Krane Shares Trust NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

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: March 31, 2024

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

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.

Annual Report

KraneShares CSI China Internet ETF

KraneShares Bosera MSCI China A 50 Connect 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 MSCI Emerging Markets ex China Index ETF

KraneShares CICC China 5G & Semiconductor Index ETF

KraneShares Value Line^®Dynamic Dividend Equity Index ETF

KFA Mount Lucas Managed Futures Index Strategy ETF

KraneShares SSE STAR Market 50 Index ETF

KraneShares Hang Seng TECH Index ETF

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

KraneShares Dynamic Emerging Markets Strategy ETF

KraneShares Global Luxury Index ETF

March 31, 2024

Table of Contents

Shareholder Letters		1
Management Discussion of Fund Performance		6
Schedules of Investments/Consolidated Schedule of Investments
KraneShares CSI China Internet ETF		57
KraneShares Bosera MSCI China A 50 Connect Index ETF		60
KraneShares MSCI All China Index ETF		63
KraneShares MSCI One Belt One Road Index ETF		70
KraneShares Emerging Markets Consumer Technology Index ETF		77
KraneShares MSCI China Clean Technology Index ETF		82
KraneShares Electric Vehicles and Future Mobility Index ETF		85
KraneShares MSCI All China Health Care Index ETF		89
KraneShares Asia Pacific High Income Bond ETF		92
KraneShares MSCI Emerging Markets ex China Index ETF		97
KraneShares CICC China 5G & Semiconductor Index ETF		113
KraneShares Value Line^® Dynamic Dividend Equity Index ETF		115
KFA Mount Lucas Managed Futures Index Strategy ETF		118
KraneShares SSE STAR Market 50 Index ETF		120
KraneShares Hang Seng TECH Index ETF		122
KraneShares S&P Pan Asia Dividend Aristocrats Index		124
KraneShares Dynamic Emerging Markets Strategy ETF		130
KraneShares Global Luxury Index ETF		131
Glossary		135
Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities		136
Statements of Operations/Consolidated Statement of Operations		142
Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets		148
Financial Highlights/Consolidated Financial Highlights		166
Notes to Financial Statements/Notes to Consolidated Financial Statements		174
Report of Independent Registered Public Accounting Firm		198
Trustees and Officers of the Trust		201
Disclosure of Fund Expenses		204
Notice To Shareholders		207
Supplemental Information		209

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.

Shareholder Letter (Unaudited)

Dear Shareholders:

We are pleased to provide you with the Annual Report for the following exchange-traded fund series of the KraneShares Trust:

●

KraneShares CSI China Internet ETF (KWEB)

●

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

●

KraneShares MSCI All China Index ETF (KALL)

●

KraneShares MSCI One Belt One Road Index ETF (OBOR)

●

KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ)

●

KraneShares MSCI China Clean Technology Index ETF (KGRN)

●

KraneShares Electric Vehicles & Future Mobility Index ETF (KARS)

●

KraneShares MSCI All China Health Care Index ETF (KURE)

●

KraneShares Asia Pacific High Income Bond ETF (KHYB)

●

KraneShares MSCI Emerging Markets ex China Index ETF (KEMX)

●

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

●

KraneShares SSE STAR Market 50 Index ETF (KSTR)

●

KraneShares Hang Seng TECH Index ETF (KTEC)

●

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

●

KraneShares Dynamic Emerging Markets Strategy ETF (KEM)

●

KraneShares Global Luxury Index ETF (KLXY)

Together, KWEB, KBA, KALL, OBOR, KEMQ, KGRN, KARS, KURE, KHYB, KEMX, KFVG, KSTR, KTEC, KDIV, KEM and KLXY comprise the Trust’s China Suite (the “Funds”).

For the 12-month Period ended March 31, 2024 (“Period”), unless otherwise indicated, the Funds delivered the following returns:

Fund	Fund Return (%)**		Market Price Return (%)**		Underlying Index Return (%)**			Morningstar Peer Group Median Return (%)**
KraneShares CSI China Internet ETF (KWEB)		-14.48		-14.37		-14.44	^(a)		-17.56	⁽¹⁾
KraneShares Bosera MSCI China A 50 Connect ETF(KBA)		-15.78		-15.59		-15.23	^(b)		-17.56	⁽¹⁾
KraneShares MSCI All China Index ETF (KALL)		-15.09		-15.54		-16.63	^(c)		-17.56	⁽¹⁾
KraneShares MSCI One Belt One Road Index ETF (OBOR)		-3.41		-3.23		-2.12	^(d)		3.79	⁽²⁾
KraneShares Emerging Markets Consumer Technology Index ETF (KEMQ)		-2.47		-2.41		-2.75	^(e)		10.23	⁽³⁾
KraneShares MSCI China Clean Technology Index ETF (KGRN)		-28.17		-28.57		-27.69	^(f)		-17.56	⁽¹⁾

Shareholder Letter (Unaudited) (continued)

Fund	Fund Return (%)**			Market Price Return (%)**			Underlying Index Return (%)**			Morningstar Peer Group Median Return (%)**
KraneShares Electric Vehicles and Future Mobility Index ETF (KARS)		-25.91			-26.13			-24.95	^(g)		21.56	⁽⁴⁾
KraneShares MSCI All China Health Care Index ETF (KURE)		-29.10			-28.72			-28.43	^(h)		-17.56	⁽¹⁾
KraneShares Asia Pacific High Income Bond ETF (KHYB)		6.81			6.58			N/A	^		9.60	⁽⁵⁾
KraneShares MSCI Emerging Markets ex China Index ETF (KEMX)		18.67			18.07			20.51	⁽ⁱ⁾		10.23	⁽³⁾
KraneShares CICC China 5G & Semiconductor Index ETF (KFVG)		-17.85			-16.72			-17.24	^(j)		-17.56	⁽¹⁾
KraneShares SSE STAR Market 50 Index ETF (KSTR)		-35.46			-35.57			-32.51	^(k)		-17.56	⁽¹⁾
KraneShares Hang Seng TECH Index ETF (KTEC)		-18.29			-16.48			-18.38	^(l)		-17.56	⁽¹⁾
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF (KDIV)		11.44			11.29			14.64	^(m)		10.71	%⁽⁶⁾
KraneShares Dynamic Emerging Markets Strategy ETF (KEM)		2.31			2.50			N/A	^		10.23	%⁽³⁾
KraneShares Global Luxury Index ETF (KLXY)		7.08	*		7.32	*		7.82	^*(n)		24.91	⁽⁷⁾

Return since Fund inception on September 6, 2023.

Total return, assumes dividend reinvestment.

Fund is actively managed and does not track an Underlying Index.

(a)

CSI Overseas China Internet Index.

(b)

MSCI China A 50 Connect Index.

(c)

MSCI China All Shares Index.

(d)

MSCI Global China Infrastructure Exposure Index.

(e)

Solactive Emerging Markets Consumer Technology Index.

(f)

MSCI China IMI Environment 10/40 Index.

(g)

Bloomberg Electric Vehicles Index.

(h)

MSCI China All Shares Health Care 10/40 Index.

(i)

MSCI Emerging Markets ex China Index.

(j)

CICC China 5G and Semiconductor Leaders Index.

(k)

Shanghai Stock Exchange Science and Technology Innovation Board 50 Index.

(l)

Hang Seng TECH Index.

(m)

S&P Pan Asia Dividend Aristocrats Index.

(n)

Solactive Global Luxury Index.

(1)

The Morningstar U.S. ETF China Region Category portfolios invest almost exclusively in stocks from China, Taiwan and Hong Kong. These portfolios invest at least 70% of total assets in equities and invest at least 75% of stock assets in one specific region or a combination of China and/or Taiwan.

Shareholder Letter (Unaudited) (continued)

(2)

The Morningstar U.S. ETF Infrastructure Category portfolios invest more than 60% of their assets in stocks of companies engaged in infrastructure activities. Industries considered to be part of the infrastructure sector include oil & gas midstream; waste management; airports; integrated shipping; railroads; shipping & ports; trucking; engineering & construction; infrastructure operations; and the utilities sector.

(3)

The Morningstar U.S. ETF Diversified Emerging Markets Category portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income instruments among emerging markets.

(4)

The Morningstar U.S. ETF Industrials Category portfolios seek capital appreciation by investing inequity securities of U.S. or non-U.S. companies that are engaged in services related to cyclical industries. This includes and is not limited to companies in aerospace and defense, automotive, chemicals, construction, environmental services, machinery, paper and transportation.

(5)

The Morningstar U.S. ETF Emerging Markets Bond Category portfolios invest more than 65% of their assets in foreign bonds from developing countries. The largest portion of the emerging-markets bond market comes from Latin America, followed by Eastern Europe. Africa, the Middle East and Asia make up the rest.

(6)

The Morningstar Peer U.S. ETF Diversified Pacific/Asia Category portfolios can invest throughout the Pacific rim, including Australia and New Zealand. As a result, country weightings for these portfolios vary tremendously, though mosy retain some exposure to either Japan and Hong Kong. These portfolios invest at least 70% of total assets in equities and invest at least 75% of stock assets in Pacific countries, including at least 10% in Japan.

(7)

The Morningstar U.S. ETF Consumer Cyclical Category portolios seek capital appreciation by investing in equity securities of U.S. or non-U.S. companies in the consumer cyclical sector.

During the Period, U.S. growth and technology markets ourperformed markets globally, including China. According, the Funds, which invest materially in China, generally underperformed broader markets. For more context on the China market, during the Period:

●

China’s broad equity market, as measured by the MSCI China All Shares Index, declined 16.63% and China’s currency, the Renminbi (RMB), depreciated 5.1% against the U.S. dollar;

●

The best-performing sectors across China’equity markets included Energy (+26.19%), Utilities (+1.09%) and Finanicals (-3.49%); and

●

The worst-performing sectors included Real Estate (-38.43%), Health Care (-28.17%) and Information Technology (-24.97%).

Notwithstanding the recent headwinds, we are encouraged by recent developments in China’s capital markets and continue to believe that many U.S. and global investors seek uncorrelated sources of return, including from China and Emerging Markets. We offer the China Suite for such investors and are grounded in the philosophy that –

●

We believe that China and Emerging Markets will continue to grow and become essential elements of a well-designed investment portfolio.

●

We believe that investors should have low-cost, transparent tools to obtain exposure to China’s onshore equity markets as well as fixed income and equity securities within Emerging Markets.

●

China’s central bank and market regulators continued to implement dovish economic policies during the Period, including rate cuts, encouraging companies to repurchase shares and pay dividends and fiscal stimulus.

Shareholder Letter (Unaudited) (continued)

●

We believe that the further development of China’s capital markets offers a long-term value proposition.

●

We are dedicated to helping investors obtain more complete passive and active market exposures and more balanced investment portfolios.

Thank you for investing with us.*

Jonathan Krane, CEO

Since shares of a Fund did not trade in the secondary market until after the Fund’s inception date shown below in the “Management Discussion of Fund Performance”, for the period from inception date to the first day of secondary market trading in shares of the Fund, the net asset value of the Fund is used as a proxy for the secondary market trading price to calculate market price returns.

Shareholder Letter (Unaudited) (concluded)

Dear Shareholder:

We are pleased to provide you with the Annual Report for the following exchange-traded fund series of the KraneShares Trust:

●

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

●

KFA Mount Lucas Managed Futures Index Strategy ETF (KMLM)

Together, KVLE and KMLM comprise the Trust’s Uncorrelated Suite (the “Funds”).

For the 12-month period ended March 31, 2024 (“Period”), unless otherwise indicated, the Funds delivered the following returns:

Fund	NAV Return (%)*		Market Price Return (%)*		Underlying Index Return (%)*			Morningstar Peer Group Median Return (%)*
KraneShares Value Line^® Dynamic Dividend Equity Index ETF (KVLE)		12.45		12.41		12.14	^(a)		20.22	⁽¹⁾
KFA Mount Lucas Managed Futures Index Strategy ETF (KMLM)		1.01		1.39		1.86	^(b)		12.72	⁽²⁾

Total return, assuming dividend reinvestment.

(a)

Value Line^® Dynamic Dividend Equity Index.

(b)

KFA MLM Index.

(1)

The Morningstar US ETF Large Value Category portfolios primarily consist of large U.S. companies that are less expensive or growing more slowly than other large-cap stocks. Stocks in the top 70% of the capitalization of the U.S. equity market are defined as large-cap. Value is based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

(2)

The Morningstar US ETF Systematic Trend Category portfolios primarily consist of liquid global futures, options, swaps, and foreign exchange contracts, both listed and over-the-counter. A majority of these funds follow trend-following, price-momentum strategies. Other strategies included in this category are systematic mean reversion, discretionary global macro strategies, commodity index tracking, and other futures strategies. More than 60% of the fund’s exposure is invested through derivative securities. These funds obtain exposure primarily through derivatives; the holdings are largely cash instruments.

We believe that investing in diversifying equity and managed futures strategies is an important way to help manage portfolio risk. We offer the Funds to help investors complete their portfolio allocations to these types of strategies.

Thank you for investing with us.*

Jonathan Krane, CEO

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares CSI China Internet ETF

The KraneShares CSI China Internet ETF seeks to provide investment results that, before expenses and fees, correspond generally to the price and yield performance of the CSI Overseas China Internet Index, which is designed to measure the performance of the investable universe of publicly traded China-based companies whose primary business or businesses are in the Internet and Internet-related sectors, as defined by the index sponsor, China Securities Index Co., Ltd.

During the Period, the Fund and China internet stocks generally underperformed US internet and technology equities, such as Nvidia and other US companies that benefitted from investor positioning around artificial intelligence (AI). China internet companies were mostly left out of these AI-driven flows. In addition, uncertainty around China’s growth trajectory during the Period negatively impacted the performance of China internet stocks. The performance of KWEB and, more broadly, China internet stocks adversely impacted the Funds (except for KPRO and KBUF, whose January launches were followed by positive performance for the remainder of the Period).

Despite share price declines during the Period, we continue to be optimistic about China internet companies for several reasons. Such companies continued to grow their revenues during the Period and, in some cases, their profitability. Furthermore, many such companies announced 2024 Q4 earnings that beat analyst estimates, reflecting increased Chinese consumer activity surrounding the 11/11 shopping festival. The festival is akin to “Black Friday” in the US, and it resulted in a surge in domestic tourism, event ticketing, and dining.

By the end of the Period, the NAV of the Fund decreased by 14.48%, while the Underlying Index decreased by 14.44%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares CSI China Internet ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Ten Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares CSI China Internet ETF

-14.48

-14.37

%‡

-27.55

%‡

-27.80

%‡

-9.31

%‡

-9.33

%‡

1.58

%‡

1.60

%‡

1.96

%‡

1.95

%‡

MSCI China All Shares Index**

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-4.10

%‡

N/A

‡

N/A

‡

CSI Overseas China Internet Index

N/A

-14.44

%‡

N/A

-27.34

%‡

N/A

-8.99

%‡

N/A

-1.30

%‡

N/A

2.15

%‡

The Fund’s inception date was on July 31, 2013.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

‡

Unaudited.

Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.68%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares CSI China Internet ETF (concluded)

Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Bosera MSCI China A 50 Connect Index ETF

The KraneShares Bosera MSCI China A 50 Connect Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI China A 50 Connect Index (the Underlying Index). The Underlying Index is constructed from the MSCI China A Index (the Parent Index), a broad-based benchmark index, which captures large and mid-cap China A-shares listed on the Shanghai and Shenzhen exchanges and accessible through the Northbound Stock Connect channel. The Underlying Index aims to reflect the performance of the 50 largest securities representing each Global Industry Classification Standard (GICS) sector and reflecting the sector weight allocation of the Parent Index.

During the Period, China’s A-share markets were under pressure due to uncertainty around China’s growth trajectory amid a challenging real estate market, low investor positioning in the stock market and a limited consumer recovery since the lifting of Covid-19 pandemic restrictions in 2022. However, the central bank and regulatory authorities implemented various measures during the Period to uplift currently low equity valuations in China. We believe the impacts of these measures may take time to be reflected in the equity market and for valuations to trend upward.

Large banks and energy companies were the top-performing Fund holdings, while real estate and consumer names in the portfolio lagged. We believe the outperformance of banks stemmed from government policy, which has lifted capital requirements while remaining relatively conservative on the consumer demand side. Meanwhile, the outperformance of energy companies likely stemmed from an increase in energy consumption in China during the Period as travel and activity returned to near pre-pandemic levels.

By the end of the Period, the NAV of the Fund decreased by 15.78% while the Underlying Index decreased by 15.23%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees and nominal tracking error.

Management Discussion of Fund Performance (Unaudited) (continued)

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

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Ten Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares Bosera MSCI China A 50 Connect Index ETF

-15.78

-15.59

%‡

-12.18

%‡

-12.46

%‡

-0.92

%‡

-0.97

%‡

4.05

%‡

3.95

%‡

3.64

%‡

3.63

%‡

MSCI China All Shares Index**

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-4.10

%‡

N/A

‡

N/A

‡

Custom Hybrid KBA Index***

N/A

-15.23

%‡

N/A

-11.55

%‡

N/A

-0.17

%‡

N/A

5.00

%‡

N/A

4.59

%‡

The Fund’s inception date was on March 4, 2014.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

***

The Custom Hybrid for KraneShares Bosera MSCI ETF Index consists of the MSCI China A Index from the inception of the Fund through October 23, 2014, the MSCI China A International Index from October 23, 2014 through December 26, 2017, the MSCI China A Inclusion Index from December 27, 2017 to May 29, 2019, the MSCI China A Index from May 29, 2019 to January 5, 2022, and the MSCI China A 50 Connect Index going forward. From October 23, 2014 through December 26, 2017, the Fund sought investment results that, before fees and expenses, corresponded to the price and yield performance of the MSCI China A International Index. Prior to October 23, 2014, the Fund sought investment results that, before fees and expenses, corresponded to the price and yield performance of the MSCI China A Index.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

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

representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, as supplemented, the Fund’s gross operating expense ratio is 0.78% and its net expense ratio is 0.55% due to a Fee Waiver whereby the Fund’s investment manager, Krane Funds Advisors, LLC, has contractually agreed to reduce its management fee by 0.23% of the Fund’s average daily net assets until August 1, 2024. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI All China Index ETF

The KraneShares MSCI All China Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI China All Shares Index (the Underlying Index). The Underlying Index seeks to track the equity market performance of companies based in China and listed in Mainland China, Hong Kong and the United States. Companies available for inclusion must be headquartered in China and meet the market capitalization minimums required by the MSCI Global Investable Market Indexes Methodology.

During the Period, the Fund’s performance was driven in part by the broader performance of Chinese equities, discussed above. During the Period, China’s equity markets were broadly lower, which is reflected in the Fund’s performance for the Period. Offshore markets performed slightly better than onshore markets after multiple periods of outperformance for the latter. Declines in China’s broad equity market were driven by uncertainty around the country’s growth trajectory, a lackluster real estate market due to significant real estate deleveraging beginning in 2022, and lighter-than-expected stimulus measures implemented by China’s government and central bank.

We continue to be constructive on China’s capital markets broadly, including because policymakers have become more intent on supporting the equity market and improving investor sentiment. In this regard, we look for a portion of the Chinese population to convert equity exposure from real estate and fixed income exposure; currently, money markets and bonds represent 75% of managed savings and the government says it will incentivize savers to move into equities. In addition, the average dividend yield in the Fund is 3.2%, which is significantly higher than that of the S&P 500 Index, which is currently 1.4%.

By the end of the Period, the NAV of the Fund decreased by 15.09% while the Underlying Index decreased by 16.63%. The deviation between the Fund’s performance and that of the Underlying Index can be attributed to the deduction of management fees and nominal tracking error.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI All China Index ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares MSCI All China Index ETF

-15.09

-15.54

%‡

-15.61

%‡

-15.96

%‡

-3.58

%‡

-3.85

%‡

-0.52

%‡

-0.54

%‡

MSCI China All Shares Index **

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-4.10

%‡

N/A

-0.47

%‡

Custom Hybrid for KraneShares MSCI All China Index ETF***

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-4.10

%‡

N/A

-0.45

%‡

The Fund’s inception date was on February 12, 2015.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

***

Custom Hybrid for KraneShares MSCI All China Index ETF consists of the FTSE Emerging incl. China Overseas non-R/QFII GDP Weighted Index from the inception of the Fund through July 31, 2018, and the MSCI China All Shares Index going forward. Prior to July 31, 2018, the Fund was known as the KraneShares FTSE Emerging Markets Plus ETF and sought to provide investment results that, before fees and expenses, corresponded generally to the price and yield performance of the FTSE Emerging incl. China Overseas non-R/QFII GDP Weighted Index.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI All China Index ETF (concluded)

Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s gross operating expense ratio is 0.68% and its net expense ratio is 0.48% due to an a Fee Waiver whereby the Fund’s investment manager, Krane Funds Advisors, LLC, has contractually agreed to reduce its management fee by 0.20% of the Fund’s average daily net assets until August 1, 2024. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI One Belt One Road Index ETF

The KraneShares MSCI One Belt One Road Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI Global China Infrastructure Exposure Index (the Underlying Index). The Underlying Index aims to identify potential beneficiaries of the “Belt & Road” or “One Belt One Road” initiative by the central government in China based on how their geography, revenue and sector attributes align with the broad theme. The Fund seeks to capture the economic growth and monetize the potential upside for the companies involved in China’s One Belt One Road initiative.

OBOR invests exclusively in emerging markets, and during the Period, emerging market equities, as measured by the MSCI Emerging Markets Index, were down, returning -3.08%. The best-performing sectors across Emerging Markets equity included Energy (+36.93%), Information Technology (+26.39%) and Utilities (+19.79%). The worst-performing sectors across the Emerging Market equity market included Communication Services (-11.34%), Real Estate (-11.08%) and Consumer Discretionary (-4.68%). Although the Fund was lower for the Period, it performed relatively in line with the MSCI Emerging Markets Index.

Top-performers within the Fund included banks, such as Chongqing Rural Commercial Bank, Bank of Jiangsu and Kuwait Finance House. Another notable outperformer was Keppel Ltd., a Singapore-based infrastructure-focused conglomerate. Meanwhile, underperformers included technology company Hoyuan Green Energy, a Wuxi-based manufacturer of assembly line equipment and solar panels and China National Building Material Co., a supplier of concrete and other construction materials.

