024

Glossary (abbreviations which may be used in preceding Schedule of Investments):

Fund Abbreviations

ADR — American Depositary Receipt

AUD — Australian Dollar

BV — Business Value

BVI — Business Volume Indicator

CAD — Canadian Dollar

Cl — Class

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

H15T5Y — US Treas Yield Curve Rate T Note Const Mat 5 Yr

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

USD — U.S. Dollar

USSW5 — USD Swap Semi 30/360 5 Yr Curr

WTI — West Texas Intermediate

69