Krane Shares Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act File Number 811-22698

KraneShares Trust

(Exact name of registrant as specified in charter)

280 Park Avenue, 32nd Floor

New York, New York 10017

(Address of principal executive offices) (Zip code)

Jonathan Krane

KraneShares Trust

280 Park Avenue, 32nd Floor

New York, New York 10017

(Name and address of agent for service)

Copy to:

Stacy L. Fuller

K&L Gates LLP

1601 K Street NW

Washington, DC 20006-1600

Registrant’s telephone number, including area code: (212) 933-0393

Date of fiscal year end: March 31, 2024

Date of reporting period: September 30, 2023

Item 1. Reports to Stockholders.

(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended (the “Act”) [17 CFR § 270.30e-1], is attached hereto.

(b) Not applicable to the Registrant.

Semi-Annual Report

KraneShares CICC China Leaders 100 Index ETF

KraneShares CSI China Internet ETF

KraneShares Bosera MSCI China A 50 Connect Index ETF

KraneShares Bloomberg China Bond Inclusion Index ETF

KraneShares MSCI All China Index ETF

KraneShares MSCI One Belt One Road Index ETF

KraneShares Emerging Markets Consumer Technology Index ETF

KraneShares MSCI China Clean Technology Index ETF

KraneShares Electric Vehicles and Future Mobility Index ETF

KraneShares MSCI All China Health Care Index ETF

KraneShares Asia Pacific High Income Bond ETF

KraneShares Emerging Markets Healthcare Index ETF

KraneShares MSCI Emerging Markets ex China Index ETF

KraneShares MSCI China ESG Leaders Index ETF

KraneShares CICC China 5G & Semiconductor Index ETF

KraneShares CICC China Consumer Leaders Index ETF

KraneShares SSE STAR Market 50 Index ETF

KraneShares Hang Seng TECH Index ETF

KraneShares China Innovation ETF

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

KraneShares China Internet and Covered Call Strategy ETF

KraneShares Dynamic Emerging Markets Strategy ETF

KraneShares Global Luxury Index ETF

September 30, 2023

Table of Contents

Schedules of Investments
KraneShares CICC China Leaders 100 Index ETF	1
KraneShares CSI China Internet ETF	6
KraneShares Bosera MSCI China A 50 Connect Index ETF	8
KraneShares Bloomberg China Bond Inclusion Index ETF	11
KraneShares MSCI All China Index ETF	13
KraneShares MSCI One Belt One Road Index ETF	20
KraneShares Emerging Markets Consumer Technology Index ETF	28
KraneShares MSCI China Clean Technology Index ETF	33
KraneShares Electric Vehicles and Future Mobility Index ETF	36
KraneShares MSCI All China Health Care Index ETF	41
KraneShares Asia Pacific High Income Bond ETF	45
KraneShares Emerging Markets Healthcare Index ETF	50
KraneShares MSCI Emerging Markets ex China Index ETF	55
KraneShares MSCI China ESG Leaders Index ETF	72
KraneShares CICC China 5G & Semiconductor Index ETF	78
KraneShares CICC China Consumer Leaders Index ETF	80
KraneShares SSE STAR Market 50 Index ETF	82
KraneShares Hang Seng TECH Index ETF	84
KraneShares China Innovation ETF	86
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF	87
KraneShares China Internet and Covered Call Strategy ETF	92
KraneShares Dynamic Emerging Markets Strategy ETF	94
KraneShares Global Luxury Index ETF	95
Glossary	99
Statements of Assets and Liabilities	100
Statements of Operations	108
Statements of Changes in Net Assets	116
Financial Highlights	139
Notes to Financial Statements	149
Approval of Advisory Agreement and Sub-Advisory Agreements	173
Disclosure of Fund Expenses	186
Supplemental Information	189

The Funds file their complete schedules of Fund holdings with the Securities and Exchange Commission (the “Commission”) for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the Commission’s website at https://www.sec.gov.

A description of the policies and procedures that KraneShares Trust uses to determine how to vote proxies relating to Fund securities, as well as information relating to how the Funds voted proxies relating to Fund securities during the most recent 12-month year ended June 30, are available (i) without charge, upon request, by calling 855-857-2638; and (ii) on the Commission’s website at https://www.sec.gov.

Fund shares may only be purchased or redeemed from a Fund in Creation Unit aggregations. Investors who cannot transact in Creation Units of a Fund’s shares must buy or sell Fund shares in the secondary market at their market price, which may be at a premium or discount to a Fund’s net asset value, with the assistance of a broker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying Fund shares and receive less than net asset value when selling Fund shares.

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China Leaders 100 Index ETF

	Shares		Value
COMMON STOCK — 100.0%‡
CHINA — 100.0%
Communication Services — 0.6%
China South Publishing & Media Group, Cl A		7,100	$	11,694
Chinese Universe Publishing and Media Group, Cl A		6,700		11,523
Shanghai Fengyuzhu Culture and Technology, Cl A		3,500		5,659
				28,876
Consumer Discretionary — 14.2%
China National Gold Group Gold Jewellery, Cl A		8,200		12,414
Chongqing Department Store, Cl A		2,600		11,751
Chongqing Zongshen Power Machinery, Cl A		9,600		8,999
Chow Tai Seng Jewellery, Cl A		4,200		10,203
Gree Electric Appliances of Zhuhai, Cl A		47,600		237,159
Hisense Home Appliances Group, Cl A		4,600		14,856
HLA Group, Cl A		17,400		18,342
IKD, Cl A		3,400		11,429
Lao Feng Xiang, Cl A		1,400		12,375
Luolai Lifestyle Technology, Cl A		4,100		6,320
Midea Group, Cl A		32,000		243,676
Ningbo Peacebird Fashion, Cl A		1,300		3,335
Zhejiang China Commodities City Group, Cl A		27,900		34,618
Zhejiang Semir Garment, Cl A		7,600		6,415
Zhejiang Wanfeng Auto Wheel, Cl A		17,600		12,948
				644,840
Consumer Staples — 5.9%
Anhui Kouzi Distillery, Cl A		3,900		27,701
Anhui Yingjia Distillery, Cl A		2,700		27,257
DaShenLin Pharmaceutical Group, Cl A		4,560		15,741
Heilongjiang Agriculture, Cl A		8,500		15,353
Henan Shuanghui Investment & Development, Cl A		10,700		38,757
Jiangsu Yanghe Brewery JSC, Cl A		6,500		115,445

The accompanying notes are an integral part of the financial statements.

1

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China Leaders 100 Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Juewei Food, Cl A		3,900	$	20,116
Shanghai Flyco Electrical Appliance, Cl A		600		5,717
				266,087
Energy — 3.8%
Inner Mongolia Dian Tou Energy, Cl A		8,900		16,809
Shaanxi Coal Industry, Cl A		41,000		103,882
Shan Xi Hua Yang Group New Energy, Cl A		19,150		22,131
Shanxi Lu’an Environmental Energy Development, Cl A		12,100		31,538
				174,360
Financials — 36.6%
Agricultural Bank of China, Cl A		337,700		166,863
AVIC Industry-Finance Holdings, Cl A		53,700		25,797
Bank of Communications, Cl A		287,300		227,135
Bank of Jiangsu, Cl A		130,000		128,113
China Galaxy Securities, Cl A		12,900		19,459
China Life Insurance, Cl A		17,500		87,095
China Merchants Bank, Cl A		50,300		227,621
China Merchants Securities, Cl A		38,900		74,642
CNPC Capital, Cl A		25,600		23,261
CSC Financial, Cl A		13,700		46,276
GF Securities, Cl A		31,200		62,822
Guotai Junan Securities, Cl A		47,000		93,797
Huatai Securities, Cl A		53,600		116,311
Jiangsu Financial Leasing, Cl A		16,240		10,365
Ping An Insurance Group of China, Cl A		32,800		217,443
Postal Savings Bank of China, Cl A		113,900		77,697
Shenwan Hongyuan Group, Cl A		95,900		56,994
				1,661,691
Health Care — 6.5%
China Animal Healthcare*(A)		4,000		—
Hualan Biological Engineering, Cl A		11,700		35,650
Hubei Jumpcan Pharmaceutical, Cl A		4,100		15,385
Jiangzhong Pharmaceutical, Cl A		4,600		12,520
Livzon Pharmaceutical Group, Cl A		4,000		20,281
Renhe Pharmacy, Cl A		10,800		10,599
Shanghai Fosun Pharmaceutical Group, Cl A		13,600		53,386
Shijiazhuang Yiling Pharmaceutical, Cl A		9,200		29,624
Sichuan Kelun Pharmaceutical, Cl A		12,400		49,612
Sunflower Pharmaceutical Group, Cl A		3,600		12,348
Yunnan Baiyao Group, Cl A		7,600		55,599
				295,004

The accompanying notes are an integral part of the financial statements.

2

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China Leaders 100 Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 16.3%
Anhui Construction Engineering Group, Cl A		11,700	$	7,885
Anhui Heli, Cl A		6,200		16,866
China State Construction Engineering, Cl A		223,500		169,640
CRRC, Cl A		127,300		102,039
Daqin Railway, Cl A		60,900		60,935
Guangxi Liugong Machinery, Cl A		12,500		12,319
Hangcha Group, Cl A		3,600		12,635
Hangxiao Steel Structure, Cl A		20,300		10,198
Harbin Boshi Automation, Cl A		5,000		10,987
Hongrun Construction Group, Cl A		5,900		3,814
Jingjin Equipment, Cl A		3,700		13,514
Metallurgical Corp of China, Cl A		72,800		36,671
Neway Valve Suzhou, Cl A		3,900		8,185
Shanghai Construction Group, Cl A		67,500		25,478
Shanghai Mechanical and Electrical Industry, Cl A		4,100		8,469
Shanghai Tunnel Engineering, Cl A		22,000		17,695
Sinosteel Engineering & Technology, Cl A		6,100		6,790
Sinotruk Jinan Truck, Cl A		6,900		15,607
Sumec, Cl A		4,800		4,908
Suzhou Secote Precision Electronic, Cl A		1,300		8,406
Tian Di Science & Technology, Cl A		16,200		12,074
Weichai Power, Cl A		57,100		98,200
Xiamen Xiangyu, Cl A		11,500		10,749
Zhejiang Chint Electrics, Cl A		11,500		36,761
Zhejiang Weixing New Building Materials, Cl A		8,500		21,292
ZhongYeDa Electric, Cl A		2,900		3,861
Zhongyuan Environment-Protection, Cl A		3,400		3,598
				739,576
Information Technology — 0.6%
Aisino, Cl A		12,900		21,672
Hanergy Thin Film Power Group*(A)		65,064		—
Olympic Circuit Technology, Cl A		3,300		7,704
				29,376
Materials — 0.8%
China Lumena New Materials*(A)		718		—
Gansu Qilianshan Cement Group, Cl A*		6,000		9,265
Huaibei Mining Holdings, Cl A		9,900		18,955
Shantou Dongfeng Printing, Cl A*		11,300		6,266
Tianhe Chemicals Group*(A)		40,000		—
				34,486
Real Estate — 6.6%
China Vanke, Cl A		72,000		129,261
Hangzhou Binjiang Real Estate Group, Cl A		12,300		16,190

The accompanying notes are an integral part of the financial statements.

3

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China Leaders 100 Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
Poly Developments and Holdings Group, Cl A		75,700	$	132,370
Rongan Property, Cl A		8,400		3,297
Seazen Holdings, Cl A*		9,000		16,368
				297,486
Utilities — 8.1%
CECEP Solar Energy, Cl A		29,900		23,762
CGN Power, Cl A		79,900		34,435
China Yangtze Power, Cl A		81,400		248,476
Grandblue Environment, Cl A		5,400		12,808
SDIC Power Holdings, Cl A		30,500		49,272
				368,753
TOTAL CHINA				4,540,535
TOTAL COMMON STOCK (Cost $5,016,861)				4,540,535
TOTAL INVESTMENTS — 100.0% (Cost $5,016,861)				4,540,535
OTHER ASSETS LESS LIABILITIES – 0.0%				1,258
NET ASSETS - 100%			$	4,541,793

‡	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.

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China
Communication Services	$	28,876	$	—	$	—		$	28,876
Consumer Discretionary		644,840		—		—			644,840
Consumer Staples		266,087		—		—			266,087
Energy		174,360		—		—			174,360
Financials		1,661,691		—		—			1,661,691
Health Care		295,004		—		—	‡‡		295,004
Industrials		739,576		—		—			739,576
Information Technology		29,376		—		—	‡‡		29,376
Materials		34,486		—		—	‡‡		34,486
Real Estate		297,486		—		—			297,486
Utilities		368,753		—		—			368,753
Total Common Stock		4,540,535		—		—			4,540,535
Total Investments in Securities	$	4,540,535	$	—	$	—		$	4,540,535

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.

The accompanying notes are an integral part of the financial statements.

4

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China Leaders 100 Index ETF (concluded)

‡‡ Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

5

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 99.9%
Communication Services — 39.8%
Autohome ADR		2,361,192	$	71,662,177
Baidu, Cl A*		19,966,934		340,097,039
Bilibili, Cl Z*		9,030,504		124,875,168
China Literature*		16,519,000		60,428,807
iQIYI ADR*		17,476,496		82,838,591
JOYY ADR		1,298,016		49,467,390
Kanzhun ADR*		13,689,291		207,666,544
Kingsoft		35,034,800		127,043,843
Kuaishou Technology, Cl B*		30,064,700		241,266,929
NetEase		12,609,805		256,805,722
Tencent Holdings		12,602,975		492,735,554
Tencent Music Entertainment Group ADR*		21,818,014		139,198,929
Weibo ADR		2,976,184		37,321,347
				2,231,408,040
Consumer Discretionary — 42.1%
Alibaba Group Holding*		46,854,164		512,103,327
East Buy Holding*(A)		15,432,500		72,809,218
JD.com, Cl A		12,308,090		180,884,617
Meituan, Cl B*		27,909,148		408,382,222
PDD Holdings ADR*		5,442,573		533,753,134
TAL Education Group ADR*		16,581,385		151,056,417
Tongcheng Travel Holdings*		42,675,800		93,722,908
Trip.com Group*		6,102,700		217,557,006
Vipshop Holdings ADR*		12,184,956		195,081,146
				2,365,349,995
Consumer Staples — 5.9%
Alibaba Health Information Technology*		175,226,000		109,182,745
JD Health International*		35,119,850		182,059,911

The accompanying notes are an integral part of the financial statements.

6

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CSI China Internet ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Ping An Healthcare and Technology*		17,748,000‌	$	41,424,879‌
				332,667,535‌
Financials — 3.1%
Lufax Holding ADR		28,948,117‌		30,685,004‌
Qifu Technology ADR		5,141,146‌		78,968,002‌
ZhongAn Online P&C Insurance, Cl H*		22,272,400‌		65,692,326‌
				175,345,332‌
Industrials — 4.2%
Full Truck Alliance ADR*		33,206,928‌		233,776,773‌
Information Technology — 1.0%
Chindata Group Holdings ADR*(A)		6,768,381‌		56,177,562‌
Real Estate — 3.8%
KE Holdings ADR		13,708,247‌		212,751,993‌
TOTAL CHINA				5,607,477,230‌
TOTAL COMMON STOCK (Cost $7,061,241,792)				5,607,477,230‌
SHORT-TERM INVESTMENT — 1.6%
Invesco Government & Agency Portfolio, Cl Institutional, 5.260%(B)(C)		90,193,314		90,193,314
TOTAL SHORT-TERM INVESTMENT (Cost $90,193,314)				90,193,314
TOTAL INVESTMENTS — 101.5% (Cost $7,151,435,106)				5,697,670,544
OTHER ASSETS LESS LIABILITIES – (1.5)%				(85,094,438	)
NET ASSETS - 100%			$	5,612,576,106

‡	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 September 30, 2023.
(B)	The rate shown is the 7-day effective yield as of September 30, 2023.
(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2023 was $90,193,314.

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

7

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 99.5%‡
CHINA — 99.5%
Communication Services — 1.9%
China United Network Communications, Cl A		6,412,700	$	4,321,636
Focus Media Information Technology, Cl A		2,912,002		2,857,745
				7,179,381
Consumer Discretionary — 5.9%
BYD, Cl A		465,200		15,113,453
China Tourism Group Duty Free, Cl A		501,132		7,288,880
				22,402,333
Consumer Staples — 14.9%
Foshan Haitian Flavouring & Food, Cl A		454,242		2,368,548
Inner Mongolia Yili Industrial Group, Cl A		624,212		2,272,977
Jiangsu Yanghe Brewery JSC, Cl A		147,822		2,625,422
Kweichow Moutai, Cl A		123,089		30,385,577
Luzhou Laojiao, Cl A		144,346		4,292,292
Muyuan Foods, Cl A		535,745		2,786,176
Shanxi Xinghuacun Fen Wine Factory, Cl A		119,616		3,932,063
Wuliangye Yibin, Cl A		380,579		8,154,052
				56,817,107
Energy — 3.2%
China Petroleum & Chemical, Cl A		4,907,340		4,088,468
China Shenhua Energy, Cl A		1,020,947		4,372,034
Shaanxi Coal Industry, Cl A		1,500,516		3,801,877
				12,262,379
Financials — 19.3%
Agricultural Bank of China, Cl A		12,504,307		6,178,568
Bank of Communications, Cl A		5,765,299		4,557,955
Bank of Ningbo, Cl A		970,018		3,577,447

The accompanying notes are an integral part of the financial statements.

8

Schedule of Investments (Unaudited) September 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
China Merchants Bank, Cl A		3,029,967	$	13,711,425
China Pacific Insurance Group, Cl A		1,005,414		3,945,343
CITIC Securities, Cl A		1,798,722		5,347,469
East Money Information, Cl A		2,329,131		4,859,183
Industrial & Commercial Bank of China, Cl A		9,240,326		5,935,522
Industrial Bank, Cl A		3,051,322		6,822,363
Ping An Bank, Cl A		2,850,367		4,381,720
Ping An Insurance Group of China, Cl A		1,580,798		10,479,709
Shanghai Pudong Development Bank, Cl A		4,311,346		4,201,428
				73,998,132
Health Care — 8.5%
Aier Eye Hospital Group, Cl A		1,883,681		4,646,021
Jiangsu Hengrui Pharmaceuticals, Cl A		1,288,139		7,945,506
Shenzhen Mindray Bio-Medical Electronics, Cl A		244,853		9,067,534
WuXi AppTec, Cl A		518,082		6,128,169
Zhangzhou Pientzehuang Pharmaceutical, Cl A		121,850		4,602,730
				32,389,960
Industrials — 14.4%
Beijing-Shanghai High Speed Railway, Cl A		7,312,500		5,148,835
China State Construction Engineering, Cl A		9,366,758		7,109,518
Contemporary Amperex Technology, Cl A		981,955		27,363,882
NARI Technology, Cl A		1,794,315		5,464,894
SF Holding, Cl A		1,093,459		6,123,341
Sungrow Power Supply, Cl A		331,738		4,075,609
				55,286,079
Information Technology — 15.2%
Beijing Kingsoft Office Software, Cl A		181,614		9,243,039
BOE Technology Group, Cl A		14,749,645		7,814,381
Foxconn Industrial Internet, Cl A		3,907,700		10,566,062
LONGi Green Energy Technology, Cl A*		2,982,491		11,167,329
Luxshare Precision Industry, Cl A		2,805,750		11,483,714
Tongwei, Cl A		1,771,005		7,841,694
				58,116,219
Materials — 10.6%
Wanhua Chemical Group, Cl A		1,870,599		22,675,951
Zijin Mining Group, Cl A		10,730,492		17,865,129
				40,541,080
Real Estate — 1.8%
China Vanke, Cl A		1,708,500		3,067,245
Poly Developments and Holdings Group, Cl A		2,103,177		3,677,655
				6,744,900

The accompanying notes are an integral part of the financial statements.

9

Schedule of Investments (Unaudited) September 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
Utilities — 3.8%
China Three Gorges Renewables Group, Cl A		4,507,000	$	2,956,931
China Yangtze Power, Cl A		3,852,670		11,760,406
				14,717,337
TOTAL CHINA				380,454,907
TOTAL COMMON STOCK (Cost $462,985,723)				380,454,907

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma‡‡*(A)		66,139		—
TOTAL CHINA				—
TOTAL RIGHTS (Cost $–)				—
TOTAL INVESTMENTS — 99.5% (Cost $462,985,723)				380,454,907
OTHER ASSETS LESS LIABILITIES – 0.5%				2,018,859
NET ASSETS - 100%			$	382,473,766

‡	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.

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	380,454,907	$	—	$	—		$	380,454,907
Total Common Stock		380,454,907		—		—			380,454,907
Rights		—		—		—	‡‡		—
Total Investments in Securities	$	380,454,907	$	—	$	—		$	380,454,907

^	A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.
‡‡	Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

10

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Bloomberg China Bond Inclusion Index ETF

	Face Amount(A)		Value
GLOBAL BONDS — 56.8%
CHINA — 56.8%
Agricultural Development Bank of China
2.830%, 06/16/2033		1,500,000	$	204,431
China Development Bank
3.090%, 06/18/2030		820,000		114,242
2.820%, 05/22/2033		600,000		82,474
2.590%, 01/11/2026		1,000,000		137,662
China Government Bond
4.080%, 10/22/2048		1,190,000		192,078
3.290%, 05/23/2029		1,600,000		228,167
2.620%, 06/25/2030		1,700,000		232,118
2.460%, 02/15/2026		1,600,000		219,924
Export-Import Bank of China
3.180%, 03/11/2032		1,000,000		140,013
2.640%, 04/14/2026		1,300,000		178,884
				1,729,993
TOTAL GLOBAL BONDS (Cost $1,814,589)				1,729,993
CORPORATE OBLIGATIONS — 40.7%
CHINA — 27.2%
Consumer Discretionary — 17.9%
Zhejiang Geely Holding Group, MTN
3.300%, 03/28/2025	$	4,000,000		544,747
Utilities — 9.3%
China Three Gorges
4.150%, 05/11/2026		2,000,000		284,357
TOTAL CHINA				829,104

The accompanying notes are an integral part of the financial statements.

11

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Bloomberg China Bond Inclusion Index ETF (concluded)

	Face Amount(A)		Value
CORPORATE OBLIGATIONS (continued)
SUPRANATIONAL — 13.5%
Government — 13.5%
New Development Bank
2.450%, 01/27/2025	$	3,000,000	$	409,760
TOTAL CORPORATE OBLIGATIONS (Cost $1,322,309)				1,238,864
TOTAL INVESTMENTS — 97.5% (Cost $3,136,898)				2,968,857
OTHER ASSETS LESS LIABILITIES — 2.5%				74,827
NET ASSETS - 100%			$	3,043,684

(A) In CNY unless otherwise indicated.

As of September 30, 2023, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

12

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 99.4%‡
CHINA — 99.2%
Communication Services — 13.1%
Autohome ADR		456	$	13,840
Baidu, Cl A*		5,750		97,940
Bilibili, Cl Z*		1,100		15,211
Focus Media Information Technology, Cl A		25,000		24,534
iQIYI ADR*		2,365		11,210
Kingsoft		12,600		45,690
Kuaishou Technology, Cl B*		6,300		50,557
NetEase		4,600		93,682
Tencent Holdings		13,458		526,164
Tencent Music Entertainment Group ADR*		3,190		20,352
				899,180
Consumer Discretionary — 23.0%
Alibaba Group Holding*		36,024		393,733
ANTA Sports Products		4,000		45,021
BYD, Cl A		2,000		64,976
BYD, Cl H		3,000		92,698
China Tourism Group Duty Free, Cl A		2,000		29,090
Chongqing Changan Automobile, Cl A		24,338		44,896
Fuyao Glass Industry Group, Cl A		7,100		35,979
Geely Automobile Holdings		20,000		23,596
Great Wall Motor, Cl H		14,500		17,292
Guangzhou Automobile Group, Cl H		22,000		10,871
H World Group ADR*		681		26,852
Haier Smart Home, Cl A		7,400		23,970
Haier Smart Home, Cl H		9,800		30,844
Huayu Automotive Systems, Cl A		4,000		10,305
JD.com, Cl A		5,372		78,946
Li Auto, Cl A*		3,100		54,742

The accompanying notes are an integral part of the financial statements.

13

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Li Ning		6,500	$	27,347
Meituan, Cl B*		11,566		169,237
New Oriental Education & Technology Group*		5,000		30,453
NIO ADR*		4,002		36,178
PDD Holdings ADR*		1,199		117,586
SAIC Motor, Cl A		10,157		20,632
Shenzhou International Group Holdings		3,300		31,602
TAL Education Group ADR*		2,520		22,957
TravelSky Technology, Cl H		6,000		10,404
Trip.com Group*		1,400		49,909
Vipshop Holdings ADR*		1,609		25,760
Yum China Holdings		1,055		58,785
				1,584,661
Consumer Staples — 10.5%
Alibaba Health Information Technology*		16,000		9,969
Anhui Gujing Distillery, Cl A		1,200		44,767
China Mengniu Dairy		12,000		40,220
China Resources Beer Holdings		6,000		32,904
Foshan Haitian Flavouring & Food, Cl A		5,133		26,765
Guangdong Haid Group, Cl A		4,300		26,706
Henan Shuanghui Investment & Development, Cl A		4,600		16,662
Inner Mongolia Yili Industrial Group, Cl A		6,700		24,397
Jiangsu Yanghe Brewery JSC, Cl A		1,400		24,865
Kweichow Moutai, Cl A		900		222,173
Luzhou Laojiao, Cl A		2,000		59,472
Muyuan Foods, Cl A		7,502		39,015
New Hope Liuhe, Cl A*		11,800		17,816
Shanxi Xinghuacun Fen Wine Factory, Cl A		1,460		47,994
Tingyi Cayman Islands Holding		12,000		16,762
Want Want China Holdings		20,000		13,049
Wuliangye Yibin, Cl A		2,800		59,991
				723,527
Energy — 4.1%
China Oilfield Services, Cl H		14,000		16,803
China Petroleum & Chemical, Cl A		40,800		33,992
China Petroleum & Chemical, Cl H		84,500		46,178
China Shenhua Energy, Cl H		10,000		32,432
PetroChina, Cl A		19,600		21,468
PetroChina, Cl H		59,984		45,188
Shaanxi Coal Industry, Cl A		10,400		26,350
Shanxi Lu’an Environmental Energy Development, Cl A		6,700		17,463
Yankuang Energy Group, Cl H		21,000		39,684
				279,558

The accompanying notes are an integral part of the financial statements.

14

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 21.4%
Agricultural Bank of China, Cl A		76,600	$	37,849
Agricultural Bank of China, Cl H		91,397		34,076
Bank of Beijing, Cl A		24,600		15,633
Bank of China, Cl A		30,400		15,730
Bank of China, Cl H		210,396		73,608
Bank of Communications, Cl A		38,200		30,200
Bank of Communications, Cl H		37,000		22,393
Bank of Hangzhou, Cl A		12,400		18,994
Bank of Jiangsu, Cl A		19,400		19,118
Bank of Nanjing, Cl A		12,300		13,590
Bank of Ningbo, Cl A		6,300		23,235
Bank of Shanghai, Cl A		16,304		13,807
China CITIC Bank, Cl H		28,000		13,014
China Construction Bank, Cl A		10,500		9,079
China Construction Bank, Cl H		241,000		136,011
China Everbright Bank, Cl A		48,100		20,268
China Galaxy Securities, Cl H		33,500		17,281
China Life Insurance, Cl H		20,483		31,907
China Merchants Bank, Cl A		15,600		70,594
China Merchants Bank, Cl H		11,500		48,016
China Merchants Securities, Cl A		8,300		15,926
China Minsheng Banking, Cl A		44,600		23,507
China Minsheng Banking, Cl H		26,000		8,897
China Pacific Insurance Group, Cl A		6,300		24,722
China Pacific Insurance Group, Cl H		9,400		23,524
CITIC Securities, Cl A		13,845		41,160
CITIC Securities, Cl H		7,000		14,193
East Money Information, Cl A		13,700		28,582
Everbright Securities, Cl A		9,000		20,580
GF Securities, Cl A		8,800		17,719
Guosen Securities, Cl A		9,500		12,009
Guotai Junan Securities, Cl A		7,300		14,568
Haitong Securities, Cl A		11,000		15,023
Huatai Securities, Cl A		10,400		22,568
Huatai Securities, Cl H		8,000		10,215
Huaxia Bank, Cl A		16,200		12,719
Industrial & Commercial Bank of China, Cl A		58,600		37,642
Industrial & Commercial Bank of China, Cl H		185,441		89,265
Industrial Bank, Cl A		17,500		39,128
Industrial Securities, Cl A		24,169		21,297
New China Life Insurance, Cl A		3,500		17,693
New China Life Insurance, Cl H		4,800		11,571
Orient Securities, Cl A		12,300		16,173
People’s Insurance Group of China, Cl H		47,452		17,025
PICC Property & Casualty, Cl H		25,510		32,768

The accompanying notes are an integral part of the financial statements.

15

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Ping An Bank, Cl A		17,391	$	26,734
Ping An Insurance Group of China, Cl A		8,900		59,002
Ping An Insurance Group of China, Cl H		16,500		94,489
Shanghai Pudong Development Bank, Cl A		25,000		24,363
Shenwan Hongyuan Group, Cl A		28,700		17,057
				1,474,522
Health Care — 5.3%
Beijing Tongrentang, Cl A		1,844		13,865
Changchun High & New Technology Industry Group, Cl A		1,200		22,894
China Medical System Holdings		8,000		12,115
CSPC Pharmaceutical Group		39,520		28,964
Genscript Biotech*		12,000		31,640
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		2,800		12,075
Huadong Medicine, Cl A		2,580		14,958
Jiangsu Hengrui Pharmaceuticals, Cl A		4,916		30,323
Shanghai Fosun Pharmaceutical Group, Cl A		3,400		13,347
Shanghai Pharmaceuticals Holding, Cl A		6,600		16,378
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,000		37,032
Sinopharm Group, Cl H		5,600		16,231
Wuxi Biologics Cayman*		10,000		58,288
Yunnan Baiyao Group, Cl A		1,840		13,461
Zai Lab*		4,400		10,641
Zhangzhou Pientzehuang Pharmaceutical, Cl A		600		22,664
Zhejiang NHU, Cl A		6,132		13,668
				368,544
Industrials — 6.6%
AECC Aviation Power, Cl A		3,400		17,337
China Conch Venture Holdings		8,000		6,823
China Eastern Airlines, Cl A*		21,400		12,924
China Energy Engineering, Cl A		69,737		21,632
China Merchants Port Holdings		15,654		19,488
China Railway Group, Cl H		20,000		10,317
China Southern Airlines, Cl A*		20,100		16,884
CITIC		20,780		19,103
Contemporary Amperex Technology, Cl A		3,100		86,387
COSCO SHIPPING Holdings, Cl A		21,420		28,841
Daqin Railway, Cl A		13,600		13,608
Fosun International		15,000		9,480
Metallurgical Corp of China, Cl A		35,600		17,933
Power Construction Corp of China, Cl A		20,400		14,980
Sany Heavy Industry, Cl A		11,800		25,735
SF Holding, Cl A		3,900		21,840
Shanghai International Airport, Cl A*		1,800		9,361
Shanghai International Port Group, Cl A		15,000		10,603

The accompanying notes are an integral part of the financial statements.

16

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Weichai Power, Cl A		15,088	$	25,948
Zhejiang Chint Electrics, Cl A		3,300		10,549
Zhuzhou CRRC Times Electric, Cl H		2,700		9,343
Zoomlion Heavy Industry Science and Technology, Cl A		14,100		13,257
ZTO Express Cayman ADR		1,232		29,777
				452,150
Information Technology — 4.6%
BOE Technology Group, Cl A		41,900		22,199
GDS Holdings, Cl A*		8,300		11,446
Hanergy Thin Film Power Group*(A)		4,364		—
Iflytek, Cl A		2,800		19,469
Kingboard Holdings		4,000		8,979
Kingdee International Software Group*		14,000		17,232
Lenovo Group		28,000		28,851
LONGi Green Energy Technology, Cl A*		8,429		31,560
Luxshare Precision Industry, Cl A		10,274		42,051
Sunny Optical Technology Group		2,600		18,159
Unigroup Guoxin Microelectronics, Cl A*		2,020		24,177
Xiaomi, Cl B*		37,400		58,928
Yonyou Network Technology, Cl A		4,625		10,550
ZTE, Cl H		6,600		19,930
				313,531
Materials — 4.0%
Anhui Conch Cement, Cl A		4,600		16,435
Anhui Conch Cement, Cl H		6,000		15,973
Baoshan Iron & Steel, Cl A		24,900		20,813
China National Building Material, Cl H		16,000		8,397
China Northern Rare Earth Group High-Tech, Cl A		9,200		27,515
CMOC Group, Cl H		48,000		30,828
Ganfeng Lithium Group, Cl A		2,720		16,651
Inner Mongolia BaoTou Steel Union, Cl A*		56,000		13,220
Rongsheng Petrochemical, Cl A		10,950		17,900
Shandong Hualu Hengsheng Chemical, Cl A		4,740		20,884
Tianqi Lithium, Cl A		2,040		15,380
Wanhua Chemical Group, Cl A		2,500		30,306
Zhejiang Huayou Cobalt, Cl A		2,104		10,832
Zijin Mining Group, Cl A		17,000		28,303
				273,437
Real Estate — 3.3%
China Merchants Shekou Industrial Zone Holdings, Cl A		8,000		13,605
China Overseas Land & Investment		14,839		30,770
China Resources Land		12,214		48,657
China Vanke, Cl A		9,143		16,414

The accompanying notes are an integral part of the financial statements.

17

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
China Vanke, Cl H		11,700	$	12,907
Country Garden Holdings*		79,612		9,250
Gemdale, Cl A		9,300		8,706
KE Holdings ADR		1,875		29,100
Longfor Group Holdings		7,000		12,585
Poly Developments and Holdings Group, Cl A		11,100		19,410
Seazen Holdings, Cl A*		5,600		10,184
Shenzhen Overseas Chinese Town, Cl A*		24,000		13,934
				225,522
Utilities — 3.3%
China Gas Holdings		13,200		12,455
China Longyuan Power Group, Cl H		14,000		12,191
China Resources Gas Group		6,700		19,633
China Resources Power Holdings		12,000		22,891
China Yangtze Power, Cl A		18,700		57,083
ENN Energy Holdings		2,482		20,599
Guangdong Investment		14,000		10,690
Huadian Power International, Cl A		44,400		31,385
Huaneng Power International, Cl H*		39,077		18,960
Sichuan Chuantou Energy, Cl A		11,800		23,970
				229,857
TOTAL CHINA				6,824,489
HONG KONG — 0.2%
Health Care — 0.2%
Sino Biopharmaceutical		39,500		14,273
TOTAL HONG KONG				14,273
TOTAL COMMON STOCK (Cost $8,805,567)				6,838,762

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma‡‡(A)		480		—
TOTAL CHINA				—
TOTAL RIGHTS (Cost $–)				—
TOTAL INVESTMENTS — 99.4% (Cost $8,805,567)				6,838,762
OTHER ASSETS LESS LIABILITIES — 0.6%				41,359
NET ASSETS - 100%			$	6,880,121

The accompanying notes are an integral part of the financial statements.

18

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Index ETF (concluded)

‡	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.

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China
Communication Services	$	899,180	$	—	$	—		$	899,180
Consumer Discretionary		1,584,661		—		—			1,584,661
Consumer Staples		723,527		—		—			723,527
Energy		279,558		—		—			279,558
Financials		1,474,522		—		—			1,474,522
Health Care		368,544		—		—			368,544
Industrials		452,150		—		—			452,150
Information Technology		313,531		—		—	‡‡		313,531
Materials		273,437		—		—			273,437
Real Estate		225,522		—		—			225,522
Utilities		229,857		—		—			229,857
Hong Kong		14,273		—		—			14,273
Total Common Stock		6,838,762		—		—			6,838,762
Rights		—		—		—	‡‡		—
Total Investments in Securities	$	6,838,762	$	—	$	—		$	6,838,762

^	A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.
‡‡	Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

19

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 99.7%‡
CHINA — 42.0%
Energy — 2.6%
China Petroleum & Chemical, Cl H		174,000	$	95,088
Guanghui Energy, Cl A		13,800		14,471
				109,559
Financials — 4.1%
Bank of Changsha, Cl A		8,500		9,555
Bank of Chengdu, Cl A		8,000		15,109
Bank of Guiyang, Cl A		7,727		5,928
Bank of Hangzhou, Cl A		12,500		19,147
Bank of Jiangsu, Cl A		32,755		32,280
Bank of Nanjing, Cl A		21,791		24,076
Bank of Ningbo, Cl A		13,946		51,433
Bank of Suzhou, Cl A		7,700		7,282
Chongqing Rural Commercial Bank, Cl A		18,700		10,267
				175,077
Industrials — 17.4%
Beijing New Building Materials, Cl A		3,508		14,469
Beijing-Shanghai High Speed Railway, Cl A		69,200		48,725
China Communications Services, Cl H		16,000		6,721
China Conch Venture Holdings		10,000		8,529
China Energy Engineering, Cl A		68,500		21,248
China First Heavy Industries, Cl A*		14,500		6,130
China Railway Group, Cl H		29,500		15,217
China State Construction Engineering, Cl A		88,600		67,249
China XD Electric, Cl A		10,800		7,189
CRRC, Cl H		31,000		14,962
Dajin Heavy Industry, Cl A		1,300		4,634
Daqin Railway, Cl A		32,032		32,051
Dongfang Electric, Cl A		5,800		12,451

The accompanying notes are an integral part of the financial statements.

20

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Fangda Carbon New Material, Cl A*		8,500‌	$	6,743‌
Farasis Energy Gan Zhou, Cl A*		2,463‌		6,815‌
Goldwind Science & Technology, Cl A		7,200‌		9,121‌
Gotion High-tech, Cl A*		3,700‌		11,782‌
Guangzhou Great Power Energy & Technology, Cl A		1,000‌		4,532‌
Jiangsu Expressway, Cl H		10,000‌		9,027‌
Jiangsu Hengli Hydraulic, Cl A		2,800‌		24,558‌
Jiangsu Zhongtian Technology, Cl A		7,200‌		14,675‌
Jiangxi Special Electric Motor, Cl A*		3,600‌		4,388‌
Liaoning Port, Cl A		39,800‌		8,577‌
Metallurgical Corp of China, Cl A		37,700‌		18,990‌
Ming Yang Smart Energy Group, Cl A		4,800‌		10,396‌
NARI Technology, Cl A		16,952‌		51,630‌
Ningbo Deye Technology, Cl A		900‌		9,566‌
Ningbo Orient Wires & Cables, Cl A		1,500‌		8,196‌
Ningbo Ronbay New Energy Technology, Cl A		916‌		5,277‌
North Industries Group Red Arrow, Cl A		2,900‌		5,875‌
Power Construction Corp of China, Cl A		36,400‌		26,729‌
Riyue Heavy Industry, Cl A		2,200‌		4,795‌
Shanghai Construction Group, Cl A		18,700‌		7,058‌
Shanghai Electric Group, Cl A*		26,700‌		17,151‌
Shanghai International Port Group, Cl A		14,710‌		10,398‌
Shenzhen Inovance Technology, Cl A		2,750‌		25,097‌
Shenzhen International Holdings		9,993‌		6,163‌
Shuangliang Eco-Energy Systems, Cl A		4,000‌		5,803‌
Sichuan Road & Bridge, Cl A		15,300‌		18,207‌
Sieyuan Electric, Cl A		1,600‌		11,349‌
Suzhou Maxwell Technologies, Cl A		604‌		10,497‌
TBEA, Cl A		10,667‌		21,698‌
Titan Wind Energy Suzhou, Cl A*		3,800‌		6,733‌
XCMG Construction Machinery, Cl A		24,948‌		21,812‌
Xiangtan Electric Manufacturing, Cl A*		2,800‌		6,153‌
Yangzijiang Shipbuilding Holdings		22,700‌		27,608‌
Zhefu Holding Group, Cl A		11,100‌		5,911‌
Zhejiang Expressway, Cl H		10,000‌		7,457‌
Zhejiang Weixing New Building Materials, Cl A		3,300‌		8,266‌
Zhuzhou CRRC Times Electric, Cl H		3,700‌		12,803‌
Zhuzhou Kibing Group, Cl A		5,600‌		6,303‌
				737,714‌
Materials — 3.5%
Anhui Conch Cement, Cl H		8,500‌		22,629‌
China National Building Material, Cl H		27,000‌		14,169‌
China Northern Rare Earth Group High-Tech, Cl A		7,624‌		22,802‌
China Rare Earth Resources And Technology, Cl A		2,000‌		7,903‌

The accompanying notes are an integral part of the financial statements.