Looking ahead, we remain optimistic about the opportunity of the Fund. Increasing tensions along key trade routes, such as the Suez Canal, may lead to increased use of and investment in alternative routes, such as the railroad from Central Asia through Turkey and into Europe, which is included in China’s One Belt & One Road initiative. China State Construction Engineering, an OBOR holding, is currently the primary builder of many sites near Cairo, Egypt. Finally, certain African investment opportunities, including Ethiopia, which grew its economy by over +7% in 2023 is a prime target for China-originated investment in the manufacturing sector.

By the end of the Period, the NAV of the Fund decreased by 3.41% while the Underlying Index decreased by 2.12%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to the deduction of management fees and nominal tracking error.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI One Belt One Road Index ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares MSCI One Belt Road Index ETF

-3.41

-3.23

%‡

-6.70

%‡

-7.07

%‡

1.05

%‡

1.01

%‡

0.42

%‡

0.39

%‡

MSCI ACWI Index**

N/A

23.22

%‡

N/A

6.96

%‡

N/A

10.92

%‡

N/A

9.67

%‡

MSCI Global China Infrastructure Exposure Index

N/A

-2.12

%‡

N/A

-6.17

%‡

N/A

2.15

%‡

N/A

1.51

%‡

The Fund’s inception date was on September 7, 2017.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI One Belt One Road Index ETF (concluded)

meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Emerging Markets Consumer Technology Index ETF

The KraneShares Emerging Markets Consumer Technology Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Solactive Emerging Markets Consumer Technology Index (the “Underlying Index”). The Underlying Index selects companies from 26 eligible countries within emerging markets whose primary business or businesses are internet retail, internet software/services, purchase, payment processing, semiconductor production, or software for internet and e-commerce transactions.

The Fund’s performance was impacted, in part, by the performance of emerging markets equities. Emerging market equities, as measured by the MSCI Emerging Markets Index, were down for the Period, returning -3.08%. The best-performing sectors across Emerging Markets equity included Energy (+36.93%), Information Technology (+26.39%) and Utilities (+19.79%). The worst-performing sectors across the Emerging Market equity market included Communication Services (-11.34%), Real Estate (-11.08%) and Consumer Discretionary (-4.68%).

Emerging market consumer technology equities, in particular, followed, ending the Period with negative returns overall. However, performance varied widely by sector. Financial and Information Technology stocks outperformed, while Consumer Staples and Communication Services stocks lagged. KEMQ holdings in Central Asia (India), Western Europe and South and Central America had a strong return during the Period, but holdings in North America and Asia Pacific struggled. Looking ahead, we believe consumer technology equities may benefit from increased demand for artificial intelligence (“AI”) integration, the impact of 5G and edge computing and the rise of direct-to-consumer and service-based business models.

By the end of the Period, the NAV of the Fund decreased by 2.47% while the Underlying Index decreased by 2.75%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to the deduction of management fees.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares Emerging Markets Consumer Technology Index ETF

-2.47

-2.41

%‡

-22.46

%‡

-22.66

%‡

-7.46

%‡

-7.59

%‡

-7.06

%‡

-7.12

%‡

MSCI Emerging Markets Index**

N/A

8.59

%‡

N/A

-4.68

%‡

N/A

2.61

%‡

N/A

Solactive Emerging Markets Consumer Technology Index

N/A

-2.75

%‡

N/A

-21.86

%‡

N/A

-6.75

%‡

N/A

-6.12

%‡

The Fund’s inception date was on October 11, 2017.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s gross operating expense ratio is 0.79% and its net expense ratio is 0.59% due to a Fee Waiver whereby the Fund’s investment manager, Krane Funds Advisors, LLC, has contractually agreed to reduce its management fee by 0.20% of the Fund’s average daily net assets until August 1, 2024.

Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI China Clean Technology Index ETF

The KraneShares MSCI China Clean Technology Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI China IMI Environment 10/40 Index (the “Underlying Index”). The Underlying Index is comprised of securities that derive at least 50% of their revenues from environmentally beneficial products and services. The Underlying Index is based on four key clean technology themes: (1) Alternative Energy, (2) Sustainable Water, (3) Pollution Prevention and (4) Energy Efficiency. The Underlying Index is designed to measure the performance of Chinese companies that focus on contributing to a more environmentally sustainable economy by making efficient use of scarce natural resources or by mitigating the impact of environmental degradation.

During the Period, the Fund’s performance was driven in part by the broader performance of Chinese equities, discussed above. In addition, China’s clean technology equities saw share price declines as investors became concerned about potential overcapacity for industrial companies, particularly in the solar panel manufacturing industry. Electric vehicle companies in the Consumer Discretionary sector were the top-performers in the Fund, though were still lower. Meanwhile, companies in the Materials sector saw the deepest declines for the Period. Looking ahead, we project continued high-level support within China for the clean technology transition and demand in the U.S. and Europe for solar panels manufactured economically in China.

By the end of the Period, the NAV of the Fund decreased by 28.17% while the Underlying Index decreased by 27.69%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees and nominal tracking error.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI China Clean Technology Index ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares MSCI China Clean Technology Index ETF

-28.17

-28.57

%‡

-19.56

%‡

-20.06

%‡

1.89

%‡

1.86

%‡

-1.46

%‡

-1.51

%‡

MSCI China All Shares Index**

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-4.10

%‡

N/A

-3.81

%‡

MSCI China IMI Environment 10/40 Index

N/A

-27.69

%‡

N/A

-20.56

%‡

N/A

0.31

%‡

N/A

-2.47

%‡

The Fund’s inception date was on October 12, 2017.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI China Clean Technology Index ETF (concluded)

in the Fund’s prospectus, the Fund’s gross operating expense ratio is 0.78%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Electric Vehicles and Future Mobility Index ETF

The KraneShares Electric Vehicle & Future Mobility Index ETF (the “Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Electric Vehicles Index (the “Underlying Index”).The Underlying Index seeks to measure the performance of companies that are engaged in the production of electric vehicles, their components, or other initiatives that may change the future of mobility. This includes electric vehicles, autonomous driving, lithium and/or copper production, lithium-ion/lead acid battery production, hydrogen fuel cell manufacturing and/or electric infrastructure businesses.

The electric vehicle (“EV”) industry demonstrated remarkable resilience in 2023, with pure-play EV companies such as Tesla, Li Auto, Xpeng and Rivian proving their ability to compete with legacy automakers, such as Ford and General Motors. Almost 4 million EVs were sold worldwide during the last calendar year. Although such companies achieved significant sales growth, an uncertain global macroeconomic backdrop weighed on their performance. Despite short-term volatility, we believe that the fundamental transition from gas-powered to electric vehicles remains intact and that the sector still presents potential opportunities for investors, including because EV manufacturers are focusing on developing lower-cost models and because China continues to subsidize purchases of EVs and has extended its program to do so through 2027.

By the end of the Period, the NAV of the Fund decreased by 25.91% while the Underlying Index decreased by 24.95%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares Electric Vehicles and Future Mobility Index ETF

-25.91

26.13

%‡

-16.61

%‡

-16.71

%‡

3.89

%‡

3.78

%‡

0.21

%‡

0.21

%‡

MSCI ACWI**

N/A

-23.22

%‡

N/A

6.96

%‡

N/A

10.92

%‡

N/A

8.19

%‡

Custom Hybrid for KraneShares Electric Vehicles and Future Mobility Index ETF***

N/A

-24.95

%‡

N/A

-15.59

%‡

N/A

4.93

%‡

N/A

0.89

%‡

The Fund’s inception date was on January 18, 2018.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

***

The Custom Hybrid for KraneShares Electric Vehicles and Future Mobility Index ETF consists of the Solactive Electric Vehicles and Future Mobility Index from the inception of the Fund through June 15, 2021 and the Bloomberg Electric Vehicles Total Return Index going forward.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.70%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI All China Health Care Index ETF

The KraneShares MSCI All China Health Care Index ETF seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific foreign equity securities index. The Fund’s current index is the MSCI China All Shares Health Care 10/40 Index (the “Underlying Index”). The Underlying Index captures large and mid-cap representation across China A-shares, B-shares, H-shares, Red-chips, P-chips and foreign listings (e.g. ADRs). The Underlying Index aims to reflect the opportunity set of the various China equity share classes listed in Hong Kong, Shanghai, Shenzhen and outside of China. It is based on the concept of the integrated MSCI China equity universe with China A-shares included.

During the Period, the Fund’s performance was driven in part by the broader performance of Chinese equities, discussed above. In addition, China’s Health Care sector continued declines due to regulatory changes and an antigraft campaign in the medical product distribution industry. Moreover, contract research organizations WuXi Biologics and WuXi Apptec came under share price pressure during the Period after a U.S. congressional committee proposed legislation to block entities that receive funding from U.S. Medicare and Medicaid from using their services.

Nonetheless, China’s leading pharmaceutical companies continued to increase their revenues during the Period, along with the number of deals to license and sell China-produced drugs in overseas markets. For these and related reasons, we believe the share price declines in the industry do not reflect the fundamentals of the companies held by the Fund. Further, looking ahead, according to new estimates from the Brookings Institution, the number of people in China over the age of 60 is expected to more than double (from 200 million today to 500 million) by 2050, potentially driving significant demand for health care services and creating opportunities for non-state-owned companies to fill the gaps that China’s health care system is not currently equipped to handle.

By the end of the Period, the NAV of the Fund decreased by 29.10% while the Underlying Index decreased by 28.43%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to the deduction of management fees.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI All China Health Care Index ETF (continued)

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Five Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares MSCI All China Health Care Index ETF

-29.10

-28.72

%‡

-23.91

%‡

-24.48

%‡

-5.37

%‡

-5.37

%‡

-6.07

%‡

-6.17

%‡

MSCI China All Shares Index**

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-4.10

%‡

N/A

-5.93

%‡

MSCI China All Shares Healthcare 10/40 Index

N/A

-28.43

%‡

N/A

-23.31

%‡

N/A

-4.48

%‡

N/A

-5.37

%‡

The Fund’s inception date was on January 31, 2018.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI All China Health Care Index ETF (concluded)

ratio is 0.65% due to a Fee Waiver whereby the Fund’s investment manager, Krane Funds Advisors, LLC, has contractually agreed to reduce its management fee by 0.14% of the Fund’s average daily net assets until August 1, 2024. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Asia Pacific High Income Bond ETF

The KraneShares Asia Pacific High Income Bond ETF seeks to provide a total return that, before fees and expenses, exceeds that of the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (the “Benchmark Index”) over a complete market cycle. The Benchmark Index is comprised of liquid U.S. dollar-denominated debt instruments issued out of Asia ex-Japan and is market capitalization weighted. The Underlying Index is limited to issuers classified as non-investment grade based on the middle rating between Moody’s, Fitch and S&P.

The Asia Pacific High Income Bond market rallied during the Period as credit quality improved following the exclusion of certain real estate developers’ bonds from the Fund’s Benchmark Index. Meanwhile, many Asian countries continued to experience strong economic growth. U.S. interest rates also remained elevated, leading high yield to outperform. The Fund’s portfolio management team lowered the Fund’s cash position during the Period as they deployed capital to issuers in India’s renewable energy industry, among other issuers.

The Fund’s positive performance during the Period reflects the resiliency and attractiveness of the market amid a challenging environment for global fixed income. The Fund’s average duration remains low at nearly two years, indicating significantly lower interest rate risk compared to its U.S. and developed market peers. We remain positive about the Fund’s strategy going forward, including because the Fed is moving more slowly than many had anticipated to lower interest rates due to better-than-expected economic data prints, which benefits low duration high yield. In addition, analysts project a reduction in the default rate among Asian high yield issuers in 2024 as compared to 2023.

By the end of the Period, the NAV of the Fund increased by 6.81%.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Asia Pacific High Income Bond ETF (continued)

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*,^†

One Year
Return

Three Year
Return

Five Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset

Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares Asia Pacific High Income Bond ETF

6.81

6.58

%‡

-5.14

%‡

-5.10

%‡

-1.59

%‡

-1.66

%‡

-0.42

%‡

-0.44

%‡

JP Morgan JACI Diversified**

N/A

7.29

%‡

N/A

-0.62

%‡

N/A

1.83

%‡

N/A

2.28

%‡

JP Morgan JACI New - Corporate Non Investment Grade

N/A

3.35

%‡

N/A

-7.47

%‡

N/A

-2.36

%‡

N/A

-0.71

%‡

Custom Hybrid for KraneShares Asia Pacific High Income Bond ETF

N/A

3.35

%‡

N/A

-7.00

%‡

N/A

-2.59

%‡

N/A

-0.80

%‡

Bloomberg Global Aggregate Index

N/A

0.49

%‡

N/A

-4.73

%‡

N/A

-1.17

%‡

N/A

-0.57

%‡

The Fund’s inception date was on June 26, 2018.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

†

Prior to August 1, 2021, the Fund previously sought to track the performance of the Solactive USD China Corporate High Yield Bond Index, before fees and expenses. Its performance prior to that date would have been different if the current goal and principal investment strategies had been in effect.

‡

Unaudited.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Asia Pacific High Income Bond ETF (concluded)

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.69%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI Emerging Markets ex China Index ETF

The KraneShares MSCI Emerging Markets ex China Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the MSCI Emerging Markets ex China Index (the “Underlying Index”). The Underlying Index is a free float-adjusted market capitalization weighted index designed to track the equity market performance of mid- and large-cap companies of emerging market countries, excluding China.

Although emerging market equities inclusive of China, as measured by the MSCI Emerging Markets Index, were down for the Period, returning -3.08%, emerging market equities, excluding China, demonstrated strong performance during the Period. The best-performing sectors across included Energy (+36.93%), Information Technology (+26.39%) and Utilities (+19.79%). The worst-performing sectors included Communication Services (-11.34%), Real Estate (-11.08%) and Consumer Discretionary (-4.68%). The Fund’s performance was driven, in particular, by its large allocation to Information Technology companies, which benefited from developed market flows into artificial intelligence-related equities. In addition, the Fund’s positions in the Energy and Utility sectors achieved a healthy return over the Period.

Although KEMX slightly underperformed global markets, represented by the MSCI All Country World Index, holdings in Eastern Europe and Central/Southern Asia (India) mostly outperformed, while South and Central American equities were in line with global markets. However, the performance of the Fund’s holdings in Thailand, Chile, the Czech Republic, and Qatar contributed to its overall slight underperformance versus global equities. Indian markets benefitted from strong economic growth and optimism around potential reforms that are expected to benefit household spending. Meanwhile, South Korea and Japan benefitted from increased earnings projections for semiconductor manufacturers on artificial intelligence (AI)-driven demand.

By the end of the Period, the NAV of the Fund increased by 18.67% while the Underlying Index increased by 20.51%. The deviation between the Fund’s performance and that of the Underlying Index can be attributed to the deduction of management fees and the Fund’s representative sampling strategy.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares MSCI Emerging Markets ex China Index ETF

18.67

18.07

%‡

1.60

%‡

1.69

%‡

6.36

%‡

6.45

%‡

MSCI Emerging Markets Index**

N/A

8.59

%‡

N/A

-4.68

%‡

N/A

2.05

%‡

MSCI Emerging Markets ex China Index

N/A

20.51

%‡

N/A

2.16

%‡

N/A

5.84

%‡

	*	The Fund’s inception date was on April 11, 2019.
	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, as supplemented, the Fund’s gross operating expense ratio is 0.59% and its net expense ratio is 0.23% due to a Fee Waiver whereby the Fund’s investment manager, Krane Funds Advisors, LLC, has contractually agreed to reduce its management fee by 0.35% of the Fund’s average daily net assets until August 1, 2024. Please note that one cannot invest directly

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares CICC China 5G & Semiconductor Index ETF

The KraneShares CICC China 5G & Semiconductor Index ETF seeks to provide investment results that, before expenses and fees, correspond generally to the price and yield performance of the CICC China 5G & Semiconductor Leaders Index (the “Underlying Index”). The Underlying Index is designed to track the performance of companies engaged in 5G and semiconductor-related businesses, including 5G equipment, semiconductors, electronic components and data centers.

KFVG had several outperformers during the Period, including Shenzhen Transsion Holding, Hygon Information Technology and Foxconn Industrial Internet, which are all included in the funds’ top ten holdings. However, Apple supplier, Sunny Optical Tech, was a large underperformer in the Fund’s portfolio during the Period.

During the Period, the Fund’s performance was driven in part by the broader performance of Chinese equities, discussed above. In addition, China 5G and Semiconductor-related stocks experienced a selloff alongside broader China equities. However, global investor sentiment towards 5G and Semiconductor-related stocks picked up towards the end of 2023, which was reflected in the Fund’s performance.

By the end of the Period, the NAV of the Fund decreased by 17.85% while the Underlying Index decreased by 17.24%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to management fees.

Management Discussion of Fund Performance (Unaudited) (continued)

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

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares CICC China 5G & Semiconductor Index ETF

-17.85

-16.72

%‡

-14.08

%‡

-13.97

%‡

-14.75

%‡

-14.47

%‡

MSCI China All Shares Index**

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-13.61

%‡

CICC China 5G and Semiconductor Leaders Index

N/A

-17.24

%‡

N/A

-13.20

%‡

N/A

-13.73

%‡

The Fund’s inception date was on November 23, 2020.

As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.

‡

Unaudited.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s gross operating expense ratio is 0.79% and its net expense ratio is 0.64% due to a Fee Waiver whereby the Fund’s investment manager, Krane Funds Advisors, LLC, has contractually agreed to reduce its management fee by 0.14% of the Fund’s average daily

Management Discussion of Fund Performance (Unaudited) (continued)

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

net assets until August 1, 2024. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

KraneShares Value Line^® Dynamic Dividend Equity Index ETF (the Fund) seeks to provide investment results that correspond generally to the price and yield performance of the Value Line Dynamic Core Equity Index (the Underlying Index).

The Underlying Index introduces a market adaptive approach to investing in US large cap companies. The strategy seeks to identify US companies whose equity securities pay a high dividend yield and are the highest rated by Value Line^®’s Safety^™and Timeliness^™ Ranking Systems. Careful quantitative modelling, which incorporates a unique set of risk management tools, adjusts the beta of the overall portfolio based on the market environment. The index is rebalanced monthly.

During the period, large cap, high dividend, US-listed stocks had mixed performance. The Fund, with several of the “Magnificent Seven” stocks in its top 10 holdings, performed relatively in line with the S&P 500 and Russell 1000 Value Index while maintaining a higher dividend yield. Throughout the period, the Fund benefitted from a higher exposure to Information Technology compared to many dividend fund competitors. The Fund uses optimization software in an effort to balance the benefits of a higher-yielding portfolio of better-quality names without straying too far from the risk profile of the S&P 500 benchmark.

Financials, Consumer Discretionary, Industrials, and Information Technology were the top-performing sectors in the Fund during the Period, while Utilities, Consumer Staples, and Health Care lagged. The top-performing Fund holding during the Period was truck manufacturer PACCAR Inc. The worst-performing holding was renewable energy company Enviva Inc. At the end of the Period, the Fund held 23.61% of the portfolio in the Information Technology sector and 15.06% in the Utilities sector.

For the one-year Period, the NAV of the Fund increased by 12.45% while the Underlying Index increased by 12.14%. The deviation between the Fund’s performance and that of the index can be mainly attributed to a nominal tracking error.

Management Discussion of Fund Performance (Unaudited) (continued)

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

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares Value Line^®Dynamic Dividend Equity Index ETF

12.45

12.41

%‡

8.26

%‡

8.26

%‡

12.06

%‡

12.06

%‡

S&P 500 Index**

N/A

29.88

%‡

N/A

11.49

%‡

N/A

13.90

%‡

Value Line Dynamic Core Equity Index

N/A

12.14

%‡

N/A

8.00

%‡

N/A

11.77

%‡

	*	The Fund’s inception date was on November 23, 2020.
	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.55%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the

Management Discussion of Fund Performance (Unaudited) (continued)

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

Management Discussion of Fund Performance (Unaudited) (continued)

KFA Mount Lucas Managed Futures Index Strategy ETF

The KFA Mount Lucas Managed Futures Index Strategy ETF (the Fund) seeks to provide investment results that, before fees and expenses, correspond generally to the price performance of the KFA MLM Index (Index).

The Index consists of a portfolio of twenty-two liquid futures contracts traded on U.S. and foreign exchanges. The Index includes futures contracts on 11 commodities, six currencies, and five global bond markets. These three baskets are weighted by their relative historical volatility, and within each basket, the constituent markets are equal dollar weighted.

The Fund’s strategy may be referred to as a type of “trend following” strategy. Trend following strategies typically do poorly in two types of environments. First, extended periods of stable, range bound markets can lead to consecutive cumulative small losses. Second, trend reversals following a large price move can cause trend following strategies to underperform. The fourth quarter of 2023 was representative of this type of market as it saw reversals across many markets in all asset classes: a bond rally after a multi-year profitable short trade, a dollar weakening, and an energy sell-off. Each of these reversals adversely affected the Fund’s positioning at both market and sector levels going into 2024.

A distinguishing feature of the Fund is that it provides pure trend following and does not invest in equity index futures. The main benefit of this approach is that it provides enhanced access to higher skew, or the degree to which the Fund provides a return that is uncorrelated to the broader market, in periods of stress and better diversification when combined with traditional asset allocations, which tend to be comprised of mostly equity exposure. The downside, or cost, to this approach is its lack of access to equity returns, in terms of both direction and size, during an equity bull market. Trend following managed futures strategies that included equity in early 2024 were admittedly able to go long toward the beginning of December 2023, which benefited such strategies significantly. Meanwhile, volatility-scaling positions increased their exposures significantly through the end of Q1 2024. This provided positive results for these strategies, but we believe that, in so doing, they diluted the absolute level of diversification they can provide. We encourage our investors to remember that the Fund takes the hard road, prioritizing maximum diversification potential by avoiding equity markets.

At the end of the Period, the Fund’s largest exposure in each of its three respective asset classes (fixed income, currencies, commodities) were the US 10-Year Future (short) at 25.59% of NAV, the British Pound (long) at 16.25% of NAV, and Gold (long) at 7.36% of NAV.

For the Period, the NAV of the Fund increased by 1.01%, while the Underlying Index increased by 1.86%. The deviation between the Fund’s performance and that of the index can be mainly attributed to the deduction of management fees.

Management Discussion of Fund Performance (Unaudited) (continued)

KFA Mount Lucas Managed Futures Index Strategy ETF (concluded)

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KFA Mount Lucas Managed Futures Index Strategy ETF

1.01

1.39

%‡

9.45

%‡

9.37

%‡

11.68

%‡

11.67

%‡

Bloomberg Global Aggregate Index **

N/A

0.49

%‡

N/A

-4.73

%‡

N/A

-5.16

%‡

KFA MLM Index

N/A

1.86

%‡

N/A

12.09

%‡

N/A

14.19

%‡

	*	The Fund’s inception date was on December 1, 2020.
	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, may be worth less than its original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call (855-857-2638) or visit www.kraneshares.com. The Fund's performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund's returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.89%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s

Management Discussion of Fund Performance (Unaudited) (continued)

(at Net Asset Value)‡ (concluded)

objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares SSE STAR Market 50 Index ETF

The KraneShares SSE STAR Market 50 Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Shanghai Stock Exchange (“SSE”) Science and Technology Innovation Board 50 Index (the “Underlying Index”). The Underlying Index is comprised of the 50 largest companies listed on the SSE Science and Technology Innovation Board (“STAR Market”) as determined by market capitalization and liquidity.

During the Period, the Fund’s performance was driven in part by the broader performance of Chinese equities, discussed above. In addition, China’s STAR Market was caught up in a continued selloff in growth equities during the Period, which adversely impacted the Fund’s performance. China’s initial public offering (“IPO”) applications slumped during the Period as earnings volatility, a slowing economy and regulatory changes led to the deferral of many IPOs, which, given the STAR Market’s and the Fund’s focus on new listings on innovative firms, adversely impacted investor sentiment and the Fund’s performance for the period.

The best-performing holdings of the Fund for the Period were mainly in the Information Technology sector, including Shenzhen Transsion Holdings and Shanghai Bochi Electronic Technology Corp. Meanwhile, companies in the Industrial sector, including Pylon Technologies, were the primary detractors from the Fund’s performance during the Period. We remain excited about the future potential for KSTR for several reasons, including that Chinese regulators are taking steps to shore up the market for the growth-stage technology companies that typically list on the STAR Market. In that regard, during the Period, regulators decided to temporarily tighten the supply of IPOs after a surge in recent years that led to lofty valuations and subsequent share price declines.

By the end of the Period, the NAV of the Fund decreased by 35.46% while the Underlying Index decreased by 32.51%. The deviation between the Fund’s performance and that of the Underlying Index can be attributed to the index’s inclusion of a sanctioned security, which the Fund did not hold and the deduction of management fees.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares SSE STAR Market 50 Index ETF (continued)

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Three Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares SSE Star Market 50 Index ETF

-35.46

-35.57

%‡

-19.71

%‡

-19.80

%‡

-22.99

%‡

-22.90

%‡

MSCI China All Shares Index**

N/A

-16.63

%‡

N/A

-16.07

%‡

N/A

-18.30

%‡

SSE Science & Technology Innovation Board 50 Index

N/A

-32.51

%‡

N/A

-17.45

%‡

N/A

-21.21

%‡

	*	The Fund’s inception date was on January 26, 2021.
	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.88%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares SSE STAR Market 50 Index ETF (concluded)

not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Hang Seng TECH Index ETF

The KraneShares Hang Seng TECH Index ETF seeks to provide investment results that, before expenses and fees, correspond generally to the price and yield performance of the Hang Seng TECH Index (the “Underlying Index”). The Underlying Index is designed to track the performance of the 30 largest technology companies listed in Hong Kong that have significant revenue exposure to technology themes and pass the index’s screening criteria.

During the Period, top performers in KTEC included Li Auto Inc, BYD, Xiaomi Corp and NetEase. A major laggard in the fund was SenseTime Group. More broadly, the Fund’s performance was driven in part by the broader performance of Chinese equities, discussed above. In addition, Hong Kong-listed technology stocks experienced share price declines. Unfortunately for the Fund, KTEC companies were mostly left out of increased flows into U.S.-listed technology companies. Uncertainties around China’s growth trajectory negatively impacted the Fund’s performance during the Period.

By the end of the Period, the NAV of the Fund decreased by 18.29% while the Underlying Index decreased by 18.38%. The deviation between the Fund's performance and that of the Underlying Index can be attributed to nominal tracking error.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Hang Seng TECH Index ETF (continued)

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares Hang Seng TECH Index ETF

-18.29

-16.48

%‡

-25.59

%‡

-25.27

%‡

MSCI All China Shares Index**

N/A

-16.63

%‡

N/A

-18.01

%‡

HKSE Hang Seng TECH Index

N/A

-18.38

%‡

N/A

-25.35

%‡

	*	The Fund’s inception date was on June 8, 2021.
	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.69%. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Hang Seng TECH Index ETF (concluded)

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

The KraneShares S&P Pan Asia Dividend Aristocrats Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P Pan Asia Dividend Aristocrats index (the “Underlying Index”). The Underlying Index is designed to measure the performance of constituents in the S&P Pan Asia BMI Index that have followed a policy of consistently increasing dividends every year for the last seven years. The S&P Pan Asia BMI Index is a comprehensive benchmark index that includes securities of companies from the Asia-Pacific region, including developed and emerging market countries.

The Fund’s positive performance for the Period reflects its significant position in Japanese equities, which rallied over the past year thanks, in part, to the divergent monetary policy in the nation. Japan was one of the only developed market countries to maintain an ultra-low interest rate regime in 2023. Meanwhile, KDIV companies overall also benefitted from having strong balance sheets against the backdrop of an strengthening U.S. dollar and higher interest rates.

The top-performing company in KDIV during the Period was Taiwan-based computer component maker Wistron Corporation. The worst-performing company in KDIV for the Period was Japanese electronic equipment maker Fujitsu. We continue to see opportunities in the KDIV portfolio, including because the companies in the portfolio have an an average dividend yield of approximately 4.50%, which is higher than the current yield on a 10-year U.S. treasury, the Bank of Japan officials has indicated that it will maintain accommodative monetary conditions, and Chinese authorities have begun to urge companies to increase their dividend payments, which should benefit the Fund.

By the end of the Period, the NAV of the Fund increased by 11.44% while the Underlying Index increased by 14.64%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to the deduction of management fees and the sampling of the index performed by the Fund.

Growth of a $10,000 Investment‡
(at Net Asset Value)‡

Management Discussion of Fund Performance (Unaudited) (continued)

(at Net Asset Value)‡ (concluded)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

One Year
Return

Annualized
Inception to Date

Net
Asset
Value

Market
Price^

Net
Asset
Value

Market
Price^

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

11.44

11.29

%‡

11.44

%‡

11.51

%‡

MSCI ACWI**

N/A

23.22

%‡

N/A

19.70

%‡

S&P Pan Asia Dividend Aristocrats Index

N/A

14.64

%‡

N/A

13.69

%‡

	*	The Fund’s inception date was on September 14, 2022.
	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.68%, which includes fees and expenses incurred indirectly as a result of investments in underlying Funds. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Dynamic Emerging Markets Strategy ETF

The KraneShares Dynamic Emerging Markets Strategy ETF is an active ETF that invests in other Funds to provide investors with exposure to broad Emerging Market equities while dynamically adjusting the portfolio’s China weight based on fundamental, valuation and technical signals. KEM has the potential to mitigate downside risk by dynamically adjusting its allocations between the Underlying ETFs and cash and cash equivalents. By combining a strategic allocation with a systematic valuation overlay between China and the rest of Emerging Markets, KEM seeks to outperform the MSCI Emerging Markets Index (“Benchmark Index”).

KEM primarily invests in the following ETFs:

●

The KraneShares MSCI All China Index ETF

●

The KraneShares MSCI Emerging Markets ex China Index ETF

Emerging Market equities, as measured by the Benchmark Index, were down for the Period, returning -3.08%. The best-performing sectors across Emerging Markets equity included Energy (+36.93%), Information Technology (+26.39%) and Utilities (+19.79%). The worst-performing sectors across the Emerging Market equity market included Communication Services (-11.34%), Real Estate (-11.08%) and Consumer Discretionary (-4.68%). During the Period, KEM underperformed the Benchmark Index due to its overweight position in China, represented by the KraneShares MSCI All China Index ETF. The Fund was overweight due to the extreme valuation disparity between China and the rest of Emerging Markets, as the latter has a significantly lower average earnings multiple.

From the Fund’s inception on August 24, 2023 to the end of the Fund’s fiscal year end on March 31, 2024, the NAV of the Fund increased by 2.31%.

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

	Cumulative Inception to Date
	Net Asset Value			Market Price^
KraneShares Dynamic Emerging Markets Strategy ETF		2.31	%		2.50	%‡
MSCI Emerging Markets Index**		N/A			7.52	%‡
MSCI Emerging Markets Index		N/A			7.33	%‡

The Fund’s inception date was on August 24, 2023.

Management Discussion of Fund Performance (Unaudited) (continued)

	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.49%, which includes fees and expenses incurred indirectly as a result of investments in underlying Funds. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Management Discussion of Fund Performance (Unaudited) (continued)

KraneShares Global Luxury Index ETF

The KraneShares Global Luxury Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Solactive Global Luxury Index (the “Underlying Index”). The Underlying Index is designed to measure the performance of developed markets companies from global luxury-related sectors weighted by market capitalization. These companies operate across industries, including leather goods, jewelry, accessories, skincare, cosmetics, beverages, travel and supercar businesses.

Global luxury equities posted positive returns over the Period. Apparel, accessories, luxury goods and luxury automobile holdings drove the fund’s performance. Overall, the global luxury market performance was mixed due to consumption lagging in China for most of the Period and slowed growth in North America and Europe. The Fund’s holdings in distillers, vintners and casinos and gaming struggled the most.

KLXY launched mid-way through the Period in September 2023 and initially saw downward pressure on its NAV. However, the global luxury equity outlook has improved in 2024, with hopes of a consumption and travel recovery in the months ahead, assuming improving macroeconomic conditions. Rising wealth in the Middle East, with the region projected to see an 82.4% rise in high-net-worth individuals and a 33% rise in ultra-high-net-worth individuals by 2027, portend heightened demand for luxury goods.

By the end of the Period, the NAV of the Fund increased by 7.08% while the Underlying Index increased by 7.82%. The deviation between the Fund’s performance and that of the Underlying Index can be mainly attributed to the deduction of management fees.

Growth of a $10,000 Investment‡

(at Net Asset Value)‡

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED MARCH 31, 2024*

	Cumulative Inception to Date
	Net Asset Value			Market Price^
KraneShares Global Luxury Index ETF		7.08	%		7.32	%‡
MSCI ACWI**		N/A			16.19	%‡
Solactive Global Luxury Index		N/A			7.82	%‡

The Fund’s inception date was on September 6, 2023.

Management Discussion of Fund Performance (Unaudited) (continued)

	**	As of May 2024, this index replaced the prior index as the primary broad-based securities market index in order to satisfy a change in regulatory requirements.
	‡	Unaudited.
	^	Beginning December 23, 2020, market price returns are based on the official closing price of an ETF share or, if it more accurately reflects the market value of an ETF share at the time as of which the ETF calculates current NAV per share, the midpoint between the national best bid and national best offer (“NBBO”) as of that time. Prior to that date, market price returns were based on the midpoint between the Bid and Ask price. NAVs are calculated using prices as of 4:00 PM Eastern Time.

The performance data quoted herein represents past performance and the return and value of an investment in the Fund will fluctuate so that, when redeemed, shares may be worth less than their original cost. Current performance may be lower or higher than the performance data quoted. Past performance is no guarantee of future performance and should not be considered as a representation of the future results of the Fund. For performance data current to the most recent month end, please call 855-857-2638 or visit www.kraneshares.com. The Fund’s performance assumes the reinvestment of all dividends and all capital gains. Index returns assume reinvestment of dividends and, unlike a Fund’s returns, do not reflect any fees or expenses. If such fees and expenses were included in the index returns, the performance would have been lower. As stated in the Fund’s prospectus, the Fund’s operating expense ratio is 0.69%, which includes fees and expenses incurred indirectly as a result of investments in underlying Funds. Please note that one cannot invest directly in an unmanaged index. There are no assurances that the Fund will meet its stated objectives. The Fund’s holdings and allocations are subject to change and should not be considered recommendations to buy individual securities. For further information on the Fund’s objectives, risks, and strategies, see the Fund’s prospectus. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Schedule of Investments March 31, 2024

KraneShares CSI China Internet ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.4%
Communication Services — 40.8%
Autohome ADR		2,376,354	$	62,308,002
Baidu, Cl A *		15,430,334		202,479,451
Bilibili, Cl Z *		9,129,544		103,001,838
China Literature *		16,671,400		55,703,047
iQIYI ADR *		18,447,908		78,034,651
JOYY ADR		1,195,538		36,762,793
Kanzhun ADR		14,085,230		246,914,082
Kingsoft		35,193,000		108,369,861
Kuaishou Technology, Cl B *		31,031,000		194,477,771
NetEase		15,623,105		324,980,227
Tencent Holdings		13,649,875		529,848,402
Tencent Music Entertainment Group ADR *		22,064,238		246,898,823
Weibo ADR		3,025,846		27,504,940
				2,217,283,888
Consumer Discretionary — 42.3%
Alibaba Group Holding		54,417,464		488,449,661
JD.com, Cl A		16,785,390		231,413,170
Meituan, Cl B *		34,975,348		432,586,120
PDD Holdings ADR *		3,064,148		356,207,205
TAL Education Group ADR *		16,421,308		186,381,846
Tongcheng Travel Holdings *		43,017,400		113,500,925
Trip.com Group *		6,515,500		287,378,134
Vipshop Holdings ADR		12,186,757		201,690,828
				2,297,607,889
Consumer Staples — 5.3%
Alibaba Health Information Technology *		173,450,000		70,475,247
East Buy Holding *^(A)		14,331,000		38,086,847
JD Health International *		40,781,500		144,337,158

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

Schedule of Investments March 31, 2024

KraneShares CSI China Internet ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Ping An Healthcare and Technology *		21,123,500	$	31,848,066
				284,747,318
Financials — 3.0%
Lufax Holding ADR		7,382,113		31,152,516
Qifu Technology ADR		5,191,058		95,671,199
ZhongAn Online P&C Insurance, Cl H *		22,484,800		35,911,556
				162,735,271
Health Care — 0.2%
YSB *^(A)		12,470,400		12,938,133

Industrials — 4.2%
Full Truck Alliance ADR *		31,420,735		228,428,743

Real Estate — 3.6%
KE Holdings ADR		14,185,193		194,762,700
TOTAL CHINA				5,398,503,942

HONG KONG — 0.4%
Consumer Discretionary — 0.4%
Fenbi *^(A)		39,647,500		21,985,721
TOTAL HONG KONG				21,985,721

TOTAL COMMON STOCK (Cost $6,895,338,198)				5,420,489,663

SHORT-TERM INVESTMENT — 0.6%
Invesco Government & Agency Portfolio, Cl Institutional, 5.240% ^(B)(C)		33,462,855		33,462,855
TOTAL SHORT-TERM INVESTMENT (Cost $33,462,855)				33,462,855

TOTAL INVESTMENTS —100.4% (Cost $6,928,801,053)				5,453,952,518
OTHER ASSETS LESS LIABILITIES – (0.4)%				(22,966,187	)
NET ASSETS - 100%			$	5,430,986,331

	‡	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 March 31, 2024.
	(B)	The rate shown is the 7-day effective yield as of March 31, 2024.
	(C)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2024 was $33,462,855.

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

Schedule of Investments March 31, 2024

KraneShares CSI China Internet ETF (concluded)

As of March 31, 2024, all of the Fund’s investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

See “Glossary” for abbreviations.

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

Schedule of Investments March 31, 2024

KraneShares Bosera MSCI China A 50 Connect Index ETF

	Shares		Value
COMMON STOCK — 99.2% ‡
CHINA — 99.2%
Communication Services — 1.7%
China United Network Communications, Cl A		3,082,500	$	1,982,711
Focus Media Information Technology, Cl A		1,399,702		1,256,963
				3,239,674
Consumer Discretionary — 6.8%
BYD, Cl A		225,600		6,309,616
China Tourism Group Duty Free, Cl A		242,932		2,858,142
Midea Group, Cl A		437,000		3,865,371
				13,033,129
Consumer Staples — 13.4%
Foshan Haitian Flavouring & Food, Cl A		226,742		1,230,773
Inner Mongolia Yili Industrial Group, Cl A		311,312		1,196,298
Jiangsu Yanghe Brewery JSC, Cl A		73,622		990,192
Kweichow Moutai, Cl A		54,189		12,709,830
Luzhou Laojiao, Cl A		71,946		1,829,171
Muyuan Foods, Cl A		267,345		1,588,884
Shanxi Xinghuacun Fen Wine Factory, Cl A		59,616		2,012,381
Wuliangye Yibin, Cl A		189,779		4,012,585
				25,570,114
Energy — 4.0%
China Petroleum & Chemical, Cl A		1,904,740		1,676,394
China Shenhua Energy, Cl A		396,847		2,136,624
PetroChina, Cl A		1,299,000		1,767,688
Shaanxi Coal Industry, Cl A		583,316		2,015,784
				7,596,490
Financials — 18.8%
Agricultural Bank of China, Cl A		6,311,607		3,677,221

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

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Bank of Communications, Cl A		2,909,999‌	$	2,541,099‌
Bank of Ningbo, Cl A		489,618‌		1,391,221‌
China Merchants Bank, Cl A		1,529,467‌		6,783,212‌
China Pacific Insurance Group, Cl A		507,514‌		1,607,738‌
CITIC Securities, Cl A		907,921‌		2,400,981‌
East Money Information, Cl A		1,175,631‌		2,087,197‌
Industrial & Commercial Bank of China, Cl A		4,664,126‌		3,391,905‌
Industrial Bank, Cl A		1,540,222‌		3,347,571‌
Ping An Bank, Cl A		1,438,767‌		2,084,710‌
Ping An Insurance Group of China, Cl A		797,898‌		4,484,907‌
Shanghai Pudong Development Bank, Cl A		2,176,146‌		2,137,062‌
				35,934,824‌
Health Care — 7.8%
Aier Eye Hospital Group, Cl A		1,001,781‌		1,766,128‌
Jiangsu Hengrui Pharmaceuticals, Cl A		685,075‌		4,337,625‌
Shenzhen Mindray Bio-Medical Electronics, Cl A		130,253‌		5,049,448‌
WuXi AppTec, Cl A		275,582‌		1,752,848‌
Zhangzhou Pientzehuang Pharmaceutical, Cl A		64,750‌		2,037,997‌
				14,944,046‌
Industrials — 14.7%
Beijing-Shanghai High Speed Railway, Cl A		6,287,100‌		4,347,039‌
China State Construction Engineering, Cl A		5,366,958‌		3,873,459‌
Contemporary Amperex Technology, Cl A		508,555‌		13,319,775‌
NARI Technology, Cl A		1,028,415‌		3,447,692‌
SF Holding, Cl A		626,759‌		3,142,255‌
				28,130,220‌
Information Technology — 14.8%
BOE Technology Group, Cl A		9,727,745‌		5,439,734‌
Foxconn Industrial Internet, Cl A		3,147,500‌		9,871,161‌
LONGi Green Energy Technology, Cl A		1,994,491‌		5,359,557‌
Luxshare Precision Industry, Cl A		1,884,650‌		7,634,229‌
				28,304,681‌
Materials — 11.4%
Wanhua Chemical Group, Cl A		863,799‌		9,851,049‌
Zijin Mining Group, Cl A		5,100,392‌		11,815,960‌
				21,667,009‌
Real Estate — 1.3%
China Vanke, Cl A		882,600‌		1,094,072‌
Poly Developments and Holdings Group, Cl A		1,086,477‌		1,366,252‌
				2,460,324‌

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

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Utilities — 4.5%
China National Nuclear Power, Cl A		1,260,000‌	$	1,594,871‌
China Three Gorges Renewables Group, Cl A		1,941,200‌		1,253,957‌
China Yangtze Power, Cl A		1,659,370‌		5,697,770‌
				8,546,598‌
TOTAL CHINA				189,427,109‌

TOTAL COMMON STOCK (Cost $211,987,210)				189,427,109‌

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma^‡‡*^(A)		61,390		—
TOTAL CHINA				—

TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS — 99.2% (Cost $211,987,210)				189,427,109
OTHER ASSETS LESS LIABILITIES – 0.8%				1,438,831
NET ASSETS - 100%			$	190,865,940

	‡	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 March 31, 2024, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	189,427,109	$	—	$	—		$	189,427,109
Total Common Stock		189,427,109		—		—			189,427,109
Rights		—		—		—	^‡‡		—
Total Investments in Securities	$	189,427,109	$	—	$	—		$	189,427,109

	^	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.