21

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
China Resources Cement Holdings		18,000	$	4,620
Henan Shenhuo Coal & Power, Cl A		4,700		11,018
Jinduicheng Molybdenum, Cl A		6,800		10,360
Shenghe Resources Holding, Cl A		3,700		5,520
Tangshan Jidong Cement, Cl A		5,600		5,795
Western Mining, Cl A		5,000		8,819
Xiamen Tungsten, Cl A		3,000		7,062
Yintai Gold, Cl A		5,800		11,328
Yunnan Chihong Zinc & Germanium, Cl A		10,700		7,769
Yunnan Tin, Cl A		3,400		6,687
				146,481
Utilities — 14.4%
Beijing Enterprises Holdings		3,500		12,066
CECEP Solar Energy, Cl A		8,200		6,517
CECEP Wind-Power, Cl A		13,600		6,104
CGN Power, Cl H		75,000		19,440
China Gas Holdings		19,200		18,117
China Longyuan Power Group, Cl H		23,000		20,028
China National Nuclear Power, Cl A		39,900		39,978
China Power International Development		35,000		12,736
China Resources Gas Group		6,500		19,047
China Resources Power Holdings		14,635		27,918
China Three Gorges Renewables Group, Cl A		60,500		39,693
China Yangtze Power, Cl A		51,700		157,816
Datang International Power Generation, Cl A		21,800		7,959
ENN Energy Holdings		5,600		46,477
ENN Natural Gas, Cl A		5,400		12,911
GD Power Development, Cl A		37,700		19,042
Huadian Power International, Cl A		17,942		12,682
Huaneng Power International, Cl H*		31,000		15,041
Kunlun Energy		28,000		24,133
SDIC Power Holdings, Cl A		15,706		25,373
Shanghai Electric Power, Cl A		5,900		7,183
Shenergy, Cl A		10,319		8,993
Shenzhen Energy Group, Cl A		10,000		8,757
Sichuan Chuantou Energy, Cl A		9,384		19,062
Wintime Energy Group, Cl A*		46,900		8,948
Zhejiang Zheneng Electric Power, Cl A*		23,600		13,767
				609,788
TOTAL CHINA				1,778,619

The accompanying notes are an integral part of the financial statements.

22

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 0.2%
Industrials — 0.2%
Hutchison Port Holdings Trust, Cl U		42,100	$	7,241
TOTAL HONG KONG				7,241
INDIA — 3.7%
Energy — 0.5%
Great Eastern Shipping		2,124		21,669
Industrials — 0.9%
AIA Engineering		914		38,663
Materials — 2.3%
Fine Organic Industries		158		9,124
PI Industries		1,772		73,683
Vinati Organics		546		12,140
				94,947
TOTAL INDIA				155,279
INDONESIA — 4.6%
Energy — 2.0%
Adaro Energy Indonesia		306,000		56,429
Indo Tambangraya Megah		8,400		15,748
Medco Energi Internasional		133,500		13,907
				86,084
Materials — 2.6%
Indah Kiat Pulp & Paper		58,100		41,728
Merdeka Copper Gold*		256,200		47,742
Pabrik Kertas Tjiwi Kimia		29,700		18,401
				107,871
TOTAL INDONESIA				193,955
ISRAEL — 5.8%
Industrials — 3.1%
Elbit Systems		559		111,316
ZIM Integrated Shipping Services		2,045		21,370
				132,686
Materials — 2.7%
ICL Group		16,463		91,115
Israel		81		20,655
				111,770
TOTAL ISRAEL				244,456

The accompanying notes are an integral part of the financial statements.

23

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
KAZAKHSTAN — 1.4%
Energy — 1.4%
NAC Kazatomprom JSC GDR		1,371	$	60,239
TOTAL KAZAKHSTAN				60,239
KUWAIT — 9.7%
Financials — 9.7%
Kuwait Finance House		172,780		409,797
TOTAL KUWAIT				409,797
MALAYSIA — 3.1%
Industrials — 0.9%
Pentamaster		10,600		11,694
Sime Darby		57,900		27,253
				38,947
Materials — 2.2%
Petronas Chemicals Group		59,500		91,115
TOTAL MALAYSIA				130,062
PHILIPPINES — 4.9%
Industrials — 4.9%
Aboitiz Equity Ventures		35,940		31,858
Ayala		5,270		58,125
International Container Terminal Services		21,610		79,143
JG Summit		55,942		37,673
TOTAL PHILIPPINES				206,799
POLAND — 1.8%
Materials — 1.8%
KGHM Polska Miedz		2,966		76,069
TOTAL POLAND				76,069
RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC(A)		33,666		—
Sovcomflot PJSC(A)		9,110		—
Surgutneftegas PJSC(A)		143,400		—
				—
Materials — 0.0%
MMC Norilsk Nickel PJSC*(A)		1,239		—
Polymetal International*(A)		7,154		—

The accompanying notes are an integral part of the financial statements.

24

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Segezha Group PJSC*(A)		78,500	$	—
				—
TOTAL RUSSIA				—
SINGAPORE — 10.4%
Financials — 6.6%
Oversea-Chinese Banking		29,712		278,856
Industrials — 3.8%
Keppel		12,700		63,272
Singapore Airlines		13,000		61,528
Singapore Technologies Engineering		13,700		39,246
				164,046
TOTAL SINGAPORE				442,902
SOUTH AFRICA — 3.1%
Materials — 3.1%
Impala Platinum Holdings		18,573		97,462
Kumba Iron Ore		1,380		33,314
TOTAL SOUTH AFRICA				130,776
THAILAND — 5.1%
Energy — 4.5%
PTT		209,100		192,375
Materials — 0.6%
Indorama Ventures		34,400		24,563
TOTAL THAILAND				216,938
TURKEY — 3.0%
Industrials — 3.0%
Kontrolmatik Enerji Ve Muhendislik		1,912		23,224
Turk Hava Yollari AO*		11,727		103,732
TOTAL TURKEY				126,956
UNITED ARAB EMIRATES — 0.9%
Industrials — 0.9%
Air Arabia PJSC		48,641		37,212
TOTAL UNITED ARAB EMIRATES				37,212
TOTAL COMMON STOCK (Cost $5,445,352)				4,217,300

The accompanying notes are an integral part of the financial statements.

25

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
PREFERRED STOCK — 0.0%
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC(A)(B)		136,600	$	—
TOTAL PREFERRED STOCK (Cost $74,846)				—
TOTAL INVESTMENTS — 99.7% (Cost $5,520,198)				4,217,300
OTHER ASSETS LESS LIABILITIES – 0.3%				12,835
NET ASSETS - 100%			$	4,230,135

‡	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)	Currently, no stated interest rate.

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	1,778,619	$	—	$	—		$	1,778,619
Hong Kong		7,241		—		—			7,241
India		155,279		—		—			155,279
Indonesia		193,955		—		—			193,955
Israel		244,456		—		—			244,456
Kazakhstan		60,239		—		—			60,239
Kuwait		409,797		—		—			409,797
Malaysia		130,062		—		—			130,062
Philippines		206,799		—		—			206,799
Poland		76,069		—		—			76,069
Russia
Energy		—		—		—	‡‡		—
Materials		—		—		—	‡‡		—
Singapore		442,902		—		—			442,902
South Africa		130,776		—		—			130,776
Thailand		216,938		—		—			216,938
Turkey		126,956		—		—			126,956
United Arab Emirates		37,212		—		—			37,212
Total Common Stock		4,217,300		—		—			4,217,300
Preferred Stock
Russia
Energy		—		—		—	‡‡		—
Total Preferred Stock		—		—		—			—
Total Investments in Securities	$	4,217,300	$	—	$	—		$	4,217,300

The accompanying notes are an integral part of the financial statements.

26

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI One Belt One Road Index ETF (concluded)

^	A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.
‡‡	Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

27

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 100.2%‡
BRAZIL — 9.0%
Consumer Discretionary — 3.4%
MercadoLibre*		307	$	389,239
Financials — 4.8%
Cielo		124,000		86,958
Pagseguro Digital, Cl A*		10,248		88,235
StoneCo, Cl A*		7,981		85,157
XP, Cl A		12,237		282,063
				542,413
Information Technology — 0.8%
TOTVS		15,900		85,771
TOTAL BRAZIL				1,017,423
CHINA — 38.3%
Communication Services — 17.2%
Baidu, Cl A*		24,664		420,102
Bilibili, Cl Z*		21,820		301,730
JOYY ADR		2,429		92,569
Kuaishou Technology, Cl B*		37,300		299,330
NetEase		21,100		429,713
Tencent Holdings		10,375		405,629
				1,949,073
Consumer Discretionary — 13.4%
Alibaba Group Holding*		39,000		426,259
JD.com, Cl A		26,925		395,701
Meituan, Cl B*		26,898		393,579
Trip.com Group*		8,450		301,237
				1,516,776

The accompanying notes are an integral part of the financial statements.

28

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 5.4%
Alibaba Health Information Technology*		516,000	$	321,518
JD Health International*		56,600		293,412
				614,930
Information Technology — 2.3%
Kingdee International Software Group*		213,000		262,176
TOTAL CHINA				4,342,955
EGYPT — 0.8%
Financials — 0.8%
Fawry for Banking & Payment Technology Services SAE*		513,211		85,867
TOTAL EGYPT				85,867
GREECE — 2.6%
Consumer Discretionary — 2.6%
OPAP		17,466		293,285
TOTAL GREECE				293,285
INDIA — 6.3%
Consumer Discretionary — 3.6%
MakeMyTrip*		2,272		92,061
Zomato*		257,057		314,197
				406,258
Financials — 2.7%
One 97 Communications*		29,362		303,269
TOTAL INDIA				709,527
INDONESIA — 0.7%
Consumer Discretionary — 0.7%
Bukalapak.com*		5,391,600		76,051
TOTAL INDONESIA				76,051
JAPAN — 2.4%
Communication Services — 2.4%
Nexon		15,400		275,905
TOTAL JAPAN				275,905
MALAYSIA — 0.8%
Industrials — 0.8%
My EG Services		540,600		91,535

The accompanying notes are an integral part of the financial statements.

29

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology — 0.0%
AGMO HOLDINGS*		1,070	$	132
TOTAL MALAYSIA				91,667
RUSSIA — 0.0%
Communication Services — 0.0%
VK GDR*(A)		49,503		—
Yandex, Cl A*(A)		31,479		—
				—
Consumer Discretionary — 0.0%
Ozon Holdings PLC ADR*(A)		58,005		—
Industrials — 0.0%
HeadHunter Group PLC ADR*(A)		11,746		—
TOTAL RUSSIA				—
SINGAPORE — 4.3%
Communication Services — 4.3%
Sea ADR*		11,207		492,548
TOTAL SINGAPORE				492,548
SOUTH AFRICA — 3.5%
Consumer Discretionary — 3.5%
Naspers, Cl N*		2,490		399,886
TOTAL SOUTH AFRICA				399,886
SOUTH KOREA — 24.8%
Communication Services — 21.7%
AfreecaTV		1,355		84,449
Com2uSCorp		2,575		85,299
Kakao		8,406		273,784
Kakao Games*(B)		14,663		276,548
Krafton*		2,661		296,981
NAVER		2,595		387,500
NCSoft		1,644		271,076
Netmarble*(B)		7,691		239,952
Pearl Abyss*		8,105		279,897
Studio Dragon*		2,402		91,673
Wemade		3,482		95,217
Wysiwyg Studios*		41,733		79,946
				2,462,322
Consumer Discretionary — 2.4%
Coupang, Cl A*		16,266		276,522

The accompanying notes are an integral part of the financial statements.

30

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology — 0.7%
Douzone Bizon		3,596‌	$	77,282‌
TOTAL SOUTH KOREA				2,816,126‌
SWEDEN — 0.9%
Information Technology — 0.9%
Truecaller, Cl B*		27,728‌		97,291‌
TOTAL SWEDEN				97,291‌
TAIWAN — 2.8%
Consumer Discretionary — 2.8%
momo.com		20,300‌		315,689‌
TOTAL TAIWAN				315,689‌
THAILAND — 0.6%
Communication Services — 0.6%
BEC World		383,200‌		71,562‌
TOTAL THAILAND				71,562‌
URUGUAY — 2.4%
Financials — 2.4%
Dlocal, Cl A*		14,429‌		276,604‌
TOTAL URUGUAY				276,604‌
TOTAL COMMON STOCK (Cost $20,730,584)				11,362,386‌
SHORT-TERM INVESTMENT — 3.0%
Invesco Government & Agency Portfolio, Cl Institutional, 5.260%(C)(D)		340,822		340,822
TOTAL SHORT-TERM INVESTMENT (Cost $340,822)				340,822
TOTAL INVESTMENTS — 103.2% (Cost $21,071,406)				11,703,208
OTHER ASSETS LESS LIABILITIES – (3.2)%				(364,119	)
NET ASSETS - 100%			$	11,339,089

‡	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)	Certain securities or partial positions of certain securities are on loan at September 30, 2023.
(C)	The rate shown is the 7-day effective yield as of September 30, 2023.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2023 was $340,822.

The accompanying notes are an integral part of the financial statements.

31

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Brazil	$	1,017,423	$	—	$	—		$	1,017,423
China		4,342,955		—		—			4,342,955
Egypt		85,867		—		—			85,867
Greece		293,285		—		—			293,285
India		709,527		—		—			709,527
Indonesia		76,051		—		—			76,051
Japan		275,905		—		—			275,905
Malaysia		91,667		—		—			91,667
Russia
Communication Services		—		—		—	‡‡		—
Consumer Discretionary		—		—		—	‡‡		—
Industrials		—		—		—	‡‡		—
Singapore		492,548		—		—			492,548
South Africa		399,886		—		—			399,886
South Korea		2,816,126		—		—			2,816,126
Sweden		97,291		—		—			97,291
Taiwan		315,689		—		—			315,689
Thailand		71,562		—		—			71,562
Uruguay		276,604		—		—			276,604
Total Common Stock		11,362,386		—		—			11,362,386
Short-Term Investment		340,822		—		—			340,822
Total Investments in Securities	$	11,703,208	$	—	$	—		$	11,703,208

^	A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.
‡‡	Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

32

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 99.7%‡
CHINA — 97.0%
Consumer Discretionary — 38.6%
BYD, Cl A		24,300	$	789,460
BYD, Cl H		233,000		7,199,576
Li Auto, Cl A*		371,300		6,556,662
NIO ADR*		665,843		6,019,221
Seres Group, Cl A		135,400		1,035,513
Tianneng Power International		1,012,000		958,783
XPeng, Cl A*		460,900		4,116,518
Yadea Group Holdings		1,832,694		3,402,436
				30,078,169
Industrials — 27.6%
Beijing Easpring Material Technology, Cl A		45,600		263,495
Beijing-Shanghai High Speed Railway, Cl A		2,942,300		2,071,715
China Conch Environment Protection Holdings*		1,780,500		381,933
China Conch Venture Holdings		2,175,500		1,855,544
China Everbright Environment Group		5,528,216		1,905,831
Contemporary Amperex Technology, Cl A		227,950		6,352,220
Dajin Heavy Industry, Cl A		57,400		204,602
Dynagreen Environmental Protection Group, Cl H		577,000		173,870
Farasis Energy Gan Zhou, Cl A*		109,488		302,958
Ginlong Technologies, Cl A		35,750		385,236
Goldwind Science & Technology, Cl A		310,235		393,023
GoodWe Technologies, Cl A		15,548		282,104
Gotion High-tech, Cl A		159,900		509,169
Hoymiles Power Electronics, Cl A		7,487		281,774
Ming Yang Smart Energy Group, Cl A		204,200		442,271
Pylon Technologies, Cl A		15,788		283,223
Riyue Heavy Industry, Cl A		92,700		202,049
Shuangliang Eco-Energy Systems, Cl A		168,100		243,876

The accompanying notes are an integral part of the financial statements.

33

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China Clean Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Sungrow Power Supply, Cl A		133,500	$	1,640,131
Titan Wind Energy Suzhou, Cl A		162,009		287,072
Zhejiang Weiming Environment Protection, Cl A		153,300		372,426
Zhuzhou CRRC Times Electric, Cl H		779,900		2,698,633
				21,533,155
Information Technology — 18.7%
China Railway Signal & Communication, Cl A		645,660		467,911
Chindata Group Holdings ADR*		213,421		1,771,394
Flat Glass Group, Cl A		142,400		553,515
Flat Glass Group, Cl H		642,000		1,442,724
Hengdian Group DMEGC Magnetics, Cl A		146,200		327,888
JA Solar Technology, Cl A		297,268		1,043,697
Kingsoft Cloud Holdings ADR*		171,228		844,154
LONGi Green Energy Technology, Cl A		681,446		2,551,536
Risen Energy, Cl A		102,500		267,865
Sanan Optoelectronics, Cl A		448,400		949,021
Shanghai Aiko Solar Energy, Cl A		164,220		502,865
Tuya ADR*		341,122		528,739
Xinyi Solar Holdings		4,389,588		3,284,407
				14,535,716
Materials — 0.3%
Shenzhen Dynanonic, Cl A		24,940		262,074
Real Estate — 1.0%
Guangzhou R&F Properties, Cl H		2,532,800		407,481
SOHO China*		3,119,000		366,386
				773,867
Utilities — 10.8%
Beijing Enterprises Water Group		6,028,500		1,316,258
CECEP Solar Energy, Cl A		351,300		279,179
CECEP Wind-Power, Cl A		582,000		261,214
China Datang Renewable Power, Cl H		3,564,000		846,421
China Longyuan Power Group, Cl H		4,615,800		4,019,453
China Three Gorges Renewables Group, Cl A		2,572,500		1,687,753
				8,410,278
TOTAL CHINA				75,593,259
HONG KONG — 2.7%
Industrials — 0.3%
China High Speed Transmission Equipment Group		736,000		211,444
Real Estate — 0.8%
Yuexiu Real Estate Investment Trust†		3,625,000		610,967

The accompanying notes are an integral part of the financial statements.

34

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China Clean Technology Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Utilities — 1.6%
Canvest Environmental Protection Group		732,000	$	423,394
Concord New Energy Group		10,360,000		859,823
				1,283,217
TOTAL HONG KONG				2,105,628
TOTAL COMMON STOCK (Cost $98,579,470)				77,698,887
TOTAL INVESTMENTS — 99.7% (Cost $98,579,470)				77,698,887
OTHER ASSETS LESS LIABILITIES – 0.3%				200,987
NET ASSETS - 100%			$	77,899,874

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
†	Real Estate Investment Trust

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

35

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 94.7%‡
AUSTRALIA — 8.9%
Materials — 8.9%
Allkem*		372,999	$	2,831,021
IGO		475,321		3,883,727
Lynas Rare Earths*		571,225		2,503,255
Mineral Resources		40,029		1,747,198
Pilbara Minerals		1,286,420		3,570,091
TOTAL AUSTRALIA				14,535,292
BELGIUM — 1.9%
Materials — 1.9%
Umicore		131,674		3,129,751
TOTAL BELGIUM				3,129,751
CANADA — 3.4%
Industrials — 2.5%
Magna International		75,630		4,071,825
Materials — 0.9%
Lithium Americas*(A)		86,487		1,476,420
TOTAL CANADA				5,548,245
CHINA — 33.4%
Consumer Discretionary — 17.7%
BAIC BluePark New Energy Technology, Cl A*		1,001,300		722,896
BYD, Cl A		134,100		4,356,651
Geely Automobile Holdings		3,656,000		4,313,341
Guangzhou Automobile Group, Cl H		1,814,000		896,363
Li Auto, Cl A*		351,200		6,201,722
NIO ADR*(A)		389,394		3,520,122
Seres Group, Cl A		278,600		2,130,679

The accompanying notes are an integral part of the financial statements.

36

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Shenzhen Kedali Industry, Cl A		42,136	$	556,242
XPeng, Cl A*		534,200		4,771,196
Yadea Group Holdings		712,000		1,321,843
				28,791,055
Industrials — 7.6%
Beijing Easpring Material Technology, Cl A		90,400		522,368
China Baoan Group, Cl A		464,807		664,762
Contemporary Amperex Technology, Cl A		224,820		6,265,003
Eve Energy, Cl A		367,460		2,275,647
Gotion High-tech, Cl A		319,689		1,017,985
Guangzhou Great Power Energy & Technology, Cl A		83,200		377,073
Hunan Yuneng New Energy Battery Material, Cl A		84,934		424,801
Qingdao TGOOD Electric, Cl A		190,600		477,955
Shenzhen Yinghe Technology, Cl A		111,200		355,010
				12,380,604
Materials — 8.1%
Chengxin Lithium Group, Cl A		161,600		495,951
CMOC Group, Cl A		3,196,600		2,592,994
CNGR Advanced Material, Cl A		120,850		840,140
Ganfeng Lithium Group, Cl A		285,558		1,748,053
GEM, Cl A		919,040		768,206
Guangzhou Tinci Materials Technology, Cl A		339,594		1,259,888
Ningbo Shanshan, Cl A		408,400		779,159
Shanghai Putailai New Energy Technology, Cl A		361,900		1,454,902
Shenzhen Senior Technology Material, Cl A		229,100		410,985
Tianqi Lithium, Cl H(A)		62,800		351,613
Xiamen Tungsten, Cl A		256,051		602,721
Youngy, Cl A		43,700		327,971
Zhejiang Huayou Cobalt, Cl A		305,463		1,572,649
				13,205,232
TOTAL CHINA				54,376,891
GERMANY — 2.9%
Consumer Discretionary — 1.9%
Mercedes-Benz Group		23,311		1,626,199
Volkswagen		11,320		1,494,536
				3,120,735
Information Technology — 1.0%
Infineon Technologies		48,180		1,599,437
TOTAL GERMANY				4,720,172

The accompanying notes are an integral part of the financial statements.

37

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
JAPAN — 8.1%
Consumer Discretionary — 4.2%
Panasonic Holdings		598,200	$	6,742,653‌
Industrials — 3.8%
Nidec		134,600‌		6,251,718‌
Materials — 0.1%
W-Scope*		32,200‌		219,234‌
TOTAL JAPAN				13,213,605‌
NETHERLANDS — 0.4%
Industrials — 0.4%
Alfen Beheer BV*		14,100‌		599,374‌
TOTAL NETHERLANDS				599,374‌
SOUTH KOREA — 10.0%
Industrials — 4.6%
Ecopro(A)		18,758‌		3,516,951‌
LG Energy Solution*		11,161‌		3,941,172‌
				7,458,123‌
Information Technology — 5.0%
L&F(A)		15,391‌		1,977,768‌
Samsung SDI		16,154‌		6,129,278‌
				8,107,046‌
Materials — 0.4%
SK IE Technology*		12,098‌		663,444‌
TOTAL SOUTH KOREA				16,228,613‌
SWEDEN — 0.7%
Consumer Discretionary — 0.7%
Volvo Car, Cl B*		304,853‌		1,247,001‌
TOTAL SWEDEN				1,247,001‌
UNITED STATES — 25.0%
Consumer Discretionary — 15.3%
Aptiv*		68,469‌		6,750,359‌
Fisker*(A)		133,467‌		856,858‌
Ford Motor		141,783‌		1,760,945‌
Lucid Group*(A)		513,247‌		2,869,051‌
Rivian Automotive, Cl A*		211,022‌		5,123,614‌
Tesla*		29,842‌		7,467,065‌
				24,827,892‌

The accompanying notes are an integral part of the financial statements.

38

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 2.7%
ChargePoint Holdings*(A)		206,158	$	1,024,605
Nikola*(A)		379,831		596,334
Plug Power*(A)		366,298		2,783,865
				4,404,804
Information Technology — 0.8%
SolarEdge Technologies*		10,161		1,315,951
Materials — 6.2%
Albemarle		36,418		6,192,517
Livent*		117,107		2,155,940
MP Materials*		92,893		1,774,256
				10,122,713
TOTAL UNITED STATES				40,671,360
TOTAL COMMON STOCK (Cost $203,263,947)				154,270,304
PREFERRED STOCK — 4.8%
CHILE — 2.5%
Industrials — 2.5%
Sociedad Quimica y Minera de Chile(B)		67,286		3,980,746
GERMANY — 2.3%
Consumer Discretionary — 2.3%
Dr Ing hc F Porsche(B)		39,887		3,758,503
TOTAL PREFERRED STOCK (Cost $9,664,992)				7,739,249
SHORT-TERM INVESTMENT — 9.8%
Invesco Government & Agency Portfolio, Cl Institutional, 5.260%(C)(D)		15,913,771		15,913,771
TOTAL SHORT-TERM INVESTMENT (Cost $15,913,771)				15,913,771
TOTAL INVESTMENTS —109.3% (Cost $228,842,710)				177,923,324
OTHER ASSETS LESS LIABILITIES – (9.3)%				(15,084,301	)
NET ASSETS - 100%			$	162,839,023

‡	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 September 30, 2023.
(B)	Currently, no stated interest rate.
(C)	The rate shown is the 7-day effective yield as of September 30, 2023.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2023 was $15,913,771.

The accompanying notes are an integral part of the financial statements.

39

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

40

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 96.3%
Health Care — 96.3%
3SBio		580,000	$	485,071
Aier Eye Hospital Group, Cl A		886,714		2,187,043
Akeso*		160,000		735,458
Apeloa Pharmaceutical, Cl A		111,992		276,531
Asymchem Laboratories Tianjin, Cl A		33,624		700,105
Autobio Diagnostics, Cl A		55,730		349,797
BeiGene*		218,818		3,006,291
Beijing Tiantan Biological Products, Cl A		156,742		551,390
Beijing Tongrentang, Cl A		130,490		981,126
Beijing Wantai Biological Pharmacy Enterprise, Cl A		80,322		528,957
Betta Pharmaceuticals, Cl A		39,763		312,614
BGI Genomics, Cl A		39,327		281,603
Bloomage Biotechnology, Cl A		45,788		545,126
Changchun High & New Technology Industry Group, Cl A		38,408		732,761
China Medical System Holdings		426,000		645,104
China Meheco, Cl A		142,300		241,797
China National Medicines, Cl A		71,755		326,484
China Resources Pharmaceutical Group		498,000		330,650
China Resources Sanjiu Medical & Pharmaceutical, Cl A		93,990		646,574
China Traditional Chinese Medicine Holdings		958,000		446,472
Chongqing Taiji Industry Group, Cl A*		52,900		338,787
Chongqing Zhifei Biological Products, Cl A		227,972		1,522,890
CSPC Pharmaceutical Group		2,828,889		2,073,306
Dong-E-E-Jiao, Cl A		61,240		412,371
Genscript Biotech*		370,000		975,568
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		133,540		575,895
Guangzhou Kingmed Diagnostics Group, Cl A		44,299		379,163
Hangzhou Tigermed Consulting, Cl A		35,550		324,967
Hansoh Pharmaceutical Group		374,000		509,055
Huadong Medicine, Cl A		166,741		966,701
Hualan Biological Engineering, Cl A		173,347		528,196
Hubei Jumpcan Pharmaceutical, Cl A		87,600		328,722
Humanwell Healthcare Group, Cl A		155,300		515,624
Hygeia Healthcare Holdings		110,200		617,706
Imeik Technology Development, Cl A		20,500		1,098,107
Innovent Biologics*		366,000		1,787,509

The accompanying notes are an integral part of the financial statements.

41

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
iRay Technology, Cl A		9,931	$	334,021
Jiangsu Hengrui Pharmaceuticals, Cl A		606,428		3,740,572
Jiangsu Nhwa Pharmaceutical, Cl A		95,900		348,943
Jiangsu Yuyue Medical Equipment & Supply, Cl A		95,210		450,061
Joincare Pharmaceutical Group Industry, Cl A		181,645		308,902
Jointown Pharmaceutical Group, Cl A		265,554		394,736
Lepu Medical Technology Beijing, Cl A		178,800		403,210
Livzon Pharmaceutical Group, Cl A		59,359		300,960
Meinian Onehealth Healthcare Holdings, Cl A*		372,083		347,276
Microport Scientific		261,600		395,480
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		153,684		267,679
Ovctek China, Cl A		85,093		299,926
Pharmaron Beijing, Cl A		141,075		602,194
Shandong Buchang Pharmaceuticals, Cl A		105,083		258,461
Shandong Weigao Group Medical Polymer, Cl H		789,200		693,284
Shanghai Fosun Pharmaceutical Group, Cl A		201,429		790,703
Shanghai Fosun Pharmaceutical Group, Cl H		157,500		370,028
Shanghai Junshi Biosciences, Cl A*		72,844		384,929
Shanghai Pharmaceuticals Holding, Cl A		264,594		656,605
Shanghai Pharmaceuticals Holding, Cl H		233,200		363,861
Shanghai RAAS Blood Products, Cl A		640,934		612,277
Shenzhen Kangtai Biological Products, Cl A		106,177		426,558
Shenzhen Mindray Bio-Medical Electronics, Cl A		114,855		4,253,375
Shenzhen New Industries Biomedical Engineering, Cl A		74,600		650,392
Shenzhen Salubris Pharmaceuticals, Cl A		105,965		431,234
Shijiazhuang Yiling Pharmaceutical, Cl A		158,750		511,172
Sichuan Kelun Pharmaceutical, Cl A		140,215		560,994
Sinopharm Group, Cl H		425,200		1,232,409
Tonghua Dongbao Pharmaceutical, Cl A		189,491		279,071
Topchoice Medical, Cl A*		30,441		368,513
Walvax Biotechnology, Cl A		152,800		493,691
WuXi AppTec, Cl A		243,920		2,885,225
WuXi AppTec, Cl H(A)		114,884		1,375,202
Wuxi Biologics Cayman*		1,036,135		6,039,386
Yunnan Baiyao Group, Cl A		172,823		1,264,313
Zai Lab*		296,900		718,002
Zhangzhou Pientzehuang Pharmaceutical, Cl A		57,234		2,161,942
Zhejiang Huahai Pharmaceutical, Cl A		140,772		327,500
Zhejiang Jiuzhou Pharmaceutical, Cl A		85,500		340,087
Zhejiang NHU, Cl A		293,830		654,949
TOTAL CHINA				64,563,644

The accompanying notes are an integral part of the financial statements.

42

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 1.7%
Health Care — 1.7%
Sino Biopharmaceutical		3,277,750	$	1,184,398
TOTAL HONG KONG				1,184,398
UNITED STATES — 1.9%
Health Care — 1.9%
Legend Biotech ADR*		18,929		1,271,461
TOTAL UNITED STATES				1,271,461
TOTAL COMMON STOCK (Cost $81,753,122)				67,019,503

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma‡‡*(B)		118,157	—
TOTAL CHINA			—
TOTAL RIGHTS (Cost $–)			—

	Shares
SHORT-TERM INVESTMENT — 1.3%
Invesco Government & Agency Portfolio, Cl Institutional, 5.260%(C)(D)		869,140		869,140
TOTAL SHORT-TERM INVESTMENT (Cost $869,140)				869,140
TOTAL INVESTMENTS — 101.2% (Cost $82,622,262)				67,888,643
OTHER ASSETS LESS LIABILITIES – (1.2)%				(837,961	)
NET ASSETS - 100%			$	67,050,682

‡	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 September 30, 2023.
(B)	Level 3 security in accordance with fair value hierarchy.
(C)	The rate shown is the 7-day effective yield as of September 30, 2023.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of September 30, 2023 was $869,140.
‡‡	Expiration date not available.

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

The accompanying notes are an integral part of the financial statements.

43

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI All China Health Care Index ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	64,563,644	$	—	$	—		$	64,563,644
Hong Kong		1,184,398		—		—			1,184,398
United States		1,271,461		—		—			1,271,461
Total Common Stock		67,019,503		—		—			67,019,503
Short-Term Investment		869,140		—		—			869,140
Rights		—		—		—	‡‡		—
Total Investments in Securities	$	67,888,643	$	—	$	—		$	67,888,643

^	A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.
‡‡	Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

44

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Asia Pacific High Income Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 94.8%
AUSTRALIA — 3.1%
Financials — 3.1%
Macquarie Bank
6.125%, USSW5 + 3.703%(A)(B)	$	250,000	$	222,327
QBE Insurance Group, MTN
5.250%, H15T5Y + 3.047%(A)(B)		250,000		231,826
				454,153
TOTAL AUSTRALIA				454,153
CHINA — 26.5%
Consumer Discretionary — 2.7%
Fortune Star BVI
5.000%, 05/18/2026		250,000		173,925
GLP China Holdings, MTN
4.974%, 02/26/2024		250,000		220,000
				393,925
Financials — 8.9%
Far East Horizon, MTN
3.375%, 02/18/2025		200,000		181,013
Huarong Finance 2017, MTN
4.250%, 11/07/2027		200,000		166,000
Huarong Finance 2019, MTN
4.250%(A)(B)		400,000		338,120
Huarong Finance II, MTN
5.500%, 01/16/2025		300,000		282,000
ZhongAn Online P&C Insurance
3.125%, 07/16/2025		400,000		354,573
				1,321,706
Materials — 1.6%
China Hongqiao Group
6.250%, 06/08/2024		250,000		243,725

The accompanying notes are an integral part of the financial statements.

45

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Real Estate — 11.7%
Greentown China Holdings
5.650%, 07/13/2025	$	200,000	$	154,100
4.700%, 04/29/2025		200,000		154,000
Hopson Development Holdings
6.800%, 12/28/2023		200,000		182,918
RKPF Overseas 2019 A
6.700%, 09/30/2024		200,000		137,058
Shui On Development Holding
5.750%, 11/12/2023		550,000		514,800
5.500%, 03/03/2025		200,000		106,200
Yanlord Land HK
6.800%, 02/27/2024		431,000		384,021
5.125%, 05/20/2026		200,000		116,000
				1,749,097
Utilities — 1.6%
China Oil & Gas Group
4.700%, 06/30/2026		300,000		239,250
TOTAL CHINA				3,947,703
HONG KONG — 12.6%
Consumer Discretionary — 6.5%
Li & Fung, MTN
5.000%, 08/18/2025		450,000		414,788
Melco Resorts Finance
5.625%, 07/17/2027		200,000		178,762
5.250%, 04/26/2026		200,000		185,500
4.875%, 06/06/2025		200,000		188,863
				967,913
Financials — 1.3%
Bank of East Asia, MTN
5.825%, H15T5Y + 5.527%(A)(B)		250,000		198,825
Health Care — 1.2%
PCGI Intermediate, MTN
4.750%, 10/28/2024		200,000		188,040
Industrials — 2.6%
Celestial Miles
5.750%(A)(B)		400,000		385,200
Real Estate — 1.0%
NWD Finance BVI
6.150%(A)(B)		200,000		143,800
TOTAL HONG KONG				1,883,778

The accompanying notes are an integral part of the financial statements.

46

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
INDIA — 19.4%
Communication Services — 1.3%
Network i2i
5.650%, H15T5Y + 4.274%(A)(B)	$	200,000	$	194,500
Consumer Discretionary — 1.2%
JSW Infrastructure, MTN
4.950%, 01/21/2029		200,000		175,631
Energy — 4.8%
Continuum Energy Levanter Pte
4.500%, 02/09/2027		178,250		166,367
Greenko Power II
4.300%, 12/13/2028		185,500		158,581
Greenko Solar Mauritius
5.550%, 01/29/2025		400,000		385,000
				709,948
Financials — 1.9%
Shriram Finance, MTN
4.150%, 07/18/2025		300,000		283,155
Industrials — 8.9%
GMR Hyderabad International Airport
4.250%, 10/27/2027		200,000		177,300
India Airport Infrastructure
6.250%, 10/25/2025		250,000		243,441
JSW Steel
3.950%, 04/05/2027		200,000		175,124
Magnum Holdings
5.375%, 10/31/2026		400,000		354,044
Periama Holdings
5.950%, 04/19/2026		400,000		379,200
				1,329,109
Utilities — 1.3%
Diamond II
7.950%, 07/28/2026		200,000		196,032
TOTAL INDIA				2,888,375
INDONESIA — 7.3%
Energy — 1.3%
Medco Bell Pte
6.375%, 01/30/2027		200,000		187,965
Financials — 2.2%
Bank Negara Indonesia Persero
4.300%, H15T5Y + 3.466%(A)(B)		400,000		325,622

The accompanying notes are an integral part of the financial statements.

47

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Industrials — 1.1%
Japfa Comfeed Indonesia
5.375%, 03/23/2026	$	200,000	$	164,750
Materials — 2.7%
Nickel Industries
11.250%, 10/21/2028		200,000		205,600
6.500%, 04/01/2024		200,000		197,100
				402,700
TOTAL INDONESIA				1,081,037
MACAU — 13.2%
Consumer Discretionary — 13.2%
Champion Path Holdings
4.500%, 01/27/2026		200,000		176,216
MGM China Holdings
5.875%, 05/15/2026		200,000		190,237
5.250%, 06/18/2025		200,000		191,026
4.750%, 02/01/2027		200,000		179,500
Studio City Finance
6.500%, 01/15/2028		200,000		169,500
6.000%, 07/15/2025		250,000		237,925
Wynn Macau
5.500%, 10/01/2027		200,000		178,442
5.500%, 01/15/2026		250,000		233,673
5.125%, 12/15/2029		500,000		412,496
				1,969,015
TOTAL MACAU				1,969,015
PHILIPPINES — 3.8%
Communication Services — 1.2%
Globe Telecom
4.200%(A)(B)		200,000		185,380
Consumer Discretionary — 2.6%
Jollibee Worldwide Pte
3.900%(A)(B)		200,000		190,100
Royal Capital BV
5.000%(A)(B)		200,000		193,000
				383,100
TOTAL PHILIPPINES				568,480
THAILAND — 6.1%
Financials — 6.1%
Kasikornbank, MTN
5.275%, H15T5Y + 4.940%(A)(B)		200,000		187,770
4.000%, H15T5Y + 3.337%(A)(B)		400,000		343,255
Krung Thai Bank
4.400%, H15T5Y + 3.530%(A)(B)		200,000		179,250

The accompanying notes are an integral part of the financial statements.

48

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Asia Pacific High Income Bond ETF (concluded)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Financials (continued)
TMBThanachart Bank, MTN
4.900%, H15T5Y + 3.256%(A)(B)	$	200,000	$	191,500
				901,775
TOTAL THAILAND				901,775
UNITED KINGDOM — 1.3%
Financials — 1.3%
Standard Chartered
7.750%, H15T5Y + 4.976%(A)(B)		200,000		193,670
VIETNAM — 1.5%
Utilities — 1.5%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		250,000		225,878
TOTAL CORPORATE OBLIGATIONS
(Cost $15,026,972)				14,113,864
TOTAL INVESTMENTS — 94.8% (Cost $15,026,972)				14,113,864
OTHER ASSETS LESS LIABILITIES – 5.2%				780,460
NET ASSETS - 100%			$	14,894,324

(A)	Perpetual security with no stated maturity date.
(B)	Variable or floating rate security. The rate shown is the effective interest rate as of period end. The rates for certain securities are not based on published reference rates and spreads and are either determined by the issuer or agent based on current market conditions; by using a formula based on the rates of underlying loans; or by adjusting periodically based on prevailing interest rates.