Schedule of Investments March 31, 2024

KraneShares MSCI All China Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.6%
Communication Services — 12.8%
Autohome ADR		456‌	$	11,956‌
Baidu, Cl A *		5,750‌		75,452‌
Bilibili, Cl Z *		1,100‌		12,411‌
Focus Media Information Technology, Cl A		25,000‌		22,451‌
iQIYI ADR *		2,365‌		10,004‌
Kingsoft		12,600‌		38,799‌
Kuaishou Technology, Cl B *		6,300‌		39,483‌
NetEase		3,400‌		70,724‌
Tencent Holdings		12,658‌		491,347‌
Tencent Music Entertainment Group ADR *		3,190‌		35,696‌
				808,323‌
Consumer Discretionary — 22.4%
Alibaba Group Holding		32,524‌		291,935‌
ANTA Sports Products		4,000‌		42,523‌
BYD, Cl A		2,000‌		55,936‌
BYD, Cl H		3,000‌		77,276‌
China Tourism Group Duty Free, Cl A		2,000‌		23,530‌
Chongqing Changan Automobile, Cl A		24,338‌		56,316‌
Fuyao Glass Industry Group, Cl A		7,100‌		42,304‌
Geely Automobile Holdings		20,000‌		23,612‌
Great Wall Motor, Cl H		14,500‌		16,118‌
Guangzhou Automobile Group, Cl H		22,000‌		9,023‌
H World Group ADR		681‌		26,355‌
Haier Smart Home, Cl A		17,200‌		55,920‌
Huayu Automotive Systems, Cl A		4,000‌		9,206‌
JD.com, Cl A		5,372‌		74,059‌
Li Auto, Cl A *		3,100‌		48,046‌
Li Ning		6,500‌		17,275‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Meituan, Cl B *		10,666‌	$	131,918‌
New Oriental Education & Technology Group *		5,000‌		43,538‌
NIO ADR *		4,002‌		18,009‌
PDD Holdings ADR *		1,171‌		136,129‌
SAIC Motor, Cl A		10,157‌		21,082‌
Shenzhou International Group Holdings		3,300‌		31,244‌
TAL Education Group ADR *		2,520‌		28,602‌
TravelSky Technology, Cl H		6,000‌		7,268‌
Trip.com Group *		1,400‌		61,750‌
Vipshop Holdings ADR		1,609‌		26,629‌
Yum China Holdings		1,055‌		41,979‌
				1,417,582‌
Consumer Staples — 10.3%
Alibaba Health Information Technology *		22,000‌		8,939‌
Anhui Gujing Distillery, Cl A		1,200‌		42,973‌
China Mengniu Dairy		12,000‌		25,759‌
China Resources Beer Holdings		6,000‌		27,637‌
Foshan Haitian Flavouring & Food, Cl A		5,133‌		27,862‌
Guangdong Haid Group, Cl A		4,300‌		26,118‌
Henan Shuanghui Investment & Development, Cl A		4,600‌		16,631‌
Inner Mongolia Yili Industrial Group, Cl A		6,700‌		25,747‌
Jiangsu Yanghe Brewery JSC, Cl A		1,400‌		18,830‌
Kweichow Moutai, Cl A		800‌		187,637‌
Luzhou Laojiao, Cl A		2,000‌		50,849‌
Muyuan Foods, Cl A		7,502‌		44,586‌
New Hope Liuhe, Cl A *		11,800‌		15,407‌
Shanxi Xinghuacun Fen Wine Factory, Cl A		1,460‌		49,283‌
Tingyi Cayman Islands Holding		12,000‌		13,155‌
Want Want China Holdings		20,000‌		11,806‌
Wuliangye Yibin, Cl A		2,800‌		59,202‌
				652,421‌
Energy — 5.0%
China Oilfield Services, Cl H		14,000‌		16,099‌
China Petroleum & Chemical, Cl A		40,800‌		35,909‌
China Petroleum & Chemical, Cl H		84,500‌		47,938‌
China Shenhua Energy, Cl H		10,000‌		39,290‌
PetroChina, Cl A		19,600‌		26,672‌
PetroChina, Cl H		59,984‌		51,274‌
Shaanxi Coal Industry, Cl A		10,400‌		35,939‌
Shanxi Lu’an Environmental Energy Development, Cl A		6,700‌		19,093‌
Yankuang Energy Group, Cl H		21,000‌		44,112‌
				316,326‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 22.0%
Agricultural Bank of China, Cl A		76,600‌	$	44,628‌
Agricultural Bank of China, Cl H		91,397‌		38,537‌
Bank of Beijing, Cl A		24,600‌		19,177‌
Bank of China, Cl A		30,400‌		18,423‌
Bank of China, Cl H		210,396‌		86,831‌
Bank of Communications, Cl A		38,200‌		33,357‌
Bank of Communications, Cl H		37,000‌		24,300‌
Bank of Hangzhou, Cl A		12,400‌		18,975‌
Bank of Jiangsu, Cl A		19,400‌		21,109‌
Bank of Nanjing, Cl A		12,300‌		15,179‌
Bank of Ningbo, Cl A		6,300‌		17,901‌
Bank of Shanghai, Cl A		16,304‌		15,091‌
China CITIC Bank, Cl H		28,000‌		14,919‌
China Construction Bank, Cl A		10,500‌		9,935‌
China Construction Bank, Cl H		196,000‌		118,204‌
China Everbright Bank, Cl A		48,100‌		20,670‌
China Galaxy Securities, Cl H		33,500‌		16,437‌
China Life Insurance, Cl H		20,483‌		24,575‌
China Merchants Bank, Cl A		15,600‌		69,186‌
China Merchants Bank, Cl H		11,500‌		45,477‌
China Merchants Securities, Cl A		8,300‌		15,959‌
China Minsheng Banking, Cl A		44,600‌		24,879‌
China Minsheng Banking, Cl H		26,000‌		9,003‌
China Pacific Insurance Group, Cl A		6,300‌		19,958‌
China Pacific Insurance Group, Cl H		9,400‌		16,454‌
CITIC Securities, Cl A		13,845‌		36,613‌
CITIC Securities, Cl H		7,000‌		11,538‌
East Money Information, Cl A		13,700‌		24,323‌
Everbright Securities, Cl A		9,000‌		20,267‌
GF Securities, Cl A		8,800‌		16,181‌
Guosen Securities, Cl A		9,500‌		10,965‌
Guotai Junan Securities, Cl A		7,300‌		13,946‌
Haitong Securities, Cl A		11,000‌		13,181‌
Huatai Securities, Cl A		10,400‌		20,111‌
Huatai Securities, Cl H		8,000‌		9,138‌
Huaxia Bank, Cl A		16,200‌		14,459‌
Industrial & Commercial Bank of China, Cl A		58,600‌		42,616‌
Industrial & Commercial Bank of China, Cl H		135,441‌		68,184‌
Industrial Bank, Cl A		17,500‌		38,035‌
Industrial Securities, Cl A		24,169‌		18,109‌
New China Life Insurance, Cl A		3,500‌		14,375‌
New China Life Insurance, Cl H		4,800‌		8,500‌
Orient Securities, Cl A		12,300‌		13,977‌
People’s Insurance Group of China, Cl H		47,452‌		15,158‌
PICC Property & Casualty, Cl H		25,510‌		33,638‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Ping An Bank, Cl A		17,391‌	$	25,199‌
Ping An Insurance Group of China, Cl A		8,900‌		50,026‌
Ping An Insurance Group of China, Cl H		16,500‌		69,677‌
Shanghai Pudong Development Bank, Cl A		25,000‌		24,551‌
Shenwan Hongyuan Group, Cl A		28,700‌		17,630‌
				1,389,561‌
Health Care — 4.7%
Beijing Tongrentang, Cl A		1,844‌		10,411‌
Changchun High & New Technology Industry Group, Cl A		1,200‌		19,865‌
China Medical System Holdings		8,000‌		8,402‌
CSPC Pharmaceutical Group		39,520‌		31,055‌
Genscript Biotech *		12,000‌		22,232‌
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		2,800‌		11,126‌
Huadong Medicine, Cl A		2,580‌		11,016‌
Jiangsu Hengrui Pharmaceuticals, Cl A		4,916‌		31,126‌
Shanghai Fosun Pharmaceutical Group, Cl A		3,400‌		10,804‌
Shanghai Pharmaceuticals Holding, Cl A		6,600‌		15,390‌
Shenzhen Mindray Bio-Medical Electronics, Cl A		1,000‌		38,767‌
Sinopharm Group, Cl H		5,600‌		14,346‌
Wuxi Biologics Cayman *		10,000‌		18,271‌
Yunnan Baiyao Group, Cl A		1,840‌		12,874‌
Zai Lab *		4,400‌		7,252‌
Zhangzhou Pientzehuang Pharmaceutical, Cl A		600‌		18,885‌
Zhejiang NHU, Cl A		6,132‌		14,079‌
				295,901‌
Industrials — 6.9%
AECC Aviation Power, Cl A		3,400‌		15,903‌
China Eastern Airlines, Cl A *		21,400‌		10,729‌
China Energy Engineering, Cl A		69,737‌		20,363‌
China Merchants Port Holdings		15,998‌		19,195‌
China Railway Group, Cl H		23,000‌		11,373‌
China Southern Airlines, Cl A *		20,100‌		15,476‌
CITIC		20,780‌		19,966‌
Contemporary Amperex Technology, Cl A		3,100‌		81,193‌
COSCO SHIPPING Holdings, Cl A		21,420‌		30,535‌
Daqin Railway, Cl A		13,600‌		13,786‌
Fosun International		15,000‌		7,820‌
Metallurgical Corp of China, Cl A		35,600‌		16,475‌
Power Construction Corp of China, Cl A		20,400‌		13,964‌
Sany Heavy Industry, Cl A		11,800‌		23,696‌
SF Holding, Cl A		3,900‌		19,553‌
Shanghai International Airport, Cl A *		1,800‌		8,990‌
Shanghai International Port Group, Cl A		15,000‌		11,094‌
Weichai Power, Cl A		15,088‌		34,684‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Zhejiang Chint Electrics, Cl A		3,300‌	$	9,177‌
Zhuzhou CRRC Times Electric, Cl H		2,700‌		8,556‌
Zoomlion Heavy Industry Science and Technology, Cl A		14,100‌		15,944‌
ZTO Express Cayman ADR		1,232‌		25,798‌
				434,270‌
Information Technology — 4.5%
BOE Technology Group, Cl A		41,900‌		23,431‌
Iflytek, Cl A		2,800‌		18,789‌
Kingboard Holdings		4,000‌		8,157‌
Kingdee International Software Group *		14,000‌		15,795‌
Lenovo Group		28,000‌		32,449‌
LONGi Green Energy Technology, Cl A		8,429‌		22,650‌
Luxshare Precision Industry, Cl A		10,274‌		41,617‌
Sunny Optical Technology Group		2,600‌		13,272‌
Unigroup Guoxin Microelectronics, Cl A *		2,019‌		18,048‌
Xiaomi, Cl B *		37,400‌		71,393‌
Yonyou Network Technology, Cl A		4,625‌		7,612‌
ZTE, Cl H		6,600‌		13,155‌
				286,368‌
Materials — 4.3%
Anhui Conch Cement, Cl A		4,600‌		14,116‌
Anhui Conch Cement, Cl H		6,000‌		12,481‌
Baoshan Iron & Steel, Cl A		24,900‌		22,772‌
China National Building Material, Cl H		16,000‌		5,499‌
China Northern Rare Earth Group High-Tech, Cl A		9,200‌		24,545‌
CMOC Group, Cl H		48,000‌		40,785‌
Ganfeng Lithium Group, Cl A		2,720‌		13,622‌
Inner Mongolia BaoTou Steel Union, Cl A *		56,000‌		12,341‌
Rongsheng Petrochemical, Cl A		10,950‌		16,605‌
Shandong Hualu Hengsheng Chemical, Cl A		4,740‌		17,079‌
Tianqi Lithium, Cl A		2,040‌		13,478‌
Wanhua Chemical Group, Cl A		2,500‌		28,511‌
Zhejiang Huayou Cobalt, Cl A		2,104‌		7,859‌
Zijin Mining Group, Cl A		17,000‌		39,383‌
				269,076‌
Real Estate — 2.7%
China Merchants Shekou Industrial Zone Holdings, Cl A		8,000‌		10,413‌
China Overseas Land & Investment		14,839‌		21,349‌
China Resources Land		12,214‌		38,625‌
China Vanke, Cl A		9,143‌		11,334‌
China Vanke, Cl H		11,700‌		8,102‌
Country Garden Holdings *		79,612‌		4,933‌
KE Holdings ADR		1,875‌		25,744‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
Longfor Group Holdings		8,500‌	$	12,012‌
Poly Developments and Holdings Group, Cl A		14,500‌		18,234‌
Seazen Holdings, Cl A *		5,600‌		7,320‌
Shenzhen Overseas Chinese Town, Cl A *		24,000‌		8,892‌
				166,958‌
Utilities — 4.0%
China Gas Holdings		13,200‌		11,907‌
China Longyuan Power Group, Cl H		14,000‌		9,803‌
China Resources Gas Group		6,700‌		21,359‌
China Resources Power Holdings		12,000‌		27,997‌
China Yangtze Power, Cl A		18,700‌		64,210‌
ENN Energy Holdings		2,482‌		19,123‌
Guangdong Investment		14,000‌		5,992‌
Huadian Power International, Cl A		44,400‌		42,013‌
Huaneng Power International, Cl H *		39,077‌		23,017‌
Sichuan Chuantou Energy, Cl A		11,800‌		27,061‌
				252,482‌
TOTAL CHINA				6,289,268‌

HONG KONG — 0.2%
Health Care — 0.2%
Sino Biopharmaceutical		39,500‌		15,242‌
TOTAL HONG KONG				15,242‌

TOTAL COMMON STOCK (Cost $8,385,563)				6,304,510‌

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma^‡‡*^(A)		446		—
TOTAL CHINA				—

TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS — 99.8% (Cost $8,385,563)				6,304,510
OTHER ASSETS LESS LIABILITIES – 0.2%				13,282
NET ASSETS - 100%			$	6,317,792

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

Schedule of Investments March 31, 2024

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 March 31, 2024, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	6,289,268	$	—	$	—		$	6,289,268
Hong Kong		15,242		—		—			15,242
Total Common Stock		6,304,510		—		—			6,304,510
Rights		—		—		—	^‡‡		—
Total Investments in Securities.	$	6,304,510	$	—	$	—		$	6,304,510

	^	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.

Schedule of Investments March 31, 2024

KraneShares MSCI One Belt One Road Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
CHINA — 44.9%
Energy — 2.6%
China Petroleum & Chemical, Cl H		190,000‌	$	107,788‌

Financials — 4.5%
Bank of Changsha, Cl A		9,300‌		9,927‌
Bank of Chengdu, Cl A		8,800‌		16,484‌
Bank of Hangzhou, Cl A		13,700‌		20,964‌
Bank of Jiangsu, Cl A		42,755‌		46,521‌
Bank of Nanjing, Cl A		24,091‌		29,731‌
Bank of Ningbo, Cl A		15,346‌		43,605‌
Bank of Suzhou, Cl A		8,500‌		8,382‌
Chongqing Rural Commercial Bank, Cl A		20,600‌		13,222‌
				188,836‌
Industrials — 16.3%
Beijing New Building Materials, Cl A		3,908‌		15,270‌
Beijing-Shanghai High Speed Railway, Cl A		114,400‌		79,099‌
China Communications Services, Cl H		20,000‌		9,327‌
China Energy Engineering, Cl A		75,500‌		22,046‌
China Railway Group, Cl H		32,500‌		16,070‌
China State Construction Engineering, Cl A		97,600‌		70,440‌
China XD Electric, Cl A		11,900‌		9,015‌
CRRC, Cl H		34,000‌		18,333‌
CSSC Science & Technology, Cl A		3,500‌		7,906‌
Daqin Railway, Cl A		36,632‌		37,134‌
Dongfang Electric, Cl A		6,500‌		14,100‌
Goldwind Science & Technology, Cl A		8,100‌		8,401‌
Goneo Group, Cl A		1,000‌		14,221‌
Gotion High-tech, Cl A *		4,200‌		11,714‌
Jiangsu Expressway, Cl H		10,000‌		10,235‌
Jiangsu Zhongtian Technology, Cl A		7,900‌		15,266‌
Jiangxi Special Electric Motor, Cl A *		4,000‌		5,223‌
Liaoning Port, Cl A		43,800‌		8,446‌
Metallurgical Corp of China, Cl A		41,600‌		19,252‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Ming Yang Smart Energy Group, Cl A		5,200‌	$	6,740‌
NARI Technology, Cl A		18,652‌		62,530‌
Ningbo Deye Technology, Cl A		1,000‌		12,399‌
Ningbo Orient Wires & Cables, Cl A		1,600‌		9,758‌
Power Construction Corp of China, Cl A		40,100‌		27,450‌
Shanghai Construction Group, Cl A		20,300‌		6,543‌
Shanghai Electric Group, Cl A *		29,500‌		17,146‌
Shanghai International Port Group, Cl A		16,010‌		11,841‌
Shenzhen Inovance Technology, Cl A		3,150‌		26,561‌
Sichuan Road & Bridge, Cl A		16,800‌		17,539‌
Sieyuan Electric, Cl A		1,700‌		13,967‌
TBEA, Cl A		11,867‌		25,040‌
Yangzijiang Shipbuilding Holdings		19,600‌		27,739‌
Zhejiang Expressway, Cl H		12,000‌		7,697‌
Zhejiang Weixing New Building Materials, Cl A		3,700‌		7,843‌
Zhuzhou CRRC Times Electric, Cl H		3,800‌		12,041‌
				684,332‌
Materials — 3.8%
Anhui Conch Cement, Cl H		9,500‌		19,761‌
Beijing Oriental Yuhong Waterproof Technology, Cl A		3,000‌		6,537‌
China National Building Material, Cl H		31,000‌		10,655‌
China Northern Rare Earth Group High-Tech, Cl A		8,524‌		22,741‌
China Rare Earth Resources And Technology, Cl A		2,400‌		9,104‌
Henan Shenhuo Coal Industry & Electricity Power, Cl A		5,300‌		14,527‌
Jinduicheng Molybdenum, Cl A		7,500‌		11,755‌
Sinomine Resource Group, Cl A		1,700‌		8,598‌
Western Mining, Cl A		5,500‌		14,613‌
Xiamen Tungsten, Cl A		3,300‌		8,868‌
Yintai Gold, Cl A		6,300‌		15,697‌
Yunnan Chihong Zinc & Germanium, Cl A		11,900‌		9,293‌
Yunnan Tin, Cl A		3,800‌		7,887‌
				160,036‌
Utilities — 17.7%
Beijing Enterprises Holdings		4,000‌		11,602‌
CECEP Solar Energy, Cl A		9,100‌		6,580‌
CGN Power, Cl H		82,000‌		24,307‌
China Gas Holdings		20,800‌		18,763‌
China Longyuan Power Group, Cl H		26,000‌		18,205‌
China National Nuclear Power, Cl A		44,000‌		55,694‌
China Power International Development		38,000‌		15,586‌
China Resources Gas Group		7,100‌		22,634‌
China Resources Power Holdings		16,635‌		38,811‌
China Three Gorges Renewables Group, Cl A		66,700‌		43,086‌
China Yangtze Power, Cl A		57,000‌		195,721‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Utilities (continued)
Datang International Power Generation, Cl A		24,000‌	$	9,685‌
ENN Energy Holdings		6,100‌		46,998‌
ENN Natural Gas, Cl A		5,900‌		15,732‌
GD Power Development, Cl A		41,500‌		28,866‌
Huadian Power International, Cl A		19,542‌		18,491‌
Huaneng Power International, Cl H *		33,000‌		19,438‌
Kunlun Energy		30,000‌		25,031‌
SDIC Power Holdings, Cl A		17,306‌		35,873‌
Shanghai Electric Power, Cl A		6,600‌		7,891‌
Shenergy, Cl A		11,219‌		12,223‌
Shenzhen Energy Group, Cl A		11,100‌		10,840‌
Sichuan Chuantou Energy, Cl A		10,584‌		24,272‌
Wintime Energy Group, Cl A *		51,200‌		9,379‌
Zhejiang Zheneng Electric Power, Cl A *		25,700‌		23,610‌
				739,318‌
TOTAL CHINA				1,880,310‌

GREECE — 0.3%
Energy — 0.3%
HELLENiQ ENERGY Holdings S.A		1,581‌		14,240‌
TOTAL GREECE				14,240‌

INDIA — 4.9%
Energy — 0.5%
Great Eastern Shipping		1,863‌		22,365‌

Industrials — 1.1%
AIA Engineering		791‌		37,133‌
GMM Pfaudler		629‌		9,321‌
				46,454‌
Materials — 3.3%
Carborundum Universal		2,158‌		32,818‌
Navin Fluorine International		601‌		22,442‌
PI Industries		1,579‌		73,221‌
Vinati Organics		479‌		8,446‌
				136,927‌
TOTAL INDIA				205,746‌

INDONESIA — 3.3%
Energy — 1.7%
Adaro Energy Indonesia		273,100‌		46,507‌
Indo Tambangraya Megah		7,500‌		12,630‌
Medco Energi Internasional		119,200‌		10,751‌
				69,888‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 1.6%
Indah Kiat Pulp & Paper		46,700‌	$	28,203‌
Merdeka Copper Gold *		183,000‌		26,316‌
Pabrik Kertas Tjiwi Kimia		26,500‌		11,909‌
				66,428‌
TOTAL INDONESIA				136,316‌

ISRAEL — 4.8%
Industrials — 2.5%
Elbit Systems		501‌		105,035‌

Materials — 2.3%
ICL Group		14,738‌		78,202‌
Israel *		70‌		19,106‌
				97,308‌
TOTAL ISRAEL				202,343‌

KAZAKHSTAN — 1.2%
Energy — 1.2%
NAC Kazatomprom JSC GDR		1,228‌		49,621‌
TOTAL KAZAKHSTAN				49,621‌

KUWAIT — 10.0%
Financials — 10.0%
Kuwait Finance House		160,758‌		418,096‌
TOTAL KUWAIT				418,096‌

MALAYSIA — 2.7%
Industrials — 0.9%
Pentamaster		9,400‌		8,878‌
Sime Darby		51,600‌		28,345‌
				37,223‌
Materials — 1.8%
Petronas Chemicals Group		53,000‌		75,139‌
TOTAL MALAYSIA				112,362‌

PHILIPPINES — 5.4%
Industrials — 5.4%
Aboitiz Equity Ventures		31,840‌		26,536‌
Ayala		5,280‌		60,112‌
International Container Terminal Services		19,240‌		108,838‌
JG Summit		49,842‌		32,273‌
TOTAL PHILIPPINES				227,759‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
POLAND — 1.8%
Materials — 1.8%
KGHM Polska Miedz		2,653‌	$	75,943‌
TOTAL POLAND				75,943‌

RUSSIA — 0.0%
Energy — 0.0%
Rosneft Oil PJSC ^(A)(B)		33,666‌		—‌
Sovcomflot PJSC ^(A)(B)		9,110‌		—‌
Surgutneftegas PJSC ^(A)(B)		143,400‌		—‌
				—‌
Materials — 0.0%
MMC Norilsk Nickel PJSC ^(A)(B)		1,239‌		—‌
Polymetal International *^(A)(B)		7,154‌		—‌
Segezha Group PJSC *^(A)(B)		78,500‌		—‌
				—‌
TOTAL RUSSIA				—‌

SINGAPORE — 9.7%
Financials — 6.1%
Oversea-Chinese Banking		25,712‌		257,006‌

Industrials — 3.6%
Keppel		11,100‌		60,369‌
Singapore Airlines		11,300‌		53,586‌
Singapore Technologies Engineering		11,900‌		35,446‌
				149,401‌
TOTAL SINGAPORE				406,407‌

SOUTH AFRICA — 2.4%
Materials — 2.4%
Impala Platinum Holdings		17,151‌		70,927‌
Kumba Iron Ore		1,221‌		29,807‌
TOTAL SOUTH AFRICA				100,734‌

THAILAND — 4.6%
Energy — 4.2%
PTT		186,800‌		174,065‌

Materials — 0.4%
Indorama Ventures		28,300‌		18,382‌
TOTAL THAILAND				192,447‌

TURKEY — 2.8%
Industrials — 2.6%
Otokar Otomotiv Ve Savunma Sanayi A.S. *		785‌		11,307‌

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

Schedule of Investments March 31, 2024

KraneShares MSCI One Belt One Road Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Turk Hava Yollari AO *		10,468‌	$	96,342‌
				107,649‌
Materials — 0.2%
Nuh Cimento Sanayi		1,122‌		10,526‌
TOTAL TURKEY				118,175‌

UNITED ARAB EMIRATES — 0.9%
Industrials — 0.9%
Air Arabia PJSC		48,641‌		36,956‌
TOTAL UNITED ARAB EMIRATES				36,956‌

TOTAL COMMON STOCK (Cost $4,995,479)				4,177,455‌

PREFERRED STOCK — 0.0%
RUSSIA— 0.0%
Energy — 0.0%
Surgutneftegas PJSC ^(A)(B)(C)		136,600		—‌

TOTAL PREFERRED STOCK (Cost $74,846)				—‌

TOTAL INVESTMENTS — 99.7% (Cost $5,070,325)				4,177,455‌
OTHER ASSETS LESS LIABILITIES – 0.3%				10,603‌
NET ASSETS - 100%			$	4,188,058‌

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

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

Schedule of Investments March 31, 2024

KraneShares MSCI One Belt One Road Index ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of March 31, 2024, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
China	$	1,880,310	$	—	$	—		$	1,880,310
Greece		14,240		—		—			14,240
India		205,746		—		—			205,746
Indonesia		136,316		—		—			136,316
Israel		202,343		—		—			202,343
Kazakhstan		49,621		—		—			49,621
Kuwait		418,096		—		—			418,096
Malaysia		112,362		—		—			112,362
Philippines		227,759		—		—			227,759
Poland		75,943		—		—			75,943
Russia		—		—		—	^‡‡		—
Singapore		406,407		—		—			406,407
South Africa		100,734		—		—			100,734
Thailand		192,447		—		—			192,447
Turkey		118,175		—		—			118,175
United Arab Emirates		36,956		—		—			36,956
Total Common Stock		4,177,455		—		—			4,177,455
Preferred Stock
Russia		—		—		—	^‡‡		—
Total Preferred Stock		—		—		—			—
Total Investments in Securities	$	4,177,455	$	—	$	—		$	4,177,455

	^	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.

Schedule of Investments March 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF

	Shares		Value
COMMON STOCK — 99.7% ‡
AUSTRALIA — 0.7%
Consumer Discretionary — 0.7%
IDP Education		11,246‌	$	131,477‌
TOTAL AUSTRALIA				131,477‌

BRAZIL — 4.1%
Consumer Discretionary — 3.4%
Americanas *		1,278,400‌		166,008‌
MercadoLibre *		306‌		462,660‌
				628,668‌
Information Technology — 0.7%
TOTVS		22,700‌		128,702‌
TOTAL BRAZIL				757,370‌

CHINA — 42.4%
Communication Services — 14.3%
Baidu, Cl A *		36,464‌		478,487‌
Bilibili, Cl Z *		35,820‌		404,130‌
Kuaishou Technology, Cl B *		72,400‌		453,746‌
NetEase		30,500‌		634,438‌
Tencent Holdings		17,875‌		693,856‌
				2,664,657‌
Consumer Discretionary — 18.3%
Alibaba Group Holding		69,600‌		624,728‌
JD.com, Cl A		49,075‌		676,576‌
Meituan, Cl B *		55,898‌		691,358‌
PDD Holdings ADR *		5,666‌		658,672‌
Tongcheng Travel Holdings *		56,400‌		148,811‌
Trip.com Group *		10,650‌		469,738‌

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

Schedule of Investments March 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Discretionary (continued)
Vipshop Holdings ADR		8,070‌	$	133,558‌
				3,403,441‌
Consumer Staples — 4.5%
Alibaba Health Information Technology *		1,036,000‌		420,942‌
JD Health International *		116,700‌		413,034‌
				833,976‌
Information Technology — 5.3%
GDS Holdings, Cl A *		480,900‌		391,408‌
Hua Hong Semiconductor *		63,000‌		122,837‌
Kingdee International Software Group *		412,000‌		464,829‌
				979,074‌
TOTAL CHINA				7,881,148‌

GREECE — 0.8%
Consumer Discretionary — 0.8%
OPAP		7,784‌		140,223‌
TOTAL GREECE				140,223‌

INDIA — 7.1%
Consumer Discretionary — 5.5%
FSN E-Commerce Ventures *		249,952‌		485,354‌
Zomato *		248,525‌		542,626‌
				1,027,980‌
Financials — 1.6%
One 97 Communications *		31,527‌		152,206‌
PB Fintech *		10,376‌		139,867‌
				292,073‌
TOTAL INDIA				1,320,053‌

JAPAN — 2.5%
Communication Services — 2.5%
Nexon		27,600‌		457,736‌
TOTAL JAPAN				457,736‌

RUSSIA — 0.0%
Communication Services — 0.0%
VK GDR *^(A)(B)		49,503‌		—‌

Consumer Discretionary — 0.0%
Ozon Holdings PLC ADR *^(A)(B)		58,005‌		—‌

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

Schedule of Investments March 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.0%
HeadHunter Group PLC ADR *^(A)(B)		11,746‌	$	—‌
TOTAL RUSSIA				—‌

SINGAPORE — 3.3%
Communication Services — 3.3%
Sea ADR *		11,557‌		620,726‌
TOTAL SINGAPORE				620,726‌

SOUTH AFRICA — 2.8%
Consumer Discretionary — 2.8%
Naspers, Cl N		2,909‌		515,789‌
TOTAL SOUTH AFRICA				515,789‌

SOUTH KOREA — 18.5%
Communication Services — 12.3%
Kakao		11,138‌		444,279‌
Kakao Games *		7,839‌		133,926‌
Krafton *		2,675‌		490,789‌
NAVER		3,269‌		455,050‌
NCSoft		3,177‌		469,146‌
Netmarble *		3,169‌		146,180‌
Pearl Abyss *		6,325‌		140,947‌
				2,280,317‌
Consumer Discretionary — 2.4%
Coupang, Cl A *		24,580‌		437,278‌

Information Technology — 3.8%
SK Hynix		5,263‌		715,416‌
TOTAL SOUTH KOREA				3,433,011‌

TAIWAN — 13.2%
Consumer Discretionary — 0.8%
momo.com		12,300‌		148,737‌

Information Technology — 12.4%
Nanya Technology		223,000‌		471,733‌
Powerchip Semiconductor Manufacturing *		163,000‌		131,404‌
Taiwan Semiconductor Manufacturing		28,000‌		681,550‌
United Microelectronics		286,000‌		466,486‌
Vanguard International Semiconductor		57,000‌		152,280‌
VisEra Technologies		14,000‌		132,111‌
Win Semiconductors		29,000‌		132,298‌

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

Schedule of Investments March 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
WPG Holdings		47,000‌	$	140,838‌
				2,308,700‌
TOTAL TAIWAN				2,457,437‌

UNITED STATES — 3.6%
Financials — 3.6%
Mastercard, Cl A		1,408‌		678,051‌
TOTAL UNITED STATES				678,051‌

URUGUAY — 0.7%
Financials — 0.7%
Dlocal, Cl A *		8,358‌		122,863‌
TOTAL URUGUAY				122,863‌

TOTAL COMMON STOCK (Cost $21,597,248)				18,515,884‌

TOTAL INVESTMENTS — 99.7% (Cost $21,597,248)				18,515,884‌
OTHER ASSETS LESS LIABILITIES – 0.3%				61,202‌
NET ASSETS - 100%			$	18,577,086‌

	‡	Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.
	*	Non-income producing security.
	(A)	Level 3 security in accordance with fair value hierarchy.
	(B)	Due to the financial uncertainty surrounding Russia and its markets, and the inability to liquidate the positions due to market closures and restrictions, the Russian securities have been determined to be worthless.

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

Schedule of Investments March 31, 2024

KraneShares Emerging Markets Consumer Technology Index ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of March 31, 2024, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Australia	$	131,477	$	—	$	—		$	131,477
Brazil		757,370		—		—			757,370
China		7,881,148		—		—			7,881,148
Greece		140,223		—		—			140,223
India		1,320,053		—		—			1,320,053
Japan		457,736		—		—			457,736
Russia		—		—		—	^‡‡		—
Singapore		620,726		—		—			620,726
South Africa		515,789		—		—			515,789
South Korea		3,433,011		—		—			3,433,011
Taiwan		2,457,437		—		—			2,457,437
United States		678,051		—		—			678,051
Uruguay		122,863		—		—			122,863
Total Common Stock		18,515,884		—		—			18,515,884
Total Investments in Securities	$	18,515,884	$	—	$	—		$	18,515,884

	^	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.

Schedule of Investments March 31, 2024

KraneShares MSCI China Clean Technology Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
CHINA — 98.6%
Consumer Discretionary — 36.6%
BYD, Cl A		19,500	$	545,379
BYD, Cl H		188,500		4,855,535
Li Auto, Cl A *		311,100		4,821,653
NIO ADR *		686,335		3,088,508
Seres Group, Cl A *		86,200		1,032,918
Tianneng Power International		620,000		580,672
XPeng, Cl A *		582,200		2,387,880
Yadea Group Holdings		1,168,694		1,893,456
Zhejiang Leapmotor Technology *		491,100		1,647,155
				20,853,156
Industrials — 19.9%
Beijing-Shanghai High Speed Railway, Cl A		2,858,700		1,976,568
China Conch Venture Holdings		1,498,000		1,041,228
China Everbright Environment Group		3,548,216		1,378,221
Contemporary Amperex Technology, Cl A		133,450		3,495,242
Dynagreen Environmental Protection Group, Cl H		367,000		131,298
Ginlong Technologies, Cl A		23,550		193,190
Goldwind Science & Technology, Cl A		200,235		207,670
GoodWe Technologies, Cl A		10,017		138,704
Gotion High-tech, Cl A *		102,800		286,720
Hoymiles Power Electronics, Cl A		4,942		146,768
Ming Yang Smart Energy Group, Cl A		131,000		169,786
Ningbo Deye Technology, Cl A		25,380		314,681
Sungrow Power Supply, Cl A		86,900		1,242,386
Zhejiang Chint Electrics, Cl A		124,500		346,214
Zhejiang Weiming Environment Protection, Cl A		98,600		249,473
				11,318,149

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

Schedule of Investments March 31, 2024

KraneShares MSCI China Clean Technology Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Information Technology — 19.3%
China Railway Signal & Communication, Cl A		412,176	$	319,617
Flat Glass Group, Cl A		91,300		358,264
Flat Glass Group, Cl H		412,000		1,001,251
Hengdian Group DMEGC Magnetics, Cl A		93,700		187,261
JA Solar Technology, Cl A		191,768		461,433
Kingdee International Software Group *		2,417,000		2,726,921
Kingsoft Cloud Holdings *		1,956,000		414,870
LONGi Green Energy Technology, Cl A		439,446		1,180,871
Risen Energy, Cl A		65,500		132,436
Sanan Optoelectronics, Cl A		286,200		478,550
Shanghai Aiko Solar Energy, Cl A		105,720		198,614
Tuya ADR *		220,668		386,169
Xinyi Solar Holdings		4,077,588		3,157,266
				11,003,523
Utilities — 22.8%
Beijing Enterprises Water Group		3,888,500		864,503
CECEP Solar Energy, Cl A		226,000		163,421
CGN Power, Cl A		640,000		356,123
CGN Power, Cl H		7,130,000		2,113,551
China Datang Renewable Power, Cl H		2,312,000		475,608
China Longyuan Power Group, Cl H		3,260,800		2,283,179
China National Nuclear Power, Cl A		1,102,100		1,395,006
China Three Gorges Renewables Group, Cl A		1,662,600		1,073,989
China Yangtze Power, Cl A		711,900		2,444,447
SDIC Power Holdings, Cl A		434,400		900,463
Sichuan Chuantou Energy, Cl A		266,300		610,696
Xinyi Energy Holdings		2,006,000		284,504
				12,965,490
TOTAL CHINA				56,140,318

HONG KONG — 1.3%
Utilities — 1.3%
Canvest Environmental Protection Group		472,000		243,043
Concord New Energy Group		6,680,000		529,180
TOTAL HONG KONG				772,223

TOTAL COMMON STOCK (Cost $71,084,667)				56,912,541

TOTAL INVESTMENTS — 99.9% (Cost $71,084,667)				56,912,541
OTHER ASSETS LESS LIABILITIES – 0.1%				39,191
NET ASSETS - 100%			$	56,951,732

‡

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

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

Schedule of Investments March 31, 2024

KraneShares MSCI China Clean Technology Index ETF (concluded)

Non-income producing security.

See “Glossary” for abbreviations.

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

Schedule of Investments March 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF

	Shares		Value
COMMON STOCK — 94.2% ‡
AUSTRALIA — 8.0%
Materials — 8.0%
IGO		493,747	$	2,277,395
Lynas Rare Earths *		622,374		2,310,352
Mineral Resources		26,675		1,233,336
Pilbara Minerals		1,045,833		2,613,218
TOTAL AUSTRALIA				8,434,301

BELGIUM — 2.5%
Materials — 2.5%
Umicore		120,449		2,601,037
TOTAL BELGIUM				2,601,037

CHINA — 46.0%
Consumer Discretionary — 22.3%
BAIC BluePark New Energy Technology, Cl A *		1,004,100		1,042,768
BYD, Cl A		158,900		4,444,140
Geely Automobile Holdings		2,417,000		2,853,539
Guangzhou Automobile Group, Cl H		1,826,000		748,930
Li Auto, Cl A *		245,200		3,800,287
NIO ADR *^(A)		430,867		1,938,901
Seres Group, Cl A *		262,400		3,144,290
Shenzhen Kedali Industry, Cl A		47,736		539,269
XPeng, Cl A *		530,600		2,176,243
Yadea Group Holdings		718,000		1,163,266
Zhejiang Leapmotor Technology *		500,500		1,678,683
				23,530,316
Industrials — 10.3%
Beijing Easpring Material Technology, Cl A		95,100		513,590
China Baoan Group, Cl A		492,307		718,756

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

Schedule of Investments March 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
Contemporary Amperex Technology, Cl A		181,320	$	4,749,029
Eve Energy, Cl A		385,960		2,081,730
Farasis Energy Gan Zhou, Cl A *		233,120		380,163
Gotion High-tech, Cl A *		338,089		942,965
Qingdao TGOOD Electric, Cl A		201,800		536,714
Wuxi Lead Intelligent Equipment, Cl A		298,500		993,712
				10,916,659
Materials — 13.4%
Chengxin Lithium Group, Cl A		173,400		460,464
CMOC Group, Cl A		3,082,700		3,532,597
CNGR Advanced Material, Cl A		124,750		916,673
Ganfeng Lithium Group, Cl A		303,558		1,520,214
GEM, Cl A		976,840		844,933
Guangzhou Tinci Materials Technology, Cl A		339,894		1,040,692
Ningbo Shanshan, Cl A		423,400		684,051
Shanghai Putailai New Energy Technology, Cl A		379,000		1,006,435
Shenzhen Senior Technology Material, Cl A		252,500		385,337
Tianqi Lithium, Cl A		279,100		1,844,034
Xiamen Tungsten, Cl A		271,251		728,900
Zhejiang Huayou Cobalt, Cl A		318,963		1,191,433
				14,155,763
TOTAL CHINA				48,602,738

INDONESIA — 0.3%
Materials — 0.3%
Vale Indonesia		1,376,000		353,221
TOTAL INDONESIA				353,221

JAPAN — 5.1%
Consumer Discretionary — 4.0%
Panasonic Holdings		442,800		4,229,194

Industrials — 1.1%
Nidec		28,000		1,134,098
TOTAL JAPAN				5,363,292

NETHERLANDS — 0.8%
Industrials — 0.8%
Alfen Beheer BV *^(A)		15,109		815,882
TOTAL NETHERLANDS				815,882

SOUTH KOREA — 13.8%
Industrials — 9.6%
Ecopro *		13,118		2,669,884

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

Schedule of Investments March 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
L&F *		15,781	$	2,040,834
LG Energy Solution *		8,194		2,404,182
POSCO Future M		10,718		2,416,277
SK IE Technology *		12,189		662,756
				10,193,933
Information Technology — 4.2%
Samsung SDI		12,573		4,398,799
TOTAL SOUTH KOREA				14,592,732

SWEDEN — 1.5%
Consumer Discretionary — 1.5%
Volvo Car, Cl B *		425,775		1,615,879
TOTAL SWEDEN				1,615,879

UNITED STATES — 16.2%
Consumer Discretionary — 8.0%
Lucid Group *^(A)		602,518		1,717,177
Rivian Automotive, Cl A *		268,777		2,943,108
Tesla *		21,470		3,774,211
				8,434,496
Industrials — 2.6%
ChargePoint Holdings *^(A)		270,697		514,324
Nikola *		737,660		767,167
Plug Power *^(A)		414,811		1,426,950
				2,708,441
Materials — 5.6%
Albemarle		34,392		4,530,802
MP Materials *		99,224		1,418,903
				5,949,705
TOTAL UNITED STATES				17,092,642

TOTAL COMMON STOCK (Cost $141,848,979)				99,471,724

PREFERRED STOCK — 5.3%
CHILE— 2.7%
Industrials — 2.7%
Sociedad Quimica y Minera de Chile^(B)		59,708		2,903,555

GERMANY— 2.6%
Consumer Discretionary — 2.6%
Dr Ing hc F Porsche ^(B)		27,134		2,704,228

TOTAL PREFERRED STOCK (Cost $7,141,483)				5,607,783

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

Schedule of Investments March 31, 2024

KraneShares Electric Vehicles and Future Mobility Index ETF (concluded)

	Shares		Value
SHORT-TERM INVESTMENT — 5.7%
Invesco Government & Agency Portfolio, Cl Institutional, 5.240% ^(C)(D)		5,989,936	$	5,989,936
TOTAL SHORT-TERM INVESTMENT (Cost $5,989,936)				5,989,936

TOTAL INVESTMENTS —105.2% (Cost $154,980,398)				111,069,443
OTHER ASSETS LESS LIABILITIES – (5.2)%				(5,451,081	)
NET ASSETS - 100%			$	105,618,362

‡	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 March 31, 2024.
(B)	Currently, no stated interest rate.
(C)	The rate shown is the 7-day effective yield as of March 31, 2024.
(D)	This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2024 was $5,989,936.

See “Glossary” for abbreviations.

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Health Care Index ETF

	Shares		Value
COMMON STOCK — 100.0% ‡
CHINA — 95.4%
Health Care — 95.4%
Aier Eye Hospital Group, Cl A		744,114	$	1,311,864
Akeso *		134,000		798,715
Asymchem Laboratories Tianjin, Cl A		27,224		322,623
Autobio Diagnostics, Cl A		46,730		366,482
BeiGene *		181,218		2,201,999
Beijing Tiantan Biological Products, Cl A		131,442		489,349
Beijing Tongrentang, Cl A		109,390		617,583
Beijing Wantai Biological Pharmacy Enterprise, Cl A		67,422		628,123
Bloomage Biotechnology, Cl A		38,424		297,267
Changchun High & New Technology Industry Group, Cl A		32,208		533,177
China Medical System Holdings		358,000		376,002
China National Medicines, Cl A		60,155		273,417
China Resources Pharmaceutical Group		417,500		266,724
China Resources Sanjiu Medical & Pharmaceutical, Cl A		78,790		563,111
Chongqing Taiji Industry Group, Cl A *		44,400		203,336
Chongqing Zhifei Biological Products, Cl A		191,372		1,184,543
CSPC Innovation Pharmaceutical, Cl A		93,300		475,470
CSPC Pharmaceutical Group		2,372,889		1,864,609
Dong-E-E-Jiao, Cl A		51,340		435,022
Genscript Biotech *		310,000		574,335
Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A		112,140		445,601
Guangzhou Kingmed Diagnostics Group, Cl A		37,299		289,026
Hangzhou Tigermed Consulting, Cl A		29,850		218,518
Hansoh Pharmaceutical Group		314,000		621,063
Huadong Medicine, Cl A		139,941		597,511
Hualan Biological Engineering, Cl A		145,847		405,175
Hubei Jumpcan Pharmaceutical, Cl A		73,500		378,919
Humanwell Healthcare Group, Cl A		130,200		348,078
Hygeia Healthcare Holdings		92,200		375,800
Imeik Technology Development, Cl A		17,200		818,329
Innovent Biologics *		322,500		1,553,482
iRay Technology, Cl A		8,137		245,799
Jiangsu Hengrui Pharmaceuticals, Cl A		508,828		3,221,699
Jiangsu Nhwa Pharmaceutical, Cl A		80,300		247,744
Jiangsu Yuyue Medical Equipment & Supply, Cl A		79,910		377,515
Joincare Pharmaceutical Group Industry, Cl A		148,745		223,105

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Health Care Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Jointown Pharmaceutical Group, Cl A		311,775	$	346,111
Lepu Medical Technology Beijing, Cl A		150,000		284,695
Livzon Pharmaceutical Group, Cl A		49,059		246,633
Meinian Onehealth Healthcare Holdings, Cl A *		312,183		216,710
MGI Tech, Cl A		33,155		270,066
Nanjing King-Friend Biochemical Pharmaceutical, Cl A		128,884		198,995
Pharmaron Beijing, Cl A		118,475		332,397
Shandong Weigao Group Medical Polymer, Cl H		661,200		412,276
Shanghai Fosun Pharmaceutical Group, Cl A		169,129		537,409
Shanghai Fosun Pharmaceutical Group, Cl H		132,000		215,883
Shanghai Junshi Biosciences, Cl A *		61,136		228,700
Shanghai Pharmaceuticals Holding, Cl A		222,094		517,884
Shanghai Pharmaceuticals Holding, Cl H		195,500		282,267
Shanghai RAAS Blood Products, Cl A		530,034		518,324
Shanghai United Imaging Healthcare, Cl A		65,744		1,175,358
Shenzhen Kangtai Biological Products, Cl A		89,077		268,565
Shenzhen Mindray Bio-Medical Electronics, Cl A		96,655		3,746,972
Shenzhen New Industries Biomedical Engineering, Cl A		62,600		570,267
Shenzhen Salubris Pharmaceuticals, Cl A		88,865		356,297
Shijiazhuang Yiling Pharmaceutical, Cl A		133,250		370,180
Sichuan Kelun Pharmaceutical, Cl A		119,515		502,890
Sinopharm Group, Cl H		356,400		913,035
Tonghua Dongbao Pharmaceutical, Cl A		158,991		224,459
Topchoice Medical, Cl A *		25,541		210,719
Walvax Biotechnology, Cl A		128,200		271,571
WuXi AppTec, Cl A		204,620		1,301,492
WuXi AppTec, Cl H		92,684		439,353
Wuxi Biologics Cayman *		1,018,635		1,861,186
Yunnan Baiyao Group, Cl A		143,323		1,002,811
Zai Lab *		250,600		413,053
Zhangzhou Pientzehuang Pharmaceutical, Cl A		48,034		1,511,863
Zhejiang Huahai Pharmaceutical, Cl A		118,172		209,964
Zhejiang NHU, Cl A		246,530		566,036
TOTAL CHINA				44,675,536

HONG KONG — 2.3%
Health Care — 2.3%
Sino Biopharmaceutical		2,749,750		1,061,049
TOTAL HONG KONG				1,061,049

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

Schedule of Investments March 31, 2024

KraneShares MSCI All China Health Care Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
UNITED STATES — 2.3%
Health Care — 2.3%
Legend Biotech ADR *		19,289	$	1,081,920
TOTAL UNITED STATES				1,081,920

TOTAL COMMON STOCK (Cost $63,444,775)				46,818,505

	Number of Rights
RIGHTS — 0.0%
CHINA — 0.0%
Health Care — 0.0%
Kangmei Pharma ^‡‡*^(A)		109,673		—
TOTAL CHINA				—

TOTAL RIGHTS (Cost $–)				—

TOTAL INVESTMENTS —100.0% (Cost $63,444,775)				46,818,505
OTHER ASSETS LESS LIABILITIES – 0.0%				(14,091	)
NET ASSETS - 100%			$	46,804,414

‡

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 March 31, 2024, based on the inputs used to value them:

Investments in Securities		Level 1		Level 2	Level 3^			Total
Common Stock
China	$	44,675,536	$	—	$	—		$	44,675,536
Hong Kong		1,061,049		—		—			1,061,049
United States		1,081,920		—		—			1,081,920
Total Common Stock		46,818,505		—		—			46,818,505
Rights		—		—		—	^‡‡		—
Total Investments in Securities	$	46,818,505	$	—	$	—		$	46,818,505

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.