As of September 30, 2023, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

49

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Healthcare Index ETF

	Shares		Value
COMMON STOCK — 100.0%‡
BRAZIL — 8.5%
Health Care — 8.5%
Fleury		2,835	$	8,581
Hapvida Participacoes e Investimentos*		46,904		44,044
Hypera		4,500		33,391
Odontoprev		3,700		8,050
Rede D’Or Sao Luiz		14,100		71,582
TOTAL BRAZIL				165,648
CHINA — 40.3%
Consumer Staples — 1.8%
JD Health International*		7,050		36,547
Health Care — 38.5%
3D Medicines*		500		873
3SBio		5,500		4,600
Aier Eye Hospital Group, Cl A		19,495		48,084
AK Medical Holdings		2,000		1,688
Akeso*		2,000		9,193
Alphamab Oncology*		1,000		1,098
Angelalign Technology		400		2,485
Beijing Tiantan Biological Products, Cl A		3,500		12,312
Beijing Tongrentang, Cl A		3,000		22,556
Changchun High & New Technology Industry Group, Cl A		800		15,263
China Medical System Holdings		6,000		9,086
China Resources Medical Holdings		2,500		1,638
China Resources Sanjiu Medical & Pharmaceutical, Cl A		2,100		14,446
Chongqing Zhifei Biological Products, Cl A		5,120		34,199
CSPC Pharmaceutical Group		26,000		19,055
Genscript Biotech*		4,000		10,547
Guangzhou Kingmed Diagnostics Group, Cl A		1,000		8,559
Hansoh Pharmaceutical Group		14,000		19,056
Huadong Medicine, Cl A		3,740		21,683
Humanwell Healthcare Group, Cl A		3,500		11,621
Hygeia Healthcare Holdings		1,200		6,726

The accompanying notes are an integral part of the financial statements.

50

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Healthcare Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
InnoCare Pharma*		3,000	$	2,279
Innovent Biologics*		3,000		14,652
Jiangsu Hengrui Pharmaceuticals, Cl A		12,859		79,317
Jinxin Fertility Group*		5,500		2,626
Lepu Medical Technology Beijing, Cl A		3,300		7,442
Lifetech Scientific*		10,000		3,064
Livzon Pharmaceutical Group, Cl H		600		1,965
Luye Pharma Group*		8,000		3,585
Microport Scientific		4,000		6,047
New Horizon Health*		1,000		2,400
Remegen, Cl H*		500		2,573
Shandong Weigao Group Medical Polymer, Cl H		10,000		8,785
Shanghai Fosun Pharmaceutical Group, Cl H		1,500		3,524
Shanghai MicroPort MedBot Group*		2,000		4,622
Shanghai Pharmaceuticals Holding, Cl H		2,000		3,121
Shanghai RAAS Blood Products, Cl A		14,400		13,756
Shenzhen Mindray Bio-Medical Electronics, Cl A		2,200		81,472
Shenzhen New Industries Biomedical Engineering, Cl A		1,600		13,949
Shenzhen Salubris Pharmaceuticals, Cl A		2,400		9,767
Shijiazhuang Yiling Pharmaceutical, Cl A		3,500		11,270
Sichuan Kelun Pharmaceutical, Cl A		2,400		9,602
Simcere Pharmaceutical Group		6,000		4,903
Sinopharm Group, Cl H		3,200		9,275
Topchoice Medical, Cl A*		700		8,474
Walvax Biotechnology, Cl A		3,300		10,662
WuXi AppTec, Cl H		858		10,271
Wuxi Biologics Cayman*		8,781		51,182
Yunnan Baiyao Group, Cl A		3,480		25,459
Zai Lab*		2,100		5,079
Zhangzhou Pientzehuang Pharmaceutical, Cl A		1,300		49,106
Zhejiang NHU, Cl A		6,624		14,765
				749,762
TOTAL CHINA				786,309
HUNGARY — 1.7%
Health Care — 1.7%
Richter Gedeon Nyrt		1,371		33,324
TOTAL HUNGARY				33,324
INDONESIA — 3.1%
Health Care — 3.1%
Kalbe Farma		312,700		35,509
Metro Healthcare Indonesia TBK*		239,900		7,451

The accompanying notes are an integral part of the financial statements.

51

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Healthcare Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Mitra Keluarga Karyasehat		99,100	$	17,313
TOTAL INDONESIA				60,273
MALAYSIA — 4.9%
Health Care — 4.9%
IHH Healthcare		62,400		77,747
KPJ Healthcare		32,200		7,818
Top Glove		59,400		9,804
TOTAL MALAYSIA				95,369
SOUTH AFRICA — 2.5%
Health Care — 2.5%
Aspen Pharmacare Holdings		3,232		29,477
Life Healthcare Group Holdings		10,303		11,080
Netcare		10,529		7,545
TOTAL SOUTH AFRICA				48,102
SOUTH KOREA — 23.5%
Health Care — 23.5%
Alteogen*		372		18,774
Celltrion		751		77,470
Celltrion Healthcare		1,191		55,605
Celltrion Pharm*		286		14,158
Classys		400		11,220
Dentium		78		6,179
Green Cross		85		6,847
Hanmi Pharm		92		20,280
Hanmi Science		538		13,142
HLB*		962		21,383
Hugel*		90		8,337
Medytox		56		10,479
Sam Chun Dang Pharm		174		9,903
Samsung Biologics*		164		82,766
SK Biopharmaceuticals*		557		35,581
SK Bioscience*		557		27,945
ST Pharm		139		7,870
Yuhan		549		30,825
TOTAL SOUTH KOREA				458,764
THAILAND — 8.3%
Health Care — 8.3%
Bangkok Chain Hospital		20,900		11,307
Bangkok Dusit Medical Services, Cl F		112,600		82,720
Bumrungrad Hospital		5,700		41,953
Chularat Hospital, Cl F		87,500		7,834

The accompanying notes are an integral part of the financial statements.

52

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Healthcare Index ETF (continued)

	Shares			Value
COMMON STOCK (continued)
Health Care (continued)
Mega Lifesciences		6,800		$	8,310
Thonburi Healthcare Group		6,000			10,752
TOTAL THAILAND					162,876
UNITED ARAB EMIRATES — 6.0%
Health Care — 1.0%
Burjeel Holdings		22,446			18,394
Industrials — 5.0%
International Holding PJSC*		898			97,940
TOTAL UNITED ARAB EMIRATES					116,334
			��
UNITED STATES — 1.2%
Health Care — 1.2%
Legend Biotech ADR*		337			22,636
TOTAL UNITED STATES					22,636
TOTAL COMMON STOCK (Cost $2,805,910)					1,949,635

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma‡‡*(A)		5,516		—
TOTAL CHINA				—
TOTAL RIGHTS (Cost $–)				—
TOTAL INVESTMENTS — 100.0% (Cost $2,805,910)				1,949,635
OTHER ASSETS LESS LIABILITIES – 0.0%				(969	)
NET ASSETS - 100%			$	1,948,666

‡	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.

The accompanying notes are an integral part of the financial statements.

53

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Emerging Markets Healthcare Index ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Brazil	$	165,648	$	—	$	—		$	165,648
China		786,309		—		—			786,309
Hungary		33,324		—		—			33,324
Indonesia		60,273		—		—			60,273
Malaysia		95,369		—		—			95,369
South Africa		48,102		—		—			48,102
South Korea		458,764		—		—			458,764
Thailand		162,876		—		—			162,876
United Arab Emirates		116,334		—		—			116,334
United States		22,636		—		—			22,636
Total Common Stock		1,949,635		—		—			1,949,635
Rights		—		—		—	‡‡		—
Total Investments in Securities	$	1,949,635	$	—	$	—		$	1,949,635

^	A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.
‡‡	Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

54

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 95.7%‡
AUSTRALIA — 0.2%
Materials — 0.2%
Anglogold Ashanti		3,843	$	62,159
TOTAL AUSTRALIA				62,159
BRAZIL — 5.8%
Communication Services — 0.1%
Telefonica Brasil		4,700		40,547
Consumer Discretionary — 0.2%
Lojas Renner		8,225		22,020
Magazine Luiza*		51,300		21,729
				43,749
Consumer Staples — 0.6%
Ambev		44,300		116,034
Raia Drogasil		12,168		67,146
				183,180
Energy — 1.0%
Petroleo Brasileiro		36,600		277,067
Ultrapar Participacoes		10,700		40,083
				317,150
Financials — 1.1%
B3 - Brasil Bolsa Balcao		49,000		120,317
Banco Bradesco		23,188		58,650
Banco do Brasil		11,300		106,516
Banco Santander Brasil		3,600		18,737
BB Seguridade Participacoes		5,900		36,789
				341,009

The accompanying notes are an integral part of the financial statements.

55

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.8%
CCR		9,400	$	24,208
Localiza Rent a Car		6,920		80,963
Rumo		9,400		42,857
WEG		14,100		102,175
				250,203
Materials — 1.7%
Klabin		5,900		28,067
Suzano		6,900		74,828
Vale		30,900		417,211
				520,106
Utilities — 0.3%
Cia de Saneamento Basico do Estado de Sao Paulo		2,400		29,264
Equatorial Energia		10,500		67,256
				96,520
TOTAL BRAZIL				1,792,464
CHILE — 0.7%
Consumer Discretionary — 0.0%
Falabella		6,017		13,375
Energy — 0.1%
Empresas Copec		3,138		22,129
Financials — 0.3%
Banco de Chile		532,555		53,944
Banco de Credito e Inversiones		520		13,251
Banco Santander Chile		531,412		24,478
				91,673
Materials — 0.1%
Empresas CMPC		10,138		18,567
Utilities — 0.2%
Enel Americas*		227,921		26,023
Enel Chile		662,230		40,030
				66,053
TOTAL CHILE				211,797
COLOMBIA — 0.2%
Financials — 0.2%
Bancolombia		5,903		44,951
TOTAL COLOMBIA				44,951

The accompanying notes are an integral part of the financial statements.

56

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
CZECH REPUBLIC — 0.2%
Financials — 0.0%
Komercni Banka		581	$	16,972
Utilities — 0.2%
CEZ		1,238		52,741
TOTAL CZECH REPUBLIC				69,713
EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE		21,159		41,086
TOTAL EGYPT				41,086
GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization		1,858		27,186
TOTAL GREECE				27,186
HUNGARY — 0.4%
Energy — 0.1%
MOL Hungarian Oil & Gas		2,888		22,000
Financials — 0.2%
OTP Bank Nyrt		1,773		64,292
Health Care — 0.1%
Richter Gedeon Nyrt		1,430		34,758
TOTAL HUNGARY				121,050
INDIA — 20.0%
Communication Services — 0.9%
Bharti Airtel		26,215		292,452
Consumer Discretionary — 1.9%
Bajaj Auto		659		40,185
Eicher Motors		1,053		43,709
Mahindra & Mahindra		7,433		139,120
Maruti Suzuki India		1,261		161,124
Tata Motors		14,563		110,519
Titan		2,492		94,493
				589,150
Consumer Staples — 2.2%
Dabur India		13,509		89,733
Godrej Consumer Products*		7,334		87,576
Hindustan Unilever		7,270		215,855
ITC		34,945		187,010

The accompanying notes are an integral part of the financial statements.

57

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Nestle India		327	$	88,628
				668,802
Energy — 0.4%
Bharat Petroleum		6,073		25,348
Indian Oil		48,606		53,235
Oil & Natural Gas		20,662		47,735
				126,318
Financials — 6.6%
Axis Bank		22,139		276,387
Bajaj Finance		2,026		190,563
Bajaj Finserv		3,101		57,517
HDFC Bank		32,401		595,531
ICICI Bank		37,325		427,856
Jio Financial Services*		22,023		61,315
Kotak Mahindra Bank		13,814		288,736
State Bank of India		17,464		125,878
				2,023,783
Health Care — 0.7%
Aurobindo Pharma		2,098		23,101
Dr Reddy’s Laboratories		913		61,427
Sun Pharmaceutical Industries		8,726		121,751
				206,279
Industrials — 0.7%
Larsen & Toubro		5,783		210,560
Information Technology — 4.3%
HCL Technologies		10,489		155,969
Infosys ADR		36,755		628,878
Tata Consultancy Services		8,726		370,786
Tech Mahindra		6,022		88,675
Wipro		14,557		71,180
				1,315,488
Materials — 1.7%
Asian Paints		4,068		154,852
Grasim Industries		2,635		61,635
Hindalco Industries		16,255		96,434
JSW Steel		6,893		64,712
UltraTech Cement		936		93,045
UPL		4,339		32,200
Vedanta		10,584		28,365
				531,243

The accompanying notes are an integral part of the financial statements.

58

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities — 0.6%
GAIL India		24,471	$	36,659
NTPC		28,281		83,626
Power Grid Corp of India		33,140		79,716
				200,001
TOTAL INDIA				6,164,076
INDONESIA — 3.4%
Communication Services — 0.4%
Telkom Indonesia Persero		535,300		129,885
Consumer Staples — 0.1%
Charoen Pokphand Indonesia*		73,100		25,660
Unilever Indonesia		75,500		18,270
				43,930
Energy — 0.3%
Adaro Energy Indonesia		305,900		56,410
United Tractors		17,100		31,257
				87,667
Financials — 2.3%
Bank Central Asia		506,000		288,932
Bank Mandiri Persero		418,600		163,187
Bank Negara Indonesia Persero		77,800		51,976
Bank Rakyat Indonesia Persero		581,400		196,559
				700,654
Industrials — 0.3%
Astra International		232,400		93,607
TOTAL INDONESIA				1,055,743
MALAYSIA — 2.2%
Communication Services — 0.2%
CelcomDigi Bhd		34,900		32,482
Maxis		34,900		30,030
				62,512
Consumer Discretionary — 0.0%
Genting		22,900		20,338
Consumer Staples — 0.1%
Sime Darby Plantation		26,500		24,156
Financials — 1.2%
CIMB Group Holdings		95,455		110,393
Hong Leong Bank		6,200		25,749
Malayan Banking		64,916		121,529

The accompanying notes are an integral part of the financial statements.

59

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Public Bank		150,900	$	130,484
				388,155
Health Care — 0.1%
IHH Healthcare		22,900		28,532
Materials — 0.2%
Petronas Chemicals Group		34,900		53,444
Utilities — 0.4%
Petronas Gas		5,900		21,161
Tenaga Nasional		43,200		91,916
				113,077
TOTAL MALAYSIA				690,214
MEXICO — 4.8%
Communication Services — 0.9%
America Movil		289,000		250,943
Grupo Televisa		55,200		33,637
				284,580
Consumer Staples — 1.5%
Fomento Economico Mexicano		19,400		212,469
Grupo Bimbo, Ser A		12,900		62,368
Wal-Mart de Mexico		50,000		188,739
				463,576
Financials — 0.9%
Grupo Financiero Banorte, Cl O		26,500		222,799
Grupo Financiero Inbursa, Cl O*		17,600		34,707
				257,506
Industrials — 0.4%
Grupo Aeroportuario del Pacifico, Cl B		4,800		79,116
Grupo Aeroportuario del Sureste, Cl B		1,675		41,113
				120,229
Materials — 0.9%
Cemex*		145,500		95,194
Grupo Mexico		26,500		125,787
Southern Copper		829		62,416
				283,397
Real Estate — 0.2%
Fibra Uno Administracion†		32,600		54,494
TOTAL MEXICO				1,463,782

The accompanying notes are an integral part of the financial statements.

60

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
PERU — 0.5%
Financials — 0.3%
Credicorp		813	$	104,039
Materials — 0.2%
Cia de Minas Buenaventura SAA ADR		6,611		56,326
TOTAL PERU				160,365
PHILIPPINES — 1.1%
Financials — 0.2%
BDO Unibank		29,304		73,498
Industrials — 0.4%
Ayala		3,490		38,493
JG Summit		43,435		29,250
SM Investments		3,490		52,033
				119,776
Real Estate — 0.5%
Ayala Land		119,400		62,153
SM Prime		162,900		87,243
				149,396
Utilities — 0.0%
ACEN		2,490		216
TOTAL PHILIPPINES				342,886
POLAND — 1.4%
Communication Services — 0.1%
CD Projekt		706		20,250
Consumer Discretionary — 0.3%
LPP		33		98,281
Energy — 0.2%
ORLEN		3,261		43,853
Financials — 0.7%
Bank Polska Kasa Opieki		1,927		44,565
Powszechna Kasa Oszczednosci Bank Polski*		9,612		76,455
Powszechny Zaklad Ubezpieczen		6,982		66,172
Santander Bank Polska*		376		31,010
				218,202
Materials — 0.1%
KGHM Polska Miedz		1,343		34,444
TOTAL POLAND				415,030

The accompanying notes are an integral part of the financial statements.

61

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
QATAR — 1.2%
Financials — 1.0%
Masraf Al Rayan		45,520	$	27,875
Qatar Islamic Bank		13,350		68,070
Qatar National Bank		47,322		200,209
				296,154
Industrials — 0.2%
Industries Qatar		21,227		79,951
TOTAL QATAR				376,105
ROMANIA — 0.2%
Real Estate — 0.2%
NEPI Rockcastle		10,882		60,130
TOTAL ROMANIA				60,130
RUSSIA — 0.0%
Communication Services — 0.0%
Mobile TeleSystems PJSC ADR*(A)(B)		3,839		—
Consumer Discretionary — 0.0%
X5 Retail Group GDR*(A)(B)		915		—
Consumer Staples — 0.0%
Magnit PJSC GDR*(A)(B)		2,616		—
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		—
MMC Norilsk Nickel PJSC(A)(B)		670		—
Novolipetsk Steel PJSC(A)(B)		8,860		—
Severstal PAO*(A)(B)		1,512		—
				—
TOTAL RUSSIA				—

The accompanying notes are an integral part of the financial statements.

62

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH AFRICA — 5.5%
Communication Services — 0.5%
MTN Group		16,311	$	97,705
Vodacom Group		8,564		48,076
				145,781
Consumer Discretionary — 1.5%
Absa Group		6,988		64,849
Naspers, Cl N		2,232		358,452
Woolworths Holdings		7,651		27,547
				450,848
Consumer Staples — 0.6%
Bid		3,261		73,089
Clicks Group		1,957		26,868
Shoprite Holdings		6,225		79,249
				179,206
Energy — 0.0%
Exxaro Resources		2,017		18,456
Financials — 1.9%
Capitec Bank		1,012		92,197
Discovery*		6,946		50,570
FirstRand		43,525		147,537
Nedbank Group		4,404		47,302
Old Mutual		83,169		53,240
Remgro		4,123		32,499
Sanlam		14,156		49,345
Standard Bank Group		12,815		124,971
				597,661
Industrials — 0.4%
Bidvest Group		2,612		37,820
Sasol		5,412		74,983
				112,803
Materials — 0.5%
Anglo American Platinum		686		25,706
Gold Fields		11,020		120,095
				145,801
Real Estate — 0.1%
Growthpoint Properties†		43,841		24,551
TOTAL SOUTH AFRICA				1,675,107

The accompanying notes are an integral part of the financial statements.

63

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH KOREA — 17.8%
Communication Services — 1.0%
Kakao		2,493	$	81,197
NAVER		1,224		182,774
NCSoft		181		29,845
				293,816
Consumer Discretionary — 2.0%
Coway		423		12,946
Hyundai Mobis		671		119,590
Hyundai Motor		1,461		206,905
Kangwon Land		947		10,597
Kia		2,911		175,601
LG Electronics		1,112		83,149
				608,788
Consumer Staples — 0.6%
Amorepacific		412		37,249
KT&G		1,639		104,821
LG H&H		99		32,758
				174,828
Energy — 0.5%
HD Hyundai		1,022		50,214
SK Innovation*		634		69,912
S-Oil		364		21,364
				141,490
Financials — 2.0%
DB Insurance		399		26,434
Hana Financial Group		3,494		109,916
Industrial Bank of Korea		2,033		16,889
KB Financial Group		4,172		170,974
Samsung Fire & Marine Insurance		532		102,702
Samsung Life Insurance		552		28,758
Shinhan Financial Group		4,460		117,664
Woori Financial Group		3,806		34,579
				607,916
Health Care — 0.8%
Celltrion		922		95,111
Celltrion Healthcare		1,639		76,521
Samsung Biologics*		173		87,307
				258,939
Industrials — 1.1%
Hyundai Engineering & Construction		634		17,032
Korea Shipbuilding & Offshore Engineering		305		25,089

The accompanying notes are an integral part of the financial statements.

64

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
LG		1,270	$	78,869‌
Samsung C&T		1,136‌		90,583‌
Samsung Heavy Industries*		10,958‌		63,666‌
SK Holdings		458‌		49,622‌
SK Square*		841‌		26,462‌
				351,323‌
Information Technology — 7.8%
LG Display		1,725‌		16,759‌
Samsung Electro-Mechanics		781‌		79,524‌
Samsung Electronics		33,990‌		1,722,926‌
Samsung SDI		528‌		200,338‌
Samsung SDS		275‌		27,553‌
SK Hynix		4,304‌		365,843‌
				2,412,943‌
Materials — 1.8%
Hyundai Steel		634‌		17,877‌
Korea Zinc		63‌		23,624‌
LG Chemical		470‌		172,932‌
Lotte Chemical		145‌		14,732‌
POSCO Holdings		795‌		315,196‌
				544,361‌
Utilities — 0.2%
Korea Electric Power		4,943‌		66,009‌
TOTAL SOUTH KOREA				5,460,413‌
TAIWAN — 25.5%
Communication Services — 1.1%
Chunghwa Telecom		47,000‌		168,894‌
Far EasTone Telecommunications		34,000‌		76,573‌
Taiwan Mobile		34,000‌		99,639‌
				345,106‌
Consumer Staples — 0.6%
President Chain Store		12,000‌		97,582‌
Uni-President Enterprises		47,000‌		102,065‌
				199,647‌
Energy — 0.1%
Formosa Petrochemical		12,000‌		29,962‌
Financials — 5.7%
Cathay Financial Holding		70,000‌		96,606‌
Chailease Holding		23,615‌		132,412‌
Chang Hwa Commercial Bank		184,150‌		98,406‌

The accompanying notes are an integral part of the financial statements.

65

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
China Development Financial Holding		216,000	$	78,958‌
CTBC Financial Holding		182,000‌		138,133‌
E.Sun Financial Holding		150,397‌		112,982‌
First Financial Holding		150,605‌		123,869‌
Fubon Financial Holding		85,827‌		161,389‌
Hua Nan Financial Holdings		122,567‌		77,837‌
Mega Financial Holding		99,414‌		116,105‌
Shanghai Commercial & Savings Bank*		75,000‌		100,486‌
Shin Kong Financial Holding		356,000‌		102,233‌
SinoPac Financial Holdings		84,211‌		45,392‌
Taishin Financial Holding		264,300‌		146,558‌
Taiwan Cooperative Financial Holding		136,114‌		107,945‌
Yuanta Financial Holding		145,285‌		112,743‌
				1,752,054‌
Industrials — 0.3%
Far Eastern New Century		105,000‌		93,516‌
Information Technology — 15.9%
ASE Technology Holding		38,000‌		128,902‌
Asustek Computer		12,000‌		136,429‌
AUO		95,600‌		48,569‌
Catcher Technology		12,000‌		67,843‌
Delta Electronics		24,000‌		241,260‌
Hon Hai Precision Industry		105,000‌		338,285‌
Innolux		125,001‌		50,921‌
Lite-On Technology		47,000‌		176,903‌
MediaTek		12,000‌		273,230‌
Novatek Microelectronics		12,000‌		157,247‌
Pegatron		37,000‌		87,799‌
Quanta Computer		36,000‌		267,096‌
Taiwan Semiconductor Manufacturing		171,000‌		2,770,496‌
United Microelectronics		94,000‌		131,621‌
				4,876,601‌
Materials — 1.8%
Asia Cement		47,000‌		57,875‌
China Steel		157,000‌		122,806‌
Formosa Chemicals & Fibre		36,000‌		68,586‌
Formosa Plastics		47,000‌		116,188‌
Nan Ya Plastics		59,000‌		121,727‌
Taiwan Cement		69,404‌		71,489‌
				558,671‌
TOTAL TAIWAN				7,855,557‌

The accompanying notes are an integral part of the financial statements.

66

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
THAILAND — 2.2%
Communication Services — 0.3%
Advanced Info Service		11,800‌	$	73,887‌
				73,887‌
Consumer Staples — 0.3%
CP ALL		55,900‌		92,879‌
				92,879‌
Energy — 0.6%
PTT		121,200‌		111,506‌
PTT Exploration & Production		17,000‌		79,835‌
				191,341‌
Health Care — 0.3%
Bangkok Dusit Medical Services, Cl F		106,800‌		78,459‌
				78,459‌
Industrials — 0.3%
Airports of Thailand		50,200‌		96,161‌
				96,161‌
Materials — 0.3%
Indorama Ventures		36,300‌		25,920‌
PTT Global Chemical		26,600‌		25,203‌
Siam Cement		6,100‌		50,424‌
				101,547‌
Real Estate — 0.1%
Central Pattana		16,300‌		28,314‌
				28,314‌
TOTAL THAILAND				662,588‌
TURKEY — 0.8%
Consumer Staples — 0.3%
BIM Birlesik Magazalar		8,142‌		81,583‌
Energy — 0.3%
Turkiye Petrol Rafinerileri		16,296‌		94,513‌
Financials — 0.2%
Akbank		58,231‌		71,071‌
TOTAL TURKEY				247,167‌
UNITED ARAB EMIRATES — 1.3%
Communication Services — 0.5%
Emirates Telecommunications Group PJSC		25,472‌		141,748‌

The accompanying notes are an integral part of the financial statements.

67

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 0.6%
Abu Dhabi Commercial Bank PJSC		25,850‌	$	60,878‌
First Abu Dhabi Bank PJSC		38,100‌		141,069‌
				201,947‌
Real Estate — 0.2%
Emaar Properties PJSC		28,538‌		62,467‌
TOTAL UNITED ARAB EMIRATES				406,162‌
UNITED STATES — 0.1%
Consumer Staples — 0.1%
JBS		7,000‌		25,244‌
TOTAL UNITED STATES				25,244‌
TOTAL COMMON STOCK (Cost $32,713,722)				29,430,975‌
PREFERRED STOCK — 3.7%
BRAZIL — 2.5%
Energy — 0.9%
Petroleo Brasileiro(C)		39,600		274,064‌
Financials — 1.4%
Banco Bradesco(C)		52,871		151,054‌
Itau Unibanco Holding(C)		38,000		206,581‌
Itausa(C)		47,882		86,577‌
				444,212‌
Materials — 0.1%
Gerdau(C)		8,575		41,340‌
Utilities — 0.1%
Cia Energetica de Minas Gerais(C)		9,923		24,603‌
TOTAL BRAZIL				784,219‌
CHILE — 0.3%
Industrials — 0.3%
Sociedad Quimica y Minera de Chile(C)		1,475		87,263‌
COLOMBIA — 0.1%
Financials — 0.1%
Bancolombia(C)		3,583		23,981‌
RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC(A)(B)(C)		50,900		—‌

The accompanying notes are an integral part of the financial statements.

68

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
PREFERRED STOCK (continued)
SOUTH KOREA — 0.8%
Information Technology — 0.8%
Samsung Electronics(C)		6,396	$	258,324
TOTAL PREFERRED STOCK (Cost $1,169,618)				1,153,787
TOTAL INVESTMENTS — 99.4% (Cost $33,883,340)				30,584,762
OTHER ASSETS LESS LIABILITIES – 0.6%				173,153
NET ASSETS - 100%			$	30,757,915

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
*	Non-income producing security.
†	Real Estate Investment Trust
(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.

The accompanying notes are an integral part of the financial statements.

69

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Australia	$	62,159	$	—	$	—		$	62,159
Brazil		1,792,464		—		—			1,792,464
Chile		211,797		—		—			211,797
Colombia		44,951		—		—			44,951
Czech Republic		69,713		—		—			69,713
Egypt		41,086		—		—			41,086
Greece		27,186		—		—			27,186
Hungary		121,050		—		—			121,050
India		6,164,076		—		—			6,164,076
Indonesia		1,055,743		—		—			1,055,743
Malaysia		690,214		—		—			690,214
Mexico		1,463,782		—		—			1,463,782
Peru		160,365		—		—			160,365
Philippines		342,886		—		—			342,886
Poland		415,030		—		—			415,030
Qatar		376,105		—		—			376,105
Romania		60,130		—		—			60,130
Russia
Communication Services		—		—		—	‡‡		—
Consumer Discretionary		—		—		—	‡‡		—
Consumer Staples		—		—		—	‡‡		—
Energy		—		—		—	‡‡		—
Financials		—		—		—	‡‡		—
Materials		—		—		—	‡‡		—
South Africa		1,675,107		—		—			1,675,107
South Korea		5,460,413		—		—			5,460,413
Taiwan		7,855,557		—		—			7,855,557
Thailand		662,588		—		—			662,588
Turkey		247,167		—		—			247,167
United Arab Emirates		406,162		—		—			406,162
United States		25,244		—		—			25,244
Total Common Stock		29,430,975		—		—			29,430,975
Preferred Stock
Brazil		784,219		—		—			784,219
Chile		87,263		—		—			87,263
Colombia		23,981		—		—			23,981
Russia
Energy		—		—		—	‡‡		—
South Korea		258,324		—		—			258,324
Total Preferred Stock		1,153,787		—		—			1,153,787
Total Investments in Securities	$	30,584,762	$	—	$	—		$	30,584,762

^ A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.

The accompanying notes are an integral part of the financial statements.

70

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

‡‡ Security or securities with a market value of $0.

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

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

71

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China ESG Leaders Index ETF

	Shares		Value
COMMON STOCK — 99.8%‡
CHINA — 99.2%
Communication Services — 21.2%
37 Interactive Entertainment Network Technology Group, Cl A		700	$	2,085
Baidu, Cl A*		12,550		213,764
China Literature*		600		2,195
China Ruyi Holdings*		32,000		8,294
Kanzhun ADR*		1,232		18,690
Kuaishou Technology, Cl B*		13,100		105,127
NetEase		10,800		219,948
Perfect World, Cl A		600		1,087
Tencent Holdings		9,500		371,419
				942,609
Consumer Discretionary — 30.8%
Alibaba Group Holding*		35,236		385,120
Bosideng International Holdings		20,000		8,606
BYD, Cl A		601		19,525
BYD, Cl H		5,500		169,947
China Tourism Group Duty Free, Cl A		600		8,727
China Tourism Group Duty Free, Cl H		400		5,306
Chow Tai Fook Jewellery Group		11,200		16,875
East Buy Holding*		2,500		11,795
Ecovacs Robotics, Cl A		100		666
Geely Automobile Holdings		34,000		40,113
Haier Smart Home, Cl A		2,100		6,802
Haier Smart Home, Cl H		13,800		43,434
Hangzhou Robam Appliances, Cl A		300		1,110
JD.com, Cl A		13,250		194,727
Jiumaojiu International Holdings		5,000		6,806
Li Auto, Cl A*		6,300		111,250
MINISO Group Holding ADR		533		13,805

The accompanying notes are an integral part of the financial statements.

72

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
NIO ADR*		7,798	$	70,494‌
Pop Mart International Group		2,800‌		8,276‌
Shanghai Yuyuan Tourist Mart Group, Cl A		1,300‌		1,327‌
Tongcheng Travel Holdings*		6,800‌		14,934‌
Vipshop Holdings ADR*		1,912‌		30,611‌
XPeng, Cl A*		5,900‌		52,696‌
Yadea Group Holdings		8,000‌		14,852‌
Yum China Holdings		2,349‌		130,886‌
				1,368,690‌
Consumer Staples — 4.3%
Alibaba Health Information Technology*		12,000‌		7,477‌
Angel Yeast, Cl A		300‌		1,383‌
Anjoy Foods Group, Cl A		100‌		1,702‌
By-health, Cl A		600‌		1,564‌
China Feihe		20,000‌		11,798‌
China Mengniu Dairy		18,000‌		60,331‌
Henan Shuanghui Investment & Development, Cl A		1,200‌		4,347‌
Inner Mongolia Yili Industrial Group, Cl A		2,200‌		8,011‌
Nongfu Spring, Cl H		9,800‌		56,308‌
Ping An Healthcare and Technology*		3,100‌		7,236‌
Uni-President China Holdings		8,000‌		5,618‌
Want Want China Holdings		27,000‌		17,617‌
Yihai International Holding		3,000‌		5,171‌
Yihai Kerry Arawana Holdings, Cl A		400‌		1,887‌
				190,450‌
Energy — 0.0%
Offshore Oil Engineering, Cl A		1,400‌		1,245‌
Financials — 16.8%
Agricultural Bank of China, Cl A		28,700‌		14,181‌
Agricultural Bank of China, Cl H		165,000‌		61,518‌
China Construction Bank, Cl H		541,000‌		305,320‌
China Merchants Bank, Cl A		6,900‌		31,224‌
China Merchants Bank, Cl H		22,000‌		91,856‌
Far East Horizon		8,000‌		5,761‌
Huatai Securities, Cl A		2,500‌		5,425‌
Huatai Securities, Cl H		7,200‌		9,193‌
Industrial & Commercial Bank of China, Cl A		21,200‌		13,618‌
Industrial & Commercial Bank of China, Cl H		366,000‌		176,181‌
Postal Savings Bank of China, Cl A		9,800‌		6,685‌
Postal Savings Bank of China, Cl H		44,000‌		22,248‌
				743,210‌

The accompanying notes are an integral part of the financial statements.

73

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care — 9.0%
3SBio		10,500‌	$	8,781‌
Beijing Tongrentang, Cl A		400‌		3,008‌
China Medical System Holdings		7,000‌		10,600‌
China Resources Pharmaceutical Group		8,500‌		5,644‌
China Resources Sanjiu Medical & Pharmaceutical, Cl A		400‌		2,752‌
CSPC Pharmaceutical Group		51,800‌		37,965‌
Genscript Biotech*		8,000‌		21,093‌
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		500‌		2,156‌
Guangzhou Kingmed Diagnostics Group, Cl A		200‌		1,712‌
Hangzhou Tigermed Consulting, Cl A		100‌		914‌
Hansoh Pharmaceutical Group		8,000‌		10,889‌
Huadong Medicine, Cl A		600‌		3,479‌
Jiangsu Hengrui Pharmaceuticals, Cl A		2,100‌		12,953‌
Joincare Pharmaceutical Group Industry, Cl A		700‌		1,190‌
Jointown Pharmaceutical Group, Cl A		894‌		1,329‌
Livzon Pharmaceutical Group, Cl A		200‌		1,014‌
Microport Scientific		4,600‌		6,954‌
Pharmaron Beijing, Cl A		525‌		2,241‌
Shandong Weigao Group Medical Polymer, Cl H		14,000‌		12,299‌
Shanghai Fosun Pharmaceutical Group, Cl A		800‌		3,140‌
Shanghai Fosun Pharmaceutical Group, Cl H		3,000‌		7,048‌
Shanghai Pharmaceuticals Holding, Cl A		1,000‌		2,482‌
Shanghai Pharmaceuticals Holding, Cl H		4,100‌		6,397‌
Shenzhen Mindray Bio-Medical Electronics, Cl A		500‌		18,516‌
Sinopharm Group, Cl H		7,600‌		22,028‌
Topchoice Medical, Cl A*		200‌		2,421‌
WuXi AppTec, Cl A		920‌		10,882‌
WuXi AppTec, Cl H		2,100‌		25,138‌
Wuxi Biologics Cayman*		22,000‌		128,233‌
Yunnan Baiyao Group, Cl A		620‌		4,536‌
Zai Lab*		5,200‌		12,575‌
Zhangzhou Pientzehuang Pharmaceutical, Cl A		200‌		7,555‌
Zhejiang Jiuzhou Pharmaceutical, Cl A		300‌		1,193‌
				399,117‌
Industrials — 7.4%
Air China, Cl A		3,900‌		4,325‌
Air China, Cl H		10,000‌		6,754‌
Beijing Capital International Airport, Cl H*		12,000‌		5,562‌
Beijing Easpring Material Technology, Cl A		200‌		1,156‌
BOC Aviation		1,200‌		8,374‌
China Baoan Group, Cl A		900‌		1,287‌
China Communications Services, Cl H		14,000‌		5,881‌
China Conch Venture Holdings		8,500‌		7,250‌
China Eastern Airlines, Cl A		5,700‌		3,442‌

The accompanying notes are an integral part of the financial statements.

74

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
China Everbright Environment Group		21,000	$	7,240‌
China Southern Airlines, Cl A*		3,800‌		3,192‌
China Southern Airlines, Cl H*		12,000‌		5,838‌
CITIC		33,000‌		30,338‌
Contemporary Amperex Technology, Cl A		1,500‌		41,800‌
COSCO SHIPPING Holdings, Cl A		4,300‌		5,790‌
COSCO SHIPPING Holdings, Cl H		17,000‌		17,430‌
Fosun International		13,500‌		8,532‌
Ginlong Technologies, Cl A		100‌		1,078‌
Goldwind Science & Technology, Cl A		1,200‌		1,520‌
Haitian International Holdings		3,000‌		6,359‌
JD Logistics*		11,100‌		14,102‌
Jiangsu Expressway, Cl H		8,000‌		7,222‌
Jiangsu Zhongtian Technology, Cl A		1,200‌		2,446‌
Kuang-Chi Technologies, Cl A		700‌		1,387‌
Ming Yang Smart Energy Group, Cl A		800‌		1,733‌
SF Holding, Cl A		1,700‌		9,520‌
Shanghai Electric Group, Cl A		4,200‌		2,698‌
Shanghai M&G Stationery, Cl A		400‌		2,004‌
Shenzhen Inovance Technology, Cl A		450‌		4,107‌
Shenzhen International Holdings		8,413‌		5,188‌
Shuangliang Eco-Energy Systems, Cl A		600‌		870‌
Sinotruk Hong Kong		3,500‌		6,739‌
Sungrow Power Supply, Cl A		500‌		6,143‌
Sunwoda Electronic, Cl A		600‌		1,392‌
Titan Wind Energy Suzhou, Cl A		600‌		1,063‌
Weichai Power, Cl A		2,300‌		3,956‌
Weichai Power, Cl H		11,000‌		14,972‌
Zhejiang Chint Electrics, Cl A		800‌		2,557‌
Zhejiang Expressway, Cl H		8,000‌		5,965‌
Zhejiang Weixing New Building Materials, Cl A		600‌		1,503‌
Zoomlion Heavy Industry Science and Technology, Cl A		2,400‌		2,256‌
ZTO Express Cayman ADR		2,408‌		58,201‌
				329,172‌
Information Technology — 1.7%
AAC Technologies Holdings		4,500‌		7,700‌
Kingdee International Software Group		16,000‌		19,694‌
Lenovo Group		42,000‌		43,277‌
TCL Technology Group, Cl A		6,300‌		3,528‌
				74,199‌
Materials — 2.0%
Anhui Conch Cement, Cl A		1,300‌		4,645‌
Anhui Conch Cement, Cl H		6,500‌		17,304‌
China Jushi, Cl A		1,386‌		2,568‌

The accompanying notes are an integral part of the financial statements.