Schedule of Investments March 31, 2024

KraneShares Asia Pacific High Income Bond ETF

	Face Amount		Value
CORPORATE OBLIGATIONS — 94.3%
AUSTRALIA — 3.3%
Financials — 3.3%
Macquarie Bank
6.125%, USSW5 + 3.703% ^(A)(B)	$	250,000	$	239,955
QBE Insurance Group, MTN
5.250%, H15T5Y + 3.047% ^(A)(B)		250,000		242,993
				482,948
TOTAL AUSTRALIA				482,948

CHINA — 20.6%
Consumer Discretionary — 5.2%
Fortune Star BVI
6.850%, 07/02/2024		200,000		196,760
5.950%, 10/19/2025		400,000		365,392
5.000%, 05/18/2026		250,000		208,943
				771,095
Financials — 2.5%
Huarong Finance 2017, MTN
4.250%, 11/07/2027		200,000		184,536
ZhongAn Online P&C Insurance
3.125%, 07/16/2025		200,000		191,048
				375,584
Materials — 1.7%
China Hongqiao Group
7.750%, 03/27/2025		250,000		250,875

Real Estate — 11.2%
Fuqing Investment Management, MTN
3.250%, 06/23/2025		200,000		179,599
Greentown China Holdings
5.650%, 07/13/2025		200,000		183,199
4.700%, 04/29/2025		200,000		183,490

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

Schedule of Investments March 31, 2024

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Real Estate (continued)
Hopson Development Holdings
7.000%, 05/18/2024	$	250,000	$	237,500
Pingan Real Estate Capital, MTN
3.450%, 07/29/2026		200,000		166,437
2.750%, 07/29/2024		250,000		243,799
Shui On Development Holding
6.150%, 08/24/2024		200,000		174,940
Vanke Real Estate Hong Kong, MTN
4.200%, 06/07/2024		300,000		282,900
				1,651,864
TOTAL CHINA				3,049,418

HONG KONG — 13.2%
Consumer Discretionary — 5.4%
Li & Fung, MTN
5.000%, 08/18/2025		250,000		244,286
LS Finance 2017
4.800%, 06/18/2026		200,000		175,018
LS Finance 2025
4.500%, 06/26/2025		200,000		187,199
Melco Resorts Finance
5.250%, 04/26/2026		200,000		193,157
				799,660
Financials — 5.6%
Bank of East Asia, MTN
5.825%, H15T5Y + 5.527% ^(A)(B)		250,000		241,875
FWD Group Holdings
8.045%, H15T5Y + 4.865% ^(A)(B)		200,000		197,036
6.375%, H15T5Y + 4.876% ^(A)(B)		200,000		194,938
PCGI Intermediate, MTN
4.750%, 10/28/2024		200,000		197,000
				830,849
Real Estate — 2.2%
NWD Finance BVI
6.150%, ^(A)(B)		200,000		176,000
5.250%, ^(A)(B)		200,000		143,479
				319,479
TOTAL HONG KONG				1,949,988

INDIA — 21.2%
Energy — 9.0%
Continuum Energy Aura Pte
9.500%, 02/24/2027		200,000		207,615
Greenko Solar Mauritius
5.550%, 01/29/2025		400,000		395,000

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

Schedule of Investments March 31, 2024

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
Energy (continued)
India Clean Energy Holdings, MTN
4.500%, 04/18/2027	$	400,000	$	366,452
India Cleantech Energy
4.700%, 08/10/2026		383,625		359,840
				1,328,907
Financials — 3.2%
Axis Bank, MTN
4.100%, H15T5Y + 3.315% ^{(A) (B)}		200,000		185,100
Shriram Finance, MTN
4.150%, 07/18/2025		300,000		290,520
				475,620
Industrials — 6.8%
Delhi International Airport
6.450%, 06/04/2029		200,000		196,790
GMR Hyderabad International Airport
4.250%, 10/27/2027		200,000		184,100
India Airport Infrastructure
6.250%, 10/25/2025		250,000		249,687
Magnum Holdings
5.375%, 10/31/2026		400,000		382,166
				1,012,743
Materials — 2.2%
Vedanta Resources
13.875%, 12/09/2028		188,000		165,106
Vedanta Resources Finance II
13.875%, 12/09/2028		168,000		153,384
				318,490
TOTAL INDIA				3,135,760

INDONESIA — 6.6%
Consumer Discretionary — 1.3%
Gajah Tunggal
8.950%, 06/23/2026		200,000		193,134

Financials — 2.5%
Bank Negara Indonesia Persero
4.300%, H15T5Y + 3.466% ^(A)(B)		400,000		368,268

Materials — 2.8%
Nickel Industries
11.250%, 10/21/2028		200,000		213,861
6.500%, 04/01/2024		200,000		200,000
				413,861
TOTAL INDONESIA				975,263

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

Schedule of Investments March 31, 2024

KraneShares Asia Pacific High Income Bond ETF (continued)

	Face Amount		Value
CORPORATE OBLIGATIONS (continued)
MACAU — 10.9%
Consumer Discretionary — 10.9%
Champion Path Holdings
4.850%, 01/27/2028	$	200,000	$	181,350
MGM China Holdings
5.875%, 05/15/2026		200,000		197,513
5.250%, 06/18/2025		200,000		197,153
4.750%, 02/01/2027		200,000		190,521
Studio City Finance
6.500%, 01/15/2028		200,000		190,505
Wynn Macau
5.625%, 08/26/2028		200,000		189,691
5.500%, 10/01/2027		200,000		191,501
5.125%, 12/15/2029		300,000		274,046
				1,612,280
TOTAL MACAU				1,612,280

PHILIPPINES — 5.6%
Consumer Discretionary — 1.3%
Jollibee Worldwide Pte
3.900%, ^(A)(B)		200,000		195,040

Consumer Staples — 1.3%
Royal Capital BV
5.000%, ^(A)(B)		200,000		196,540

Energy — 1.7%
SMC Global Power Holdings
6.500%, ^(A)(B)		250,000		248,920

Financials — 1.3%
Rizal Commercial Banking
6.500%, H15T5Y + 6.236% ^(A)(B)		200,000		195,098
TOTAL PHILIPPINES				835,598

SINGAPORE — 1.2%
Real Estate — 1.2%
GLP Pte, MTN
3.875%, 06/04/2025		200,000		176,099

THAILAND — 7.7%
Financials — 7.7%
Bangkok Bank, MTN
5.000%, H15T5Y + 4.729% ^(A)(B)		200,000		194,738
Kasikornbank, MTN
4.000%, H15T5Y + 3.337% ^(A)(B)		400,000		369,198
Krung Thai Bank
4.400%, H15T5Y + 3.530% ^(A)(B)		400,000		379,200

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

Schedule of Investments March 31, 2024

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	$	197,500
				1,140,636
TOTAL THAILAND				1,140,636

UNITED KINGDOM — 2.5%
Financials — 2.5%
Standard Chartered
7.750%, H15T5Y + 4.976% ^(A)(B)		200,000		202,535
4.750%, H15T5Y + 3.805% ^(A)(B)		200,000		166,525
				369,060
TOTAL UNITED KINGDOM				369,060

VIETNAM — 1.5%
Utilities — 1.5%
Mong Duong Finance Holdings BV
5.125%, 05/07/2029		230,573		219,747

TOTAL CORPORATE OBLIGATIONS (Cost $13,548,863)				13,946,797

TOTAL INVESTMENTS — 94.3% (Cost $13,548,863)				13,946,797
OTHER ASSETS LESS LIABILITIES – 5.7%				837,677
NET ASSETS - 100%			$	14,784,474

(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 March 31, 2024, all of the Fund’s investments were considered Level 2 of the fair value hierarchy, in accordance with the authoritative guidance on fair value measurements and disclosure under U.S. generally accepted accounting principles.

See “Glossary” for abbreviations.

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

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF

	Shares		Value
COMMON STOCK — 95.7% ‡
AUSTRALIA — 0.2%
Materials — 0.2%
Anglogold Ashanti		8,703	$	194,266
TOTAL AUSTRALIA				194,266

BRAZIL — 5.2%
Communication Services — 0.2%
Telefonica Brasil		10,700		108,164

Consumer Discretionary — 0.1%
Lojas Renner		18,725		63,520
Magazine Luiza *		117,000		42,073
				105,593
Consumer Staples — 0.5%
Ambev		99,800		249,024
Raia Drogasil		27,168		148,553
				397,577
Energy — 1.0%
Petroleo Brasileiro		83,100		635,508
Ultrapar Participacoes		24,200		137,642
				773,150
Financials — 1.0%
B3 - Brasil Bolsa Balcao		110,500		264,685
Banco Bradesco		53,188		135,373
Banco do Brasil		24,200		273,737
Banco Santander Brasil		8,100		46,151
BB Seguridade Participacoes		13,400		87,057
				807,003

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

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials — 0.7%
CCR		21,400	$	59,084
Localiza Rent a Car		15,620		170,631
Rumo		21,400		95,167
WEG		32,100		244,972
				569,854
Materials — 1.4%
Klabin		13,400		67,622
Suzano		15,900		203,231
Vale		69,900		849,460
				1,120,313
Utilities — 0.3%
Cia de Saneamento Basico do Estado de Sao Paulo		5,400		91,374
Equatorial Energia		24,000		156,067
				247,441
TOTAL BRAZIL				4,129,095

CHILE — 0.6%
Consumer Discretionary — 0.0%
Falabella *		13,664		35,844

Energy — 0.1%
Empresas Copec		7,104		50,981

Financials — 0.3%
Banco de Chile		1,210,090		134,475
Banco de Credito e Inversiones		1,180		33,703
Banco Santander Chile		1,205,239		59,964
				228,142
Materials — 0.0%
Empresas CMPC		23,101		46,892

Utilities — 0.2%
Enel Americas		520,652		50,698
Enel Chile		1,305,856		78,417
				129,115
TOTAL CHILE				490,974

COLOMBIA — 0.2%
Financials — 0.2%
Bancolombia		13,385		118,708
TOTAL COLOMBIA				118,708

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

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
CZECH REPUBLIC — 0.2%
Financials — 0.1%
Komercni Banka		1,316	$	47,215

Utilities — 0.1%
CEZ		2,798		100,027
TOTAL CZECH REPUBLIC				147,242

EGYPT — 0.1%
Financials — 0.1%
Commercial International Bank Egypt SAE		47,964		80,952
TOTAL EGYPT				80,952

GREECE — 0.1%
Communication Services — 0.1%
Hellenic Telecommunications Organization		4,198		61,977
TOTAL GREECE				61,977

HUNGARY — 0.4%
Energy — 0.1%
MOL Hungarian Oil & Gas		6,545		53,099

Financials — 0.2%
OTP Bank Nyrt		4,008		184,552

Health Care — 0.1%
Richter Gedeon Nyrt		3,230		81,978
TOTAL HUNGARY				319,629

INDIA — 20.2%
Communication Services — 1.1%
Bharti Airtel		59,410		875,167

Consumer Discretionary — 2.2%
Bajaj Auto		1,484		162,775
Eicher Motors		2,373		114,359
Mahindra & Mahindra		16,838		387,898
Maruti Suzuki India		2,725		411,690
Tata Motors		33,013		392,977
Titan		5,642		257,184
				1,726,883
Consumer Staples — 1.9%
Dabur India		30,609		191,998
Godrej Consumer Products		16,619		249,437
Hindustan Unilever		16,465		447,019
ITC		79,210		406,818

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

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples (continued)
Nestle India		7,320	$	230,156
				1,525,428
Energy — 0.7%
Bharat Petroleum		13,753		99,335
Indian Oil		110,166		221,580
Oil & Natural Gas		80,510		258,754
				579,669
Financials — 5.9%
Axis Bank		50,174		629,984
Bajaj Finance		4,591		398,824
Bajaj Finserv		7,016		138,284
HDFC Bank		58,597		1,017,267
HDFC Life Insurance		18,260		138,665
ICICI Bank		84,605		1,109,063
Jio Financial Services *		39,831		168,942
Kotak Mahindra Bank		31,304		670,163
State Bank of India		39,586		357,094
				4,628,286
Health Care — 1.0%
Aurobindo Pharma		4,753		62,046
Cipla		10,772		193,341
Dr Reddy’s Laboratories		2,068		152,688
Sun Pharmaceutical Industries		19,766		384,063
				792,138
Industrials — 0.8%
Larsen & Toubro		13,103		591,330

Information Technology — 4.1%
HCL Technologies		23,764		439,806
Infosys ADR		83,555		1,498,141
Tata Consultancy Services		19,766		918,665
Tech Mahindra		13,642		204,150
Wipro		32,992		189,916
				3,250,678
Materials — 1.6%
Asian Paints		8,844		301,869
Grasim Industries		5,965		163,589
Hindalco Industries		36,835		247,436
JSW Steel		15,623		155,513
UltraTech Cement		2,121		247,930
UPL		9,829		53,740

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

100

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Vedanta		23,982	$	78,112
				1,248,189
Utilities — 0.9%
GAIL India		55,473		120,421
NTPC		88,524		356,421
Power Grid Corp of India		75,110		249,368
				726,210
TOTAL INDIA				15,943,978

INDONESIA — 3.1%
Communication Services — 0.3%
Telkom Indonesia Persero		1,213,300		265,541

Consumer Staples — 0.1%
Charoen Pokphand Indonesia		166,100		55,000
Unilever Indonesia		171,500		29,205
				84,205
Energy — 0.2%
Adaro Energy Indonesia		609,200		103,743
United Tractors		38,100		58,093
				161,836
Financials — 2.3%
Bank Central Asia		1,146,500		728,539
Bank Mandiri Persero		948,100		433,537
Bank Negara Indonesia Persero		353,600		131,583
Bank Rakyat Indonesia Persero		1,317,900		502,888
				1,796,547
Industrials — 0.2%
Astra International		526,400		170,984
TOTAL INDONESIA				2,479,113

MALAYSIA — 2.1%
Communication Services — 0.1%
CelcomDigi Bhd		78,400		69,405
Maxis		78,400		55,823
				125,228
Consumer Discretionary — 0.1%
Genting		51,400		51,042

Consumer Staples — 0.1%
Sime Darby Plantation		59,500		54,182

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

101

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials — 1.2%
CIMB Group Holdings		216,955	$	304,369
Hong Leong Bank		13,700		56,097
Malayan Banking		147,416		301,809
Public Bank		341,400		304,396
				966,671
Health Care — 0.1%
IHH Healthcare		51,400		65,703

Materials — 0.1%
Petronas Chemicals Group		78,400		111,148

Utilities — 0.4%
Petronas Gas		13,400		49,886
Tenaga Nasional		97,200		233,707
				283,593
TOTAL MALAYSIA				1,657,567

MEXICO — 4.9%
Communication Services — 0.7%
America Movil		625,000		585,829

Consumer Staples — 1.5%
Fomento Economico Mexicano		43,400		563,044
Grupo Bimbo, Ser A		29,400		138,795
Wal-Mart de Mexico		113,000		455,488
				1,157,327
Financials — 1.0%
Grupo Financiero Banorte, Cl O		59,500		631,343
Grupo Financiero Inbursa, Cl O *		40,100		123,351
				754,694
Industrials — 0.5%
Grupo Aeroportuario del Pacifico, Cl B		10,860		174,454
Grupo Aeroportuario del Sureste, Cl B		6,925		218,460
				392,914
Materials — 1.1%
Cemex *		330,000		291,251
Grupo Mexico		59,500		351,271
Southern Copper		1,876		199,831
				842,353

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

102

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 0.1%
Fibra Uno Administracion †		74,600	$	123,916
TOTAL MEXICO				3,857,033

PERU — 0.7%
Financials — 0.4%
Credicorp		1,746		295,825

Materials — 0.3%
Cia de Minas Buenaventura SAA ADR		15,002		238,231
TOTAL PERU				534,056

PHILIPPINES — 1.2%
Financials — 0.3%
BDO Unibank		71,464		196,410

Industrials — 0.4%
Ayala		8,420		95,861
JG Summit		106,335		68,853
SM Investments		8,420		145,588
				310,302
Real Estate — 0.5%
Ayala Land		291,100		167,001
SM Prime		397,500		231,224
				398,225
TOTAL PHILIPPINES				904,937

POLAND — 1.7%
Communication Services — 0.1%
CD Projekt		1,591		46,640

Consumer Discretionary — 0.3%
LPP		63		241,715

Energy — 0.1%
ORLEN		7,386		120,540

Financials — 1.1%
Bank Polska Kasa Opieki		4,357		198,688
Powszechna Kasa Oszczednosci Bank Polski		21,789		324,233
Powszechny Zaklad Ubezpieczen		15,829		193,747
Santander Bank Polska		841		120,105
				836,773

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

103

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Materials — 0.1%
KGHM Polska Miedz		3,038	$	86,963
TOTAL POLAND				1,332,631

QATAR — 1.0%
Financials — 0.8%
Masraf Al Rayan		103,174		67,271
Qatar Islamic Bank		30,255		157,881
Qatar National Bank		107,265		418,337
				643,489
Industrials — 0.2%
Industries Qatar		48,122		158,204
TOTAL QATAR				801,693

ROMANIA — 0.2%
Real Estate — 0.2%
NEPI Rockcastle		24,679		170,467
TOTAL ROMANIA				170,467

RUSSIA — 0.0%
Communication Services — 0.0%
Mobile TeleSystems PJSC ADR ^(A)(B)		3,839		—

Consumer Staples — 0.0%
X5 Retail Group GDR *^(A)(B)		915		—

Energy — 0.0%
Gazprom PJSC *^(A)(B)		89,700		—
LUKOIL PJSC ^(A)(B)		3,729		—
Novatek PJSC GDR *^(A)(B)		756		—
Rosneft Oil PJSC ^(A)(B)		10,270		—
Tatneft PJSC ^(A)(B)		16,537		—
				—
Financials — 0.0%
Sberbank of Russia PJSC ^(A)(B)		99,330		—

Materials — 0.0%
Alrosa PJSC ^(A)(B)		18,910		—
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.

104

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
SOUTH AFRICA — 5.1%
Communication Services — 0.4%
MTN Group		36,978	$	183,052
Vodacom Group		19,409		101,010
				284,062
Consumer Discretionary — 1.3%
Naspers, Cl N		5,052		895,760
Woolworths Holdings		40,753		127,427
				1,023,187
Consumer Staples — 0.5%
Bid		7,386		180,127
Clicks Group		4,432		69,304
Shoprite Holdings		14,100		184,245
				433,676
Energy — 0.1%
Exxaro Resources		11,779		105,111

Financials — 2.0%
Absa Group		15,838		123,893
Capitec Bank		2,287		253,116
Discovery		15,748		100,320
FirstRand		98,701		321,754
Nedbank Group		9,984		120,570
Old Mutual		188,628		117,044
Remgro		19,249		124,127
Sanlam		32,093		117,602
Standard Bank Group		29,057		284,244
				1,562,670
Industrials — 0.1%
Bidvest Group		5,912		75,713

Materials — 0.7%
Anglo American Platinum		1,541		62,539
Gold Fields		23,506		377,238
Sasol		12,267		94,832
				534,609
TOTAL SOUTH AFRICA				4,019,028

SOUTH KOREA — 17.6%
Communication Services — 0.8%
Kakao		5,643		225,091
NAVER		2,769		385,449

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

105

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Communication Services (continued)
NCSoft		406	$	59,954
				670,494
Consumer Discretionary — 2.1%
Coway		948		39,434
Hyundai Mobis		1,511		286,206
Hyundai Motor		3,306		572,181
Kangwon Land		2,132		25,798
Kia		6,586		539,110
LG Electronics		2,507		177,096
				1,639,825
Consumer Staples — 0.5%
Amorepacific		922		83,143
KT&G		3,709		257,598
LG H&H		219		61,816
				402,557
Energy — 0.4%
HD Hyundai		2,312		123,478
SK Innovation *		1,429		123,130
S-Oil		814		47,465
				294,073
Financials — 2.2%
DB Insurance		894		62,887
Hana Financial Group		7,919		339,407
Industrial Bank of Korea		4,598		46,108
KB Financial Group		9,452		487,958
Samsung Fire & Marine Insurance		1,192		270,939
Samsung Life Insurance		1,242		85,153
Shinhan Financial Group		10,100		345,107
Woori Financial Group		8,621		91,701
				1,729,260
Health Care — 0.3%
Samsung Biologics *		383		236,414

Industrials — 1.7%
Hyundai Engineering & Construction		1,429		35,028
Hyundai Glovis		1,556		201,225
Korea Aerospace Industries		4,008		153,324
Korea Shipbuilding & Offshore Engineering *		680		59,805
LG		2,875		186,862
Samsung C&T		2,561		301,518
Samsung Heavy Industries *		24,845		157,974
SK Holdings		1,028		136,380

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

106

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Industrials (continued)
SK Square *		1,906	$	111,857
				1,343,973
Information Technology — 8.1%
LG Display *		3,900		31,142
Samsung Electro-Mechanics		1,756		193,959
Samsung Electronics		70,830		4,335,296
Samsung SDI		1,188		415,635
Samsung SDS		620		75,298
SK Hynix		9,749		1,325,212
				6,376,542
Materials — 1.3%
Hyundai Steel		1,429		33,755
Korea Zinc		138		46,333
LG Chemical		1,055		344,026
Lotte Chemical		325		28,800
POSCO Holdings		1,800		564,234
				1,017,148
Utilities — 0.2%
Korea Electric Power *		11,198		182,994
TOTAL SOUTH KOREA				13,893,280

TAIWAN — 27.0%
Communication Services — 1.1%
Chunghwa Telecom		107,000		421,266
Far EasTone Telecommunications		79,000		201,181
Taiwan Mobile		79,000		254,254
				876,701
Consumer Staples — 0.6%
President Chain Store		27,000		224,835
Uni-President Enterprises		107,000		259,112
				483,947
Energy — 0.1%
Formosa Petrochemical		27,000		58,634

Financials — 5.5%
Cathay Financial Holding		160,000		243,223
Chailease Holding		53,615		288,149
Chang Hwa Commercial Bank		409,150		233,957
China Development Financial Holding *		486,000		211,843
CTBC Financial Holding		398,000		411,015
E.Sun Financial Holding		342,397		291,541
First Financial Holding		342,605		296,535

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

107

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Fubon Financial Holding		190,827	$	415,600
Hua Nan Financial Holdings		272,567		197,164
Mega Financial Holding		219,414		278,008
Shanghai Commercial & Savings Bank		165,000		249,277
Shin Kong Financial Holding *		806,000		203,241
SinoPac Financial Holdings		189,211		127,999
Taishin Financial Holding		594,300		334,257
Taiwan Cooperative Financial Holding		301,114		246,510
Yuanta Financial Holding		325,285		308,987
				4,337,306
Industrials — 0.3%
Far Eastern New Century		240,000		249,348

Information Technology — 17.9%
ASE Technology Holding		83,000		417,548
Asustek Computer		27,000		362,351
AUO		215,600		120,588
Catcher Technology		27,000		184,761
Delta Electronics		54,000		575,375
Hon Hai Precision Industry		240,000		1,124,877
Innolux		275,001		129,322
Lite-On Technology		107,000		337,682
MediaTek		27,000		1,008,171
Novatek Microelectronics		27,000		509,569
Pegatron		82,000		261,346
Quanta Computer		81,000		742,841
Taiwan Semiconductor Manufacturing		326,000		7,935,195
United Microelectronics		214,000		349,049
				14,058,675
Materials — 1.5%
Asia Cement		107,000		138,082
China Steel		352,000		262,871
Formosa Chemicals & Fibre		81,000		139,710
Formosa Plastics		107,000		230,359
Nan Ya Plastics		134,000		234,474
Taiwan Cement		159,404		160,134
				1,165,630
TOTAL TAIWAN				21,230,241

THAILAND — 1.9%
Communication Services — 0.2%
Advanced Info Service		25,300		142,144
				142,144

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

108

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Consumer Staples — 0.3%
CP ALL		136,000	$	204,070
				204,070
Energy — 0.5%
PTT		276,600		257,743
PTT Exploration & Production		38,000		159,342
				417,085
Health Care — 0.2%
Bangkok Dusit Medical Services, Cl F		249,300		194,726
				194,726
Industrials — 0.3%
Airports of Thailand		124,600		223,674
				223,674
Materials — 0.3%
Indorama Ventures		81,000		52,612
PTT Global Chemical		69,500		72,858
Siam Cement		13,600		95,419
				220,889
Real Estate — 0.1%
Central Pattana		38,800		66,993
				66,993
TOTAL THAILAND				1,469,581

TURKEY — 0.8%
Consumer Staples — 0.3%
BIM Birlesik Magazalar		18,447		205,841

Energy — 0.3%
Turkiye Petrol Rafinerileri		36,936		202,079

Financials — 0.2%
Akbank		131,992		190,857
TOTAL TURKEY				598,777

UNITED ARAB EMIRATES — 1.1%
Communication Services — 0.4%
Emirates Telecommunications Group PJSC		57,737		288,669

Financials — 0.5%
Abu Dhabi Commercial Bank PJSC		58,595		132,758
First Abu Dhabi Bank PJSC		86,358		310,889
				443,647

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

109

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
Real Estate — 0.2%
Emaar Properties PJSC		64,688	$	143,920
TOTAL UNITED ARAB EMIRATES				876,236

UNITED STATES — 0.1%
Consumer Staples — 0.1%
JBS		16,000		68,724
TOTAL UNITED STATES				68,724

TOTAL COMMON STOCK (Cost $71,858,742)				75,380,185

PREFERRED STOCK — 3.8%
BRAZIL — 2.5%
Energy — 0.8%
Petroleo Brasileiro ^(C)		89,100		665,017

Financials — 1.5%
Banco Bradesco ^(C)		120,371		342,918
Itau Unibanco Holding ^(C)		86,000		595,147
Itausa ^(C)		113,276		237,616
				1,175,681
Materials — 0.1%
Gerdau ^(C)		19,075		84,599

Utilities — 0.1%
Cia Energetica de Minas Gerais ^(C)		21,923		55,010
TOTAL BRAZIL				1,980,307

CHILE — 0.2%
Industrials — 0.2%
Sociedad Quimica y Minera de Chile ^(C)		3,347		162,762

COLOMBIA— 0.1%
Financials — 0.1%
Bancolombia ^(C)		8,110		68,988

RUSSIA — 0.0%
Energy — 0.0%
Surgutneftegas PJSC ^(A)(B)(C)		50,900		—

SOUTH KOREA — 1.0%
Information Technology — 1.0%
Samsung Electronics ^(C)		14,496		732,203

TOTAL PREFERRED STOCK (Cost $2,774,416)				2,944,260

TOTAL INVESTMENTS — 99.5% (Cost $74,633,158)				78,324,445
OTHER ASSETS LESS LIABILITIES – 0.5%				427,906
NET ASSETS - 100%			$	78,752,351

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

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

110

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (continued)

	(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.

111

Schedule of Investments March 31, 2024

KraneShares MSCI Emerging Markets ex China Index ETF (concluded)

The following summarizes the market value of the Fund’s investments used as of March 31, 2024, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3^			Total
Common Stock
Australia	$	194,266	$	—	$	—		$	194,266
Brazil		4,129,095		—		—			4,129,095
Chile		490,974		—		—			490,974
Colombia		118,708		—		—			118,708
Czech Republic		147,242		—		—			147,242
Egypt		80,952		—		—			80,952
Greece		61,977		—		—			61,977
Hungary		319,629		—		—			319,629
India		15,943,978		—		—			15,943,978
Indonesia		2,479,113		—		—			2,479,113
Malaysia		1,657,567		—		—			1,657,567
Mexico		3,857,033		—		—			3,857,033
Peru		534,056		—		—			534,056
Philippines		904,937		—		—			904,937
Poland		1,332,631		—		—			1,332,631
Qatar		801,693		—		—			801,693
Romania		170,467		—		—			170,467
Russia		—		—		—	^‡‡		—
South Africa		4,019,028		—		—			4,019,028
South Korea		13,893,280		—		—			13,893,280
Taiwan		21,230,241		—		—			21,230,241
Thailand		1,469,581		—		—			1,469,581
Turkey		598,777		—		—			598,777
United Arab Emirates		876,236		—		—			876,236
United States		68,724		—		—			68,724
Total Common Stock		75,380,185		—		—			75,380,185
Preferred Stock
Brazil		1,980,307		—		—			1,980,307
Chile		162,762		—		—			162,762
Colombia		68,988		—		—			68,988
Russia		—		—		—	^‡‡		—
South Korea		732,203		—		—			732,203
Total Preferred Stock		2,944,260		—		—			2,944,260
Total Investments in Securities	$	78,324,445	$	—	$	—		$	78,324,445

	^	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.

112

Schedule of Investments March 31, 2024

KraneShares CICC China 5G & Semiconductor Index ETF

	Shares		Value
COMMON STOCK — 99.8% ‡
CHINA — 99.8%
Communication Services — 1.3%
Kunlun Tech, Cl A *		22,400	$	122,946

Consumer Discretionary — 0.8%
Hisense Visual Technology, Cl A		22,300		72,609

Information Technology — 97.7%
ACM Research Shanghai, Cl A		7,783		93,048
Advanced Micro-Fabrication Equipment China, Cl A		10,868		223,485
Avary Holding Shenzhen, Cl A		41,385		132,242
Beijing Kingsoft Office Software, Cl A		8,365		335,273
BOE Technology Group, Cl A		638,530		357,065
BYD Electronic International		38,500		141,919
Cambricon Technologies, Cl A *		7,362		175,887
Chaozhou Three-Circle Group, Cl A		34,164		116,179
China Resources Microelectronics, Cl A		22,993		123,383
China Zhenhua Group Science & Technology, Cl A		10,000		74,899
Eoptolink Technology, Cl A		12,900		120,767
Foxconn Industrial Internet, Cl A		300,174		941,403
GigaDevice Semiconductor, Cl A		12,400		122,746
GoerTek, Cl A		62,422		137,390
Guobo Electronics, Cl A		7,141		67,865
Hangzhou Silan Microelectronics, Cl A		30,000		80,450
Hua Hong Semiconductor *		23,000		44,845
Hygon Information Technology, Cl A		40,825		434,431
Iflytek, Cl A		41,900		281,165
Ingenic Semiconductor, Cl A		8,800		74,905
JCET Group, Cl A		30,100		116,621
Lingyi iTech Guangdong, Cl A		127,400		96,334
Luxshare Precision Industry, Cl A		130,605		529,047
Maxscend Microelectronics, Cl A		9,669		135,289
Montage Technology, Cl A		20,540		129,995
National Silicon Industry Group, Cl A *		49,367		90,025
NAURA Technology Group, Cl A		9,218		387,998
Sanan Optoelectronics, Cl A		90,400		151,156
SG Micro, Cl A		8,700		77,912
Shanghai BOCHU Electronic Technology, Cl A		2,503		94,867
Shennan Circuits, Cl A		8,900		109,319

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

113

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Shenzhen Goodix Technology, Cl A *		8,300	$	67,014
Shenzhen Transsion Holdings, Cl A		13,995		324,354
Sunny Optical Technology Group		19,800		101,069
Suzhou TFC Optical Communication, Cl A		6,900		144,284
TCL Zhonghuan Renewable Energy Technology, Cl A		73,500		119,861
TongFu Microelectronics, Cl A		27,600		85,495
Unigroup Guoxin Microelectronics, Cl A *		15,400		137,659
Universal Scientific Industrial Shanghai, Cl A		39,500		74,643
Will Semiconductor Shanghai, Cl A		21,006		284,721
Wingtech Technology, Cl A *		22,555		113,701
WUS Printed Circuit Kunshan, Cl A		34,200		142,162
Xiaomi, Cl B *		364,200		695,226
Yealink Network Technology, Cl A		22,532		80,192
Zhejiang Dahua Technology, Cl A		59,600		155,149
Zhejiang Jingsheng Mechanical & Electrical, Cl A		23,520		111,017
Zhongji Innolight, Cl A		14,300		308,359
ZTE, Cl H		149,600		298,189
				9,241,005
TOTAL CHINA				9,436,560

TOTAL COMMON STOCK (Cost $10,992,141)				9,436,560

TOTAL INVESTMENTS — 99.8% (Cost $10,992,141)				9,436,560
OTHER ASSETS LESS LIABILITIES – 0.2%				22,735
NET ASSETS - 100%			$	9,459,295

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

See “Glossary” for abbreviations.

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

114

Schedule of Investments March 31, 2024

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

	Shares		Value
COMMON STOCK — 99.9% ‡
UNITED STATES — 99.9%
Communication Services — 5.3%
Alphabet, Cl C *		2,271	$	345,783
Comcast, Cl A		12,557		544,346
Meta Platforms, Cl A		1,578		766,245
				1,656,374
Consumer Discretionary — 5.7%
Amazon.com *		4,589		827,764
Home Depot		1,845		707,742
Lowe’s		718		182,896
Williams-Sonoma		248		78,747
				1,797,149
Consumer Staples — 5.2%
Colgate-Palmolive		1,997		179,830
Flowers Foods		18,981		450,799
Kimberly-Clark		3,885		502,525
Universal		9,373		484,771
				1,617,925
Energy — 3.0%
DT Midstream		7,793		476,152
Hess Midstream, Cl A		13,056		471,713
				947,865
Financials — 9.3%
CME Group, Cl A		2,326		500,765
Goldman Sachs Group		1,359		567,641
Invesco		28,363		470,542
JPMorgan Chase		1,966		393,790
T Rowe Price Group		4,147		505,602

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

115

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Financials (continued)
Western Union		33,386	$	466,736
				2,905,076
Health Care — 9.2%
AbbVie		2,265		412,457
Amgen		27		7,677
Bristol-Myers Squibb		10,426		565,402
CVS Health		6,345		506,077
Eli Lilly		65		50,567
Gilead Sciences		6,039		442,357
Merck		2,379		313,909
Pfizer		21,831		605,810
				2,904,256
Industrials — 15.3%
Automatic Data Processing		703		175,567
Cummins		1,776		523,298
Emerson Electric		4,621		524,114
Fastenal		6,548		505,113
Honeywell International		627		128,692
Illinois Tool Works		813		218,152
MSC Industrial Direct, Cl A		4,464		433,186
Paychex		3,921		481,499
Robert Half		2,967		235,224
RTX		5,811		566,747
Snap-on		1,513		448,181
United Parcel Service, Cl B		571		84,868
Watsco		1,086		469,119
				4,793,760
Information Technology — 21.2%
Adobe *		23		11,606
Analog Devices		805		159,221
Apple		7,423		1,272,896
Arista Networks *		335		97,143
Cisco Systems		11,722		585,045
Juniper Networks		7,789		288,660
Microsoft		4,879		2,052,693
NVIDIA		1,647		1,488,164
Super Micro Computer *		108		109,083
Texas Instruments		3,305		575,764
				6,640,275
Materials — 6.0%
Air Products and Chemicals		1,834		444,323
Dow		8,769		507,988

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

116

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Materials (continued)
Packaging Corp of America		2,578	$	489,253
Sonoco Products		7,610		440,163
				1,881,727
Real Estate — 6.1%
American Tower †		2,419		477,970
Crown Castle †		4,437		469,568
Public Storage †		1,570		455,394
Simon Property Group †		3,240		507,028
				1,909,960
Utilities — 13.6%
ALLETE		7,094		423,086
American Electric Power		5,671		488,273
Consolidated Edison		5,039		457,592
Duke Energy		5,116		494,768
Entergy		4,432		468,374
Evergy		4,220		225,264
ONE Gas		3,072		198,236
Public Service Enterprise Group		7,737		516,677
Spire		1,820		111,693
UGI		18,260		448,100
WEC Energy Group		5,425		445,501
				4,277,564
TOTAL UNITED STATES				31,331,931

TOTAL COMMON STOCK (Cost $28,492,272)				31,331,931

TOTAL INVESTMENTS — 99.9% (Cost $28,492,272)				31,331,931
OTHER ASSETS LESS LIABILITIES – 0.1%				42,981
NET ASSETS - 100%			$	31,374,912

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

See “Glossary” for abbreviations.

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

117

Consolidated Schedule of Investments March 31, 2024

KFA Mount Lucas Managed Futures Index Strategy ETF

	Face Amount			Value
U.S. TREASURY OBLIGATIONS — 73.4%
U.S. Treasury Bills
5.292%, 04/04/2024 ^(A)	$	40,000,000	$	39,982,696
5.287%, 04/11/2024 ^(A)		35,000,000		34,949,065
5.281%, 04/30/2024 ^(A)		40,000,000		39,830,568
5.276%, 05/02/2024 ^(A)		40,000,000		39,818,150
0.000%, 05/30/2024 ^(A)		40,000,000		39,655,014
TOTAL U.S. TREASURY OBLIGATIONS (Cost $194,238,688)				194,235,493

TOTAL INVESTMENTS — 73.4% (Cost $194,238,688)				194,235,493
OTHER ASSETS LESS LIABILITIES – 26.6%				70,390,331
NET ASSETS - 100%			$	264,625,824

A list of the open futures contracts held by the Fund at March 31, 2024, is as follows:

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Long Contracts
British Pound	545	Jun-2024	$	43,573,384		$	43,010,719		$	(562,665	)
Copper ^	98	Jul-2024		9,940,441			9,895,550			(44,891	)
Euro-Bund	22	Jun-2024		3,165,643			3,165,744			101
Gasoline ^	169	Jun-2024		17,991,298			19,082,973			1,091,675
Gold ^	87	Jun-2024		18,433,918			19,474,080			1,040,162
Japanese 10-Year Bond	63	Jun-2024		62,268,206			60,711,058			136,167
Live Cattle ^	202	Jun-2024		14,761,527			14,564,200			(197,327	)
Long Gilt 10-Year Bond	493	Jun-2024		62,128,154			62,186,571			436,905
NY Harbor ULSD ^	168	Jun-2024		18,241,103			18,484,603			243,500
WTI Crude Oil ^	235	Jun-2024		18,157,836			19,368,700			1,210,864
				268,661,510			269,944,198			3,354,491
Short Contracts
AUD Currency	(535)	Jun-2024		(35,515,812)			(34,951,550	)		564,262
CAD Currency	(528)	Jun-2024		(39,065,839	)		(39,040,320	)		25,519
Canadian 10-Year Bond	(692)	Jun-2024		(61,564,732)			(61,478,188	)		(32,821	)
Corn ^	(840)	May-2024		(18,063,810	)		(18,564,000	)		(500,190	)
Euro FX	(227)	Jun-2024		(31,174,467	)		(30,706,006	)		468,461
Japanese Yen	(508)	Jun-2024		(43,536,616	)		(42,452,925	)		1,083,691
Natural Gas ^	(802)	Jun-2024		(15,921,248	)		(16,015,940	)		(94,692	)
Soybean ^	(316)	May-2024		(18,446,066	)		(18,825,700	)		(379,634	)
Sugar No 11 ^	(743)	May-2024		(19,087,751	)		(18,740,243	)		347,508

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

118

Consolidated Schedule of Investments March 31, 2024

KFA Mount Lucas Managed Futures Index Strategy ETF (concluded)

Type of Contract	Number of Contracts	Expiration Date	Notional Amount			Value			Unrealized Appreciation/ (Depreciation)
Swiss Franc	(301)	Jun-2024	$	(43,206,047	)	$	(42,072,275	)	$	1,133,772
Ultra 10-Year U.S. Treasury Note	(591)	Jun-2024		(67,318,875	)		(67,734,141	)		(415,266	)
Wheat ^	(626)	May-2024		(17,720,815	)		(17,535,825	)		184,990
				(410,622,078	)		(408,117,113	)		2,385,600
			$	(141,960,568	)	$	(138,172,915	)	$	5,740,091

Security is held by the KFA MLM Index Subsidiary, Ltd. as of March 31, 2024.

(A)

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

The following summarizes the market value of the Fund’s investments and other financial instruments used as of March 31, 2024, based on the inputs used to value them:

Investments in Securities	Level 1		Level 2		Level 3		Total
U.S. Treasury Obligations	$	—	$	194,235,493	$	—	$	194,235,493
Total Investments in Securities	$	—	$	194,235,493	$	—	$	194,235,493

Other Financial Instruments	Level 1		Level 2		Level 3		Total
Futures Contracts *
Unrealized Appreciation	$	7,967,577	$	—	$	—	$	7,967,577‌
Unrealized Depreciation		(2,227,486)		—		—		(2,227,486)
Total Other Financial Instruments	$	5,740,091	$	—	$	—	$	5,740,091‌

Futures Contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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.