75

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
China Resources Cement Holdings		14,000	$	3,593
CMOC Group, Cl A		5,900		4,786
CMOC Group, Cl H		21,000		13,487
CNGR Advanced Material, Cl A		200		1,390
Ganfeng Lithium Group, Cl A		540		3,306
Ganfeng Lithium Group, Cl H		2,280		9,359
GEM, Cl A		1,700		1,421
Jiangsu Eastern Shenghong, Cl A		2,200		3,488
Shandong Nanshan Aluminum, Cl A		3,900		1,681
Shanghai Putailai New Energy Technology, Cl A		770		3,096
Shenzhen Capchem Technology, Cl A		200		1,203
Sinoma Science & Technology, Cl A		500		1,411
Sinopec Shanghai Petrochemical, Cl A		2,400		1,021
Skshu Paint, Cl A		196		1,844
Tianqi Lithium, Cl A		400		3,016
Western Mining, Cl A		800		1,411
Yunnan Chihong Zinc & Germanium, Cl A		1,700		1,234
Yunnan Energy New Material, Cl A		300		2,466
Zangge Mining, Cl A		500		1,566
Zhejiang Huayou Cobalt, Cl A		580		2,986
				88,282
Real Estate — 4.0%
China Jinmao Holdings Group		32,000		4,127
China Overseas Land & Investment		22,000		45,619
China Resources Land		18,000		71,707
China Vanke, Cl A		3,300		5,924
China Vanke, Cl H		12,400		13,680
Country Garden Services Holdings		12,000		12,380
Greentown China Holdings		5,500		5,709
Longfor Group Holdings		10,500		18,877
				178,023
Utilities — 2.0%
Beijing Enterprises Water Group		24,000		5,240
CECEP Solar Energy, Cl A		1,300		1,033
CECEP Wind-Power, Cl A		2,200		987
China Resources Gas Group		5,300		15,531
China Three Gorges Renewables Group, Cl A		9,600		6,298
ENN Energy Holdings		4,500		37,348
ENN Natural Gas, Cl A		900		2,152
Kunlun Energy		22,000		18,961
				87,550
TOTAL CHINA				4,402,547

The accompanying notes are an integral part of the financial statements.

76

Schedule of Investments (Unaudited) September 30, 2023

KraneShares MSCI China ESG Leaders Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 0.6%
Consumer Staples — 0.1%
Vinda International Holdings		2,000	$	4,806
Health Care — 0.5%
Sino Biopharmaceutical		59,000		21,319
TOTAL HONG KONG				26,125
TOTAL COMMON STOCK (Cost $5,269,227)				4,428,672
TOTAL INVESTMENTS — 99.8% (Cost $5,269,227)				4,428,672
OTHER ASSETS LESS LIABILITIES – 0.2%				9,464
NET ASSETS - 100%			$	4,438,136

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

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

77

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China 5G & Semiconductor Index ETF

	Shares		Value
COMMON STOCK — 100.0%‡
CHINA — 100.0%
Communication Services — 1.1%
Kunlun Tech, Cl A		25,200‌	$	132,611‌
Industrials — 1.8%
Hongfa Technology, Cl A		23,200‌		106,833‌
Suzhou Maxwell Technologies, Cl A		6,100‌		106,013‌
				212,846‌
Information Technology — 97.1%
ACM Research Shanghai, Cl A		9,998‌		161,626‌
Advanced Micro-Fabrication Equipment China, Cl A		13,457‌		278,070‌
Amlogic Shanghai, Cl A*		9,410‌		81,433‌
Avary Holding Shenzhen, Cl A		53,285‌		148,905‌
Beijing Kingsoft Office Software, Cl A		10,098‌		513,926‌
BOE Technology Group, Cl A		837,930‌		443,936‌
BYD Electronic International		50,500‌		230,195‌
Cambricon Technologies, Cl A*		9,154‌		155,734‌
Chaozhou Three-Circle Group, Cl A		42,464‌		180,679‌
China Resources Microelectronics, Cl A		29,708‌		220,555‌
China Zhenhua Group Science & Technology, Cl A		12,000‌		133,362‌
Foxconn Industrial Internet, Cl A		437,474‌		1,182,890‌
GigaDevice Semiconductor, Cl A		15,200‌		205,706‌
GoerTek, Cl A		77,322‌		167,469‌
Guangzhou Shiyuan Electronic Technology, Cl A		15,700‌		109,231‌
Hangzhou Silan Microelectronics, Cl A		32,200‌		107,661‌
Hengtong Optic-electric, Cl A		54,200‌		105,041‌
Hua Hong Semiconductor*		30,000‌		75,997‌
Hygon Information Technology, Cl A		51,810‌		383,859‌
Iflytek, Cl A		49,200‌		342,102‌
Ingenic Semiconductor, Cl A		11,000‌		111,287‌
JCET Group, Cl A		39,200‌		164,101‌
Lingyi iTech Guangdong, Cl A		156,600‌		122,946‌
Luxshare Precision Industry, Cl A		159,105‌		651,204‌
Maxscend Microelectronics, Cl A		11,969‌		191,711‌
Montage Technology, Cl A		26,023‌		177,517‌
National Silicon Industry Group, Cl A*		62,043‌		168,355‌
NAURA Technology Group, Cl A		11,818‌		391,406‌
Sanan Optoelectronics, Cl A		111,900‌		236,832‌

The accompanying notes are an integral part of the financial statements.

78

Schedule of Investments (Unaudited) September 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
SenseTime Group, Cl B*		576,000	$	105,171
SG Micro, Cl A		10,200		108,877
Shanghai Friendess Electronic Technology, Cl A		3,111		106,489
Shennan Circuits, Cl A		11,500		105,076
Shenzhen Transsion Holdings, Cl A		16,077		321,595
Sunny Optical Technology Group		25,900		180,893
Suzhou TFC Optical Communication, Cl A		8,500		110,833
TCL Zhonghuan Renewable Energy Technology, Cl A		90,700		291,057
Unigroup Guoxin Microelectronics, Cl A		19,100		228,599
Will Semiconductor Shanghai, Cl A		26,806		342,388
Wingtech Technology, Cl A		28,355		169,879
WUS Printed Circuit Kunshan, Cl A		40,400		124,819
Xiaomi, Cl B*		459,600		724,154
Yealink Network Technology, Cl A		29,432		143,974
Zhejiang Dahua Technology, Cl A		66,900		204,490
Zhejiang Jingsheng Mechanical & Electrical, Cl A		29,520		193,309
Zhongji Innolight, Cl A		17,600		279,735
ZTE, Cl H		153,200		462,621
				11,647,695
TOTAL CHINA				11,993,152
TOTAL COMMON STOCK (Cost $14,168,109)				11,993,152
TOTAL INVESTMENTS — 100.0% (Cost $14,168,109)				11,993,152
OTHER ASSETS LESS LIABILITIES – 0.0%				5,430
NET ASSETS - 100%			$	11,998,582

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

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

79

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China Consumer Leaders Index ETF

	Shares		Value
COMMON STOCK — 99.9%‡
CHINA — 99.9%
Consumer Discretionary — 33.2%
ANTA Sports Products		24,400	$	274,630
Bosideng International Holdings		106,000		45,611
DR, Cl A		11,400		51,760
Ecovacs Robotics, Cl A		4,900		32,618
Gree Electric Appliances of Zhuhai, Cl A		52,200		260,078
Haidilao International Holding		48,000		128,705
Haier Smart Home, Cl A		106,500		344,975
Li Ning		63,500		267,156
Midea Group, Cl A		60,565		461,194
Oppein Home Group, Cl A		4,400		57,910
				1,924,637
Consumer Staples — 64.5%
China Mengniu Dairy		78,000		261,432
China Resources Beer Holdings		48,000		263,233
Chongqing Brewery, Cl A		5,336		62,443
Eastroc Beverage Group, Cl A		2,300		57,729
Foshan Haitian Flavouring & Food, Cl A		39,827		207,670
Henan Shuanghui Investment & Development, Cl A		29,035		105,169
Hengan International Group		18,500		58,936
Inner Mongolia Yili Industrial Group, Cl A		71,300		259,629
Jiangsu Yanghe Brewery JSC, Cl A		14,417		256,056
Kweichow Moutai, Cl A		2,300		567,775
Luzhou Laojiao, Cl A		13,400		398,464
Proya Cosmetics, Cl A		3,920		54,665
Shanghai Bairun Investment Holding Group, Cl A		14,100		55,794
Shanghai Flyco Electrical Appliance, Cl A		12,117		115,453
Shanxi Xinghuacun Fen Wine Factory, Cl A		7,900		259,692
Tsingtao Brewery, Cl H		18,000		147,322
Want Want China Holdings		131,000		85,473
Wuliangye Yibin, Cl A		24,400		522,779
				3,739,714
Real Estate — 2.2%
Shenzhen Overseas Chinese Town, Cl A		104,000		60,381

The accompanying notes are an integral part of the financial statements.

80

Schedule of Investments (Unaudited) September 30, 2023

KraneShares CICC China Consumer Leaders Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
Youngor Group, Cl A		66,300	$	64,701
				125,082
TOTAL CHINA				5,789,433
TOTAL COMMON STOCK (Cost $6,955,654)				5,789,433
TOTAL INVESTMENTS — 99.9% (Cost $6,955,654)				5,789,433
OTHER ASSETS LESS LIABILITIES – 0.1%				4,497
NET ASSETS - 100%			$	5,793,930

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

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

81

Schedule of Investments (Unaudited) September 30, 2023

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 99.5%‡
CHINA — 99.5%
Consumer Discretionary — 5.3%
Beijing Roborock Technology, Cl A		22,879	$	927,498
Ninebot*		125,280		598,909
Tianneng Battery Group, Cl A		39,903		190,868
				1,717,275
Health Care — 6.5%
Bloomage Biotechnology, Cl A		56,151		668,502
iRay Technology, Cl A		14,918		501,788
MGI Tech, Cl A		10,967		112,714
Shanghai Junshi Biosciences, Cl A*		111,677		590,134
Shanghai United Imaging Healthcare, Cl A		16,715		238,804
				2,111,942
Industrials — 8.4%
AVIC Chengdu UAS, Cl A		39,580		254,242
GoodWe Technologies, Cl A		30,145		546,939
Hoymiles Power Electronics, Cl A		9,769		367,650
Ningbo Ronbay New Energy Technology, Cl A		92,009		530,023
Pylon Technologies, Cl A		25,548		458,309
Sany Heavy Energy, Cl A		41,845		172,475
Zhuzhou CRRC Times Electric, Cl A		76,424		417,273
				2,746,911
Information Technology — 74.2%
3peak, Cl A		20,935		522,966
ACM Research Shanghai, Cl A		25,228		407,831
Advanced Micro-Fabrication Equipment China, Cl A		126,115		2,605,993
Amlogic Shanghai, Cl A*		84,902		734,732
ASR Microelectronics, Cl A*		60,954		527,321
Beijing Kingsoft Office Software, Cl A		53,801		2,738,141
Cambricon Technologies, Cl A*		60,706		1,032,771
China Railway Signal & Communication, Cl A		753,742		546,238
China Resources Microelectronics, Cl A		153,889		1,142,484
Everdisplay Optronics Shanghai, Cl A*		1,221,657		440,992

The accompanying notes are an integral part of the financial statements.

82

Schedule of Investments (Unaudited) September 30, 2023

KraneShares SSE STAR Market 50 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
GalaxyCore, Cl A		146,526	$	308,910
Guobo Electronics, Cl A		10,535		121,751
Hwatsing Technology, Cl A		13,896		365,245
Hygon Information Technology, Cl A		67,740		501,884
Jinko Solar, Cl A		582,871		808,015
Loongson Technology, Cl A*		10,564		125,972
Montage Technology, Cl A		231,766		1,581,000
National Silicon Industry Group, Cl A*		398,051		1,080,118
Piotech, Cl A		16,366		535,087
Qi An Xin Technology Group, Cl A*		79,874		564,158
Shanghai Friendess Electronic Technology, Cl A		16,921		579,217
Shanghai Fudan Microelectronics Group, Cl A		77,569		507,846
Shenzhen Transsion Holdings, Cl A		93,720		1,874,722
SICC, Cl A*		25,197		189,866
SUPCON Technology, Cl A		137,428		901,634
Suzhou Novosense Microelectronics, Cl A		12,445		202,970
Trina Solar, Cl A		316,707		1,328,859
Verisilicon Microelectronics Shanghai, Cl A*		72,766		598,747
Xinjiang Daqo New Energy, Cl A		186,874		1,036,999
Yuneng Technology, Cl A		9,838		171,350
				24,083,819
Materials — 5.1%
Cathay Biotech, Cl A		51,301		390,929
Hunan Changyuan Lico, Cl A		282,805		331,878
Western Superconducting Technologies, Cl A		132,535		832,422
Zhongfu Shenying Carbon Fiber, Cl A		23,745		98,295
				1,653,524
TOTAL CHINA				32,313,471
TOTAL COMMON STOCK (Cost $44,503,524)				32,313,471
TOTAL INVESTMENTS — 99.5% (Cost $44,503,524)				32,313,471
OTHER ASSETS LESS LIABILITIES – 0.5%				158,116
NET ASSETS - 100%			$	32,471,587

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

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

83

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 89.4%‡
CHINA — 89.4%
Communication Services — 28.6%
Baidu, Cl A*		15,600	$	265,715
Bilibili, Cl Z*		7,760		107,306
China Literature*		13,000		47,556
Kingsoft		27,000		97,908
Kuaishou Technology, Cl B*		68,500		549,707
NetEase		13,305		270,964
Tencent Holdings		14,200		555,174
Weibo, Cl A		80		1,024
				1,895,354
Consumer Discretionary — 35.1%
Alibaba Group Holding*		51,800		566,160
East Buy Holding*		14,000		66,051
Haier Smart Home, Cl H		69,026		217,252
JD.com, Cl A		35,110		515,983
Li Auto, Cl A*		15,100		266,646
Meituan, Cl B*		18,180		266,020
NIO, Cl A*		1,480		13,502
Trip.com Group*		3,850		137,250
XPeng, Cl A*		31,100		277,769
				2,326,633
Consumer Staples — 4.6%
Alibaba Health Information Technology*		152,000		94,711
JD Health International*		31,600		163,813
Ping An Healthcare and Technology*		18,300		42,713
				301,237
Financials — 1.1%
ZhongAn Online P&C Insurance, Cl H*		24,200		71,378
Information Technology — 20.0%
BYD Electronic International		22,500		102,562
GDS Holdings, Cl A*		10,800		14,893

The accompanying notes are an integral part of the financial statements.

84

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Hua Hong Semiconductor*		19,000	$	48,132
Kingdee International Software Group*		79,000		97,239
Lenovo Group		224,000		230,811
SenseTime Group, Cl B*		523,000		95,493
Sunny Optical Technology Group		20,240		141,362
Xiaomi, Cl B*		375,000		590,857
				1,321,349
TOTAL CHINA				5,915,951
TOTAL COMMON STOCK (Cost $5,729,454)				5,915,951
TOTAL INVESTMENTS — 89.4% (Cost $5,729,454)				5,915,951
OTHER ASSETS LESS LIABILITIES – 10.6%				703,755
NET ASSETS - 100%			$	6,619,706

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

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

85

Schedule of Investments (Unaudited) September 30, 2023

KraneShares China Innovation ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 99.0%
KraneShares CICC China 5G and Semiconductor Index ETF(A)		12,862	$	192,531
KraneShares CSI China Internet ETF*(A)		15,695		429,572
KraneShares MSCI All China Health Care Index ETF(A)		20,034		355,804
KraneShares MSCI China Clean Technology Index ETF(A)		10,183		253,557
KraneShares SSE STAR Market 50 Index ETF*(A)		9,856		125,922
TOTAL EXCHANGE - TRADED FUNDS (Cost $2,281,345)				1,357,386
TOTAL INVESTMENTS — 99.0% (Cost $2,281,345)				1,357,386
OTHER ASSETS LESS LIABILITIES – 1.0%				13,584
NET ASSETS - 100%			$	1,370,970

*	Non-income producing security.
(A)	Affiliated Investment.

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

Transactions with affiliated companies during the period ended September 30, 2023 are as follows:

Value as of 3/31/2023		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Value as of 9/30/2023		Dividend Income		Capital Gain Distributions
KraneShares CICC China 5G and Semiconductor Index ETF
$	262,320	$	—	$	(32,788	)	$	(24,417	)	$	(12,584	)	$	192,531	$	—	$	—
KraneShares CSI China Internet ETF
	472,684		14,898		—			(58,010	)		—			429,572		—		—
KraneShares MSCI All China Health Care Index ETF
	368,272		37,901		—			(50,369	)		—			355,804		—		—
KraneShares MSCI China Clean Technology Index ETF
	320,491		—		(29,064	)		(22,064	)		(15,806	)		253,557		—		—
KraneShares SSE STAR Market 50 Index ETF
	172,534		—		(4,447	)		(39,612	)		(2,553	)		125,922		—		—
$	1,596,301	$	52,799	$	(66,299	)	$	(194,472	)	$	(30,943	)	$	1,357,386	$	—		—

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

86

Schedule of Investments (Unaudited) September 30, 2023

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

	Shares		Value
COMMON STOCK — 98.4%‡
AUSTRALIA — 16.7%
Communication Services — 1.9%
carsales.com		2,841	$	51,230
Financials — 1.6%
Steadfast Group		11,818		43,018
Health Care — 3.1%
EBOS Group		1,396		28,686
Sonic Healthcare		2,855		54,910
				83,596
Industrials — 1.3%
Computershare		2,158		36,156
Information Technology — 1.8%
Altium		942		26,270
Technology One		2,093		20,952
				47,222
Materials — 3.0%
Brickworks		3,315		53,423
Northern Star Resources		4,277		28,874
				82,297
Real Estate — 1.5%
Charter Hall Group†		6,636		40,644
Utilities — 2.5%
APA Group		12,555		67,255
TOTAL AUSTRALIA				451,418

The accompanying notes are an integral part of the financial statements.

87

Schedule of Investments (Unaudited) September 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
CHINA — 19.6%
Consumer Discretionary — 2.4%
Bosideng International Holdings		154,000	$	66,265
Financials — 2.8%
Ping An Insurance Group of China, Cl H		13,000		74,446
Health Care — 8.0%
China Medical System Holdings		56,000		84,803
CSPC Pharmaceutical Group		40,000		29,316
Sinopharm Group, Cl H		34,800		100,865
				214,984
Real Estate — 2.6%
China Resources Land		18,000		71,707
Utilities — 3.8%
Guangdong Investment		134,000		102,316
TOTAL CHINA				529,718
HONG KONG — 10.8%
Financials — 0.9%
AIA Group		3,000		24,458
Industrials — 1.2%
Techtronic Industries		3,500		33,964
Real Estate — 2.6%
Swire Properties		33,200		69,267
Utilities — 6.1%
CK Infrastructure Holdings		21,000		99,344
Hong Kong & China Gas		93,000		64,835
				164,179
TOTAL HONG KONG				291,868
INDIA — 1.1%
Information Technology — 1.1%
Infosys ADR		1,799		30,781
TOTAL INDIA				30,781
INDONESIA — 1.3%
Financials — 1.3%
Bank Central Asia		61,800		35,288
TOTAL INDONESIA				35,288

The accompanying notes are an integral part of the financial statements.

88

Schedule of Investments (Unaudited) September 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
JAPAN — 35.3%
Communication Services — 1.7%
Hakuhodo DY Holdings		1,200	$	9,887
KDDI		600		18,403
Nippon Telegraph & Telephone		15,500		18,343
				46,633
Consumer Discretionary — 3.9%
Fujitsu General		300		5,642
Open House Group		500		17,001
Rinnai		500		9,382
Sekisui Chemical		1,200		17,313
Sekisui House		1,300		25,935
Seria		600		8,854
TS Tech		2,000		22,731
				106,858
Consumer Staples — 4.2%
Asahi Group Holdings		500		18,730
Kao		400		14,880
Lion		900		8,902
Morinaga		500		18,100
Seven & i Holdings		300		11,771
Sundrug		500		13,587
Takara Holdings		2,200		17,706
Welcia Holdings		300		5,194
Yakult Honsha		200		4,869
				113,739
Financials — 3.9%
Chiba Bank		1,900		13,847
SBI Holdings		1,500		31,643
Tokio Marine Holdings		1,000		23,220
Tokyo Century		500		19,990
Zenkoku Hosho		500		16,455
				105,155
Health Care — 3.7%
Alfresa Holdings		1,500		24,678
Astellas Pharma		1,200		16,678
Mani		800		9,725
Medipal Holdings		1,200		20,325
Shionogi		300		13,441
Ship Healthcare Holdings		600		9,121
Terumo		200		5,311
				99,279

The accompanying notes are an integral part of the financial statements.

89

Schedule of Investments (Unaudited) September 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
Industrials — 4.9%
Benefit One		700	$	5,074
COMSYS Holdings		1,300		27,233
EXEO Group		1,500		30,799
Hikari Tsushin		100		15,262
Kurita Water Industries		300		10,482
Sanwa Holdings		2,400		31,973
SHO-BOND Holdings		300		11,813
				132,636
Information Technology — 4.3%
Azbil		500		15,339
Murata Manufacturing		600		10,993
NEC Networks & System Integration		1,200		15,794
Nomura Research Institute		400		10,435
NTT Data Group		400		5,373
Oracle Japan NIP		200		14,877
Otsuka		500		21,216
SCSK		900		15,736
TIS		300		6,620
				116,383
Materials — 2.6%
Nippon Sanso Holdings		700		16,629
Nissan Chemical		400		17,046
Nitto Denko		300		19,718
Shin-Etsu Chemical		600		17,462
				70,855
Real Estate — 5.4%
Aeon Mall		1,200		14,153
Hulic		2,600		23,365
Japan Metropolitan Fund Invest†		31		20,151
Japan Real Estate Investment†		5		19,534
Mori Hills REIT Investment†		20		18,991
Nomura Real Estate Holdings		1,000		25,150
Tokyo Tatemono		1,700		23,559
				144,903
Utilities — 0.7%
Nippon Gas		1,200		17,820
TOTAL JAPAN				954,261

The accompanying notes are an integral part of the financial statements.

90

Schedule of Investments (Unaudited) September 30, 2023

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

	Shares		Value
COMMON STOCK (continued)
NEW ZEALAND — 1.2%
Health Care — 1.2%
Fisher & Paykel Healthcare		2,444	$	31,690
TOTAL NEW ZEALAND				31,690
PHILIPPINES — 2.1%
Industrials — 2.1%
International Container Terminal Services		15,210		55,704
TOTAL PHILIPPINES				55,704
TAIWAN — 9.5%
Financials — 1.3%
Chailease Holding		6,120		34,316
Information Technology — 8.2%
Advantech		4,300		45,953
Sinbon Electronics		6,000		60,129
Wistron		37,000		116,339
				222,421
TOTAL TAIWAN				256,737
THAILAND — 0.8%
Financials — 0.8%
Krungthai Card		17,400		21,026
TOTAL THAILAND				21,026
TOTAL COMMON STOCK (Cost $2,683,655)				2,658,491
TOTAL INVESTMENTS — 98.4% (Cost $2,683,655)				2,658,491
OTHER ASSETS LESS LIABILITIES – 1.6%				42,115
NET ASSETS - 100%			$	2,700,606

‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
†	Real Estate Investment Trust

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

91

Schedule of Investments (Unaudited) September 30, 2023

KraneShares China Internet and Covered Call Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUND — 102.0%
KraneShares CSI China Internet ETF*(A)		4,079,312	$	111,650,769
TOTAL EXCHANGE - TRADED FUND (Cost $112,276,414)				111,650,769
TOTAL INVESTMENTS — 102.0% (Cost $112,276,414)				111,650,769
OTHER ASSETS LESS LIABILITIES – (2.0)%				(2,159,893	)
NET ASSETS - 100%			$	109,490,876
WRITTEN OPTIONS — (3.4)% (Premiums Received  $(5,071,281))			$	(3,697,049	)

*	Non-income producing security.
(A)	Affiliated Investment.

A list of open option contracts held by the Fund at September 30, 2023 was as follows: 

Description	Number of Contracts			Notional Amount			Exercise Price		Expiration Date	Market Value
WRITTEN OPTIONS — (3.4)%
Call Options
KWEB US*		(620	)		(1,696,940	)	$	28.90	10/06/23	$	(4,755	)
KWEB US*		(4,186	)		(11,457,082	)		27.51	10/27/23		(439,321	)
KWEB US*		(486	)		(1,330,182	)		27.31	10/27/23		(55,856	)
KWEB US*		(3,564	)		(9,754,668	)		26.94	10/27/23		(481,568	)
KWEB US*		(3,078	)		(8,424,486	)		26.53	10/27/23		(492,695	)
KWEB US*		(795	)		(2,175,915	)		27.89	10/20/23		(55,555	)
KWEB US*		(477	)		(1,305,549	)		27.78	10/20/23		(35,498	)
KWEB US*		(474	)		(1,297,338	)		27.07	11/03/23		(67,265	)
KWEB US*		(5,498	)		(15,048,026	)		27.70	10/20/23		(428,184	)
KWEB US*		(954	)		(2,611,098	)		27.50	10/20/23		(83,084	)
KWEB US*		(636	)		(1,740,732	)		28.00	10/13/23		(31,170	)
KWEB US*		(318	)		(870,366	)		27.96	10/13/23		(16,040	)
KWEB US*		(159	)		(435,183	)		27.67	10/13/23		(9,847	)
KWEB US*		(3,010	)		(8,238,370	)		27.49	10/13/23		(210,911	)
KWEB US*		(5,800	)		(15,874,600	)		29.71	10/06/23		(19,082	)
KWEB US*		(1,272	)		(3,481,464	)		27.65	10/20/23		(101,900	)
KWEB US*		(9,466	)		(25,908,442	)		27.37	11/03/23		(1,164,318	)
Total Written Options (Premiums Received $5,071,281)										$	(3,697,049	)

The accompanying notes are an integral part of the financial statements.

92

Schedule of Investments (Unaudited) September 30, 2023

KraneShares China Internet and Covered Call Strategy ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of September 30, 2023, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
Exchange - Traded Fund		111,650,769‌		—‌		—‌		111,650,769‌
Total Investments in Securities	$	111,650,769‌	$	—	$	—‌	$	111,650,769‌

Liabilities	Level 1		Level 2			Level 3		Total
Written Options		—		(3,697,049	)		—‌		(3,697,049	)
Total Liabilities	$	—	$	(3,697,049	)	$	—‌	$	(3,697,049	)

Transactions with affiliated companies during the period ended September 30, 2023 are as follows:

Value as of 3/31/2023		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Value as of 9/30/2023		Dividend Income		Capital Gain Distributions
KraneShares CSI China Internet ETF
$	5,642,645	$	180,830,237	$	(70,698,569	)	$	(297,614	)	$	(3,825,930	)	$	111,650,769	$	—	$	—

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

93

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Dynamic Emerging Markets Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 89.8%
KraneShares MSCI All China Index ETF(A)		136,635	$	2,673,400
KraneShares MSCI Emerging Markets ex China Index ETF(A)		68,897		1,766,774
TOTAL EXCHANGE - TRADED FUNDS (Cost $4,502,764)				4,440,174
TOTAL INVESTMENTS — 89.8% (Cost $4,502,764)				4,440,174
OTHER ASSETS LESS LIABILITIES – 10.2%				502,151
NET ASSETS - 100%			$	4,942,325

(A) Affiliated Investment.

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

Transactions with affiliated companies during the period ended September 30, 2023 are as follows:

Value as of 8/25/2023		Purchases at Cost		Proceeds from Sale			Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)		Value as of 9/30/2023		Dividend Income		Capital Gain Distributions
KraneShares MSCI All China Index ETF
$	—	$	4,336,761	$	(1,693,486	)	$	(15,046	)	$	45,171	$	2,673,400	$	—	$	—
KraneShares MSCI Emerging Markets ex China Index ETF
	—		2,954,223		(1,156,786	)		(47,544	)		16,881		1,766,774		—		—
$	—	$	7,290,984	$	(2,850,272	)	$	(62,590	)	$	62,052	$	4,440,174	$	—		—

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

94

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Global Luxury Index ETF

	Shares		Value
COMMON STOCK — 92.8%‡
CHINA — 0.5%
Consumer Discretionary — 0.5%
Chow Tai Fook Jewellery Group		5,400	$	8,136
TOTAL CHINA				8,136
DENMARK — 1.5%
Consumer Discretionary — 1.5%
Pandora		259		26,903
TOTAL DENMARK				26,903
FRANCE — 30.8%
Consumer Discretionary — 10.1%
Hermes International SCA		57		104,391
Kering		159		72,707
				177,098
Consumer Staples — 4.2%
Pernod Ricard		398		66,515
Remy Cointreau		63		7,714
				74,229
Financials — 4.0%
LVMH Moet Hennessy Louis Vuitton		93		70,540
Health Care — 4.0%
EssilorLuxottica		395		69,071
Materials — 8.5%
L’Oreal		360		149,868
TOTAL FRANCE				540,806

The accompanying notes are an integral part of the financial statements.

95

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Global Luxury Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
GERMANY — 0.6%
Consumer Discretionary — 0.6%
HUGO BOSS		153	$	9,706
TOTAL GERMANY				9,706
HONG KONG — 0.7%
Consumer Discretionary — 0.7%
Melco Resorts & Entertainment ADR*		1,317		13,025
TOTAL HONG KONG				13,025
ITALY — 8.9%
Consumer Discretionary — 8.0%
Brunello Cucinelli		99		7,552
Ferrari		315		93,282
Moncler		537		31,316
PRADA		1,500		8,829
				140,979
Consumer Staples — 0.9%
Davide Campari-Milano		1,320		15,603
TOTAL ITALY				156,582
JAPAN — 5.2%
Consumer Discretionary — 0.3%
Casio Computer		600		5,040
Consumer Staples — 4.9%
Kao		1,200		44,639
Shiseido		1,200		42,218
				86,857
TOTAL JAPAN				91,897
MACAU — 3.5%
Consumer Discretionary — 3.5%
Galaxy Entertainment Group		6,000		36,122
Sands China*		8,400		25,741
TOTAL MACAU				61,863
SINGAPORE — 0.6%
Consumer Discretionary — 0.6%
Genting Singapore		16,800		10,401
TOTAL SINGAPORE				10,401
SWITZERLAND  — 7.3%
Consumer Discretionary — 7.3%
Cie Financiere Richemont, Cl A		879		107,617

The accompanying notes are an integral part of the financial statements.

96

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Global Luxury Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Swatch Group		81	$	20,843
TOTAL SWITZERLAND				128,460
UNITED KINGDOM — 10.3%
Consumer Discretionary — 1.7%
Burberry Group		1,056		24,599
Watches of Switzerland Group*		648		4,231
				28,830
Consumer Staples — 8.6%
Diageo		4,099		151,793
TOTAL UNITED KINGDOM				180,623
UNITED STATES — 22.9%
Consumer Discretionary — 18.0%
Boyd Gaming		201		12,227
Caesars Entertainment*		606		28,088
Capri Holdings*		421		22,149
Deckers Outdoor*		72		37,014
Las Vegas Sands		867		39,743
MGM Resorts International		888		32,643
Penn Entertainment*		513		11,773
Ralph Lauren, Cl A		123		14,279
Red Rock Resorts, Cl A		135		5,535
Samsonite International*		3,600		12,365
Signet Jewelers		135		9,694
Tapestry		742		21,333
Vail Resorts		113		25,074
VF		1,098		19,402
Wynn Resorts		276		25,505
				316,824
Consumer Staples — 4.9%
Coty, Cl A*		1,017		11,157
Estee Lauder, Cl A		467		67,505
Inter Parfums		54		7,254
				85,916
TOTAL UNITED STATES				402,740
TOTAL COMMON STOCK (Cost $1,701,415)				1,631,142
TOTAL INVESTMENTS — 92.8% (Cost $1,701,415)				1,631,142
OTHER ASSETS LESS LIABILITIES – 7.2%				126,374
NET ASSETS - 100%			$	1,757,516

The accompanying notes are an integral part of the financial statements.

97

Schedule of Investments (Unaudited) September 30, 2023

KraneShares Global Luxury Index ETF (concluded)

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

As of September 30, 2023, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

See “Glossary” for abbreviations.

The accompanying notes are an integral part of the financial statements.

98

Schedule of Investments (Unaudited) September 30, 2023

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

Fund Abbreviations

ADR — American Depositary Receipt

Cl — Class

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

H15T5Y — US Treasury Yield Curve Rate T Note Constant Maturity 5 Year

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

USSW5 — USD Swap Semi 30/360 5 Year Current

99

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares CICC China Leaders 100 Index ETF			KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A 50 Connect Index ETF
Assets:
Investments at Value	$	4,540,535		$	5,697,670,544	*	$	380,454,907
Cash and Cash Equivalents		3,754			2,708,313			938,451
Foreign Currency at Value		5			—			1,255,439
Receivable for Trustees’ Fee		8			15,371			568
Dividend and Interest Receivable		—			5,546,073			—
Prepaid Expenses		40			48,834			3,303
Total Assets		4,544,342			5,705,989,135			382,652,668
Liabilities:
Payable for Management Fees		2,549			3,183,019			178,902
Obligation to Return Securities Lending Collateral		—			90,193,314			—
Payable for Securities Lending Fees		—			36,696			—
Total Liabilities		2,549			93,413,029			178,902
Net Assets	$	4,541,793		$	5,612,576,106		$	382,473,766
Net Assets Consist of:
Paid-in Capital	$	6,098,293		$	11,764,330,652		$	610,573,356
Total Distributable Loss		(1,556,500	)		(6,151,754,546	)		(228,099,590	)
Net Assets	$	4,541,793		$	5,612,576,106		$	382,473,766
Outstanding Shares of Beneficial Interest  (unlimited authorization - no par value)		200,000			203,450,000			16,900,000
Net Asset Value, Offering and Redemption Price Per Share	$	22.71		$	27.59		$	22.63
Cost of Investments	$	5,016,861		$	7,151,435,106		$	462,985,723
Cost of Foreign Currency		5			—			1,250,257
*Includes Market Value of Securities on Loan		—			87,004,801			—

* Includes Market Value of Securities on Loan.

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

The accompanying notes are an integral part of the financial statements.

100

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares Bloomberg China Bond Inclusion Index ETF				KraneShares MSCI All China Index ETF			KraneShares MSCI One Belt One Road Index ETF
Assets:
Investments at Value	$	2,968,857			$	6,838,762		$	4,217,300
Cash and Cash Equivalents		26,373				26,462			12,742
Foreign Currency at Value		11,433				2,182			4,555
Dividend and Interest Receivable		38,292				8,110			2,382
Receivable for Trustees’ Fee		14				8			8
Receivable for Capital Shares Sold		—				7,296			—
Reclaim Receivable		—				—			109
Unrealized Appreciation on Spot Contracts		—				1			1
Prepaid Expenses		76				46			32
Total Assets		3,045,045				6,882,867			4,237,129
Liabilities:
Payable for Management Fees		1,361				2,746			2,718
Payable for Foreign Capital Gains Tax		—				—			4,276
Total Liabilities		1,361				2,746			6,994
Net Assets	$	3,043,684			$	6,880,121		$	4,230,135
Net Assets Consist of:
Paid-in Capital	$	3,639,904			$	14,897,564		$	8,878,840
Total Distributable Loss		(596,220	)			(8,017,443	)		(4,648,705	)
Net Assets	$	3,043,684			$	6,880,121		$	4,230,135
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		100,000				350,000			200,002
Net Asset Value, Offering and Redemption Price Per Share	$	30.44		��	$	19.66		$	21.15
Cost of Investments	$	3,136,898			$	8,805,567		$	5,520,198
Cost of Foreign Currency		11,410				2,169			4,547

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

The accompanying notes are an integral part of the financial statements.

101

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares Emerging Markets Consumer Technology Index ETF			KraneShares MSCI China Clean Technology Index ETF			KraneShares Electric Vehicles and Future Mobility Index ETF
Assets:
Investments at Value	$	11,703,208	*	$	77,698,887		$	177,923,324	*
Foreign Currency at Value		106,560			224			191,170
Cash and Cash Equivalents		—			67,043			234,801
Reclaim Receivable		5,870			—			366,604
Dividend and Interest Receivable		2,102			184,267			134,731
Receivable for Trustees’ Fee		—			135			214
Prepaid Expenses		213			689			1,370
Total Assets		11,817,953			77,951,245			178,852,214
Liabilities:
Obligation to Return Securities Lending Collateral		340,822			—			15,913,771
Payable to Custodian		93,537			—			—
Payable for Foreign Capital Gains Tax		39,952			—			—
Payable for Management Fees		4,476			51,371			95,088
Payable for Trustees’ Fee		53			—			—
Payable for Securities Lending Fees		24			—			3,402
Unrealized Depreciation on Spot Contracts		—			—			930
Total Liabilities		478,864			51,371			16,013,191
Net Assets	$	11,339,089		$	77,899,874		$	162,839,023
Net Assets Consist of:
Paid-in Capital	$	68,060,227		$	161,493,617		$	278,362,927
Total Distributable Loss		(56,721,138	)		(83,593,743	)		(115,523,904	)
Net Assets	$	11,339,089		$	77,899,874		$	162,839,023
Outstanding Shares of Beneficial Interest  (unlimited authorization - no par value)		800,002			3,100,002			5,900,002
Net Asset Value, Offering and Redemption Price Per Share	$	14.17		$	25.13		$	27.60
Cost of Investments	$	21,071,406		$	98,579,470		$	228,842,710
Cost of Foreign Currency		106,409			203			189,525
*Includes Market Value of Securities on Loan		324,536			—			15,254,850

* Includes Market Value of Securities on Loan.

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

The accompanying notes are an integral part of the financial statements.

102

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares MSCI All China Health Care Index ETF			KraneShares Asia Pacific High Income Bond ETF			KraneShares Emerging Markets Healthcare Index ETF
Assets:
Investments at Value	$	67,888,643	*	$	14,113,864		$	1,949,635
Cash and Cash Equivalents		9,263			701,697			2,592
Foreign Currency at Value		3,602			383			1,107
Dividend and Interest Receivable		52,645			223,291			1,813
Receivable for Trustees’ Fee		103			30			4
Unrealized Appreciation on Spot Contracts		4			—			—
Prepaid Expenses		700			140			15
Total Assets		67,954,960			15,039,405			1,955,166
Liabilities:
Obligation to Return Securities Lending Collateral		869,140			—			—
Payable for Management Fees		35,066			9,581			1,249
Payable for Securities Lending Fees		72			—			—
Payable for Investment Securities Purchased		—			135,500			—
Payable for Foreign Capital Gains Tax		—			—			5,246
Unrealized Depreciation on Spot Contracts		—			—			5
Total Liabilities		904,278			145,081			6,500
Net Assets	$	67,050,682		$	14,894,324		$	1,948,666
Net Assets Consist of:
Paid-in Capital	$	156,114,871		$	24,869,422		$	3,759,926
Total Distributable Loss		(89,064,189	)		(9,975,098	)		(1,811,260	)
Net Assets	$	67,050,682		$	14,894,324		$	1,948,666
Outstanding Shares of Beneficial  Interest  (unlimited authorization - no par value)		3,750,002			600,001			100,002
Net Asset Value, Offering and Redemption Price Per Share	$	17.88		$	24.82		$	19.49
Cost of Investments	$	82,622,262		$	15,026,972		$	2,805,910
Cost of Foreign Currency		3,594			377			1,104
*Includes Market Value of Securities on Loan		827,432			—			—

* Includes Market Value of Securities on Loan.

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

The accompanying notes are an integral part of the financial statements.

103

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares MSCI Emerging Markets ex China Index ETF			KraneShares MSCI China ESG Leaders Index ETF			KraneShares CICC China 5G & Semiconductor Index ETF
Assets:
Investments at Value	$	30,584,762		$	4,428,672		$	11,993,152
Cash and Cash Equivalents		183,247			6,921			9,293
Foreign Currency at Value		22,366			135			2,619
Dividend and Interest Receivable		74,043			4,507			—
Reclaim Receivable		1,162			—			—
Receivable for Trustees’ Fee		93			8			30
Prepaid Expenses		162			35			96
Total Assets		30,865,835			4,440,278			12,005,190
Liabilities:
Payable for Foreign Capital Gains Tax		101,961			—			—
Payable for Management Fees		5,933			2,142			6,598
Unrealized Depreciation on Spot Contracts		26			—			10
Total Liabilities		107,920			2,142			6,608
Net Assets	$	30,757,915		$	4,438,136		$	11,998,582
Net Assets Consist of:
Paid-in Capital	$	35,254,875		$	8,616,093		$	29,064,875
Total Distributable Loss		(4,496,960	)		(4,177,957	)		(17,066,293	)
Net Assets	$	30,757,915		$	4,438,136		$	11,998,582
Outstanding Shares of Beneficial Interest  (unlimited authorization - no par value)		1,200,002			250,000			800,002
Net Asset Value, Offering and Redemption Price Per Share	$	25.63		$	17.75		$	15.00
Cost of Investments	$	33,883,340		$	5,269,227		$	14,168,109
Cost of Foreign Currency		20,986			119			2,614

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

The accompanying notes are an integral part of the financial statements.

104

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares CICC China Consumer Leaders Index ETF			KraneShares SSE STAR Market 50 Index ETF			KraneShares Hang Seng TECH Index ETF
Assets:
Investments at Value	$	5,789,433		$	32,313,471		$	5,915,951
Cash and Cash Equivalents		4,417			116,093			8,213
Foreign Currency at Value		6			65,553			65
Dividend and Interest Receivable		3,327			—			—
Receivable for Trustees’ Fee		10			63			17
Receivable for Capital Shares Sold		—			—			25
Receivable for Investment Securities Sold		—			—			699,159
Unrealized Appreciation on Spot Contracts		—			—			56
Prepaid Expenses		48			308			50
Total Assets		5,797,241			32,495,488			6,623,536
Liabilities:
Payable for Management Fees		3,311			23,901			3,830
Total Liabilities		3,311			23,901			3,830
Net Assets	$	5,793,930		$	32,471,587		$	6,619,706
Net Assets Consist of:
Paid-in Capital	$	27,891,815		$	69,773,229		$	11,206,977
Total Distributable Loss		(22,097,885	)		(37,301,642	)		(4,587,271	)
Net Assets	$	5,793,930		$	32,471,587		$	6,619,706
Outstanding Shares of Beneficial Interest  (unlimited authorization - no par value)		350,002			2,550,000			550,002
Net Asset Value, Offering and Redemption Price Per Share	$	16.55		$	12.73		$	12.04
Cost of Investments	$	6,955,654		$	44,503,524		$	5,729,454
Cost of Foreign Currency		6			65,417			65

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

The accompanying notes are an integral part of the financial statements.

105

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares China Innovation ETF			KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		KraneShares China Internet and Covered Call Strategy ETF
Assets:
Investments at Value	$	—		$	2,658,491	$	—
Affiliated Investments at Value		1,357,386			—		111,650,769
Cash and Cash Equivalents		13,709			—		419,108
Foreign Currency at Value		—			287,782		—
Receivable for Trustees’ Fee		2			6		366
Receivable for Investment Securities Sold		—			17,365		1,135,610
Dividend and Interest Receivable		—			13,930		—
Prepaid Expenses		12			18		22
Total Assets		1,371,109			2,977,592		113,205,875
Liabilities:
Written Options at Value		—			—		3,697,049
Payable for Management Fees		139			1,539		17,950
Payable to Custodian		—			275,447		—
Total Liabilities		139			276,986		3,714,999
Net Assets	$	1,370,970		$	2,700,606	$	109,490,876
Net Assets Consist of:
Paid-in Capital	$	2,448,505		$	2,500,050	$	119,861,142
Total Distributable Earnings/(Loss)		(1,077,535	)		200,556		(10,370,266	)
Net Assets	$	1,370,970		$	2,700,606	$	109,490,876
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		100,002			100,002		6,350,002
Net Asset Value, Offering and Redemption Price Per Share	$	13.71		$	27.01	$	17.24
Cost of Investments	$	—		$	2,683,655	$	—
Cost of Affiliated Investments		2,281,345			—		112,276,414
Cost of Foreign Currency		—			293,371		—
Written Options, Premiums Received		—			—		5,071,281

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

The accompanying notes are an integral part of the financial statements.

106

Statements of Assets and Liabilities (Unaudited)

September 30, 2023

	KraneShares Dynamic Emerging Markets Strategy ETF			KraneShares Global Luxury Index ETF
Assets:
Investments at Value	$	—		$	1,631,142
Affiliated Investments at Value		4,440,174			—
Cash and Cash Equivalents		502,463			74,533
Receivable for Trustees’ Fee		59			—
Receivable for Investment Securities Sold		—			105,831
Dividend and Interest Receivable		—			336
Reclaim Receivable		—			470
Total Assets		4,942,696			1,812,312
Liabilities:
Payable for Management Fees		371			533
Payable for Investment Securities Purchased		—			29,292
Payable to Custodian		—			24,915
Unrealized Depreciation on Spot Contracts		—			53
Payable for Trustees’ Fee		—			3
Total Liabilities		371			54,796
Net Assets	$	4,942,325		$	1,757,516
Net Assets Consist of:
Paid-in Capital	$	4,943,075		$	1,830,915
Total Distributable Loss		(750	)		(73,399	)
Net Assets	$	4,942,325		$	1,757,516
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		200,002			75,002
Net Asset Value, Offering and Redemption Price Per Share	$	24.71		$	23.43
Cost of Investments	$	—		$	1,701,415
Cost of Affiliated Investments		4,502,764			—

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

The accompanying notes are an integral part of the financial statements.

107

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares CICC China Leaders 100 Index ETF			KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A 50 Connect Index ETF
Investment Income:
Dividend Income	$	183,339		$	22,086,901		$	9,773,773
Interest Income		186			123,132			23,373
Security Lending Income		—			1,393,720			—
Less: Foreign Taxes Withheld		(18,418	)		—			(978,468	)
Total Investment Income		165,107			23,603,753			8,818,678
Expenses:
Management Fees†		17,379			18,443,230			1,602,161
Trustees’ Fees		141			145,571			11,073
Security Lending Fees†		—			139,008			—
Insurance Expense		41			48,432			3,384
Total Expenses		17,561			18,776,241			1,616,618
Management Fee Waiver†		—			—			(472,434	)
Net Expenses		17,561			18,776,241			1,144,184
Net Investment Income		147,546			4,827,512			7,674,494
Net Realized Gain (Loss) on:
Investments		54,644			(385,094,848	)		(45,854,365	)
Foreign Currency Translations		(2,747	)		(39,743	)		(15,253	)
Net Realized Gain (Loss)		51,897			(385,134,591	)		(45,869,618	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(490,989	)		(433,864,232	)		(22,359,775	)
Foreign Currency Translations		—			—			(7,128	)
Net Change in Unrealized Appreciation (Depreciation)		(490,989	)		(433,864,232	)		(22,366,903	)
Net Realized and Unrealized Loss		(439,092	)		(818,998,823	)		(68,236,521	)
Net Decrease in Net Assets Resulting from Operations	$	(291,546	)	$	(814,171,311	)	$	(60,562,027	)

† See Note 4 in Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

108

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares Bloomberg China Bond Inclusion Index ETF			KraneShares MSCI All China Index ETF			KraneShares MSCI One Belt One Road Index ETF
Investment Income:
Dividend Income	$	—		$	199,611		$	134,272
Interest Income		96,341			676			457
Less: Foreign Taxes Withheld		—			(16,977	)		(11,367	)
Total Investment Income		96,341			183,310			123,362
Expenses:
Management Fees†		19,187			26,332			17,148
Trustees’ Fees		157			203			117
Insurance Expense		77			51			32
Total Expenses		19,421			26,586			17,297
Management Fee Waiver†		(5,643	)		(7,745	)		—
Net Expenses		13,778			18,841			17,297
Net Investment Income		82,563			164,469			106,065
Net Realized Gain (Loss) on:
Investments		(2,601	)		(709,401	)		(115,422	)
Foreign Currency Translations		(413,224	)		154			(1,101	)
Net Realized Loss		(415,825	)		(709,247	)		(116,523	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		122,640			(373,293	)		(242,606	)
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			(1,953	)
Foreign Currency Translations		523			12			(81	)
Net Change in Unrealized Appreciation (Depreciation)		123,163			(373,281	)		(244,640	)
Net Realized and Unrealized Loss		(292,662	)		(1,082,528	)		(361,163	)
Net Decrease in Net Assets Resulting from Operations	$	(210,099	)	$	(918,059	)	$	(255,098	)

† See Note 4 in Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

109

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares Emerging Markets Consumer Technology Index ETF			KraneShares MSCI China Clean Technology Index ETF			KraneShares Electric Vehicles and Future Mobility Index ETF
Investment Income:
Dividend Income	$	54,741		$	1,147,832		$	1,710,283
Interest Income		177			2,571			8,545
Security Lending Income		4,445			—			249,550
Less: Foreign Taxes Withheld		(1,776	)		(37,602	)		(159,361	)
Total Investment Income		57,587			1,112,801			1,809,017
Expenses:
Management Fees†		64,990			337,823			605,462
Trustees’ Fees		542			2,362			4,780
Security Lending Fees†		436			—			8,545
Insurance Expense		218			698			17,316
Total Expenses		66,186			340,883			636,103
Management Fee Waiver†		(16,664	)		—			—
Net Expenses		49,522			340,883			636,103
Net Investment Income		8,065			771,918			1,172,914
Net Realized Gain (Loss) on:
Investments		(6,925,523	)		(21,153,600	)		(8,835,823	)
Foreign Currency Translations		(29,949	)		(382	)		(25,368	)
Net Realized Loss		(6,955,472	)		(21,153,982	)		(8,861,191	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		5,433,243			9,222,536			(10,120,684	)
Accrued Foreign Capital Gains Tax on Appreciated Securities		(39,952	)		—			—
Foreign Currency Translations		431			(254	)		(7,972	)
Net Change in Unrealized Appreciation (Depreciation)		5,393,722			9,222,282			(10,128,656	)
Net Realized and Unrealized Loss		(1,561,750	)		(11,931,700	)		(18,989,847	)
Net Decrease in Net Assets Resulting from Operations	$	(1,553,685	)	$	(11,159,782	)	$	(17,816,933	)

† See Note 4 in Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

110

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares MSCI All China Health Care Index ETF			KraneShares Asia Pacific High Income Bond ETF			KraneShares Emerging Markets Healthcare Index ETF
Investment Income:
Dividend Income	$	931,558		$	—		$	16,273
Interest Income		5,896			2,190,773			83
Security Lending Income		2,611			—			—
Less: Foreign Taxes Withheld		(74,967	)		—			(1,202	)
Total Investment Income		865,098			2,190,773			15,154
Expenses:
Management Fees†		309,873			65,199			8,117
Trustees’ Fees		2,177			515			55
Security Lending Fees†		310			—			—
Insurance Expense		712			144			15
Total Expenses		313,072			65,858			8,187
Management Fee Waiver†		(55,618	)		—			—
Net Expenses		257,454			65,858			8,187
Net Investment Income		607,644			2,124,915			6,967
Net Realized Gain (Loss) on:
Investments		(15,586,984	)		(2,268,860	)		(94,046	)
Foreign Currency Translations		(9,661	)		—			(2,457	)
Net Realized Loss		(15,596,645	)		(2,268,860	)		(96,503	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		2,910,571			(524,366	)		(57,021	)
Accrued Foreign Capital Gains Tax on Appreciated Securities		—			—			170
Foreign Currency Translations		64			(6	)		(17	)
Net Change in Unrealized Appreciation (Depreciation)		2,910,635			(524,372	)		(56,868	)
Net Realized and Unrealized Loss		(12,686,010	)		(2,793,232	)		(153,371	)
Net Decrease in Net Assets Resulting from Operations	$	(12,078,366	)	$	(668,317	)	$	(146,404	)

† See Note 4 in Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

111

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares MSCI Emerging Markets ex China Index ETF			KraneShares MSCI China ESG Leaders Index ETF			KraneShares CICC China 5G & Semiconductor Index ETF
Investment Income:
Dividend Income	$	666,746		$	110,529		$	115,032
Interest Income		3,580			158			379
Less: Foreign Taxes Withheld		(113,738	)		(7,697	)		(11,261	)
Total Investment Income		556,588			102,990			104,150
Expenses:
Management Fees†		91,078			13,601			54,387
Trustees’ Fees		801			125			369
Insurance Expense		169			35			99
Total Expenses		92,048			13,761			54,855
Management Fee Waiver†		(54,961	)		—			(9,762	)
Net Expenses		37,087			13,761			45,093
Net Investment Income		519,501			89,229			59,057
Net Realized Gain (Loss) on:
Investments		75,465			(688,101	)		(2,611,021	)
Foreign Currency Translations		(1,571	)		(9	)		(417	)
Net Realized Gain (Loss)		73,894			(688,110	)		(2,611,438	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		129,830			59,533			197,882
Accrued Foreign Capital Gains Tax on Appreciated Securities		(77,521	)		—			—
Foreign Currency Translations		576			13			11
Net Change in Unrealized Appreciation (Depreciation)		52,885			59,546			197,893
Net Realized and Unrealized Gain (Loss)		126,779			(628,564	)		(2,413,545	)
Net Increase (Decrease)  in Net Assets Resulting from Operations	$	646,280		$	(539,335	)	$	(2,354,488	)

† See Note 4 in Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

112

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares CICC China Consumer Leaders Index ETF			KraneShares SSE STAR Market 50 Index ETF			KraneShares Hang Seng TECH Index ETF
Investment Income:
Dividend Income	$	141,126		$	273,914		$	29,051
Interest Income		302			2,528			1,067
Less: Foreign Taxes Withheld		(11,881	)		(27,396	)		(545	)
Total Investment Income		129,547			249,046			29,573
Expenses:
Management Fees†		21,099			184,141			23,429
Trustees’ Fees		166			1,122			182
Insurance Expense		49			315			51
Total Expenses		21,314			185,578			23,662
Net Investment Income		108,233			63,468			5,911
Net Realized Gain (Loss) on:
Investments		(19,724	)		(4,018,850	)		(73,644	)
Foreign Currency Translations		(372	)		(1,364	)		(745	)
Net Realized Loss		(20,096	)		(4,020,214	)		(74,389	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(1,264,032	)		(7,824,722	)		(626,741	)
Foreign Currency Translations		(9	)		(4,305	)		120
Net Change in Unrealized Appreciation (Depreciation)		(1,264,041	)		(7,829,027	)		(626,621	)
Net Realized and Unrealized Loss		(1,284,137	)		(11,849,241	)		(701,010	)
Net Decrease in Net Assets Resulting from Operations	$	(1,175,904	)	$	(11,785,773	)	$	(695,099	)

† See Note 4 in Notes to Financial Statements.

The accompanying notes are an integral part of the financial statements.

113

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares China Innovation ETF			KraneShares S&P Pan Asia Dividend Aristocrats Index ETF			KraneShares China Internet and Covered Call Strategy ETF
Investment Income:
Dividend Income	$	—		$	75,294		$	—
Interest Income		110			(1,560	)		11,655
Less: Foreign Taxes Withheld		—			(5,340	)		—
Total Investment Income		110			68,394			11,655
Expenses:
Management Fees†		1,835			9,398			51,172
Trustees’ Fees		39			73			872
Insurance Expense		11			18			26
Total Expenses		1,885			9,489			52,070
Management Fee Waiver†		(1,101	)		—			—
Net Expenses		784			9,489			52,070
Net Investment Income (Loss)		(674	)		58,905			(40,415	)
Net Realized Gain (Loss) on:
Investments		—			154,766			—
Affiliated Investments		(30,943	)		—			(3,825,930	)
Foreign Currency Translations		—			(1,437	)		—
Written Options		—			—			6,415,501
Net Realized Gain (Loss)		(30,943	)		153,329			2,589,571
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			(134,951	)		—
Affiliated Investments		(194,472	)		—			(297,614	)
Foreign Currency Translations		—			(5,607	)		—
Written Options		—			—			1,574,279
Net Change in Unrealized Appreciation (Depreciation)		(194,472	)		(140,558	)		1,276,665
Net Realized and Unrealized Gain (Loss)		(225,415	)		12,771			3,866,236
Net Increase (Decrease)  in Net Assets Resulting from Operations	$	(226,089	)	$	71,676		$	3,825,821

† See Note 4 in Notes to Financial Statements.

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

The accompanying notes are an integral part of the financial statements.

114

Statements of Operations (Unaudited)

For the Period Ended September 30, 2023

	KraneShares Dynamic Emerging Markets StrategyETF(1)			KraneShares Global Luxury Index ETF(2)
Investment Income:
Dividend Income	$	—		$	3,113
Interest Income		245			—
Less: Foreign Taxes Withheld		—			(368	)
Total Investment Income		245			2,745
Expenses:
Management Fees†		444			533
Trustees’ Fees		13			3
Total Expenses		457			536
Net Investment Income (Loss)		(212	)		2,209
Net Realized Gain (Loss) on:
Investments		—			(4,182	)
Affiliated Investments		62,052			—
Foreign Currency Translations		—			(1,322	)
Net Realized Gain (Loss)		62,052			(5,504	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		—			(70,273	)
Affiliated Investments		(62,590	)		—
Foreign Currency Translations		—			169
Net Change in Unrealized Appreciation (Depreciation)		(62,590	)		(70,104	)
Net Realized and Unrealized Loss		(538	)		(75,608	)
Net Decrease in Net Assets Resulting from Operations	$	(750	)	$	(73,399	)

†	See Note 4 in Notes to Financial Statements.
(1)	Commenced operations on August 25, 2023.
(2)	Commenced operations on September 7, 2023.

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

The accompanying notes are an integral part of the financial statements.

115

Statements of Changes in Net Assets

	KraneShares CICC China Leaders 100 Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	147,546		$	230,718
Net Realized Gain (Loss)		51,897			(1,258,764	)
Net Change in Unrealized Appreciation (Depreciation)		(490,989	)		(273,162	)
Net Decrease in Net Assets Resulting from Operations		(291,546	)		(1,301,208	)
Distributions		—			(267,141	)
Capital Share Transactions:(1)
Issued		2,042			29,678
Redeemed		(1,133,278	)		(2,571,456	)
Decrease in Net Assets from Capital Share Transactions		(1,131,236	)		(2,541,778	)
Total Decrease in Net Assets		(1,422,782	)		(4,110,127	)
Net Assets:
Beginning of Year/Period		5,964,575			10,074,702
End of Year/Period	$	4,541,793		$	5,964,575
Share Transactions:
Redeemed		(50,000	)		(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		(50,000	)		(100,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

116

Statements of Changes in Net Assets (continued)

	KraneShares CSI China Internet ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	4,827,512		$	38,506,083
Net Realized Loss		(385,134,591	)		(2,232,381,235	)
Net Change in Unrealized Appreciation (Depreciation)		(433,864,232	)		2,302,138,220
Net Increase (Decrease)  in Net Assets Resulting from Operations		(814,171,311	)		108,263,068
Capital Share Transactions:(1)
Issued		948,967,826			3,037,376,264
Redeemed		(633,889,797	)		(3,273,504,223	)
Increase (Decrease)  in Net Assets from Capital Share Transactions		315,078,029			(236,127,959	)
Total Decrease in Net Assets		(499,093,282	)		(127,864,891	)
Net Assets:
Beginning of Year/Period		6,111,669,388			6,239,534,279
End of Year/Period	$	5,612,576,106		$	6,111,669,388
Share Transactions:
Issued		31,400,000			100,950,000
Redeemed		(23,550,000	)		(116,750,000	)
Net Increase (Decrease)  in Shares Outstanding from Share Transactions		7,850,000			(15,800,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

117

Statements of Changes in Net Assets (continued)

	KraneShares Bosera MSCI China A 50 Connect Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	7,674,494		$	10,123,340
Net Realized Loss		(45,869,618	)		(101,610,228	)
Net Change in Unrealized Appreciation (Depreciation)		(22,366,903	)		(2,789,412	)
Net Decrease in Net Assets Resulting from Operations		(60,562,027	)		(94,276,300	)
Distributions		—			(111,275,241	)
Capital Share Transactions:(1)
Issued		44,905,759			254,963,186
Redeemed		(72,743,033	)		(137,931,980	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(27,837,274	)		117,031,206
Total Decrease in Net Assets		(88,399,301	)		(88,520,335	)
Net Assets:
Beginning of Year/Period		470,873,067			559,393,402
End of Year/Period	$	382,473,766		$	470,873,067
Share Transactions:
Issued		1,900,000			7,300,000
Redeemed		(3,050,000	)		(4,350,000	)
Net Increase (Decrease)  in Shares Outstanding from Share Transactions		(1,150,000	)		2,950,000

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

118

Statements of Changes in Net Assets (continued)

	KraneShares Bloomberg China Bond Inclusion Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	82,563		$	293,571
Net Realized Loss		(415,825	)		(472,712	)
Net Change in Unrealized Appreciation (Depreciation)		123,163			(436,378	)
Net Decrease in Net Assets Resulting from Operations		(210,099	)		(615,519	)
Distributions		(65,514	)		(93,427	)
Return of Capital		—			(233,872	)
Capital Share Transactions:(1)
Issued		39,325			1,710,911
Redeemed		(7,865,176	)		(3,208,976	)
Decrease in Net Assets from Capital Share Transactions		(7,825,851	)		(1,498,065	)
Total Decrease in Net Assets		(8,101,464	)		(2,440,883	)
Net Assets:
Beginning of Year/Period		11,145,148			13,586,031
End of Year/Period	$	3,043,684		$	11,145,148
Share Transactions:
Issued		—			50,000
Redeemed		(250,000	)		(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		(250,000	)		(50,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

119

Statements of Changes in Net Assets (continued)

	KraneShares MSCI All China Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	164,469		$	171,637
Net Realized Loss		(709,247	)		(6,451,205	)
Net Change in Unrealized Appreciation (Depreciation)		(373,281	)		4,729,548
Net Decrease in Net Assets Resulting from Operations		(918,059	)		(1,550,020	)
Distributions		—			(311,974	)
Capital Share Transactions:(1)
Issued		8,973			3,417,132
Redeemed		(1,005,314	)		(8,941,286	)
Decrease in Net Assets from Capital Share Transactions		(996,341	)		(5,524,154	)
Total Decrease in Net Assets		(1,914,400	)		(7,386,148	)
Net Assets:
Beginning of Year/Period		8,794,521			16,180,669
End of Year/Period	$	6,880,121		$	8,794,521
Share Transactions:
Issued		—			150,000
Redeemed		(50,000	)		(400,000	)
Net Decrease in Shares Outstanding from Share Transactions		(50,000	)		(250,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

120

Statements of Changes in Net Assets (continued)

	KraneShares MSCI One Belt One Road Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	106,065		$	168,844
Net Realized Gain (Loss)		(116,523	)		46,956
Net Change in Unrealized Appreciation (Depreciation)		(244,640	)		(1,348,801	)
Net Decrease in Net Assets Resulting from Operations		(255,098	)		(1,133,001	)
Distributions		—			(215,731	)
Capital Share Transactions:(1)
Issued		—			12,878
Redeemed		—			(2,468,601	)
Decrease in Net Assets from Capital Share Transactions		—			(2,455,723	)
Total Decrease in Net Assets		(255,098	)		(3,804,455	)
Net Assets:
Beginning of Year/Period		4,485,233			8,289,688
End of Year/Period	$	4,230,135		$	4,485,233
Share Transactions:
Redeemed		—			(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(100,000	)

(1) Includes transaction costs related to creations and redemptions.

The accompanying notes are an integral part of the financial statements.

121

Statements of Changes in Net Assets (continued)

	KraneShares Emerging Markets Consumer Technology Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	8,065		$	249,218
Net Realized Loss		(6,955,472	)		(21,075,830	)
Net Change in Unrealized Appreciation (Depreciation)		5,393,722			12,501,817
Net Decrease in Net Assets Resulting from Operations		(1,553,685	)		(8,324,795	)
Capital Share Transactions:(1)
Issued		25,804			2,557,125
Redeemed		(17,694,603	)		(19,605,280	)
Decrease in Net Assets from Capital Share Transactions		(17,668,799	)		(17,048,155	)
Total Decrease in Net Assets		(19,222,484	)		(25,372,950	)
Net Assets:
Beginning of Year/Period		30,561,573			55,934,523
End of Year/Period	$	11,339,089		$	30,561,573
Share Transactions:
Issued		—			150,000
Redeemed		(1,200,000	)		(1,250,000	)
Net Decrease in Shares Outstanding from Share Transactions		(1,200,000	)		(1,100,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

122

Statements of Changes in Net Assets (continued)

	KraneShares MSCI China Clean Technology Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	771,918		$	458,574
Net Realized Loss		(21,153,982	)		(32,327,369	)
Net Change in Unrealized Appreciation (Depreciation)		9,222,282			533,752
Net Decrease in Net Assets Resulting from Operations		(11,159,782	)		(31,335,043	)
Distributions		—			(1,776,032	)
Capital Share Transactions:(1)
Issued		8,928			5,598,103
Redeemed		(6,559,813	)		(23,735,159	)
Decrease in Net Assets from Capital Share Transactions		(6,550,885	)		(18,137,056	)
Total Decrease in Net Assets		(17,710,667	)		(51,248,131	)
Net Assets:
Beginning of Year/Period		95,610,541			146,858,672
End of Year/Period	$	77,899,874		$	95,610,541
Share Transactions:
Issued		—			150,000
Redeemed		(250,000	)		(800,000	)
Net Decrease in Shares Outstanding from Share Transactions		(250,000	)		(650,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

123

Statements of Changes in Net Assets (continued)

	KraneShares Electric Vehicles and Future Mobility Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	1,172,914		$	2,256,078
Net Realized Loss		(8,861,191	)		(41,632,141	)
Net Change in Unrealized Appreciation (Depreciation)		(10,128,656	)		(23,323,322	)
Net Decrease in Net Assets Resulting from Operations		(17,816,933	)		(62,699,385	)
Distributions		—			(2,090,551	)
Capital Share Transactions:(1)
Issued		4,439,409			5,211,336
Redeemed		(8,889,193	)		(52,076,878	)
Decrease in Net Assets from Capital Share Transactions		(4,449,784	)		(46,865,542	)
Total Decrease in Net Assets		(22,266,717	)		(111,655,478	)
Net Assets:
Beginning of Year/Period		185,105,740			296,761,218
End of Year/Period	$	162,839,023		$	185,105,740
Share Transactions:
Issued		150,000			150,000
Redeemed		(300,000	)		(1,600,000	)
Net Decrease in Shares Outstanding from Share Transactions		(150,000	)		(1,450,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

124

Statements of Changes in Net Assets (continued)

	KraneShares MSCI All China Health Care Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	607,644		$	376,911
Net Realized Loss		(15,596,645	)		(41,140,859	)
Net Change in Unrealized Appreciation (Depreciation)		2,910,635			23,296,248
Net Decrease in Net Assets Resulting from Operations		(12,078,366	)		(17,467,700	)
Distributions		—			(50,955	)
Capital Share Transactions:(1)
Issued		10,073			11,751,147
Redeemed		(15,373,065	)		(36,551,437	)
Decrease in Net Assets from Capital Share Transactions		(15,362,992	)		(24,800,290	)
Total Decrease in Net Assets		(27,441,358	)		(42,318,945	)
Net Assets:
Beginning of Year/Period		94,492,040			136,810,985
End of Year/Period	$	67,050,682		$	94,492,040
Share Transactions:
Issued		—			550,000
Redeemed		(800,000	)		(1,750,000	)
Net Decrease in Shares Outstanding from Share Transactions		(800,000	)		(1,200,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

125

Statements of Changes in Net Assets (continued)

	KraneShares Asia Pacific High Income Bond ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	2,124,915		$	1,813,772
Net Realized Loss		(2,268,860	)		(3,640,259	)
Net Change in Unrealized Appreciation (Depreciation)		(524,372	)		924,584
Net Decrease in Net Assets Resulting from Operations		(668,317	)		(901,903	)
Distributions		(736,597	)		(2,002,618	)
Capital Share Transactions:(1)
Issued		468			4,213,744
Redeemed		(3,746,503	)		(7,799,091	)
Decrease in Net Assets from Capital Share Transactions		(3,746,035	)		(3,585,347	)
Total Decrease in Net Assets		(5,150,949	)		(6,489,868	)
Net Assets:
Beginning of Year/Period		20,045,273			26,535,141
End of Year/Period	$	14,894,324		$	20,045,273
Share Transactions:
Issued		—			150,000
Redeemed		(150,000	)		(300,000	)
Net Decrease in Shares Outstanding from Share Transactions		(150,000	)		(150,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

126

Statements of Changes in Net Assets (continued)

	KraneShares Emerging Markets Healthcare Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income (Loss)	$	6,967		$	(1,704	)
Net Realized Loss		(96,503	)		(360,813	)
Net Change in Unrealized Appreciation (Depreciation)		(56,868	)		(6,688	)
Net Decrease in Net Assets Resulting from Operations		(146,404	)		(369,205	)
Distributions		—			(4,560	)
Total Decrease in Net Assets		(146,404	)		(373,765	)
Net Assets:
Beginning of Year/Period		2,095,070			2,468,835
End of Year/Period	$	1,948,666		$	2,095,070

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

The accompanying notes are an integral part of the financial statements.

127

Statements of Changes in Net Assets (continued)

	KraneShares MSCI Emerging Markets ex China Index ETF
	Period Ended September 30, 2023		Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	519,501	$	745,190
Net Realized Gain (Loss)		73,894		(1,579,020	)
Net Change in Unrealized Appreciation (Depreciation)		52,885		(2,861,210	)
Net Increase (Decrease) in Net Assets Resulting from Operations		646,280		(3,695,040	)
Distributions		—		(693,378	)
Capital Share Transactions:(1)
Issued		—		14,955,300
Redeemed		—		(13,153,943	)
Increase in Net Assets from Capital Share Transactions		—		1,801,357
Total Increase (Decrease) in Net Assets		646,280		(2,587,061	)
Net Assets:
Beginning of Year/Period		30,111,635		32,698,696
End of Year/Period	$	30,757,915	$	30,111,635
Share Transactions:
Issued		—		600,000
Redeemed		—		(500,000	)
Net Increase in Shares Outstanding from Share Transactions		—		100,000

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

128

Statements of Changes in Net Assets (continued)

	KraneShares MSCI China ESG Leaders Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	89,229		$	108,423
Net Realized Loss		(688,110	)		(2,245,862	)
Net Change in Unrealized Appreciation (Depreciation)		59,546			1,510,945
Net Decrease in Net Assets Resulting from Operations		(539,335	)		(626,494	)
Distributions		—			(100,843	)
Capital Share Transactions:(1)
Issued		—			12,606
Redeemed		—			(2,245,452	)
Decrease in Net Assets from Capital Share Transactions		—			(2,232,846	)
Total Decrease in Net Assets		(539,335	)		(2,960,183	)
Net Assets:
Beginning of Year/Period		4,977,471			7,937,654
End of Year/Period	$	4,438,136		$	4,977,471
Share Transactions:
Redeemed		—			(100,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(100,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

129

Statements of Changes in Net Assets (continued)

	KraneShares CICC China 5G & Semiconductor Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	59,057		$	74,429
Net Realized Loss		(2,611,438	)		(2,842,161	)
Net Change in Unrealized Appreciation (Depreciation)		197,893			268,365
Net Decrease in Net Assets Resulting from Operations		(2,354,488	)		(2,499,367	)
Distributions		—			(45,914	)
Capital Share Transactions:(1)
Issued		1,061			3,203
Redeemed		(744,403	)		(4,057,370	)
Decrease in Net Assets from Capital Share Transactions		(743,342	)		(4,054,167	)
Total Decrease in Net Assets		(3,097,830	)		(6,599,448	)
Net Assets:
Beginning of Year/Period		15,096,412			21,695,860
End of Year/Period	$	11,998,582		$	15,096,412
Share Transactions:
Redeemed		(50,000	)		(250,000	)
Net Decrease in Shares Outstanding from Share Transactions		(50,000	)		(250,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

130

Statements of Changes in Net Assets (continued)

	KraneShares CICC China Consumer Leaders Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	108,233		$	134,895
Net Realized Loss		(20,096	)		(11,363,452	)
Net Change in Unrealized Appreciation (Depreciation)		(1,264,041	)		10,214,006
Net Decrease in Net Assets Resulting from Operations		(1,175,904	)		(1,014,551	)
Distributions		—			(68,755	)
Capital Share Transactions:(1)
Issued		—			293,649
Redeemed		—			(36,769,983	)
Decrease in Net Assets from Capital Share Transactions		—			(36,476,334	)
Total Decrease in Net Assets		(1,175,904	)		(37,559,640	)
Net Assets:
Beginning of Year/Period		6,969,834			44,529,474
End of Year/Period	$	5,793,930		$	6,969,834
Share Transactions:
Redeemed		—			(1,900,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(1,900,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

131

Statements of Changes in Net Assets (continued)

	KraneShares SSE STAR Market 50 Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income (Loss)	$	63,468		$	(222,457	)
Net Realized Loss		(4,020,214	)		(14,314,363	)
Net Change in Unrealized Appreciation (Depreciation)		(7,829,027	)		7,885,520
Net Decrease in Net Assets Resulting from Operations		(11,785,773	)		(6,651,300	)
Capital Share Transactions:(1)
Issued		819,230			2,467,586
Redeemed		(4,691,380	)		(13,360,925	)
Decrease in Net Assets from Capital Share Transactions		(3,872,150	)		(10,893,339	)
Total Decrease in Net Assets		(15,657,923	)		(17,544,639	)
Net Assets:
Beginning of Year/Period		48,129,510			65,674,149
End of Year/Period	$	32,471,587		$	48,129,510
Share Transactions:
Issued		50,000			150,000
Redeemed		(350,000	)		(800,000	)
Net Decrease in Shares Outstanding from Share Transactions		(300,000	)		(650,000	)

(1) Includes transaction costs related to creations and redemptions.

The accompanying notes are an integral part of the financial statements.

132

Statements of Changes in Net Assets (continued)

	KraneShares Hang Seng TECH Index ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Income	$	5,911‌		$	31,932‌
Net Realized Loss		(74,389	)		(4,108,228	)
Net Change in Unrealized Appreciation (Depreciation)		(626,621	)		2,353,946
Net Decrease in Net Assets Resulting from Operations		(695,099	)		(1,722,350	)
Distributions		—‌			(11,428	)
Capital Share Transactions:(1)
Issued		—‌			7,531,750
Redeemed		—‌			(4,053,614	)
Increase in Net Assets from Capital Share Transactions		—‌			3,478,136
Total Increase (Decrease) in Net Assets		(695,099	)		1,744,358
Net Assets:
Beginning of Year/Period		7,314,805			5,570,447
End of Year/Period	$	6,619,706		$	7,314,805
Share Transactions:
Issued		—‌			550,001
Redeemed		—‌			(400,000	)
Net Increase in Shares Outstanding from Share Transactions		—‌			150,001

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

133

Statements of Changes in Net Assets (continued)

	KraneShares China Innovation ETF
	Period Ended September 30, 2023			Year Ended March 31, 2023
	(unaudited)
Operations:
Net Investment Loss	$	(674	)	$	(634	)
Net Realized Loss		(30,943	)		(87,288	)
Net Change in Unrealized Appreciation (Depreciation)		(194,472	)		23,085
Net Decrease in Net Assets Resulting from Operations		(226,089	)		(64,837	)
Distributions		—			(110,615	)
Return of Capital		—			(53,934	)
Capital Share Transactions:(1)
Redeemed		—			(1,011,132	)
Decrease in Net Assets from Capital Share Transactions		—			(1,011,132	)
Total Decrease in Net Assets		(226,089	)		(1,240,518	)
Net Assets:
Beginning of Year/Period		1,597,059			2,837,577
End of Year/Period	$	1,370,970		$	1,597,059
Share Transactions:
Redeemed		—			(50,000	)
Net Decrease in Shares Outstanding from Share Transactions		—			(50,000	)

(1) Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

134

Statements of Changes in Net Assets (continued)

	KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
	Period Ended September 30, 2023			Period Ended March 31, 2023(1)
	(unaudited)
Operations:
Net Investment Income	$	58,905		$	36,318
Net Realized Gain		153,329			5,115
Net Change in Unrealized Appreciation (Depreciation)		(140,558	)		109,776
Net Increase in Net Assets Resulting from Operations		71,676			151,209
Distributions		—			(22,329	)
Capital Share Transactions:(2)
Issued		—			2,500,050
Increase in Net Assets from Capital Share Transactions		—			2,500,050
Total Increase in Net Assets		71,676			2,628,930
Net Assets:
Beginning of Year/Period		2,628,930			—
End of Year/Period	$	2,700,606		$	2,628,930
Share Transactions:
Issued		—			100,002
Net Increase in Shares Outstanding from Share Transactions		—			100,002

(1)	Commenced operations on September 14, 2022.
(2)	Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

135

Statements of Changes in Net Assets (continued)

	KraneShares China Internet and Covered Call Strategy ETF
	Period Ended September 30, 2023			Period Ended March 31, 2023(1)
	(unaudited)
Operations:
Net Investment Loss	$	(40,415	)	$	(1,113	)
Net Realized Gain		2,589,571			395,952
Net Change in Unrealized Appreciation (Depreciation)		1,276,665			(528,078	)
Net Increase (Decrease)  in Net Assets Resulting from Operations		3,825,821			(133,239	)
Distributions		(13,668,008	)		(395,952	)
Return of Capital		—			(139,051	)
Capital Share Transactions:(2)
Issued		119,953,725			5,982,226
Redeemed		(5,934,646	)		—
Increase in Net Assets from Capital Share Transactions		114,019,079			5,982,226
Total Increase in Net Assets		104,176,892			5,313,984
Net Assets:
Beginning of Year/Period		5,313,984			—
End of Year/Period	$	109,490,876		$	5,313,984
Share Transactions:
Issued		6,425,000			250,002
Redeemed		(325,000	)		—
Net Increase in Shares Outstanding from Share Transactions		6,100,000			250,002

(1)	Commenced operations on January 12, 2023.
(2)	Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

136

Statements of Changes in Net Assets (continued)

	KraneShares Dynamic Emerging Markets Strategy ETF
	Period Ended September  30, 2023(1)
Operations:
Net Investment Loss	$	(212	)
Net Realized Gain		62,052
Net Change in Unrealized Appreciation (Depreciation)		(62,590	)
Net Decrease in Net Assets Resulting from Operations		(750	)
Capital Share Transactions:(2)
Issued		7,491,762
Redeemed		(2,548,687	)
Increase in Net Assets from Capital Share Transactions		4,943,075
Total Increase in Net Assets		4,942,325
Net Assets:
Beginning of Year/Period		—
End of Year/Period	$	4,942,325
Share Transactions:
Issued		300,000
Redeemed		(100,000	)
Net Increase in Shares Outstanding from Share Transactions		200,000

(1)	Commenced operations on August 25, 2023.
(2)	Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

137

Statements of Changes in Net Assets (concluded)

	KraneShares Global Luxury Index ETF
	Period Ended September 30, 2023(1)
Operations:
Net Investment Income	$	2,209
Net Realized Loss		(5,504	)
Net Change in Unrealized Appreciation (Depreciation)		(70,104	)
Net Decrease in Net Assets Resulting from Operations		(73,399	)
Capital Share Transactions:(2)
Issued		1,830,915
Increase in Net Assets from Capital Share Transactions		1,830,915
Total Increase in Net Assets		1,757,516
Net Assets:
Beginning of Year/Period		—
End of Year/Period	$	1,757,516
Share Transactions:
Issued		75,000
Net Increase in Shares Outstanding from Share Transactions		75,000

(1)	Commenced operations on September 7, 2023.
(2)	Includes transaction costs related to creations and redemptions.

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

The accompanying notes are an integral part of the financial statements.

138

Financial Highlights

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2023 (Unaudited)

For the Years Ended March 31

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares CICC China Leaders 100 Index ETF
2023***	23.86	0.68	(1.83)	(1.15)	—	—	—
2023	28.78	0.87	(4.72)	(3.85)	(0.84)	(0.23)	—
2022	31.41	0.62	0.30	0.92	(0.63)	(2.92)	—
2021	25.03	0.80	6.41	7.21	(0.83)	—	—
2020	28.00	0.06	(2.98)	(2.92)	(0.05)	—	—
2019	33.88	0.66	(2.09)	(1.43)	(0.68)	(3.77)	—
KraneShares CSI China Internet ETF
2023***	31.25	0.03	(3.69)	(3.66)	—	—	—
2023	29.52	0.18	1.55	1.73	—	—	—
2022	75.59	(0.05)	(43.44)	(43.49)	—	(2.58)	—
2021	45.19	(0.28)	30.90	30.62	(0.22)	—	—
2020	47.04	(0.02)	(1.79)	(1.81)	(0.04)	—	—
2019	61.11	0.10	(12.90)	(12.80)	(0.01)	(1.26)	—
KraneShares Bosera MSCI China A 50 Connect Index ETF
2023***	26.09	0.45	(3.91)	(3.46)	—	—	—
2023	37.05	0.57	(5.28)	(4.71)	(0.54)	(5.71)	—
2022	43.97	0.43	(3.41)	(2.98)	(0.49)	(3.45)	—
2021	29.51	0.30	14.46	14.76	(0.30)	—	—
2020	31.88	0.47	(2.34)	(1.87)	(0.50)	—	—
2019	34.47	0.60	(2.27)	(1.67)	(0.52)	(0.40)	—
KraneShares Bloomberg China Bond Inclusion Index ETF
2023***	31.84	0.46	(1.49)	(1.03)	(0.37)	—	—
2023	33.97	0.68	(2.05)	(1.37)	(0.22)	—	(0.54)
2022	34.67	0.55	1.12	1.67	(2.37)	—	—
2021	32.31	0.60	2.57	3.17	(0.81)	—	—
2020	34.22	0.81	(1.75)	(0.94)	—	—	(0.97)
2019	37.23	1.31	(2.29)	(0.98)	(1.95)	—	(0.08)

*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.
***	For the six-month period ended September 30, 2023.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
^	The ratios of expenses and net investment income/(loss) to Average Net Assets reflect the expenses and net investment income/(loss), respectively, for the year/period as reported in the Statements of Operations and do not reflect the Fund’s proportionate share of the income and expenses of the money market funds.
~	During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).
(1)	During the year ended March 31, 2023, 2022, 2021, 2020, and 2019 the Fund participated in securities lending, generating $3,155,440, $3,419,311, $3,716,046, $5,794,534, and $9,746,130, respectively, in security lending income. The expense ratios include $301,354, $337,352, $376,498, $579,613, and $968,632, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.69%, 0.68%, 0.69%, 0,69%, and 0.69%, respectively.

The accompanying notes are an integral part of the financial statements.

139

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)~	Ratio of Expenses to Average Net Assets (Excluding Waivers, as applicable) (%)~	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)
—	22.71	(4.82)	4,542	0.69†	0.69†	5.79†	63	††
(1.07)	23.86	(13.15)	5,965	0.69	0.69	3.52	90
(3.55)	28.78	2.77	10,075	0.68	0.68	2.00	167
(0.83)	31.41	28.90	12,563	0.69	0.69	2.68	143
(0.05)	25.03	(10.45)	16,273	0.69	0.69	0.23	126
(4.45)	28.00	(0.62)	2,800	0.70	0.70	2.21	181
—	27.59	(11.71)	5,612,576	0.69†	0.69†	0.18†	15	††
—	31.25	5.86	6,111,669	0.69(1)	0.69	0.61	60
(2.58)	29.52	(57.99)	6,239,534	0.69(1)	0.69	(0.12)	60
(0.22)	75.59	67.77	3,662,260	0.70(1)	0.70	(0.39)	89
(0.04)	45.19	(3.85)	2,313,638	0.73(1)	0.73	(0.05)	33
(1.27)	47.04	(20.44)	2,074,505	0.75(1)	0.76	0.20	70
—	22.63	(13.26)	382,474	0.56†	0.78†	3.75†	25	††
(6.25)	26.09	(12.63)	470,873	0.55	0.78	1.83	68
(3.94)	37.05	(7.96)	559,393	0.59	0.79	0.97	89
(0.30)	43.97	50.00	802,364	0.59	0.79	0.74	35
(0.50)	29.51	(5.98)	507,508	0.59	0.80	1.52	91
(0.92)	31.88	(4.01)	604,035	0.60	0.80	2.05	106
(0.37)	30.44	(3.24)	3,044	0.49^†	0.69^†	2.93^†	87	††
(0.76)	31.84	(3.98)	11,145	0.49	0.69	2.15	151
(2.37)	33.97	4.89	13,586	0.42	0.68	1.59	159
(0.81)	34.67	9.91	12,134	0.57^	0.69^	1.80^	—
(0.97)	32.31	(2.75)	12,924	0.57^	0.70^	2.46^	—
(2.03)	34.22	(2.52)	18,822	0.58^	0.70^	3.76^	—

The accompanying notes are an integral part of the financial statements.

140

Financial Highlights (continued)

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2023 (Unaudited)

For the Years Ended March 31

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares MSCI All China Index ETF
2023***	21.99	0.44	(2.77)	(2.33)	—	—	—
2023	24.89	0.50	(2.15)	(1.65)	(0.77)	(0.48)	—
2022	34.46	0.47	(8.71)	(8.24)	(0.40)	(0.93)	—
2021	23.53	0.22	11.06	11.28	(0.35)	—	—
2020	25.48	0.36	(1.93)	(1.57)	(0.38)	—	—
2019	26.96	0.18	(1.23)	(1.05)	(0.43)	—	—
KraneShares MSCI One Belt One Road Index ETF
2023***	22.43	0.53	(1.81)	(1.28)	—	—	—
2023	27.63	0.73	(4.85)	(4.12)	(1.08)	—	—
2022	28.85	0.95	(1.18)	(0.23)	(0.99)	—	—
2021	17.76	0.48	11.16	11.64	(0.55)	—	—
2020	23.69	0.70	(5.58)	(4.88)	(1.05)	—	—
2019	25.64	0.48	(1.82)	(1.34)	(0.61)	—	—
KraneShares Emerging Markets Consumer Technology Index ETF
2023***	15.28	0.01	(1.12)	(1.11)	—	—	—
2023	18.04	0.10	(2.86)	(2.76)	—	—	—
2022	32.06	(0.05)	(13.90)	(13.95)	(0.01)	(0.06)	—
2021	19.55	0.11	13.14	13.25	(0.74)	—	—
2020	22.94	0.10	(3.07)	(2.97)	(0.42)	—	—
2019	26.48	—	(3.54)	(3.54)	—	—	—
KraneShares MSCI China Clean Technology Index ETF
2023***	28.54	0.24	(3.65)	(3.41)	—	—	—
2023	36.71	0.12	(7.75)	(7.63)	(0.10)	(0.44)	—
2022	40.34	0.21	(3.65)	(3.44)	(0.19)	—	—
2021	16.60	(0.28)	24.02	23.74	—#	—	—
2020	20.28	0.70	(3.29)	(2.59)	(1.09)	—	—
2019	23.86	0.39	(3.61)	(3.22)	(0.36)	—	—
KraneShares Electric Vehicles and Future Mobility Index ETF
2023***	30.60	0.20	(3.20)	(3.00)	—	—	—
2023	39.57	0.33	(8.98)	(8.65)	(0.32)	—	—
2022	42.25	0.08	0.39(3)	0.47	(0.52)	(2.63)	—
2021	19.02	0.08	23.21	23.29	(0.06)	—	—
2020	20.64	0.33	(1.51)	(1.18)	(0.44)	—	—
2019	23.30	0.21	(2.62)	(2.41)	(0.25)	—	—

*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.
***	For the six-month period ended September 30, 2023.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
#	Amount represents less than $0.005 per share.

The accompanying notes are an integral part of the financial statements.

141

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)~	Ratio of Expenses to Average Net Assets (Excluding Waivers, as applicable) (%)~	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)
—	19.66	(10.60)	6,880	0.49†	0.69†	4.26†	—	††
(1.25)	21.99	(6.44)	8,795	0.49	0.69	2.19	55
(1.33)	24.89	(24.35)	16,181	0.48	0.68	1.49	18	��
(0.35)	34.46	47.97	22,402	0.49	0.69	0.67	45
(0.38)	23.53	(6.30)	7,059	0.49	0.69	1.47	7
(0.43)	25.48	(3.52)	6,370	0.67	0.69	0.74	62
—	21.15	(5.71)	4,230	0.79†	0.79†	4.84†	12	††
(1.08)	22.43	(14.98)	4,485	0.79	0.79	2.96	34
(0.99)	27.63	(1.11)	8,290	0.78	0.78	3.12	36
(0.55)	28.85	65.82	10,099	0.79	0.79	2.07	39
(1.05)	17.76	(21.78)	7,105	0.80	0.80	3.03	30
(0.61)	23.69	(4.94)	21,322	0.79	0.79	2.05	72
—	14.17	(7.26)	11,339	0.60†	0.80†	0.10†	28	††
—	15.28	(15.30)	30,562	0.60(1)	0.80	0.66	87
(0.07)	18.04	(43.57)	55,935	0.59	0.79	(0.17)	97
(0.74)	32.06	67.85	110,604	0.59	0.79	0.36	112
(0.42)	19.55	(13.29)	22,485	0.81	0.81	0.46	56
—	22.94	(13.37)	28,680	0.80	0.80	(0.02)	119
—	25.13	(11.95)	77,900	0.79†	0.79†	1.78†	32	††
(0.54)	28.54	(20.71)	95,611	0.79	0.79	0.38	49
(0.19)	36.71	(8.61)	146,859	0.78	0.78	0.48	62
—	40.34	143.03	141,173	0.78	0.78	(0.65)	164
(1.09)	16.60	(13.17)	1,661	0.79	0.79	3.81	53
(0.36)	20.28	(13.28)	4,056	0.79	0.80	1.92	147
—	27.60	(9.80)	162,839	0.71†	0.71†	1.32†	16	††
(0.32)	30.60	(21.78)	185,106	0.72(2)	0.72	0.99	69
(3.15)	39.57	0.04	296,761	0.70	0.70	0.17	114
(0.06)	42.25	122.46	198,570	0.70	0.70	0.21	81
(0.44)	19.02	(6.15)	17,116	0.72	0.72	1.57	53
(0.25)	20.64	(10.19)	33,026	0.70	0.70	0.98	74

~	During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).
(1)	The expense ratio includes $6,087 in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.58%.
(2)	The expense ratio includes $67,245 in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.69%.
(3)	Realized and unrealized gains and losses per share are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

The accompanying notes are an integral part of the financial statements.

142

Financial Highlights (continued)

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2023 (Unaudited)

For the Years/Periods Ended March 31

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares MSCI All China Health Care Index ETF
2023***	20.77	0.15	(3.04)	(2.89)	—	—	—
2023	23.79	0.07	(3.08)	(3.01)	(0.01)	—	—
2022	38.30	(0.02)	(10.44)	(10.46)	—	(4.05)	—
2021	23.78	(0.09)	14.61	14.52	—#	—	—
2020	22.29	0.07	1.48	1.55	(0.06)	—	—
2019	26.65	0.02	(4.30)	(4.28)	(0.04)	(0.04)	—
KraneShares Asia Pacific High Income Bond ETF
2023***	26.73	2.88	(3.76)	(0.88)	(1.03)	—	—
2023	29.48	2.23	(2.44)	(0.21)	(2.54)	—	—
2022	39.14	1.78	(9.26)	(7.48)	(1.88)	—	(0.30)
2021	37.32	2.10	2.44	4.54	(2.58)	(0.14)	—
2020	40.73	2.08	(3.49)	(1.41)	(1.81)	(0.19)	—
2019(1)	40.00	1.55	0.67	2.22	(1.31)	—#	(0.18)
KraneShares Emerging Markets Healthcare Index ETF
2023***	20.95	0.07	(1.53)	(1.46)	—	—	—
2023	24.69	(0.02)	(3.67)	(3.69)	(0.05)	—	—
2022	33.39	0.09	(8.68)	(8.59)	(0.11)	—	—
2021	20.85	(0.02)	12.57	12.55	(0.01)	—	—
2020	22.38	0.01	(1.16)	(1.15)	(0.37)	—	(0.01)
2019(2)	25.00	(0.04)	(2.58)	(2.62)	—#	—	—

*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.
***	For the six-month period ended September 30, 2023.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
#	Amount represents less than $0.005 per share.
~	During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).
(1)	The Fund commenced operations on June 26, 2018.
(2)	The Fund commenced operations on August 29, 2018.
(3)	The expense ratio includes $1,908 in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.64%.

The accompanying notes are an integral part of the financial statements.

143

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)~	Ratio of Expenses to Average Net Assets (Excluding Waivers, as applicable) (%)~	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)
—	17.88	(13.91)	67,051	0.65†	0.79†	1.53†	7	††
(0.01)	20.77	(12.65)	94,492	0.65(3)	0.79	0.35	32
(4.05)	23.79	(28.88)	136,811	0.65	0.79	(0.04)	44
—	38.30	61.06	214,464	0.65	0.79	(0.25)	45
(0.06)	23.78	6.95	32,110	0.69	0.79	0.32	101
(0.08)	22.29	(15.99)	39,004	0.79	0.79	0.08	71
(1.03)	24.82	(3.34)	14,894	0.69†	0.69†	22.16†	67	††
(2.54)	26.73	(0.44)	20,045	0.69	0.69	8.19	119
(2.18)	29.48	(19.73)	26,535	0.68	0.68	5.33	150
(2.72)	39.14	12.32	9,786	0.69	0.69	5.32	53
(2.00)	37.32	(3.72)	11,197	0.70	0.70	5.12	70
(1.49)	40.73	5.72	12,220	0.69†	0.69†	5.13†	38	††
—	19.49	(6.97)	1,949	0.79†	0.79†	0.67†	20	††
(0.05)	20.95	(14.97)	2,095	0.79	0.79	(0.08)	36
(0.11)	24.69	(25.77)	2,469	0.81	0.81	0.29	28
(0.01)	33.39	60.18	5,009	0.80	0.80	(0.05)	73
(0.38)	20.85	(5.25)	1,043	0.80	0.80	0.04	61
—	22.38	(10.47)	4,476	0.79†	0.79†	(0.34)†	57	††

The accompanying notes are an integral part of the financial statements.

144

Financial Highlights (concluded)

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2023 (Unaudited)

For the Years/Periods Ended March 31

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares MSCI Emerging Markets ex China Index ETF
2023***	25.09	0.43	0.11	0.54	—	—	—
2023	29.73	0.91	(4.56)	(3.65)	(0.99)	—	—
2022	30.99	0.79	(0.56)	0.23	(0.73)	(0.76)	—
2021	18.41	0.55	12.53	13.08	(0.50)	—	—
2020(1)	25.00	0.60	(6.45)	(5.85)	(0.74)	—	—
KraneShares MSCI China ESG Leaders Index ETF
2023***	19.91	0.36	(2.52)	(2.16)	—	—	—
2023	22.68	0.40	(2.77)	(2.37)	(0.40)	—	—
2022	32.10	0.39	(9.18)	(8.79)	(0.33)	(0.30)	—
2021(2)	25.00	(0.07)	7.32	7.25	—	(0.15)	—
KraneShares CICC China 5G & Semiconductor Index ETF
2023***	17.76	0.07	(2.83)	(2.76)	—	—	—
2023	19.72	0.08	(1.99)	(1.91)	(0.05)	—	—
2022	23.08	0.04	(3.40)	(3.36)	—	—	—
2021(3)	25.00	(0.06)	(1.86)	(1.92)	—	—	—
KraneShares CICC China Consumer Leaders Index ETF
2023***	19.91	0.31	(3.67)	(3.36)	—	—	—
2023	19.79	0.26	0.06	0.32	(0.20)	—	—
2022	25.82	0.15	(6.06)	(5.91)	(0.12)	—	—
2021(4)	25.00	(0.05)	0.87	0.82	—	—	—

*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.
***	For the six-month period ended September 30, 2023.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
~	During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).
(1)	The Fund commenced operations on April 12, 2019.
(2)	The Fund commenced operations on July 28, 2020.
(3)	The Fund commenced operations on November 23, 2020.
(4)	The Fund commenced operations on December 8, 2020.

The accompanying notes are an integral part of the financial statements.

145

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)~	Ratio of Expenses to Average Net Assets (Excluding Waivers, as applicable) (%)~	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)
—	25.63	2.15	30,758	0.24†	0.59†	3.31†	4	††
(0.99)	25.09	(12.12)	30,112	0.24	0.59	3.55	50
(1.49)	29.73	0.57	32,699	0.23	0.58	2.52	23
(0.50)	30.99	71.19	30,991	0.30	0.58	1.90	19
(0.74)	18.41	(24.31)	1,841	0.50†	0.60†	2.54†	5	††
—	17.75	(10.85)	4,438	0.59†	0.59†	3.81†	25	††
(0.40)	19.91	(10.38)	4,977	0.59	0.59	1.97	42
(0.63)	22.68	(27.63)	7,938	0.59	0.59	1.30	57
(0.15)	32.10	29.05	12,839	0.58†	0.58†	(0.35)†	30	††
—	15.00	(15.54)	11,999	0.65†	0.79†	0.85†	35	††
(0.05)	17.76	(9.62)	15,096	0.65	0.79	0.47	25
—	19.72	(14.56)	21,696	0.65	0.79	0.17	58
—	23.08	(7.68)	118,880	0.64†	0.78†	(0.64)†	59	††
—	16.55	(16.88)	5,794	0.69†	0.69†	3.49†	13	††
(0.20)	19.91	1.64	6,970	0.69	0.69	1.32	46
(0.12)	19.79	(22.98)	44,529	0.68	0.68	0.63	62
—	25.82	3.28	54,219	0.68†	0.68†	(0.63)†	50	††

The accompanying notes are an integral part of the financial statements.

146

Financial Highlights (concluded)

Selected Per Share Data & Ratios

For the Periods Ended September 30, 2023 (Unaudited)

For the Years/Periods Ended March 31

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income (Loss) ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares SSE STAR Market 50 Index ETF
2023***	16.89	0.02	(4.18)	(4.16)	—	—	—
2023	18.76	(0.07)	(1.80)	(1.87)	—	—	—
2022	21.06	(0.14)	(2.16)	(2.30)	—	—	—
2021(1)	25.00	(0.03)	(3.91)	(3.94)	—	—	—
KraneShares Hang Seng TECH Index ETF
2023***	13.30	0.01	(1.27)	(1.26)	—	—	—
2023	13.93	0.05	(0.66)	(0.61)	(0.02)	—	—
2022(2)	25.00	0.01	(11.08)	(11.07)	—	—	—
KraneShares China Innovation ETF
2023***	15.97	(0.01)	(2.25)	(2.26)	—	—	—
2023	18.92	(0.01)	(1.29)	(1.30)	—	(1.11)	(0.54)
2022(3)	25.00	(0.01)	(6.03)	(6.04)	(0.04)	—	—
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
2023***	26.29	0.59	0.13	0.72	—	—	—
2023(4)	25.00	0.37	1.14	1.51	(0.22)	—	—
KraneShares China Internet and Covered Call Strategy ETF
2023***	21.26	(0.02)	1.14	1.12	(5.14)	—	—
2023(5)	25.00	(0.01)	(0.91)	(0.92)	(2.09)	—	(0.73)
KraneShares Dynamic Emerging Markets Strategy ETF
2023***(6)	25.00	—	(0.29)	(0.29)	—	—	—
KraneShares Global Luxury Index ETF
2023***(7)	25.00	0.05	(1.62)	(1.57)	—	—	—

*	Per share data calculated using average shares method.
**	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.
†	Annualized.
††	Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.
~	During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).
***	For the six-month period ended September 30, 2023.
(1)	The Fund commenced operations on January 26, 2021.
(2)	The Fund commenced operations on June 8, 2021.
(3)	The Fund commenced operations on October 5, 2021.
(4)	The Fund commenced operations on September 15, 2022.
(5)	The Fund commenced operations on January 12, 2023.
(6)	The Fund commenced operations on August 25, 2023.
(7)	The Fund commenced operations on September 7, 2023.

The accompanying notes are an integral part of the financial statements.

147

Total from Distributions ($)	Net Asset Value, End of Period ($)	Total Return (%)**	Net Assets End of Period ($)(000)	Ratio of Expenses to Average Net Assets (%)~	Ratio of Expenses to Average Net Assets (Excluding Waivers, as applicable) (%)~	Ratio of Net Investment Income (Loss) to Average Net Assets (%)	Portfolio Turnover (%)
—	12.73	(24.63)	32,472	0.89†	0.89†	0.30†	14	††
—	16.89	(9.97)	48,130	0.89	0.89	(0.44)	43
—	18.76	(10.92)	65,674	0.88	0.88	(0.57)	78
—	21.06	(15.76)	93,722	0.88†	0.88†	(0.88)†	12	††
—	12.04	(9.47)	6,620	0.69†	0.69†	0.17†	22	††
(0.02)	13.30	(4.37)	7,315	0.69	0.69	0.42	126
—	13.93	(44.28)	5,570	0.68†	0.68†	0.09†	60	††
—	13.71	(14.15)	1,371	0.11†	0.26†	(0.09)†	4	††
(1.65)	15.97	(6.60)	1,597	0.14	0.26	(0.03)	4
(0.04)	18.92	(24.19)	2,838	0.25†	0.25†	(0.06)†	4	††
—	27.01	2.74	2,701	0.69†	0.69†	4.27†	35	††
(0.22)	26.29	6.08	2,629	0.68†	0.68†	2.68†	35	††
(5.14)	17.24	6.46	109,491	0.26†	0.26†	(0.20)†	1	††
(2.82)	21.26	(3.56)	5,314	0.26†	0.26†	(0.14)†	—	††
—	24.71	(1.16)	4,942	0.10†	0.10†	(0.05)†	—	††
—	23.43	(6.28)	1,758	0.69†	0.69†	2.83†	—	††

The accompanying notes are an integral part of the financial statements.

148

Notes to Financial Statements (Unaudited)

1. ORGANIZATION

KraneShares Trust (the “Trust”) is a Delaware Statutory Trust formed on February 3, 2012. The Trust is registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), as an open-end management investment company. As of September 30, 2023, the Trust had thirty-three operational series. The financial statements herein and the related notes pertain to the following 21 series: KraneShares CICC China Leaders 100 Index ETF, KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares Bloomberg China Bond Inclusion Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Income Bond ETF, KraneShares Emerging Markets Healthcare Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares MSCI China ESG Leaders Index ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares CICC China Consumer Leaders Index ETF, KraneShares SSE STAR Market 50 Index ETF, KraneShares Hang Seng TECH Index ETF, KraneShares China Innovation ETF, KraneShares S&P Pan Asia Dividend Aristocrats Index ETF, KraneShares China Internet and Covered Call Strategy ETF, KraneShares Dynamic Emerging Markets Strategy ETF and KraneShares Global Luxury Index ETF (each, a “Fund” and collectively, the “Funds”). KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI One Belt One Road Index ETF and KraneShares Electric Vehicles and Future Mobility Index ETF are diversified Funds. All other Funds are non-diversified Funds, as defined under Section 5(b)(1) of the Investment Company Act. Krane Funds Advisors, LLC (“Krane” or the ‘‘Adviser’’), a Delaware limited liability company, serves as the investment adviser for the Funds and is subject to the supervision of the Board of Trustees (the ‘‘Board’’). The Adviser is responsible for managing the investment activities of the Funds, the Funds’ business affairs and other administrative matters. The Adviser may use sub-advisers (each, a “Sub-Adviser” or collectively, the “Sub-Advisers”) to perform the day-to-day management of the Funds.

China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited owns a majority stake in Krane. As of September 30, 2023, Central Huijin Investment Limited, a mainland Chinese-domiciled entity, and HKSCC Nominees Limited, held approximately 40.1% and 39.4%, respectively, of the shares of China International Capital Corporation Limited. Central Huijin Investment Limited is a wholly-owned subsidiary of China Investment Corporation, which is a mainland Chinese sovereign wealth fund. KFA One Holdings, LLC, located at 280 Park Avenue 32^nd Floor, New York, New York, 10017, holds the remaining equity interests in Krane and Jonathan Krane, through his equity interests in KFA One Holdings, LLC, beneficially owns more than 10% of the equity interests in Krane.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the “Exchange”). Market prices for Fund shares (“Shares”) may be different from their net asset value (“NAV”). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 25,000, 50,000 or 100,000 Shares or multiples thereof, called “Creation Units”. This does not mean, however, that individual investors will be able to redeem and purchase Shares directly with the series of the Trust. Only Authorized Participants can redeem and purchase Creation Units of Shares

149

Notes to Financial Statements (Unaudited) (continued)

directly. Each Fund will issue and redeem Shares for a basket of securities and/or a balancing cash amount. Individual shares trade in the secondary market at market prices that change throughout the day.

The investment objective of each of the following Funds is to seek to provide a total return or investments results that (before fees and expenses) tracks the performance of its respective index listed below (each, an “Underlying Index”):

KraneShares Funds	Index
KraneShares CICC China Leaders 100 Index ETF	CSI CICC Select 100 Index
KraneShares CSI China Internet ETF	CSI Overseas China Internet Index
KraneShares Bosera MSCI China A 50 Connect Index ETF	MSCI China A 50 Connect Index
KraneShares Bloomberg China Bond Inclusion Index ETF	Bloomberg China Inclusion Focused Bond Index
KraneShares MSCI All China Index ETF	MSCI China All Shares Index
KraneShares MSCI One Belt One Road Index ETF	MSCI Global China Infrastructure Exposure Index
KraneShares Emerging Markets Consumer Technology Index ETF	Solactive Emerging Markets Consumer Technology Index
KraneShares MSCI China Clean Technology Index ETF	MSCI China IMI Environment 10/40 Index
KraneShares Electric Vehicles and Future Mobility Index ETF	Bloomberg Electric Vehicles Index
KraneShares MSCI All China Health Care Index ETF	MSCI China All Shares Health Care 10/40 Index
KraneShares Emerging Markets Healthcare Index ETF	Solactive Emerging Markets Healthcare Index
KraneShares MSCI Emerging Markets ex China Index ETF	MSCI Emerging Markets ex China Index
KraneShares MSCI China ESG Leaders Index ETF	MSCI China ESG Leaders 10/40 Index
KraneShares CICC China 5G & Semiconductor Index ETF	CICC China 5G and Semiconductor Leaders Index
KraneShares CICC China Consumer Leaders Index ETF	CICC China Consumer Leaders Index
KraneShares SSE STAR Market 50 Index ETF	SSE Science and Technology Innovation Board 50 Index
KraneShares Hang Seng TECH Index ETF	Hang Seng TECH Index
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF	S&P Pan Asia Dividend Aristocrats® Index
KraneShares Global Luxury Index ETF	Solactive Global Luxury Index

KraneShares China Innovation ETF, KraneShares China Internet and Covered Call Strategy ETF, and Kraneshares Dynamic Emerging Markets Strategy ETF invest in underlying funds but do not directly track an index.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of the significant accounting policies followed by the Funds. The Funds are investment companies that apply the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board (“FASB”).

150

Notes to Financial Statements (Unaudited) (continued)

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates, and could have a material impact to the Funds.

SECURITY VALUATION — The NAV per share of each Fund is computed by dividing the value of the net assets of a Fund (i.e., the value of its total assets less total liabilities and withholdings) by the total number of shares of a Fund outstanding, rounded to the nearest cent. Expenses and fees, including without limitation, the management, administration and distribution fees, are accrued daily and taken into account for purposes of determining NAV. The NAV per share for each Fund normally is calculated by the Administrator (as defined below) and determined as of the regularly scheduled close of normal trading on each day that the NYSE is scheduled to be open for business (normally 4:00 p.m., Eastern Time). Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

Securities listed on a securities exchange (i.e., exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund’s NAV is calculated if a security’s exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used.

If a security price cannot be obtained from an independent, third-party pricing agent, the Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

If available, debt securities are priced based upon valuations provided by independent, third-party pricing agents. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Debt obligations with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value.

The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. The exchange rates used for valuation are captured as of the close of the London Stock Exchange each day normally at 4:00 p.m. Greenwich Mean Time. The value of a swap contract is equal to the obligation (or rights) under the swap contract, which will generally be equal to the net amounts to be paid or received under the contract based upon the relative values of the positions held by each party to the contract as determined by the applicable independent, third party pricing agent. Exchange-traded options, except as discussed below for FLEX options, are valued at the last reported sales price on the exchange on which they are listed. If there is no such reported sale on the valuation date, long positions are valued at the most recent bid price, and short positions are valued at the most recent ask price. Over-the-counter (“OTC”) options are valued based upon prices determined by the applicable independent, third party pricing agent.

151

Notes to Financial Statements (Unaudited) (continued)

Futures are valued at the settlement price established by the board of trade on which they are traded. Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate and the 30-, 60-, 90- and 180-day forward rates provided by an independent pricing agent. As of and during the period ended September 30, 2023, the Funds did not hold swaps or foreign currency forward contracts.

FLEX (short for flexible) options are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX options occurs, the trade price will be used to value such FLEX options in lieu of the model price.

On certain days, the settlement price for futures may not be available at the time the Fund calculates its NAV. On such days, the best available price (which is typically the last trade price) may be used to value futures.

Investments in open-end investment companies that do not trade on an exchange are valued at the end of day NAV per share. Investments in open-end investment companies that trade on an exchange are valued in the same manner as other exchange-traded equity securities (described above).

Securities issued by a wholly owned subsidiary of a Fund will be valued at the subsidiary’s net asset value, which will be determined using the same pricing policies and procedures applicable to the Fund.

Investments for which market prices are not ‘‘readily available,’’ or are not deemed to reflect current market values, or are debt securities where no evaluated price is available from third-party pricing agents pursuant to established methodologies, are fair valued in accordance with the Adviser’s valuation policies and procedures approved by the Board. Some of the more common reasons that may necessitate that a security be valued using ‘‘fair value’’ pricing may include, but are not limited to: the security’s trading has been halted or suspended; the security’s primary trading market is temporarily closed; or the security has not been traded for an extended period of time.

In addition, a Fund may fair value its securities if an event that may materially affect the value of a Fund’s securities that trade outside of the United States (a ‘‘Significant Event’’) has occurred between the time of the security’s last close and the time that a Fund calculates its NAV. A Significant Event may relate to a single issuer or to an entire market sector, country or region. Events that may be Significant Events may include: government actions, natural disasters, armed conflict, acts of terrorism and significant market fluctuations. If Krane becomes aware of a Significant Event that has occurred with respect to a portfolio instrument or group of portfolio instruments after the closing of the exchange or market on which the portfolio instrument or portfolio instruments principally trade, but before the time at which a Fund calculates its NAV, it will notify the Administrator and may request that an ad hoc meeting of the Fair Valuation Committee be called.

With respect to trade-halted securities, the Adviser typically will fair value a trade-halted security by adjusting the security’s last market close price by the security’s sector performance, as measured by a predetermined index, unless Krane’s Fair Valuation Committee determines to make additional adjustments. Certain foreign securities exchanges have mechanisms in place that confine one day’s price movement in an individual security to a pre-determined price range based on that day’s opening price (“Collared Securities”). Fair value determinations for Collared Securities will generally be capped based on any applicable pre-determined “limit down” or “limit up” prices established by the relevant foreign securities exchange. As an example, China A-Shares can only

152

Notes to Financial Statements (Unaudited) (continued)

be plus or minus ten percent in one day of trading in the relevant mainland China equity market. As a result, the fair value price determination on a given day will generally be capped plus or minus ten percent.

Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could actually be realized upon the sale of the security or that another fund that uses market quotations or its own fair value procedures to price the same securities. In addition, fair value pricing could result in a difference between the prices used to calculate a Fund’s NAV and the prices used by the Underlying Index. This may adversely affect a Fund’s ability to track its Underlying Index.

Trading in securities on many foreign exchanges is normally completed before the close of business on each Business Day (a “Business Day”, as used herein, is any day on which the Exchange is open for business). In addition, securities trading in a particular country or countries may not take place on each Business Day or may take place on days that are not Business Days. Changes in valuations on certain securities may occur at times or on days on which a Fund’s NAV is not calculated and on which Fund shares do not trade and sales and redemptions of shares do not occur. As a result, the value of a Fund’s portfolio securities and the net asset value of its shares may change on days when share purchases or sales cannot occur.

Fund shares are purchased or sold on a national securities exchange at market prices, which may be higher or lower than NAV. Transactions in Fund shares will be priced at NAV only if shares are purchased or redeemed directly from a Fund in Creation Units. No secondary sales will be made to brokers or dealers at concession by the Distributor or by a Fund. Purchases and sales of shares in the secondary market, which will not involve a Fund, will be subject to customary brokerage commissions and charges.

In accordance with the authoritative guidance on fair value measurements and disclosure under U.S. GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that the Funds have the ability to access at the measurement date.

Level 2 – Other significant observable inputs (including quoted prices in non-active markets, quoted prices for similar investments, fair value of investments for which the Funds have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term, and short-term investments valued at amortized cost).

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments, broker quotes, fair value of investments for which the Funds do not have the ability to fully redeem tranches at net asset value as of the measurement date or within the near term).

153

Notes to Financial Statements (Unaudited) (continued)

Investments are classified within the level of the lowest significant input considered in determining fair value. Investments classified within Level 3 whose fair value measurement considers several inputs may include Level 1 or Level 2 inputs as components of the overall fair value measurement. For details of the investment classification, refer to each Fund’s Schedule of Investments.

FEDERAL INCOME TAXES — It is each Fund’s intention to qualify or continue to qualify as a regulated investment company for federal income tax purposes by complying with the appropriate provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute annually all or substantially all of its taxable income and gains to shareholders. Accordingly, no provisions for federal income taxes have been made in the financial statements.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not” (i.e., greater than 50 percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provisions in the current period. However, management’s conclusions regarding tax positions may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three tax year ends, as applicable), on-going analysis of and changes to tax laws, regulations and interpretations thereof.

As of September 30, 2023, management of the Funds has reviewed all open tax years since inception and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

SECURITY TRANSACTIONS AND INVESTMENT INCOME — Security transactions are accounted for on the trade date for financial reporting purposes. Costs used in determining realized gains and losses on the sale of investment securities are based on specific identification. Dividend income is recorded, net of any applicable withholding tax, on the ex-dividend date, or for certain foreign securities, when the information becomes available to the Funds. Interest income is recognized on the accrual basis from the settlement date and includes the amortization of premiums and the accretion of discount calculated using the effective interest method.

Dividend income received from affiliated funds is recognized on the ex-dividend date and is recorded as income distributions in the Statement of Operations. Capital gain distributions received from affiliated funds are recognized on ex-dividend date and are recorded on the Statement of Operations as such. Costs used in determining realized gains and losses on the sales of affiliated funds are on the basis of specific identification. See details on the Statements of Operations.

OPTIONS — The KraneShares China Internet and Covered Call Strategy ETF writes (sells) at the money FLexible EXchange^® call options (“FLEX options”) on the KraneShares CSI China Internet ETF (“Underlying Fund”). The KraneShares China Internet and Covered Call Strategy ETF will cover such options by holding the Underlying Fund. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Each FLEX option written will generally (i) have an expiration date greater than 30 days; (ii) have an exercise price generally at the prevailing market price of the Underlying Fund; and (iii) be traded on a national securities exchange. The KraneShares China Internet and Covered Call Strategy ETF will attempt to hold each FLEX option written until expiration. However, if there are redemptions in the

154

Notes to Financial Statements (Unaudited) (continued)

KraneShares China Internet and Covered Call Strategy ETF, it may not be able to hold such options until expiration. In addition, each FLEX option written generally will only be subject to exercise on its expiration date.

As of September 30, 2023, the KraneShares China Internet and Covered Call Strategy ETF had open written option positions. Refer to the KraneShares China Internet and Covered Call Strategy ETF’s Schedule of Investments for details regarding open options as of September 30, 2023. All options held during the period were equity options.

For the period ended September 30, 2023, the average monthly cost for written options held during the period by the KraneShares China Internet and Covered Call Strategy ETF was $2,918,570.

FOREIGN CURRENCY — The books and records of the Funds are maintained in U.S. dollars. Investment securities and other assets and liabilities denominated in a foreign currency are translated into U.S. dollars on the date of valuation. Purchases and sales of investment securities, income and expenses are translated into U.S. dollars at the relevant rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of realized or unrealized gains and losses resulting from changes in the foreign exchange rate from fluctuations arising from changes in the market prices of the securities. The Funds report certain foreign-currency-related transactions as components of realized gains for financial reporting purposes, whereas such components are treated as ordinary income for Federal income tax purposes.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund, except for the KraneShares Asia Pacific High Income Bond ETF, the KraneShares Bloomberg China Bond Inclusion Index ETF and the KraneShares China Internet and Covered Call Strategy ETF, intends to pay out dividends, if any, at least annually; each of the KraneShares Asia Pacific High Income Bond ETF, the KraneShares Bloomberg China Bond Inclusion Index ETF and the KraneShares China Internet and Covered Call Strategy ETF intend to pay out dividends, if any, at least monthly. The Funds distribute their net investment income at least annually. Any net realized capital gains are distributed annually. All distributions are recorded on the ex-dividend date.

CASH OVERDRAFT CHARGES — Per the terms of an agreement with Brown Brothers Harriman & Co. (“BBH”), the Funds’ Custodian, if a Fund has a cash overdraft on a given day, it will be assessed an overdraft charge of the BBH Overdraft Base Rate plus 2.00%. Cash overdraft charges are included in “Interest Expense” on the Statements of Operations.

SECURITIES LENDING — The Funds may lend securities from their portfolios to brokers, dealers and other financial institutions. In connection with such loans, a Fund remains the beneficial owner of the loaned securities and continues to receive payments in amounts approximately equal to the interest, dividends or other distributions payable on the loaned securities. A Fund also has the right to terminate a loan at any time. A Fund does not have the right to vote on securities while they are on loan. Loans of portfolio securities will not exceed 33 1/3% of the value of a Fund’s total assets (including the value of all assets received as collateral for the loan). A Fund will receive collateral in an amount equal to at least 100% of the current market value of the loaned securities. If the collateral consists of cash, a Fund will reinvest the cash and pay the borrower a pre-negotiated fee or “rebate” from any return earned on the investment. Should the borrower of the securities fail financially, a Fund may experience delays in recovering the loaned securities or exercising its rights in the collateral. In a loan transaction, a Fund will also bear the risk of any decline in value of securities acquired with cash collateral. Krane and a sub-adviser are subject to potential conflicts of interest because the compensation paid to them increases in connection with any net

155

Notes to Financial Statements (Unaudited) (continued)

income received by a Fund from a securities lending program. Each Fund pays Krane 10% of any net monthly income received from the investment of cash collateral and loan fees received from borrowers in respect of each securities loan (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers) (see Note 4).

The following table discloses the securities on loan as of September 30, 2023:

KraneShares Funds	Market Value Securities on Loan		Cash Collateral for Securities on Loan
KraneShares CSI China Internet ETF	$	87,004,801	$	90,193,314
KraneShares Emerging Markets Consumer Technology Index ETF		324,536		340,822
KraneShares Electric Vehicles and Future Mobility Index ETF		15,254,850		15,913,771
KraneShares MSCI All China Health Care Index ETF		827,432		869,140

CREATION UNITS — The Funds issue and redeem Shares at NAV and only in large blocks of Shares (each block of Shares for a Fund is a Creation Unit of 25,000 Shares, 50,000 Shares, 100,000 Shares, or multiples thereof). In its discretion, the Trust reserves the right to increase or decrease the number of each Fund’s shares that constitute a Creation Unit.

Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased or redeemed by certain Authorized Participants. An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company (‘‘DTC’’) participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the Shares directly from a Fund. Rather, most retail investors will purchase Shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees when buying or selling Shares. If a Creation Unit is purchased or redeemed for cash, a higher transaction fee may be charged.

The following table discloses Creation Unit breakdown for the period ended September 30, 2023:

KraneShares Funds	Creation Unit Shares		Standard Transaction Fee - Subscriptions		Value at September 30, 2023		Standard Transaction Fee - Redemptions		Maximum Variable Transaction Fee*
KraneShares CICC China Leaders 100 Index ETF		50,000	$	1,700	$	1,135,500	$	1,700		2.00	%
KraneShares CSI China Internet ETF		50,000		500		1,379,500		500		2.00	%
KraneShares Bosera MSCI China A 50 Connect Index ETF		50,000		850		1,131,500		850		2.00	%
KraneShares Bloomberg China Bond Inclusion Index ETF		50,000		500		1,522,000		500		2.00	%
KraneShares MSCI All China Index ETF		50,000		4,250		983,000		4,250		2.00	%
KraneShares MSCI One Belt One Road Index ETF		50,000		3,600		1,057,500		3,600		2.00	%
KraneShares Emerging Markets Consumer Technology Index ETF		50,000		1,500		708,500		1,500		2.00	%
KraneShares MSCI China Clean Technology Index ETF		50,000		800		1,256,500		800		2.00	%

156

Notes to Financial Statements (Unaudited) (continued)

KraneShares Funds	Creation Unit Shares		Standard Transaction Fee - Subscriptions		Value at September 30, 2023		Standard Transaction Fee - Redemptions		Maximum Variable Transaction Fee*
KraneShares Electric Vehicles and Future Mobility Index ETF		50,000	$	800	$	1,380,000	$	800		2.00	%
KraneShares MSCI All China Health Care Index ETF		50,000		1,200		894,000		1,200		2.00	%
KraneShares Asia Pacific High Income Bond ETF		50,000		600		1,241,000		600		2.00	%
KraneShares Emerging Markets Healthcare Index ETF		50,000		2,100		974,500		2,100		2.00	%
KraneShares MSCI Emerging Markets ex China Index ETF		100,000		15,000		2,563,000		15,000		2.00	%
KraneShares MSCI China ESG Leaders Index ETF		50,000		2,100		887,500		2,100		2.00	%
KraneShares CICC China 5G & Semiconductor Index ETF		50,000		500		750,000		500		2.00	%
KraneShares CICC China Consumer Leaders Index ETF		50,000		500		827,500		500		2.00	%
KraneShares SSE STAR Market 50 Index ETF		50,000		2,250		636,500		2,250		2.00	%
KraneShares Hang Seng TECH Index ETF		50,000		550		602,000		550		2.00	%
KraneShares China Innovation ETF		50,000		50		685,500		50		2.00	%
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		50,000		1,800		1,350,500		1,800		2.00	%
KraneShares China Internet and Covered Call Strategy ETF		50,000		10		862,000		10		2.00	%
KraneShares Dynamic Emerging Markets Strategy ETF		50,000		15		1,235,500		15		2.00	%
KraneShares Global Luxury Index ETF		25,000		625		585,750		625		2.00	%

* As a percentage of the Creation Unit(s) purchased/redeemed.

The Adviser may adjust the transaction fees from time to time based on actual experience.

CASH AND CASH EQUIVALENTS — Idle cash and currency balances may be swept into various overnight sweep accounts and are classified as cash equivalents on the Statement of Assets and Liabilities. These amounts, at times, may exceed United States federally insured limits. Amounts swept are available on the next business day.

3. DERIVATIVES TRANSACTIONS

The following tables show the derivatives categorized by underlying risk exposure.

The fair value of derivative instruments located on the Statements of Assets and Liabilities as of September 30, 2023 was as follows:

KraneShares China Internet and Covered Call Strategy ETF
Statements of Assets and Liabilities Location		Asset Derivatives		Liability Derivatives
Equity contracts	Options and Swaptions written, at value	$	—	$	3,697,049

157

Notes to Financial Statements (Unaudited) (continued)

KraneShares China Internet and Covered Call Strategy ETF
	Asset		Liability
Statements of Assets and Liabilities Location	Derivatives		Derivatives
	$	—	$	3,697,049

The effect of derivative instruments on the Statements of Operations for the period ended September 30, 2023:

Amount of realized gain or (loss) on derivatives recognized in income:

Change in unrealized appreciation or (depreciation) on derivatives recognized in income:

KraneShares China Internet and Covered Call Strategy ETF

Derivatives Not Accounted for as Hedging Instruments	Net Realized Gain/(Loss)		Change in Unrealized Appreciation/ (Depreciation)
Equity contracts	$	6,415,501	$	1,547,279
	$	6,415,501	$	1,547,279

4. RELATED PARTY TRANSACTIONS

INVESTMENT ADVISORY AGREEMENT — The Adviser serves as investment adviser to each Fund pursuant to an Investment Advisory Agreement between the Trust on behalf of each Fund and the Adviser (the “Agreement”). Under the Agreement, Krane is responsible for reviewing, supervising and administering each Fund’s investment program and the general management and administration of the Trust. In addition to these services, to the extent a Fund engages in securities lending, Krane will: (i) determine which securities are available for loan and notify the securities lending agent for a Fund (the “Agent”), (ii) monitor the Agent’s activities to ensure that securities loans are effected in accordance with Krane’s instructions and in accordance with applicable procedures and guidelines adopted by the Board, (iii) make recommendations to the Board regarding the Fund’s participation in securities lending; (iv) prepare appropriate periodic reports for, and seek appropriate periodic approvals from, the Board with respect to securities lending activities, (v) respond to Agent inquiries concerning the Agent’s activities, and (vi) such other related duties as Krane deems necessary or appropriate. The Board supervises Krane and establishes policies that Krane must follow in its management activities.

The Agreement requires the Adviser to pay all operating expenses of the Funds, except: (a) interest and taxes (including, but not limited to, income, excise, transaction, transfer and withholding taxes); (b) expenses of the Funds incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions and short sale dividend or interest expense; (c) expenses incurred in connection with any distribution plan adopted by the Trust in compliance with Rule 12b-1 under the Investment Company Act, including distribution fees; (d) “Acquired Fund Fees and Expenses” (as defined by Form N-1A under the Investment Company Act); (e) litigation expenses; (f) the compensation payable to the Adviser under the Agreement; (g) compensation and expenses of the Independent Trustees (including any fees of independent legal counsel to the Independent Trustees); and (h) any expenses determined to be extraordinary expenses by the Board. In addition, under the Agreement, while the fees and expenses related to the Funds’ securities lending-related activities reduce the gross revenues and income of the Funds from such activities, they are not fees and expenses for which Krane is responsible.

158

Notes to Financial Statements (Unaudited) (continued)

Each Agreement provides that each Fund pays a unitary (or unified) fee to the Adviser for advisory and management services provided to the Fund, subject to the exceptions noted herein. In this context, there exists a risk that a Trust service provider will seek recourse against the Trust if it is not timely paid by Krane for the fees and expenses for which it is responsible, which could materially adversely affect the Funds. Pursuant to the Agreement between the Trust and the Adviser, the Funds below pay the Adviser a fee, which is calculated daily and paid monthly, at the following annual rates, based on a percentage of the average daily net assets of each Fund. In addition, as compensation for the services provided by the Adviser in connection with any securities lending-related activities, each Fund pays the Adviser 10% of the monthly investment income received from the investment of cash collateral and loan fees received from borrowers in respect to securities loans (net of any amounts paid to the custodian and/or securities lending agent or rebated to borrowers), included on the Statements of Operations as “Security Lending Fees”.

KraneShares Funds	Management Fee
KraneShares CICC China Leaders 100 Index ETF	0.68%
KraneShares CSI China Internet ETF	0.68%
KraneShares Bosera MSCI China A 50 Connect Index ETF	0.78%
KraneShares Bloomberg China Bond Inclusion Index ETF	0.68%
KraneShares MSCI All China Index ETF	0.68%
KraneShares MSCI One Belt One Road Index ETF	0.78%
KraneShares Emerging Markets Consumer Technology Index ETF	0.78%
KraneShares MSCI China Clean Technology Index ETF	0.78%
KraneShares Electric Vehicles and Future Mobility Index ETF	0.68%
KraneShares MSCI All China Health Care Index ETF	0.78%
KraneShares Asia Pacific High Income Bond ETF	0.68%
KraneShares Emerging Markets Healthcare Index ETF	0.78%
KraneShares MSCI Emerging Markets ex China Index ETF	0.58%
KraneShares MSCI China ESG Leaders Index ETF	0.58%
KraneShares CICC China 5G & Semiconductor Index	0.78%
KraneShares CICC China Consumer Leaders Index ETF	0.68%
KraneShares SSE STAR Market 50 Index ETF	0.88%
KraneShares Hang Seng TECH Index ETF	0.68%
KraneShares China Innovation ETF	0.25%
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF	0.68%
KraneShares China Internet and Covered Call Strategy ETF	0.94%*
KraneShares Dynamic Emerging Markets Strategy ETF	0.10%
KraneShares Global Luxury Index ETF	0.68%

* The Fund’s management fee of 0.94% of the Fund’s average daily net assets is reduced by the amount of any acquired fund fees and expenses incurred by the Fund that are attributable to the Fund’s investment in affiliated acquired funds such as KraneShares CSI China Internet ETF. This fee reduction is currently expected to be 0.69% of the Fund’s average daily net assets reducing the Fund’s management fee to 0.25% of the Fund’s average daily net assets.

The Adviser bears all of its own costs associated with providing these advisory services.

Pursuant to the terms of Fee Waiver Agreements, Krane has contractually agreed to waive its management fee for the below listed Funds by the following amounts of the Fund’s average daily net assets until August 1, 2024. The Fee Waiver Agreements may only be terminated prior thereto by the Board. In addition, the Fee Waiver Agreements will terminate if the Agreement for a Fund is terminated.

159

Notes to Financial Statements (Unaudited) (continued)

KraneShares Funds	Fee Waiver Fee
KraneShares Bosera MSCI China A 50 Connect Index ETF	0.23%
KraneShares Bloomberg China Bond Inclusion Index ETF	0.20%
KraneShares MSCI All China Index ETF	0.20%
KraneShares Emerging Markets Consumer Technology Index ETF	0.20%
KraneShares MSCI All China Health Care Index ETF	0.14%
KraneShares MSCI Emerging Markets ex China Index ETF	0.35%
KraneShares CICC China 5G & Semiconductor Index ETF	0.14%

Effective June 1, 2022, Krane has contractually agreed to waive its management fee by 0.15% of the average daily net assets of KraneShares China Innovation ETF. This contractual fee waiver will continue until the date of the Fund’s first investment in an initial public offering (“IPO”) and or a pre-IPO, and may only be terminated prior thereto by the Board. In addition, the fee waiver will terminate if the Agreement for the Fund is terminated.

SUB-ADVISORY AGREEMENT — Bosera Asset Management (International) Co., Ltd. (“Bosera”), operating out of Hong Kong, serves as the Sub-Adviser to the KraneShares Bosera MSCI China A 50 Connect Index ETF and KraneShares SSE STAR Market 50 Index ETF and is responsible for the day-to-day management of the Funds, subject to the supervision by the Adviser and the Board. For the services Bosera provides to KraneShares Bosera MSCI China A 50 Connect Index ETF, the Adviser pays Bosera a fee equal to 50% of the net revenue the Adviser receives from the Fund. For the services Bosera provides to KraneShares SSE STAR Market 50 Index ETF, the Adviser pays Bosera a twelve basis points (0.12%) sub-advisory fee based upon the monthly average assets under management of KraneShares SSE STAR Market 50 Index ETF.

Nikko Asset Management Americas Inc. (“Nikko”) serves as the investment sub-adviser to KraneShares Asia Pacific High Income Bond ETF. Nikko is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board. Nikko delegates to its affiliate Nikko Asset Management Asia, Ltd. (“Nikko Asia”), a registered investment adviser with the SEC, certain of its responsibilities for the management of the Fund. Krane has entered into a Sub-Advisory Agreement with Nikko pursuant to which Krane has agreed to pay Nikko 36.77% of the sum of: (i) the total gross advisory fee due to the Adviser from the Fund under the terms of the Agreement minus (ii) any applicable fee waivers from time to time entered into between the Fund and the Adviser.

DISTRIBUTION AGREEMENT — SEI Investments Distribution Co. (the “Distributor”), a wholly-owned subsidiary of SEI Investments Company, and an affiliate of the Administrator, serves as the Funds’ distributor of Creation Units pursuant to a Distribution Agreement. The Distributor does not maintain any secondary market in Fund shares.

The Trust has adopted a Distribution and Service Plan (“Plan”) pursuant to Rule 12b-1 under the Investment Company Act. In accordance with its Plan, each Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year for certain distribution-related activities. For the period ended September 30, 2023, no fees were charged under the Plan. Fees would only be charged under the Plan upon approval by the Board.

ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT — SEI Investments Global Funds Services (the “Administrator”) serves as the Funds’ Administrator pursuant to an Administration Agreement. BBH serves as the Funds’ Custodian and Transfer Agent pursuant to a Custodian and Transfer Agent Agreement.

160

Notes to Financial Statements (Unaudited) (continued)

5. INVESTMENT TRANSACTIONS

For the period ended September 30, 2023, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

KraneShares Funds	Purchases		Sales and Maturities
KraneShares CICC China Leaders 100 Index ETF	$	3,273,904	$	4,261,925
KraneShares CSI China Internet ETF		1,032,807,419		833,941,185
KraneShares Bosera MSCI China A 50 Connect Index ETF		99,882,919		121,386,978
KraneShares Bloomberg China Bond Inclusion Index ETF		4,296,218		8,529,060
KraneShares MSCI All China Index ETF		204,179		1,019,698
KraneShares MSCI One Belt One Road Index ETF		639,607		513,973
KraneShares Emerging Markets Consumer Technology Index ETF		4,835,798		16,823,861
KraneShares MSCI China Clean Technology Index ETF		27,499,441		32,717,747
KraneShares Electric Vehicles and Future Mobility Index ETF		28,012,344		28,825,633
KraneShares MSCI All China Health Care Index ETF		5,525,810		19,987,829
KraneShares Asia Pacific High Income Bond ETF		8,074,695		10,920,071
KraneShares Emerging Markets Healthcare Index ETF		415,650		410,182
KraneShares MSCI Emerging Markets ex China Index ETF		1,700,449		1,227,998
KraneShares MSCI China ESG Leaders Index ETF		1,254,181		1,171,453
KraneShares CICC China 5G & Semiconductor Index ETF		4,864,408		5,555,354
KraneShares CICC China Consumer Leaders Index ETF		926,079		817,859
KraneShares SSE STAR Market 50 Index ETF		5,647,744		9,458,577
KraneShares Hang Seng TECH Index ETF		1,485,151		1,812,832
KraneShares China Innovation ETF		52,799		66,299
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		863,774		832,511
KraneShares China Internet and Covered Call Strategy ETF		61,731,655		61,826,247
KraneShares Dynamic Emerging Markets Strategy ETF		15,978		545,408
KraneShares Global Luxury Index ETF		1,270,698		105,831

For the period ended September 30, 2023, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the period ended September 30, 2023, in-kind transactions associated with creations and redemptions were:

KraneShares Funds	Purchases		Sales		Realized Gain/ (Loss)
KraneShares CSI China Internet ETF	$	329,191,412	$	214,365,647	$	(13,012,541	)
KraneShares MSCI All China Index ETF		—		50,736		(1,507	)
KraneShares Emerging Markets Consumer Technology Index ETF		—		5,673,512		(1,220,744	)
KraneShares MSCI China Clean Technology Index ETF		—		803,713		(919	)
KraneShares Electric Vehicles and Future Mobility Index ETF		2,537,455		4,888,876		148,410
KraneShares MSCI All China Health Care Index ETF		—		368,769		29,589
KraneShares China Internet and Covered Call Strategy ETF		119,098,582		5,928,753		659,139

161

Notes to Financial Statements (Unaudited) (continued)

KraneShares Funds	Purchases		Sales		Realized Gain/ (Loss)
KraneShares Dynamic Emerging Markets Strategy ETF	$	7,275,006	$	2,304,863	$	65,050
KraneShares Global Luxury Index ETF		540,729		—		—

6. TAX INFORMATION

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with Federal income tax regulations, which may differ from U.S. GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. These book/tax differences may be temporary or permanent. To the extent these differences are permanent in nature, they are charged or credited to distributable earnings (loss) or paid-in capital, as appropriate, in the period that the differences arise.

The tax character of dividends and distributions paid during the years or periods ended March 31, 2023 and March 31, 2022 were as follows:

KraneShares Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
KraneShares CICC China Leaders 100 Index ETF
2023	$	209,433	$	57,708	$	—	$	267,141
2022		576,817		666,089		—		1,242,906
KraneShares CSI China Internet ETF
2023	$	—	$	—	$	—	$	—
2022		—		455,309,639		—		455,309,639
KraneShares Bosera MSCI China A 50 Connect Index ETF
2023	$	9,640,424	$	101,634,817	$	—	$	111,275,241
2022		8,007,641		56,352,008		—		64,359,649
KraneShares Bloomberg China Bond Inclusion Index ETF
2023	$	93,427	$	—	$	233,872	$	327,299
2022		936,375		—		—		936,375
KraneShares MSCI All China Index ETF
2023	$	192,809	$	119,165	$	—	$	311,974
2022		280,169		648,696		—		928,865
KraneShares MSCI One Belt One Road Index ETF
2023	$	215,731	$	—	$	—	$	215,731
2022		297,852		—		—		297,852
KraneShares Emerging Markets Consumer Technology Index ETF
2023	$	—	$	—	$	—	$	—
2022		250,511		—		—		250,511
KraneShares MSCI China Clean Technology Index ETF
2023	$	337,960	$	1,438,072	$	—	$	1,776,032
2022		750,577		6,939		—		757,516
KraneShares Electric Vehicles and Future Mobility Index ETF
2023	$	2,090,551	$	—	$	—	$	2,090,551
2022		16,115,832		5,768,425		—		21,884,257

162

Notes to Financial Statements (Unaudited) (continued)

KraneShares Funds	Ordinary Income		Long-Term Capital Gain		Return of Capital		Totals
KraneShares MSCI All China Health Care Index ETF
2023	$	50,955	$	—	$	—	$	50,955
2022		—		21,078,396		—		21,078,396
KraneShares Asia Pacific High Income Bond ETF
2023	$	2,002,618	$	—	$	—	$	2,002,618
2022		1,214,239		—		192,065		1,406,304
KraneShares Emerging Markets Healthcare Index ETF
2023	$	4,560	$	—	$	—	$	4,560
2022		10,783		—		—		10,783
KraneShares MSCI Emerging Markets ex China Index ETF
2023	$	693,378	$	—	$	—	$	693,378
2022		681,402		660,110		—		1,341,512
KraneShares MSCI China ESG Leaders Index ETF
2023	$	100,843	$	—	$	—	$	100,843
2022		219,611		—		—		219,611
KraneShares CICC China 5G & Semiconductor Index ETF
2023	$	45,914	$	—	$	—	$	45,914
2022		—		—		—		—
KraneShares CICC China Consumer Leaders Index ETF
2023	$	68,755	$	—	$	—	$	68,755
2022		267,348		—		—		267,348
KraneShares SSE STAR Market 50 Index ETF
2023	$	—	$	—	$	—	$	—
2022		—		—		—		—
KraneShares Hang Seng TECH Index ETF
2023	$	11,428	$	—	$	—	$	11,428
2022		—		—		—		—
KraneShares China Innovation ETF
2023	$	—	$	110,615	$	53,934	$	164,549
2022		3,228		1,058		—		4,286
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
2023	$	22,329	$	—	$	—	$	22,329
KraneShares China Internet and Covered Call Strategy ETF
2023	$	395,952	$	—	$	139,051	$	535,003

163

Notes to Financial Statements (Unaudited) (continued)

As of March 31, 2023, the components of tax basis distributable earnings (distributable losses) were as follows:

	KraneShares CICC China Leaders 100 Index ETF			KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A 50 Connect Index ETF			KraneShares Bloomberg China Bond Inclusion Index ETF
Undistributed Ordinary Income	$	32,495		$	42,166,340		$	—		$	—
Capital Loss Carryforwards		(1,226,300	)		(1,191,143,119	)		(71,581,132	)		(28,413	)
Post October Losses		—			(887,681,082	)		—			—
Qualified Late-Year Loss Deferrals		—			—			(602,309	)		—
Unrealized Depreciation on Investments and Foreign Currency		(71,149	)		(3,300,925,375	)		(95,050,139	)		(292,191	)
Other Temporary Differences		—			1			(303,983	)		(3	)
Total Distributable Losses	$	(1,264,954	)	$	(5,337,583,235	)	$	(167,537,563	)	$	(320,607	)

	KraneShares MSCI All China Index ETF			KraneShares MSCI One Belt One Road Index ETF			KraneShares Emerging Markets Consumer Technology Index ETF			KraneShares MSCI China Clean Technology Index ETF
Undistributed Ordinary Income	$	23,929		$	17,410		$	27,451		$	—
Capital Loss Carryforwards		(5,474,769	)		(3,191,194	)		(36,647,128	)		(30,716,725	)
Post October Losses		—			—			—			(191,872	)
Unrealized Depreciation on Investments and Foreign Currency		(1,648,547	)		(1,219,823	)		(18,547,775	)		(41,525,364	)
Other Temporary Differences		3			—			(1	)		—
Total Distributable Losses	$	(7,099,384	)	$	(4,393,607	)	$	(55,167,453	)	$	(72,433,961	)

	KraneShares Electric Vehicles and Future Mobility Index ETF			KraneShares MSCI All China Health Care Index ETF			KraneShares Asia Pacific High Income Bond ETF			KraneShares Emerging Markets Healthcare Index ETF
Undistributed Ordinary Income	$	90,533		$	87,921		$	547,248		$	—
Capital Loss Carryforwards		(47,045,059	)		(40,418,259	)		(8,222,667	)		(841,415	)
Post October Losses		—			—			—			(1,992	)
Unrealized Depreciation on Investments and Foreign Currency		(50,752,445	)		(36,655,486	)		(926,347	)		(821,449	)
Other Temporary Differences		—			1			31,582			—
Total Distributable Losses	$	(97,706,971	)	$	(76,985,823	)	$	(8,570,184	)	$	(1,664,856	)

164

Notes to Financial Statements (Unaudited) (continued)

	KraneShares MSCI Emerging Markets ex China Index ETF			KraneShares MSCI China ESG Leaders Index ETF			KraneShares CICC China 5G & Semiconductor Index ETF			KraneShares CICC China Consumer Leaders Index ETF
Undistributed Ordinary Income	$	153,114		$	33,045		$	—		$	—
Capital Loss Carryforwards		(1,531,324	)		(2,261,521	)		(10,998,460	)		(19,363,165	)
Qualified Late-Year Loss Deferrals		—			—			(22,431	)		(1,098	)
Unrealized Depreciation on Investments and Foreign Currency		(3,765,032	)		(1,410,143	)		(3,690,912	)		(1,557,715	)
Other Temporary Differences		2			(3	)		(2	)		(3	)
Total Distributable Losses	$	(5,143,240	)	$	(3,638,622	)	$	(14,711,805	)	$	(20,921,981	)

	KraneShares SSE STAR Market 50 Index ETF			KraneShares Hang Seng TECH Index ETF			KraneShares China Innovation ETF			KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
Undistributed Ordinary Income	$	—		$	21,861		$	—		$	31,646
Capital Loss Carryforwards		(19,056,687	)		(2,908,579	)		(121,539	)		(1,654	)
Qualified Late-Year Loss Deferrals		(94,680	)		—			(422	)		—
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(6,364,498	)		(1,005,455	)		(729,487	)		98,888
Other Temporary Differences		(4	)		1			2			—
Total Distributable Earnings/(Loss)	$	(25,515,869	)	$	(3,892,172	)	$	(851,446	)	$	128,880

	KraneShares China Internet and Covered Call Strategy ETF
Unrealized Depreciation on Investments and Foreign Currency		(528,078	)
Other Temporary Differences		(1	)
Total Distributable Losses	$	(528,079	)

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2023 through March 31, 2023 and November 1, 2022 through March 31, 2023, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

Other temporary differences primarily consist of late year and specified loss deferrals, PFICs mark to market, perpetual bond adjustments, and book adjustments not recognized for tax.

165

Notes to Financial Statements (Unaudited) (continued)

The Funds have capital loss carryforwards as follows:

KraneShares Funds	Short-Term Loss		Long-Term Loss		Total
KraneShares CICC China Leaders 100 Index ETF	$	1,221,254	$	5,046	$	1,226,300
KraneShares CSI China Internet ETF		613,197,112		577,946,007		1,191,143,119
KraneShares Bosera MSCI China A 50 Connect Index ETF		62,330,691		9,250,441		71,581,132
KraneShares Bloomberg China Bond Inclusion Index ETF		22,024		6,389		28,413
KraneShares MSCI All China Index ETF		196,232		5,278,537		5,474,769
KraneShares MSCI One Belt One Road Index ETF		2,378,781		812,413		3,191,194
KraneShares Emerging Markets Consumer Technology Index ETF		21,320,388		15,326,740		36,647,128
KraneShares MSCI China Clean Technology Index ETF		5,134,830		25,581,895		30,716,725
KraneShares Electric Vehicles and Future Mobility Index ETF		29,718,100		17,326,959		47,045,059
KraneShares MSCI All China Health Care Index ETF		3,901,437		36,516,822		40,418,259
KraneShares Asia Pacific High Income Bond ETF		6,743,141		1,479,526		8,222,667
KraneShares Emerging Markets Healthcare Index ETF		533,970		307,445		841,415
KraneShares MSCI Emerging Markets ex China Index ETF		10,980		1,520,344		1,531,324
KraneShares MSCI China ESG Leaders Index ETF		307,053		1,954,468		2,261,521
KraneShares CICC China 5G & Semiconductor Index ETF		8,222,486		2,775,974		10,998,460
KraneShares CICC China Consumer Leaders Index ETF		6,819,078		12,544,087		19,363,165
KraneShares SSE STAR Market 50 Index ETF		7,176,205		11,880,482		19,056,687
KraneShares Hang Seng TECH Index ETF		2,115,907		792,672		2,908,579
KraneShares China Innovation ETF		15,404		106,135		121,539
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		1,654		—		1,654

During the year ended March 31, 2023, the following Funds utilized capital loss carryforwards, to offset capital gains:

KraneShares Funds	Amount Utilized
KraneShares MSCI One Belt One Road Index ETF	$	60,113

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the tax deferral of losses on wash sales and investments in PFICs. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at September 30, 2023 were as follows:

KraneShares Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
KraneShares CICC China Leaders 100 Index ETF	$	5,016,861	$	109,232	$	(585,558	)	$	(476,326	)
KraneShares CSI China Internet ETF		7,151,435,106		205,745,732		(1,659,510,294	)		(1,453,764,562	)
KraneShares Bosera MSCI China A 50 Connect Index ETF		462,985,723		4,548,345		(87,079,161	)		(82,530,816	)
KraneShares Bloomberg China Bond Inclusion Index ETF		3,136,898		—		(168,041	)		(168,041	)
KraneShares MSCI All China Index ETF		8,805,567		261,759		(2,228,564	)		(1,966,805	)

166

Notes to Financial Statements (Unaudited) (continued)

KraneShares Funds	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
KraneShares MSCI One Belt One Road Index ETF	$	5,520,198	$	342,215	$	(1,645,113	)	$	(1,302,898	)
KraneShares Emerging Markets Consumer Technology Index ETF		21,071,406		647,146		(10,015,344	)		(9,368,198	)
KraneShares MSCI China Clean Technology Index ETF		98,579,470		5,947,910		(26,828,493	)		(20,880,583	)
KraneShares Electric Vehicles and Future Mobility Index ETF		228,842,710		9,559,821		(60,479,207	)		(50,919,386	)
KraneShares MSCI All China Health Care Index ETF		82,622,262		2,529,253		(17,262,872	)		(14,733,619	)
KraneShares Asia Pacific High Income Bond ETF		15,026,972		74,946		(988,054	)		(913,108	)
KraneShares Emerging Markets Healthcare Index ETF		2,805,910		105,494		(961,769	)		(856,275	)
KraneShares MSCI Emerging Markets ex China Index ETF		33,883,340		1,919,456		(5,218,034	)		(3,298,578	)
KraneShares MSCI China ESG Leaders Index ETF		5,269,227		260,014		(1,100,569	)		(840,555	)
KraneShares CICC China 5G & Semiconductor Index ETF		14,168,109		577,786		(2,752,743	)		(2,174,957	)
KraneShares CICC China Consumer Leaders Index ETF		6,955,654		22,460		(1,188,681	)		(1,166,221	)
KraneShares SSE STAR Market 50 Index ETF		44,503,524		350,283		(12,540,336	)		(12,190,053	)
KraneShares Hang Seng TECH Index ETF		5,729,454		843,842		(657,345	)		186,497
KraneShares China Innovation ETF		2,281,345		—		(923,959	)		(923,959	)
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		2,683,655		199,325		(224,489	)		(25,164	)
KraneShares China Internet and Covered Call Strategy ETF		112,276,414		—		(625,645	)		(625,645	)
KraneShares Dynamic Emerging Markets Strategy ETF		4,502,764		—		(62,590	)		(62,590	)
KraneShares Global Luxury Index ETF		1,701,415		1,512		(71,785	)		(70,273	)

Uncertainties in the Chinese tax rules governing the taxation of income distributions and capital gains from investments in A Shares could result in unexpected tax liabilities for the Funds. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by non-Chinese resident investors (including, for example, Qualified Foreign Institutional Investors (“QFII”)) from Chinese companies and those companies which are not Chinese tax residents, but which are deemed to be Chinese tax residents (e.g., under Notice 7). China also imposes withholding tax at a rate of 10% on capital gains derived by non-residents from investment in actual and constructive Chinese resident companies. The Chinese withholding taxes applied to dividends, interest and capital gains may, in principle, be subject to a reduced rate under an applicable Chinese tax treaty,

167

Notes to Financial Statements (Unaudited) (continued)

but the application of such treaties in the case of a non-resident (e.g., in the case of a QFII acting on behalf of non-resident investors, such as the Funds) is also uncertain. The imposition of such taxes could have a material adverse effect on the Funds’ returns. The People’s Republic of China (the “PRC”) rules regarding the taxation of non-resident investors are quickly evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or the PRC Ministry of Finance to clarify matters may apply retrospectively. Such retroactively applied rules may be adverse to the Funds and their shareholders. It is also unclear how China’s value added tax (“VAT”) may be affected by tax treaty provisions. If such a tax is collected, the expenses will be passed on and borne by the Funds. The imposition of such taxes, as well as future changes in applicable PRC tax law, may adversely affect the Funds. If the Funds expect VAT to be imposed, they reserve the right to establish a reserve for such tax. If the Funds establish such a reserve but are not ultimately subject to the tax, shareholders who redeemed or sold their shares while the reserve was in place will effectively bear the tax and may not benefit from the later release, if any, of the reserve. Conversely, if the Funds do not establish such a reserve but ultimately are subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from investments in a Fund. Effective November 17, 2014, QFIIs, RQFIIs (i.e., QFIIs investing in Yuan, rather than foreign currency) and non-Chinese resident investors investing through the Hong Kong-Shanghai Stock Connect are exempted temporarily from the 10% capital gains tax that normally applies to sales of A Shares on a public Chinese exchange (such as the Shanghai Stock Exchange). However, such investors are still required to pay capital gains tax for gains realized on trades executed before November 17, 2014.

On November 7, 2018, China’s Ministry of Finance and the State Administration of Taxation jointly issued Circular 108. This circular announced a three year exemption from corporate income tax withholding (“WHT”) and Value Added Tax (“VAT”) for China-sourced bond interest derived by overseas institutional investors. The WHT and VAT exemptions were extended to December 31, 2025.

7. CONCENTRATION OF RISKS

As with all exchange-traded funds (“ETFs”), shareholders of the Funds are subject to the risk that their investment could lose money. Each Fund is subject to certain of the principal risks noted below, any of which may adversely affect a Fund’s NAV, trading price, yield, total return and ability to meet its investment objective. A more complete description of principal risks is included in each Fund’s prospectus under the heading “Principal Risks”.

CHINA RISK — The Chinese economy is generally considered an emerging market and can be significantly affected by economic and political conditions in China and surrounding Asian countries. China may be subject to considerable degrees of economic, political and social instability. In addition, the Chinese economy is export-driven and highly reliant on trade with key partners. A downturn in the economies of China’s primary trading partners could slow or eliminate the growth of the Chinese economy and adversely impact the Fund’s investments. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. The Chinese government may introduce new laws and regulations that could have an adverse effect on the Fund. Although China has begun the process of privatizing certain sectors of its economy, privatized entities may lose money and/or be re-nationalized.

168

Notes to Financial Statements (Unaudited) (continued)

In the Chinese securities markets, a small number of issuers may represent a large portion of the entire market. The Chinese securities markets are subject to more frequent trading halts, low trading volume and price volatility. Recent developments in relations between the United States and China have heightened concerns of increased tariffs and restrictions on trade between the two countries. An increase in tariffs or trade restrictions or even the threat of such developments, could lead to significant reduction in international trade, which could have a negative impact on China’s export industry and a commensurately negative impact on the Fund.

The RMB Bond market is volatile with a risk of trading suspensions in particular securities and government interventions. Trading in RMB Bonds may be suspended without warning and for lengthy periods. Information on such trading suspensions, including as to their expected length, may be unavailable. Securities affected by trading suspensions may be or become illiquid. In recent years, Chinese entities have incurred significant levels of debt and Chinese financial institutions currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make certain Chinese securities illiquid.

In addition, trade relations between the U.S. and China have recently been strained. Worsening trade relations between the two countries could adversely impact the Fund, particularly to the extent that the Chinese government restricts foreign investments in on-shore Chinese companies or the U.S. government restricts investments by U.S. investors in China including by limiting the ability of Chinese issuers to list on the U.S. exchanges. Worsening trade relations may also result in market volatility and volatility in the price of Fund shares. In addition, the U.S government has imposed restrictions on the ability of U.S. investors to hold and/or acquire securities of certain Chinese companies, which may adversely impact the Fund, may mean that the Fund’s Underlying Index may need to adjust its methodology or could increase tracking error for the Fund.

CONCENTRATION RISK — Because the assets of certain Funds are expected to be concentrated in an industry or group of industries to the extent that the Underlying Index concentrates in a particular industry or group of industries, the Fund is subject to loss due to adverse occurrences that may affect that industry or group of industries or sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single industry or a group of related industries, and the securities of companies in that industry or group of industries could react similarly to these or other developments. Depending on the composition of each Fund’s Underlying Index, the Fund may be subject to principal risks, as outlined in each Fund’s prospectus. Each Fund may have significant exposure to other industries or sectors over time.

CURRENCY RISK — The Funds’ assets will be invested in instruments denominated in foreign currencies and the income received by the Fund may be in foreign currencies. The Fund will compute and expects to distribute its income in U.S. dollars, and the computation of income will be made on the date that the income is earned by the Fund at the foreign exchange rate in effect on that date. The Fund will conduct its foreign currency exchange transactions either on a spot (i.e., cash) basis at the spot rate prevailing in the foreign currency exchange market at the time the Fund wishes to enter into the transaction, or through forward, futures or options contracts to purchase or sell foreign currencies.

The Fund’s NAV is determined on the basis of the U.S. dollar. The Fund may therefore lose value if the local currency of a foreign investment depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Currency exchange rates can be very volatile and

169

Notes to Financial Statements (Unaudited) (continued)

can change quickly and unpredictably, which may adversely affect the Fund. The Fund may also be subject to delays in converting or transferring U.S. dollars to foreign currencies and vice versa. This may adversely affect the Fund’s performance over time.

DERIVATIVES RISK — The use of derivatives (including swaps, futures, forwards, structured notes and options) may involve leverage, which includes risks that are different from, and greater than, the risks associated with investing directly in a reference asset, because a small investment in a derivative can result in a large impact on the Fund and may cause the Fund to be more volatile. Derivatives may at times be highly illiquid, and the Fund may not be able to close out or sell a derivative at a particular time or at an anticipated price. Derivatives can be difficult to value and valuation may be more difficult in times of market turmoil. There may be imperfect correlation between the derivative and that of the reference asset, resulting in unexpected returns that could materially adversely affect the Fund. Certain derivatives (such as swaps and options) are bi-lateral agreements that expose the Fund to counterparty risk, which is the risk of loss in the event that the counterparty to an agreement fails to make required payments or otherwise comply with the terms of derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.

EMERGING MARKETS RISK — A Funds’ investments in emerging markets are subject to greater risk of loss than investments in developed markets. This is due to, among other things, greater market volatility, greater risk of asset seizures and capital controls, lower trading volume, political and economic instability, greater risk of market shutdown and more governmental limitations on foreign investments than typically found in developed markets. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted.

LIQUIDITY RISK — Certain of the Funds’ investments are subject to liquidity risk, which exists when an investment is or becomes difficult to purchase or sell at a reasonable time and price. If a transaction is particularly large or if the relevant market is or becomes illiquid, it may not be possible to initiate a transaction or liquidate a position, which may cause the Funds to suffer significant losses and difficulties in meeting redemptions. Liquidity risk may be the result of, among other things, market turmoil, the reduced number and capacity of traditional market participants, or the lack of an active trading market. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, new legislation or regulatory changes inside or outside the U.S. Liquid investments may become less liquid after being purchased by the Fund, particularly during periods of market stress. In addition, if a number of securities held by the Fund stop trading, it may have a cascading effect and cause the Fund to halt trading. Volatility in market prices will increase the risk of the Fund being subject to a trading halt. Certain countries in which the Fund may invest may be subject to extended settlement delays and/or foreign holidays, during which the Fund will unlikely be able to convert holdings to cash.

MARKET RISK — The values of the Fund’s holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors could cause volatility in global financial markets, negative

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sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund’s investments to become less liquid and subject to erratic price movements. Such market developments may also cause the Fund to encounter difficulties in timely honoring redemptions, especially if market events cause an increased incidence of shareholder redemptions.

NON-DIVERSIFIED FUND RISK — Because a Fund is non-diversified and may invest a greater portion of its assets in fewer issuers than a diversified fund, changes in the market value of a single portfolio holding could cause greater fluctuations in the Fund’s share price than would occur in a diversified fund. This may increase the Fund’s volatility and cause the performance of a single portfolio holding or a relatively small number of portfolio holdings to have a greater impact on the Fund’s performance.

VALUATION RISK — Independent market quotations for the non-U.S. securities held by the Funds may not be readily available and such securities may be fair valued by a pricing service at an evaluated price. These valuations involve subjectivity and different market participants may assign different prices to the same investment. As a result, there is a risk that a Fund may not be able to sell an investment at the price assigned to the investment by the Fund. In addition, the securities in which the Funds invest may trade on days that the Funds do not price their shares; as a result, the value of Fund shares may change on days when investors cannot purchase or sell their holdings.

8. OTHER

At September 30, 2023, all shares issued by the Funds were in Creation Unit aggregations to Authorized Participants through primary market transactions (e.g., transactions directly with the Funds). However, the individual shares that make up those Creation Units are traded on the Exchange (e.g., secondary market transactions). Some of those individual shares have been bought and sold by persons that are not Authorized Participants. Each Authorized Participant has entered into an agreement with the Funds’ Distributor.

9. INDEMNIFICATIONS

In the normal course of business, the Funds enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be established; however, based on experience, the risk of loss from such claims is considered remote.

10. SUBSEQUENT EVENTS

The Funds have evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued.

In preparing these financial statements, management has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events through the date the financial statements were issued. On October 18, 2023, the Board approved the liquidation of the KraneShares CICC China Leaders 100 Index ETF, KraneShares Emerging Markets Healthcare Index ETF, and KraneShares MSCI China ESG Leaders Index ETF. The Funds were liquidated on October 27, 2023.

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Notes to Financial Statements (Unaudited) (concluded)

Based on this evaluation, no additional disclosures or adjustments were required to the financial statements as of the date the financial statements were issued.

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Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited)

Approval of the Existing Advisory Agreement and Sub-Advisory Agreements

At a meeting held on May 24-25, 2023, the Board of Trustees (the “Board”) of KraneShares Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved renewal of:

● the existing investment advisory agreement (the “Advisory Agreement”) between Krane Funds Advisors, LLC (“Krane”) and the Trust on behalf of each of the following separate series of the Trust that operate as exchange-traded funds (collectively, the “Funds”):

● KraneShares Asia Pacific High Income Bond ETF (“KHYB”);

● KraneShares Bloomberg China Bond Inclusion Index ETF (“KBND”);

● KraneShares Bosera MSCI China A 50 Connect Index ETF (“KBA”);

● KraneShares China Innovation ETF (“KGRO”);

● KraneShares China Internet and Covered Call Strategy ETF (“KLIP”);

● KraneShares CICC China 5G & Semiconductor Index ETF (“KFVG”);

● KraneShares CICC China Consumer Leaders Index ETF (“KBUY”);

● KraneShares CICC China Leaders 100 Index ETF (“KFYP”);

● KraneShares CSI China Internet ETF (“KWEB”);

● KraneShares Electric Vehicles and Future Mobility Index ETF (“KARS”);

● KraneShares Emerging Markets Consumer Technology Index ETF (“KEMQ”);

● KraneShares Emerging Markets Healthcare Index ETF (“KMED”);

● KraneShares Hang Seng TECH Index ETF (“KTEC”);

● KraneShares MSCI All China Health Care Index ETF (“KURE”);

● KraneShares MSCI All China Index ETF (“KALL”);

● KraneShares MSCI China Clean Technology Index ETF (“KGRN”);

● KraneShares MSCI China ESG Leaders Index ETF (“KESG”);

● KraneShares MSCI Emerging Markets ex China Index ETF (“KEMX”);

● KraneShares MSCI One Belt One Road Index ETF (“OBOR”);

● KraneShares S&P Pan Asia Dividend Aristocrats Index ETF (“KDIV”); and

● KraneShares SSE STAR Market 50 Index ETF (“KSTR”).

● the existing sub-advisory agreement (the “Bosera Agreement”) between Bosera Asset Management (International) Co., Ltd. (“Bosera”) and Krane, on behalf of KBA and KSTR; and

● the existing sub-advisory agreement (the “Nikko Agreement”) between Nikko Asset Management Americas Inc. (“Nikko”) and Krane on behalf of KHYB.

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Bosera and Nikko are referred to collectively herein as the “Sub-Advisers.” The Bosera Agreement and the Nikko Agreement are referred to collectively herein as the “Sub-Advisory Agreements,” and the Sub-Advisory Agreements and the Advisory Agreement are collectively referred to as the “Agreements.”

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on May 24, 2023, the Board received and considered information provided by Krane in response to the Independent Trustees’ written requests relating to the Board’s consideration of the Advisory Agreement with respect to each of the Funds. The Board also considered information provided by each Sub-Adviser in response to separate written requests directed to each Sub-Adviser.

The Board considered that its evaluation process with respect to Krane and each Sub-Adviser is an ongoing one, and the Board considers information at each of its regularly scheduled meetings related to, among other matters, the services provided to each Fund by Krane and (as applicable) a Sub-Adviser. The Board also receives additional information from Krane outside of the regularly scheduled Board meetings, including at executive sessions held by the Independent Trustees.

In evaluating the Agreements, the Board considered, among other matters: (1) the nature, extent, and quality of the services provided to each Fund by Krane and, if applicable, by its respective Sub-Adviser; (2) the compensation paid by each Fund under the Advisory Agreement; (3) the costs of the services provided by Krane and the profitability of Krane with respect to its relationship with the Funds; (4) the extent to which economies of scale could be realized as the Funds grow and whether the unitary fee charged to the Funds under the Advisory Agreement will enable investors in the Funds to share in any such economies of scale; and (5) other benefits Krane and the Sub-Advisers receive from their respective relationship with the Funds.

A. Nature, Extent and Quality of Services

Based on written and oral reports received by the Board prior to and at the May 24, 2023 executive session of the Independent Trustees and the May 24-25, 2023 meeting of the Board, the Board considered the nature, quality, and extent of the overall services provided by Krane and the Sub-Advisers under the Agreements. The Board considered the responsibilities of Krane with respect to each Fund under the Advisory Agreement, including its obligation to oversee the services provided by the Sub-Advisers, as applicable. The Board also discussed the nature, quality and extent of services provided by Bosera under the Bosera Agreement and Nikko under the Nikko Agreement.

The Advisory Agreement

● The Board took note of the qualifications, background and responsibilities of Krane’s senior personnel who provide services to the Funds managed directly by Krane and also considered the expertise of Krane personnel charged with oversight of the Sub-Advisers.

● The Board recognized that Krane has invested and continues to invest significant time and effort in structuring the Trust and the Funds. The Board noted that Krane, together with the Sub-Advisers (if applicable), is responsible for assessing the market appeal and the investment strategy of each Fund, and that Krane continually seeks to create new series of the Trust that address unique investment strategies.

● The Board considered that Krane is responsible for arranging and overseeing service providers for the Trust.

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● The Board also considered that Krane has established a securities lending program for the benefit of certain Funds.

● The Board noted that Krane continues to evaluate its existing compliance and operational staff, as well as its investment personnel, and that Krane continually seeks to retain qualified and experienced staff in these areas and to invest in additional resources as its business continues to grow. The Board noted the increased number of compliance personnel and investment in technology to facilitate oversight of various compliance matters.

● The Board considered the financial condition of Krane and noted that Krane is part of a larger family of investment management firms with significant resources.

The Bosera Agreement

● The Board noted the reorganization of Bosera’s ownership that was reported earlier in the year, and the continued involvement of the prior portfolio management team for both KBA and KSTR after such reorganization.

● The Board took note of the significant experience of Bosera’s portfolio management team for KBA with respect to investments in mainland China and access to the China A Share market.

● The Board noted Bosera’s access to the SSE Science and Technology Innovation Board (STAR Market), and the experience of the KSTR portfolio management team with respect to investments in China domestic technology companies.

● The Board considered the continued development of Bosera’s compliance function and its long-term relationship with the Adviser.

The Nikko Agreement

● The Board noted that investors in KHYB have access to a portfolio managed by one of the largest asset management firms in Asia with significant experience managing fixed income portfolios in Japan and across Asia.

● The Board considered that KHYB invests in high-yield bonds across the Asia Pacific region.

● The Board considered that the lead portfolio manager of KHYB has a significant tenure at Nikko and is supported by a large and experienced fixed income team. The Board noted that they had an opportunity to speak with representatives of the KHYB portfolio management team during the year.

B. Investment Performance

The Board noted that it considers the performance of each Fund versus an identified Morningstar peer group at each regular meeting of the Board. At the meeting, the Board considered each Fund’s performance versus its broad Morningstar peer group, as well as a select group of competitors identified by Krane and, in certain cases, a second peer group curated to better reflect the strategy of a particular Fund. The Board recognized that many of the Funds are in the same Morningstar peer group because they have significant exposure to China, notwithstanding meaningful differences in the Funds’ underlying indexes and investment strategies. The Board noted that it had retained a third-party consultant to review Krane’s peer selection process, and that it discussed with the consultant the limitations of comparisons versus such large and undifferentiated peer groups, considering that the Funds offer shareholders access to unique investment opportunities, particularly in China.

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Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited) (continued)

The Board noted that several of the Funds are actively managed, and it considered that the performance of each actively managed Fund relative to its respective peer group is an appropriate measurement of performance. With respect to those Funds that track the performance of an underlying index, however, the Board determined that, although relative performance to a peer group should be considered, the tracking error and/or the tracking difference of each Fund against its underlying index was a more meaningful representation of a Fund’s performance. The Board considered that, at each meeting of the Board it receives reports of the tracking error of each Fund against both its underlying index and key competitors, and noted that Krane recently expanded its quarterly tracking error report to include tracking difference against each such Fund’s underlying index.

The Board noted that each passively managed Fund tracked its benchmark within expected ranges over the last year, and that the largest contributors to tracking error with respect to such Funds were adjustments to the portfolios as a result of changes to the underlying benchmarks due to Presidential Executive Order 13959 - Addressing the Threat From Securities Investments That Finance Certain Companies of the People’s Republic of China (“E.O. 13959”). The Board considered that the tracking error of KTEC exceeded 3% for the one-year period ended March 31, 2023, and noted that this primarily resulted from adjustments to this portfolio as a result of changes to the underlying benchmarks pursuant to E.O. 13959, and to sampling/rebalancing associated with IRS diversification testing.

The Board noted the following with respect to performance of certain funds relative to their identified peer groups:

● KFYP: The Board noted that KFYP underperformed the median of its peer group for the 1-year period ended March 31, 2023 due to the strong performance of the China growth sector versus the China value sector in Q4 2022. The Board recognized that KFYP outperformed against its peers for the 3-year and 5-year time periods.

● KHYB: With respect to the long-term relative underperformance of KHYB, which is an actively managed Fund, against the median of its peer group, the Board noted that the Fund’s long-term performance metrics include performance prior to August 2021 when KHYB invested solely in China. The Board considered that recent China real estate market uncertainty and Evergrande debt issues had added pressure to the Asian U.S. dollar high yield market. The Board also considered that KHYB significantly outperformed the median of its peer group over the one-year period.

● KWEB: The Board noted that KWEB’s 3- and 5-year returns were below the median for its performance peer group due to increasing regulatory pressure from the Chinese government on the internet sector, a delisting threat from the U.S. government, and a slowdown in retail sales impacted by Covid-related lockdowns in China. The Board recognized that KWEB’s 1-year return is above the median of its performance peer group as a result of the diminishing risk of delisting and an improving regulatory environment in China.

● KBA: The Board noted that KBA underperformed against the median for its performance peer group for the 1-year period ended March 31, 2023, because the improving regulatory environment in China resulted in improved performance of offshore listed companies versus the China A-shares market.

● KALL: The Board considered that KALL’s relative underperformance measured against the median for its performance peer group for the 1-year period ended March 31, 2023, resulted

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Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited) (continued)

in part from the impact of COVID-19 on the general healthcare services industry in China, and increasing regulations in such industry.

● KESG: The Board noted that KESG’s 1-year and since inception performance underperformed versus the median for its Morningstar performance peer group. The Board considered that KESG’s focus on ESG resulted in increased exposure to new China sectors such as consumer, communication services and health care, which have underperformed in the period since KESG’s inception.

● KSTR: The Board considered that KSTR has broad exposure to China domestic technology companies which resulted in longer-term performance at the median of its peer group. The Board noted that the underperformance against the median for the 1-year period resulted from increasing U.S. restrictions on investments in China’s technology sector.

● KHYB: The Board recognized that although KHYB has underperformed since inception, it outperformed against its peer group median in the past year mainly due to spreads tightening in Asia, while most other bond markets contended with steep drawdowns from rising U.S. interest rates.

● KEMQ: The Board recognized the underperformance of KEMQ measured against its peer group median due to market volatility in the emerging markets internet sector, especially the China internet sector. The Board also noted that regulatory uncertainty from both China and the U.S., and a slowing consumer spending, contributed to performance issues overall in the sector.

● KURE: The Board noted that KURE underperformed versus the median of its peer group for the 1-year period ended March 31, 2023, due to industry regulations and COVID-19’s disruption of general healthcare services. The Board recognized that KURE’s performance was above the median for the 3-year and since inception periods.

● KMED: The Board noted that KMED underperformed the peer median for the 1-year and since inception periods ended March 31, 2023, because the pandemic disrupted general healthcare services, while vaccine related companies benefited.

The Board also considered other factors, including the use of fair value pricing by the Funds and the Funds’ asset inflows and outflows, which affect the performance of the Funds but not their underlying indices (if applicable). The Board considered that these factors can be expected to primarily affect the Funds’ tracking error (if applicable).

C. Compensation

The Board considered that, pursuant to the Advisory Agreement, Krane has entered into a unitary advisory fee arrangement for each Fund. Under the unitary fee arrangement, Krane is responsible for paying most of the expenses incurred by a Fund, including those of the Fund’s principal service providers and Sub-Adviser (if applicable). The Board considered the information provided by Krane regarding the amounts it pays to the Funds’ service providers under the unitary fee arrangement. The Board reviewed and considered the fees paid by each Fund in light of the nature, quality and extent of the services provided or obtained by Krane. The Board also considered that Krane has imposed fee waivers on certain Funds and considered the net expense ratios of the Funds compared to those of their peer groups.

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The Board noted that the management fees paid by many of the Funds are higher than the median management fee within their respective Morningstar peer groups and that the total expense ratios of many Funds are managed through the use of expense waivers. The Board considered that the Morningstar peer groups for the Funds do not reflect the unique exposure and thematic approach of the Funds and considered that the Funds’ total expense ratios are generally consistent with those of their direct peers. The Board considered that Krane applies a methodical and consistent approach to pricing the Funds and conducts significant competitive research with respect to such pricing. The Board considered that the Funds offer unique investment exposure for investors in U.S. registered funds and considered the operational costs incurred by Krane under the unitary fee structure. The Board also considered the effect of each Fund’s assets under management on its net expense ratio.

Although the Board received information regarding the fees paid to the Sub-Advisers under the Sub-Advisory Agreements, the Board noted the arm’s-length nature of the relationship between Krane and the Sub-Advisers with respect to the negotiation of sub-advisory fee rates. The Board also considered that Krane (and not the Funds) pays each Sub-Adviser’s fees.

D. Costs and Profitability

The Board reviewed a report of fund-by-fund profitability prepared by Krane. The Board noted it had retained an independent third-party to review Krane’s profitability methodology and that it had the opportunity to discuss with the consultant Krane’s profitability methodology and the consultant’s views regarding the level of profitability reported by Krane versus the limited amount of publicly available information regarding the profitability of other registered investment advisers.

The Board noted that Krane continues to waive fees for some of the Funds. The Board also considered that although Krane is profitable, it was not making a profit from its relationship with all of the Funds under the Advisory Agreement. The Board considered Krane’s commitment to the success of the Funds and the use of a unitary fee structure under which Krane bears the risk if certain of the Funds’ expenses increase or if a Fund’s assets fail to increase to a level sufficient to cover such expenses. The Board recognized that the volatility in asset flows experienced by the Funds and Krane overall can directly affect Krane’s profitability. The Board also considered that Krane has established a securities lending program for the benefit of certain of the Funds and that fees earned by Krane from such Funds can affect the profitability of such Funds.

The Board considered the effect of each Fund’s assets under management on the potential profitability of such Fund under the unitary fee structure in light of the costs associated with the personnel, systems and equipment necessary to manage the Funds and to meet the regulatory and compliance requirements of the SEC and other regulatory bodies, as well as other expenses Krane pays in accordance with the Advisory Agreement.

The Board did not consider information regarding the costs of services provided or profits realized by the Sub-Advisers from their relationships with the Funds, noting the arm’s-length nature of the relationship between Krane and the Sub-Advisers with respect to the negotiation of the sub-advisory fee rate on behalf of each Fund. The Board considered that Krane, and not the Funds, is responsible for paying the sub-advisory fees under each Sub-Advisory Agreement.

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Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited) (continued)

E. Other Benefits

The Board considered the extent to which Krane could derive ancillary benefits from the Funds’ operations, including benefits to Krane as a result of its ability to use the assets of certain Funds to engage in soft dollar transactions and the existence of a securities lending program for certain Funds. The Board did not observe any other potential benefits to be realized by Krane from its relationship with the Funds.

F. Economies of Scale

The Board considered that each Fund is managed by Krane pursuant to a unitary fee advisory agreement, pursuant to which Krane bears all of the Fund’s expenses until it gathers sufficient assets under management to, in effect, pay its own costs. As a result, the Board observed, Krane typically subsidizes each Fund for a period of time following its inception. The Board also considered that Krane continues to reinvest a significant portion of its profits in its business, including through the addition of compliance and operations personnel and investment in new compliance systems, and that any economies of scale are shared with the Funds in this manner. The Board determined to continue monitoring for potential economies of scale, but concluded that, at present, they were not a material factor for the Board to consider in connection with the renewal of the Advisory Agreement.

G. Conclusion

The Board did not identify any single factor as being of paramount importance to its review, and different Trustees may have given different weight to different factors in their review of the Agreements. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Agreements. The Board noted that, as in the past, it will continue to monitor the Funds at its regular meetings, during executive sessions of the Independent Trustees and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Agreements, were reasonable in light of the factors considered by the Board.

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Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited) (continued)

Approval of Advisory Agreement

At a meeting held on May 24-25, 2023, the Board of Trustees (the “Board”) of KraneShares Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the existing investment advisory agreement (the “Advisory Agreement”) between Krane Funds Advisors, LLC (“Krane”) and the Trust, on behalf of KraneShares Dynamic Emerging Markets Strategy ETF (“KEM” or “New Fund”), a new series of the Trust.

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on May 24, 2023, the Board received and considered information provided by Krane in response to the Independent Trustees’ written request for information regarding the New Fund and the Advisory Agreement.

The Board noted that it considers information at each of its regularly scheduled meetings related to, among other matters, the services provided by Krane to each series of the Trust, and that such information will include information related to the New Fund after it is operational. The Board considered that the Independent Trustees also receive additional information outside of regularly scheduled Board meetings and at executive sessions held by the Independent Trustees. As a result, the Board considered that its evaluation process with respect to Krane and each series of the Trust is an ongoing one.

In evaluating the Advisory Agreement with respect to the New Fund, the Board considered, among other matters: (1) the nature, extent, and quality of the services to be provided to the New Fund by Krane; (2) the proposed compensation to be paid by the New Fund under the Advisory Agreement and any related fee waiver; (3) the estimated costs of the services to be provided by Krane and the profitability expectations of Krane with respect to its relationship with the New Fund; (4) the extent to which economies of scale could be realized as the New Fund grows and whether the unitary fee charged under the Advisory Agreement will enable investors in the New Fund to share in any such economies of scale; and (5) other benefits Krane anticipates it may receive from its relationship with the New Fund.

A. Nature, Extent and Quality of Services

Based on written and oral reports received by the Board prior to and at the Mary 24, 2023 executive session of the Independent Trustees and May 24-25, 2023 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane to the New Fund under the Advisory Agreement. The Board took note of the qualifications, background and responsibilities of Krane personnel who will provide services to the New Fund.

The Board considered that KEM will operate as a fund-of-funds that invests in two other series of the Trust, KraneShares MSCI Emerging Markets ex China Index ETF (“KEMX”) and KraneShares MSCI All China Index ETF (“KALL”). The Board considered Krane’s representation that KEM will be a unique investment opportunity for retail investors to invest in an active core emerging markets fund that will strategically allocate capital between KEMX and KALL in order to weight exposure to the China market, based on Krane’s outlook for the Chinese market. The Board noted Krane’s experience in managing both KEMX and KALL.

The Board recognized that Krane invests significant time and effort in structuring new series of the Trust, including the New Fund. They considered Krane’s evaluation of the market appeal for the New Fund and considered that Krane worked with the Trust’s service providers to manage

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the administrative and other requirements for the New Fund. The Board also noted that Krane continually evaluates its existing compliance and operational staff, as well as its investment professionals, and that Krane has consistently sought to retain qualified and experienced staff in these areas as its business has grown. The Board considered Krane’s current ownership structure, financial strength and long-term strategic plans, and noted that Krane is part of a family of investment management firms with significant resources, including administrative resources utilized by Krane.

B. Investment Performance

The Board noted that, because the New Fund has not yet commenced investment operations, it has no investment performance. The Board also considered that once the New Fund commences operations, the Board will receive regular reports regarding its performance relative to its broad Morningstar peer group, as well as a select group of peers identified by Krane. The Board also considered that at its regular meetings it will receive information regarding the New Fund against the performance of an identified index. The Board considered that there are limited peers available for the New Fund.

C. Compensation

The Board considered that, pursuant to the Advisory Agreement, Krane will enter into a unitary advisory fee arrangement for the New Fund. The Board considered the proposed fee for the New Fund compared to its Morningstar universe. The Board considered that Krane will waive any acquired fund fees and expenses due to KEM’s investment in KEMX and KALL, and considered the results of such waiver on KEM’s proposed advisory fee. The Board also considered that under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the New Fund, including those of its principal service providers. The Board noted that, under the unitary fee structure, Krane takes the risk that the New Fund may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

D. Costs and Profitability

The Board considered the estimated cost of Krane’s services with respect to the New Fund. The Board noted that, because the New Fund has not yet launched, it was difficult to estimate how profitable it will be to Krane, although the Board recognized that the New Fund will leverage procedures and systems put in place in connection with management of other series of the Trust. The Independent Trustees received information from Krane regarding its overall profitability, particularly in light of recent market performance, and discussed with Krane’s management how launching the New Fund could impact such profitability. The Board considered information previously provided by Krane regarding the cost of its services and its profitability with respect to the existing operational series of the Trust. The Board noted Krane’s continuing commitment to operating the Trust and its continued use of a unitary fee structure under which it will bear many of the expenses of the New Fund.

E. Other Benefits

The Board considered the extent to which Krane could derive ancillary benefits from the operations of the New Fund, including, in particular, the effect KEM could have on assets of both KEMX and KALL, and the fees earned by Krane on KEMX and KALL. They noted that it was unlikely that

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KEM would participate in the Trust’s securities lending program. The Board considered whether Krane would benefit as a result of its ability to use the New Fund’s assets to engage in soft dollar transactions.

F. Economies of Scale

The Board considered whether Krane would realize economies of scale with respect to its services as the New Fund grows, including the extent to which this is reflected in the level of fees to be paid by the New Fund. The Board noted that the proposed advisory fee for the New Fund does not include breakpoints, and considered that it is not possible—before the commencement of investment operations—to accurately evaluate potential economies of scale. The Board also noted that Krane continues to reinvest a portion of its profits in its business, including through the evolution of its compliance and investment infrastructure, and that any economies of scale could be shared with the New Fund in this manner. Based on these and other considerations, including that the New Fund is newly organized, the Board considered economies of scale not to be a material factor in its consideration of the Advisory Agreement.

G. Conclusion

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors in their review of the Advisory Agreement. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Advisory Agreement. The Board noted that, consistent with its approach to other series of the Trust, it will continue to monitor the New Fund at its regular meetings, during executive sessions of the Independent Trustees and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Advisory Agreement, were reasonable in light of the factors considered by the Board.

182

Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited) (continued)

Approval of Advisory Agreement

At a meeting held on August 2-3, 2023, the Board of Trustees (the “Board”) of KraneShares Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the existing investment advisory agreement (the “Advisory Agreement”) between Krane Funds Advisors, LLC (“Krane”) and the Trust, on behalf of KraneShares Global Luxury Index ETF (“KLXY” or “New Fund”), a new series of the Trust.

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on August 2, 2023, the Board received and considered information provided by Krane in response to the Independent Trustees’ written request for information regarding the New Fund and the Advisory Agreement.

The Board noted that it considers information at each of its regularly scheduled meetings related to, among other matters, the services provided by Krane to each series of the Trust, and that going forward such information will include information related to the New Fund after it is operational. The Board considered that the Independent Trustees also receive additional information outside of regularly scheduled Board meetings and at executive sessions held by the Independent Trustees. As a result, the Board considered that its evaluation process with respect to Krane and each series of the Trust is an ongoing one.

In evaluating the Advisory Agreement with respect to the New Fund, the Board considered, among other matters: (1) the nature, extent, and quality of the services to be provided to the New Fund by Krane; (2) the proposed compensation to be paid by the New Fund under the Advisory Agreement; (3) the estimated costs of the services to be provided by Krane and the profitability expectations of Krane with respect to its relationship with the New Fund; (4) the extent to which economies of scale could be realized as the New Fund grows and whether the unitary fee charged under the Advisory Agreement will enable investors in the New Fund to share in any such economies of scale; and (5) other benefits Krane anticipates it may receive from its relationship with the New Fund.

A. Nature, Extent and Quality of Services

Based on written and oral reports received by the Board prior to and at the August 2, 2023 executive session of the Independent Trustees and August 2-3, 2023 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane to the New Fund under the Advisory Agreement. The Board took note of the qualifications, background and responsibilities of Krane personnel who will provide services to the New Fund.

The Board considered that KLXY will provide indirect exposure to the China market through holdings in securities issued by global luxury brands that have significant exposure to China and its growing middle class. The Board considered that Krane believes that the size of the consumer market in China will result in sustained revenue growth across global luxury brands that have a strong social media presence and perceived status. The Board considered how Krane intends to identify and weight such investments and noted that Krane has previous experience in managing portfolios with indirect exposure to China. The Board also considered the characteristics of the Solactive Global Luxury Index, the New Fund’s underlying index, and that Krane intends to use representative sampling to track the performance of the underlying index.

183

Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited) (continued)

The Board recognized that Krane invests significant time and effort in structuring new series of the Trust, including the New Fund. The Board considered Krane’s evaluation of the market appeal for the New Fund and considered that Krane worked with the Trust’s service providers to manage the administrative and other requirements for the New Fund. The Board also noted that Krane continually evaluates its existing compliance and operational staff, as well as its investment professionals, and that Krane has consistently sought to retain qualified and experienced staff in these areas as its business has grown. The Board considered Krane’s current ownership structure, financial strength and long-term strategic plans, and noted that Krane is part of a family of investment management firms with significant resources, including administrative resources utilized by Krane.

B. Investment Performance

The Board noted that, because the New Fund has not yet commenced investment operations, it has no investment performance. The Board considered that once the New Fund commences operations, the Board will receive regular reports regarding its performance relative to its broad Morningstar peer group, as well as a select group of peers identified by Krane. The Board also considered that at its regular meetings it will receive information regarding the performance of the New Fund against the performance of its underlying index. The Board considered that there are limited peers available for the New Fund.

C. Compensation

The Board considered that, pursuant to the Advisory Agreement, Krane will enter into a unitary advisory fee arrangement for the New Fund. The Board considered the proposed fee for the New Fund compared to its Morningstar universe, noting that the proposed fees and expenses for KLXY are higher than the median of the peer group. The Board considered that the New Fund will provide unique exposure to the global luxury sector, and that it will maintain a high level of exposure to foreign equity securities, which may effect the cost of managing the New Fund when compared to other funds in Morningstar’s U.S. Consumer Cyclical ETF peer group. The Board also considered that Krane structured the proposed fee for the New Fund in a manner that is consistent with the other thematic series of the Trust. The Board noted that under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the New Fund, including those of its principal service providers. The Board noted that, under the unitary fee structure, Krane takes the risk that the New Fund may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

D. Costs and Profitability

The Board considered an 18-month pro-forma projected profit and loss statement for the New Fund, including the estimated cost of Krane’s services with respect to the New Fund. The Board recognized that, because the New Fund has not yet launched, it was difficult to estimate how profitable it will be to Krane, although the Board recognized that the New Fund will leverage procedures and systems put in place in connection with management of other series of the Trust. The Independent Trustees also considered information from Krane regarding its overall profitability and discussed with Krane’s management how launching the New Fund could impact such profitability. The Board noted Krane’s continuing commitment to operating the Trust and its continued use of a unitary fee structure under which it will bear many of the expenses of the New Fund.

184

Approval of Advisory Agreement and Sub-Advisory Agreements (Unaudited) (concluded)

E. Other Benefits

The Board considered the extent to which Krane could derive ancillary benefits from the operations of the New Fund. They noted that the New Fund could participate in the Trust’s securities lending program. The Board also considered whether Krane would benefit as a result of its ability to use the New Fund’s assets to engage in soft dollar transactions.

F. Economies of Scale

The Board considered whether Krane would realize economies of scale with respect to its services as the New Fund grows, including the extent to which this is reflected in the level of fees to be paid by the New Fund. The Board noted that the proposed advisory fee for the New Fund does not include breakpoints, and considered that it is not possible—before the commencement of investment operations—to accurately evaluate potential economies of scale. The Board also noted that Krane continues to reinvest a portion of its profits in its business, including through the evolution of its compliance and investment infrastructure, and that any economies of scale could be shared with the New Fund in this manner. Based on these and other considerations, including that the New Fund is newly organized, the Board considered economies of scale not to be a material factor in its consideration of the Advisory Agreement.

G. Conclusion

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors in their review of the Advisory Agreement. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Advisory Agreement. The Board noted that, consistent with its approach to other series of the Trust, it will continue to monitor the New Fund at its regular meetings, during executive sessions of the Independent Trustees and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Advisory Agreement, were reasonable in light of the factors considered by the Board.

185

Disclosure of Fund Expenses (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including brokerage expenses; and (2) ongoing costs. All ETFs have operating expenses. As a shareholder of an ETF, your investment is affected by these ongoing costs, which include (among others) costs for ETF management, administrative services, commissions, and shareholder reports like this one. It is important for you to understand the impact of these costs on your investment returns. In addition, a shareholder is responsible for brokerage fees as a result of their investment in the Fund. Operating expenses such as these are deducted from an ETF’s gross income and directly reduce its final investment return. These expenses are expressed as a percentage of the ETF’s average net assets; this percentage is known as the ETF’s expense ratio.

The following examples use the expense ratio and are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period (April 1, 2023 to September 30, 2023).

The table on the next page illustrates your Fund’s costs in two ways:

Actual Fund Return. This section helps you to estimate the actual expenses that your Fund incurred over the period. The “Expenses Paid During Period” column shows the actual dollar expense cost incurred by a $1,000 investment in the Fund, and the “Ending Account Value” number is derived from deducting that expense cost from the Fund’s gross investment return.

You can use this information, together with the actual amount you invested in the Fund, to estimate the expenses you paid over that period. Simply divide your actual account value by $1,000 to arrive at a ratio (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply that ratio by the number shown for your Fund under “Expenses Paid During Period.”

Hypothetical 5% Return. This section helps you compare your Fund’s costs with those of other funds. It assumes that the Fund had an annual 5% return before expenses during the year, but that the expense ratio (Column 3) for the period is unchanged. This example is useful in making comparisons because the Commission requires all funds to make this 5% calculation. You can assess your Fund’s comparative cost by comparing the hypothetical result for your Fund in the “Expenses Paid During Period” column with those that appear in the same charts in the shareholder reports for other funds.

NOTE: Because the return is set at 5% for comparison purposes — NOT your Fund’s actual return — the account values shown may not apply to your specific investment.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, including brokerage commissions on the purchases and sale of Fund shares. Therefore, the expense examples are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs had been included, your costs would have been higher.

186

Disclosure of Fund Expenses (Unaudited) (continued)

	Beginning Account Value 4/1/2023		Ending Account Value 9/30/2023		Annualized Expense Ratios			Expenses Paid During Period(1)
KraneShares CICC China Leaders 100 Index ETF
Actual Fund Return	$	1,000.00	$	951.80		0.69	%	$	3.37
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49
KraneShares CSI China Internet ETF
Actual Fund Return	$	1,000.00	$	882.90		0.69	%	$	3.25
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49
KraneShares Bosera MSCI China A 50 Connect Index ETF
Actual Fund Return	$	1,000.00	$	867.40		0.56	%	$	2.61
Hypothetical 5% Return		1,000.00		1,022.20		0.56			2.83
KraneShares Bloomberg China Bond Inclusion Index ETF
Actual Fund Return	$	1,000.00	$	967.60		0.49	%	$	2.41
Hypothetical 5% Return		1,000.00		1,022.55		0.49			2.48
KraneShares MSCI All China Index ETF
Actual Fund Return	$	1,000.00	$	894.00		0.49	%	$	2.32
Hypothetical 5% Return		1,000.00		1,022.55		0.49			2.48
KraneShares MSCI One Belt One Road Index ETF
Actual Fund Return	$	1,000.00	$	942.90		1.00	%	$	3.84
Hypothetical 5% Return		1,000.00		1,021.05		1.00			3.99
KraneShares Emerging Markets Consumer Technology Index ETF
Actual Fund Return	$	1,000.00	$	927.40		0.60	%	$	2.89
Hypothetical 5% Return		1,000.00		1,022.00		0.60			3.03
KraneShares MSCI China Clean Technology Index ETF
Actual Fund Return	$	1,000.00	$	880.50		0.79	%	$	3.71
Hypothetical 5% Return		1,000.00		1,021.05		0.79			3.99
KraneShares Electric Vehicles and Future Mobility Index ETF
Actual Fund Return	$	1,000.00	$	902.00		0.72	%	$	3.42
Hypothetical 5% Return		1,000.00		1,021.40		0.72			3.64
KraneShares MSCI All China Health Care Index ETF
Actual Fund Return	$	1,000.00	$	860.90		0.65	%	$	3.02
Hypothetical 5% Return		1,000.00		1,021.75		0.65			3.29
KraneShares Asia Pacific High Income Bond ETF
Actual Fund Return	$	1,000.00	$	966.60		0.69	%	$	3.39
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49
KraneShares Emerging Markets Healthcare Index ETF
Actual Fund Return	$	1,000.00	$	930.30		0.79	%	$	3.81
Hypothetical 5% Return		1,000.00		1,021.05		0.79			3.99
KraneShares MSCI Emerging Markets ex China Index ETF
Actual Fund Return	$	1,000.00	$	1,021.50		0.24	%	$	1.21
Hypothetical 5% Return		1,000.00		1,023.80		0.24			1.21

187

Disclosure of Fund Expenses (Unaudited) (concluded)

	Beginning Account Value 4/1/2023		Ending Account Value 9/30/2023		Annualized Expense Ratios			Expenses Paid During Period(1)
KraneShares MSCI China ESG Leaders Index ETF
Actual Fund Return	$	1,000.00	$	891.50		0.59	%	$	2.79
Hypothetical 5% Return		1,000.00		1,022.05		0.59			2.98
KraneShares CICC China 5G & Semiconductor Index ETF
Actual Fund Return	$	1,000.00	$	844.60		0.65	%	$	3.00
Hypothetical 5% Return		1,000.00		1,021.75		0.65			3.29
KraneShares CICC China Consumer Leaders Index ETF
Actual Fund Return	$	1,000.00	$	831.20		0.69	%	$	3.16
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49
KraneShares SSE STAR Market 50 Index ETF
Actual Fund Return	$	1,000.00	$	753.70		0.89	%	$	3.90
Hypothetical 5% Return		1,000.00		1,020.55		0.89			4.50
KraneShares Hang Seng TECH Index ETF
Actual Fund Return	$	1,000.00	$	905.30		0.69	%	$	3.29
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49
KraneShares China Innovation ETF
Actual Fund Return	$	1,000.00	$	858.50		0.11	%	$	0.51
Hypothetical 5% Return		1,000.00		1,024.45		0.11			0.56
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
Actual Fund Return	$	1,000.00	$	1,027.40		0.69	%	$	3.50
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49
KraneShares China Internet and Covered Call Strategy ETF
Actual Fund Return	$	1,000.00	$	1,064.60		0.26	%	$	1.34
Hypothetical 5% Return		1,000.00		1,023.70		0.26			1.32
KraneShares Dynamic Emerging Markets Strategy ETF
Actual Fund Return(2)	$	1,000.00	$	988.40		0.10	%	$	0.10
Hypothetical 5% Return		1,000.00		1,004.95		0.10			0.10
KraneShares Global Luxury Index ETF
Actual Fund Return(3)	$	1,000.00	$	937.20		0.69	%	$	0.44
Hypothetical 5% Return		1,000.00		1,002.83		0.69			0.45

(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period) unless otherwise indicated.
(2)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 37/366 (to reflect the period from 8/24/23- 9/30/23).
(3)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 24/366 (to reflect the period from 9/6/23- 9/30/23).

188

Supplemental Information (Unaudited)

Net asset value, or “NAV”, is the price per Share at which the Funds issue and redeem Shares to Authorized Participants. It is calculated in accordance with the policies described in Note 2 in Notes to Financial Statements. The “Market Price” of the Funds generally is determined using the closing price on the stock exchange on which the Shares of the Funds are listed for trading. The Funds’ Market Price may be at, above or below their NAV. The NAV of the Funds will fluctuate with changes in the market value of their holdings. The Market Price of the Funds will fluctuate in accordance with changes in their NAV, as well as market supply and demand of Fund Shares.

Premiums or discounts are the differences (expressed as a percentage) between the NAV and Market Price of the Funds on a given day, generally at the time NAV is calculated. A premium is the amount that the Funds are trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Funds are trading below the reported NAV, expressed as a percentage of the NAV. Shareholders may pay more than NAV when they buy Fund Shares and receive less than NAV when they sell those Shares, because Shares are bought and sold at Market Price.

Further information regarding premiums and discounts is available on the Funds’ website at http:// kraneshares.com. The premium and discount information contained on the website represents past performance and cannot be used to predict future results.

189

KraneShares Trust: 280 Park Avenue 32nd Floor New York, NY 10017	Distributor: SEI Investments Distribution Co. One Freedom Valley Drive Oaks, PA 19456
Investment Adviser: Krane Funds Advisors, LLC 280 Park Avenue 32nd Floor New York, NY 10017	Administrator: SEI Investments Global Funds Services One Freedom Valley Drive Oaks, PA 19456
Sub-Adviser: Bosera Asset Management (International) Co., Ltd. Suite 4109 Jardine House One Connaught Place Central, Hong Kong	Independent Registered Public Accounting Firm: KPMG LLP 1601 Market Street Philadelphia, PA 19103
Sub-Adviser: Nikko Asset Management Americas, Inc. 605 Third Avenue 38th Floor New York, NY 10158

This information must be preceded or accompanied by a current prospectus for the Funds described.

KraneShares Trust:

280 Park Avenue, 32nd Floor

New York, NY 10017

KRS-SA-001-1100

Item 2. Code of Ethics.

Not applicable for semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end management investment companies.

Item 6. Investments.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees during the period covered by this report.

Item 11. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR § 270.30a-3(c)) as of a date within 90 days of the filing date of the report, are effective based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR § 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR § 240.13a-15(b) or § 240.15d-15(b)).

(b) There has been no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR § 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Items 13. Exhibits.

(a)(1) Not applicable for semi-annual report.

(a)(2) A separate certification for the principal executive officer and the principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act, as amended (17 CFR § 270.30a-2(a)), is filed herewith.

(a)(3) Not applicable to the Registrant.

(a)(4) Not applicable to the Registrant.

(b) Officer certification, as required by Rule 30a-2(b) under the Act, as amended (17 CFR § 270.30a-2(b)), is filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	KraneShares Trust
By (Signature and Title)	/s/ Jonathan Krane
	Jonathan Krane
	Principal Executive Officer

Date: December 8, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Jonathan Krane
	Jonathan Krane
	Principal Executive Officer

Date: December 8, 2023

By (Signature and Title)	/s/ Jonathan Krane
	Jonathan Krane
	Principal Financial Officer

Date: December 8, 2023