119

Schedule of Investments March 31, 2024

KraneShares SSE STAR Market 50 Index ETF

	Shares		Value
COMMON STOCK — 99.3% ‡
CHINA — 99.3%
Consumer Discretionary — 3.5%
Beijing Roborock Technology, Cl A		15,784	$	744,742
Tianneng Battery Group, Cl A		27,233		106,900
				851,642
Health Care — 11.7%
Bloomage Biotechnology, Cl A		38,316		296,431
iRay Technology, Cl A		10,198		308,072
MGI Tech, Cl A		41,328		336,640
Shanghai Junshi Biosciences, Cl A *		91,446		342,085
Shanghai United Imaging Healthcare, Cl A		81,949		1,465,068
Sichuan Biokin Pharmaceutical, Cl A *		7,104		122,865
				2,871,161
Industrials — 7.6%
AVIC Chengdu UAS, Cl A		27,015		145,188
Baimtec Material, Cl A		17,898		132,379
GoodWe Technologies, Cl A		24,017		332,548
Hoymiles Power Electronics, Cl A		8,292		246,257
Ningbo Ronbay New Energy Technology, Cl A		58,142		228,711
Pylon Technologies, Cl A		20,884		252,608
Sany Renewable Energy, Cl A		48,246		183,271
Zhuzhou CRRC Times Electric, Cl A		51,839		339,148
				1,860,110
Information Technology — 73.0%
3peak, Cl A		15,883		224,012
ACM Research Shanghai, Cl A		17,237		206,073
Advanced Micro-Fabrication Equipment China, Cl A		86,208		1,772,747
Amlogic Shanghai, Cl A		66,246		434,134
ASR Microelectronics, Cl A *		41,851		237,200
Beijing Kingsoft Office Software, Cl A		45,911		1,840,133
Cambricon Technologies, Cl A *		41,424		989,671
China Railway Signal & Communication, Cl A		514,332		398,833
China Resources Microelectronics, Cl A		105,009		563,488

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

120

Schedule of Investments March 31, 2024

KraneShares SSE STAR Market 50 Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
CSI Solar, Cl A *		88,016	$	150,565
Everdisplay Optronics Shanghai, Cl A *		831,832		248,619
GalaxyCore, Cl A		155,152		356,873
Guobo Electronics, Cl A		7,086		67,343
Hwatsing Technology, Cl A		18,882		452,519
Hygon Information Technology, Cl A		184,894		1,967,510
Jinko Solar, Cl A		397,735		453,590
Loongson Technology, Cl A *		31,898		383,370
Montage Technology, Cl A		181,050		1,145,839
National Silicon Industry Group, Cl A *		327,794		597,762
Nexchip Semiconductor, Cl A *		79,791		146,935
Piotech, Cl A		18,529		481,089
Qi An Xin Technology Group, Cl A *		54,840		237,929
Shanghai BOCHU Electronic Technology, Cl A		11,710		443,827
Shanghai Fudan Microelectronics Group, Cl A		53,257		232,015
Shenzhen Transsion Holdings, Cl A		64,160		1,486,998
SICC, Cl A *		34,396		228,347
SUPCON Technology, Cl A		109,406		701,154
Trina Solar, Cl A		216,125		708,470
Verisilicon Microelectronics Shanghai, Cl A *		59,630		288,196
Xinjiang Daqo New Energy, Cl A		127,967		475,884
				17,921,125
Materials — 3.5%
Cathay Biotech, Cl A		46,406		282,128
Western Superconducting Technologies, Cl A		90,438		458,642
Zhongfu Shenying Carbon Fiber, Cl A		25,214		106,720
				847,490
TOTAL CHINA				24,351,528

TOTAL COMMON STOCK (Cost $34,729,302)				24,351,528

TOTAL INVESTMENTS — 99.3% (Cost $34,729,302)				24,351,528
OTHER ASSETS LESS LIABILITIES – 0.7%				182,623
NET ASSETS - 100%			$	24,534,151

‡

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

Non-income producing security.

See “Glossary” for abbreviations.

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

121

Schedule of Investments March 31, 2024

KraneShares Hang Seng TECH Index ETF

	Shares		Value
COMMON STOCK — 87.2% ‡
CHINA — 87.2%
Communication Services — 24.6%
Baidu, Cl A *		17,300	$	227,013
Bilibili, Cl Z *		6,680		75,365
China Literature *		11,400		38,090
Kingsoft		23,400		72,056
Kuaishou Technology, Cl B *		34,400		215,592
NetEase		10,205		212,277
Tencent Holdings		12,400		481,332
Weibo, Cl A		120		1,134
				1,322,859
Consumer Discretionary — 38.6%
Alibaba Group Holding		24,000		215,423
Haier Smart Home, Cl A		59,426		184,889
JD.com, Cl A		37,560		517,818
Li Auto, Cl A *		14,100		218,532
Meituan, Cl B *		42,380		524,169
NIO, Cl A *		3,360		16,078
Tongcheng Travel Holdings *		30,000		79,155
Trip.com Group *		4,150		183,043
XPeng, Cl A *		34,500		141,501
				2,080,608
Consumer Staples — 4.0%
Alibaba Health Information Technology *		156,000		63,385
East Buy Holding *		12,500		33,221
JD Health International *		27,250		96,446
Ping An Healthcare and Technology *		15,100		22,766
				215,818
Financials — 0.6%
ZhongAn Online P&C Insurance, Cl H *		20,900		33,380

Information Technology — 19.4%
BYD Electronic International		19,500		71,881

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

122

Schedule of Investments March 31, 2024

KraneShares Hang Seng TECH Index ETF (concluded)

	Shares		Value
COMMON STOCK (continued)
Information Technology (continued)
Hua Hong Semiconductor *		16,000	$	31,197
Kingdee International Software Group *		75,000		84,617
Lenovo Group		196,000		227,143
SenseTime Group, Cl B *		491,000		44,543
Sunny Optical Technology Group		17,440		89,022
Xiaomi, Cl B *		261,400		498,989
				1,047,392
TOTAL CHINA				4,700,057

TOTAL COMMON STOCK (Cost $5,018,816)				4,700,057

TOTAL INVESTMENTS — 87.2% (Cost $5,018,816)				4,700,057
OTHER ASSETS LESS LIABILITIES – 12.8%				690,683
NET ASSETS - 100%			$	5,390,740

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

See “Glossary” for abbreviations.

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

123

Schedule of Investments March 31, 2024

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

	Shares		Value
COMMON STOCK — 97.4% ‡
AUSTRALIA — 15.5%
Communication Services — 1.0%
CAR Group		1,118	$	26,316

Financials — 2.2%
AUB Group		1,454		28,211
Steadfast Group		8,314		31,894
				60,105
Health Care — 2.8%
EBOS Group		1,825		37,388
Sonic Healthcare		1,883		36,129
				73,517
Industrials — 2.5%
Computershare		2,084		35,499
Washington H Soul Pattinson		1,464		32,102
				67,601
Materials — 2.1%
Brickworks		1,529		28,409
Northern Star Resources		2,830		26,716
				55,125
Real Estate — 1.9%
Charter Hall Group †		5,752		51,598

Utilities — 3.0%
APA Group		14,617		80,199
TOTAL AUSTRALIA				414,461

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

124

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
CHINA — 30.7%
Consumer Discretionary — 5.6%
Bosideng International Holdings		154,000	$	76,936
Zhongsheng Group Holdings		42,000		72,769
				149,705
Energy — 5.7%
PetroChina, Cl H		180,000		153,863

Financials — 8.0%
China Merchants Bank, Cl H		27,000		106,773
Ping An Insurance Group of China, Cl H		25,500		107,683
				214,456
Health Care — 5.5%
China Medical System Holdings		39,000		40,961
CSPC Pharmaceutical Group		58,000		45,576
Sinopharm Group, Cl H		23,600		60,459
				146,996
Real Estate — 3.1%
China Resources Land		26,000		82,221

Utilities — 2.8%
ENN Energy Holdings		9,800		75,506
TOTAL CHINA				822,747

HONG KONG — 10.2%
Financials — 1.0%
AIA Group		3,800		25,515

Real Estate — 3.5%
Swire Properties		44,800		94,106

Utilities — 5.7%
CK Infrastructure Holdings		13,000		76,075
Hong Kong & China Gas		102,000		77,284
				153,359
TOTAL HONG KONG				272,980

INDIA — 0.9%
Information Technology — 0.9%
Infosys ADR		1,415		25,371
TOTAL INDIA				25,371

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

125

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
INDONESIA — 1.0%
Financials — 1.0%
Bank Central Asia		44,300	$	28,150
TOTAL INDONESIA				28,150

JAPAN — 29.0%
Communication Services — 0.8%
KDDI		400		11,846
Nippon Telegraph & Telephone		8,900		10,573
				22,419
Consumer Discretionary — 3.5%
Fujitsu General		400		4,979
Open House Group		500		16,350
Rinnai		300		6,906
Sangetsu		700		15,448
Sekisui Chemical		1,000		14,735
Sekisui House		700		16,258
TS Tech		1,400		18,598
				93,274
Consumer Staples — 2.7%
Asahi Group Holdings		300		11,065
Kao		300		11,176
Lion		800		7,178
Morinaga		500		8,674
Nisshin Seifun Group		600		8,323
Seven & i Holdings		600		8,746
Sundrug		400		12,335
Yakult Honsha		300		6,182
				73,679
Financials — 5.8%
Chiba Bank		1,700		14,170
Fuyo General Lease		100		9,092
Jaccs		400		14,748
SBI Holdings		800		20,885
Sompo Holdings		900		18,970
Sumitomo Mitsui Financial Group		300		17,659
Tokio Marine Holdings		600		18,645
Tokyo Century		1,200		12,583
Yamaguchi Financial Group		1,500		15,446
Zenkoku Hosho		400		14,539
				156,737
Health Care — 2.7%
Alfresa Holdings		600		8,811

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

126

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Health Care (continued)
Astellas Pharma		1,400	$	15,203
Hisamitsu Pharmaceutical		200		5,250
Kyowa Kirin		500		8,889
Mani		600		7,867
Medipal Holdings		700		10,730
Shionogi		200		10,242
Ship Healthcare Holdings		400		5,556
				72,548
Industrials — 3.9%
Benefit One		500		7,153
COMSYS Holdings		600		14,066
EXEO Group		1,400		14,977
Hikari Tsushin		100		18,679
Kandenko		1,000		11,556
Sanwa Holdings		700		12,400
SHO-BOND Holdings		200		8,489
Takeuchi Manufacturing		400		16,122
				103,442
Information Technology — 2.2%
Azbil		200		5,542
Dentsu Soken		100		3,317
FUJIFILM Holdings		300		6,680
Murata Manufacturing		400		7,464
NEC Networks & System Integration		500		8,375
Otsuka		600		12,674
SCSK		400		7,499
TIS		300		6,520
				58,071
Materials — 2.3%
Air Water		900		14,242
Fujimi		400		9,303
Nissan Chemical		300		11,348
Nitto Denko		200		18,210
Shin-Etsu Chemical		200		8,701
				61,804
Real Estate — 4.5%
Aeon Mall		1,000		11,840
Daiwa Securities Living Investments, Cl A †		24		16,714
Hulic		1,200		12,460
Japan Metropolitan Fund Invest †		26		16,269
Japan Real Estate Investment †		4		14,219
Mori Hills REIT Investment, Cl A †		18		16,282

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

127

Schedule of Investments March 31, 2024

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

	Shares		Value
COMMON STOCK (continued)
Real Estate (continued)
Nomura Real Estate Holdings		600	$	17,444
Tokyo Tatemono		900		15,649
				120,877
Utilities — 0.6%
Nippon Gas		900		15,280
TOTAL JAPAN				778,131

NEW ZEALAND — 1.0%
Health Care — 1.0%
Fisher & Paykel Healthcare		1,759		26,988
TOTAL NEW ZEALAND				26,988

PHILIPPINES — 2.1%
Industrials — 2.1%
International Container Terminal Services		9,760		55,211
TOTAL PHILIPPINES				55,211

TAIWAN — 5.7%
Financials — 1.2%
Chailease Holding		6,120		32,891

Information Technology — 4.5%
Advantech		3,300		41,653
Sinbon Electronics		5,000		43,120
Wistron		9,000		35,153
				119,926
TOTAL TAIWAN				152,817

THAILAND — 1.3%
Financials — 1.3%
Krungthai Card		27,000		33,854
TOTAL THAILAND				33,854

TOTAL COMMON STOCK (Cost $2,572,693)				2,610,710

TOTAL INVESTMENTS — 97.4% (Cost $2,572,693)				2,610,710
OTHER ASSETS LESS LIABILITIES – 2.6%				69,646
NET ASSETS - 100%			$	2,680,356

‡

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

†

Real Estate Investment Trust

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

128

Schedule of Investments March 31, 2024

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

See “Glossary” for abbreviations.

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

129

Schedule of Investments March 31, 2024

KraneShares Dynamic Emerging Markets Strategy ETF

	Shares		Value
EXCHANGE - TRADED FUNDS — 99.1%
KraneShares MSCI All China Index ETF ^(A)		112,596	$	2,027,280
KraneShares MSCI Emerging Markets ex China Index ETF ^(A)		56,867		1,668,176
TOTAL EXCHANGE - TRADED FUNDS (Cost $3,726,952)				3,695,456

TOTAL INVESTMENTS — 99.1% (Cost $3,726,952)				3,695,456
OTHER ASSETS LESS LIABILITIES – 0.9%				34,004
NET ASSETS - 100%			$	3,729,460

(A)

Affiliated Investment.

Transactions with affiliated companies during the period ended March 31, 2024 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 3/31/2024		Dividend Income		Capital Gain Distributions
KraneShares MSCI All China Index ETF
$	—	$	4,550,666	$	(2,374,475	)	$	(192,775	)	$	43,864	$	2,027,280	$	69,182	$	—
KraneShares MSCI Emerging Markets ex China Index ETF
	—		3,137,413		(1,643,938	)		161,279			13,422		1,668,176		32,365		—
$	—	$	7,688,079	$	(4,018,413	)	$	(31,496	)	$	57,286	$	3,695,456	$	101,547		—

See “Glossary” for abbreviations.

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

130

Schedule of Investments March 31, 2024

KraneShares Global Luxury Index ETF

	Shares		Value
COMMON STOCK — 97.5% ‡
CHINA — 0.4%
Consumer Discretionary — 0.4%
Chow Tai Fook Jewellery Group		7,000	$	10,321
TOTAL CHINA				10,321

DENMARK — 1.8%
Consumer Discretionary — 1.8%
Pandora		301		48,572
TOTAL DENMARK				48,572

FRANCE — 38.2%
Consumer Discretionary — 21.2%
Hermes International		71		181,424
Kering		252		99,705
LVMH Moet Hennessy Louis Vuitton		318		286,325
				567,454
Consumer Staples — 12.5%
L’Oreal		487		230,711
Pernod Ricard		581		94,090
Remy Cointreau		85		8,578
				333,379
Health Care — 4.5%
EssilorLuxottica		528		119,579
TOTAL FRANCE				1,020,412

GERMANY — 0.5%
Consumer Discretionary — 0.5%
HUGO BOSS		226		13,332
TOTAL GERMANY				13,332

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

131

Schedule of Investments March 31, 2024

KraneShares Global Luxury Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
HONG KONG — 0.5%
Consumer Discretionary — 0.5%
Melco Resorts & Entertainment ADR *		1,751	$	12,625
TOTAL HONG KONG				12,625

ITALY — 8.7%
Consumer Discretionary — 7.9%
Brunello Cucinelli		135		15,455
Ferrari		274		119,551
Moncler		826		61,714
PRADA		1,900		15,051
				211,771
Consumer Staples — 0.8%
Davide Campari-Milano		2,045		20,571
TOTAL ITALY				232,342

JAPAN — 4.3%
Consumer Discretionary — 0.2%
Casio Computer		800		6,850

Consumer Staples — 4.1%
Kao		1,700		63,330
Shiseido		1,700		45,975
				109,305
TOTAL JAPAN				116,155

MACAU — 2.5%
Consumer Discretionary — 2.5%
Galaxy Entertainment Group		8,000		40,171
Sands China *		10,000		28,174
TOTAL MACAU				68,345

SINGAPORE — 0.5%
Consumer Discretionary — 0.5%
Genting Singapore		21,000		13,771
TOTAL SINGAPORE				13,771

SWITZERLAND — 8.7%
Consumer Discretionary — 8.7%
Cie Financiere Richemont, Cl A		1,355		206,853
Swatch Group		108		25,108
TOTAL SWITZERLAND				231,961

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

132

Schedule of Investments March 31, 2024

KraneShares Global Luxury Index ETF (continued)

	Shares		Value
COMMON STOCK (continued)
UNITED KINGDOM — 7.6%
Consumer Discretionary — 1.0%
Burberry Group		1,518	$	23,261
Watches of Switzerland Group *		892		4,041
				27,302
Consumer Staples — 6.6%
Diageo		4,738		175,099
TOTAL UNITED KINGDOM				202,401

UNITED STATES — 23.8%
Consumer Discretionary — 18.2%
Boyd Gaming		292		19,658
Caesars Entertainment *		873		38,185
Capri Holdings *		439		19,887
Deckers Outdoor *		82		77,183
Las Vegas Sands		1,161		60,024
MGM Resorts International *		1,035		48,862
Penn Entertainment *		597		10,871
Ralph Lauren, Cl A		154		28,915
Red Rock Resorts, Cl A		189		11,306
Samsonite International *		5,400		20,423
Signet Jewelers		158		15,811
Tapestry		870		41,308
Vail Resorts		147		32,756
VF		1,537		23,578
Wynn Resorts		366		37,416
				486,183
Consumer Staples — 5.6%
Coty, Cl A *		1,501		17,952
Estee Lauder, Cl A		790		121,778
Inter Parfums		72		10,117
				149,847
TOTAL UNITED STATES				636,030

TOTAL COMMON STOCK (Cost $2,360,393)				2,606,267

TOTAL INVESTMENTS — 97.5% (Cost $2,360,393)				2,606,267
OTHER ASSETS LESS LIABILITIES – 2.5%				66,507
NET ASSETS - 100%			$	2,672,774

‡

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

Non-income producing security.

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

133

Schedule of Investments March 31, 2024

KraneShares Global Luxury Index ETF (concluded)

See “Glossary” for abbreviations.

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

134

Schedules of Investments/Consolidated Schedule of Investments March 31, 2024

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

Portfolio Abbreviations

ADR — American Depositary Receipt
BV — Business Value

BVI — Business Volume Indicator

Cl — Class

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

H15T5Y — U.S. Treasury Yield Curve Rate T Note Constant Maturity 5 Year

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

USSW5 — U.S. Dollar Swap Semi 30/360 5 Year Currency

WTI — West Texas Intermediate

135

Statements of Assets and Liabilities

March 31, 2024

	KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A 50 Connect Index ETF			KraneShares MSCI All China Index ETF
Assets:
Investments at Value	$	5,453,952,518	*	$	189,427,109		$	6,304,510
Cash and Cash Equivalents		7,701,062			107,179			7,746
Foreign Currency at Value		—			1,422,368			70
Dividend and Interest Receivable		5,987,945			838			725
Due from Broker		71,554			—			—
Receivable for Capital Shares Sold		—			—			7,296
Reclaim Receivable		—			—			75
Total Assets		5,467,713,079			190,957,494			6,320,422

Liabilities:
Obligation to Return Securities Lending Collateral		33,462,855			—			—
Payable for Management Fees		3,151,527			89,730			2,570
Payable for Securities Lending Fees		60,096			—			—
Payable for Trustees’ Fees		52,270			1,824			60
Total Liabilities		36,726,748			91,554			2,630
Net Assets	$	5,430,986,331		$	190,865,940		$	6,317,792

Net Assets Consist of:
Paid-in Capital	$	11,754,804,617		$	448,232,736		$	14,889,671
Total Distributable Loss		(6,323,818,286	)		(257,366,796	)		(8,571,879	)
Net Assets	$	5,430,986,331		$	190,865,940		$	6,317,792
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		206,750,000			8,900,000			350,000
Net Asset Value, Offering and Redemption Price Per Share	$	26.27		$	21.45		$	18.05
Cost of Investments	$	6,928,801,053		$	211,987,210		$	8,385,563
Cost of Foreign Currency		—			1,429,653			70
*Includes Market Value of Securities on Loan		31,785,469			—			—

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.

136

Statements of Assets and Liabilities

March 31, 2024

	KraneShares MSCI One Belt One Road Index ETF			KraneShares Emerging Markets Consumer Technology Index ETF			KraneShares MSCI China Clean Technology Index ETF
Assets:
Investments at Value	$	4,177,455		$	18,515,884		$	56,912,541
Cash and Cash Equivalents		22,079			74,588			79,195
Foreign Currency at Value		1,618			2,376			10
Dividend and Interest Receivable		8,773			12,876			371
Reclaim Receivable		111			6,385			—
Total Assets		4,210,036			18,612,109			56,992,117

Liabilities:
Payable for Investment Securities Purchased		14,252			—			—
Payable for Foreign Capital Gains Tax		4,911			25,757			—
Payable for Management Fees		2,766			9,007			39,817
Payable for Trustees’ Fees		40			223			568
Unrealized Depreciation on Spot Contracts		9			1			—
Payable for Securities Lending Fees		—			35			—
Total Liabilities		21,978			35,023			40,385
Net Assets	$	4,188,058		$	18,577,086		$	56,951,732

Net Assets Consist of:
Paid-in Capital	$	8,878,840		$	72,397,385		$	154,361,276
Total Distributable Loss		(4,690,782	)		(53,820,299	)		(97,409,544	)
Net Assets	$	4,188,058		$	18,577,086		$	56,951,732
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		200,002			1,250,002			2,800,002
Net Asset Value, Offering and Redemption Price Per Share	$	20.94		$	14.86		$	20.34
Cost of Investments	$	5,070,325		$	21,597,248		$	71,084,667
Cost of Foreign Currency		—			2,383			—

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 Assets and Liabilities

March 31, 2024

	KraneShares Electric Vehicles and Future Mobility Index ETF			KraneShares MSCI All China Health Care Index ETF			KraneShares Asia Pacific High Income Bond ETF
Assets:
Investments at Value	$	111,069,443	*	$	46,818,505		$	13,946,797
Cash and Cash Equivalents		106,554			12,610			631,885
Foreign Currency at Value		26,887			—			406
Reclaim Receivable		375,287			—			—
Dividend and Interest Receivable		93,479			43			214,055
Receivable for Capital Shares Sold		1,688			—			—
Total Assets		111,673,338			46,831,158			14,793,143

Liabilities:
Obligation to Return Securities Lending Collateral		5,989,936			—			—
Payable for Management Fees		62,038			26,256			8,528
Payable for Securities Lending Fees		1,904			—			—
Payable for Trustees’ Fees		1,051			488			141
Unrealized Depreciation on Spot Contracts		47			—			—
Total Liabilities		6,054,976			26,744			8,669
Net Assets	$	105,618,362		$	46,804,414		$	14,784,474

Net Assets Consist of:
Paid-in Capital	$	246,983,004		$	146,289,582		$	24,869,423
Total Distributable Loss		(141,364,642	)		(99,485,168	)		(10,084,949	)
Net Assets	$	105,618,362		$	46,804,414		$	14,784,474
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		4,700,002			3,200,002			600,001
Net Asset Value, Offering and Redemption Price Per Share	$	22.47		$	14.63		$	24.64
Cost of Investments	$	154,980,398		$	63,444,775		$	13,548,863
Cost of Foreign Currency		26,860			—			386
*Includes Market Value of Securities on Loan		5,826,590			—			—

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

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

138

Statements of Assets and Liabilities

March 31, 2024

	KraneShares MSCI Emerging Markets ex China Index ETF		KraneShares CICC China 5G & Semiconductor Index ETF			KraneShares Value Line^® Dynamic Dividend Equity Index ETF
Assets:
Investments at Value	$	78,324,445	$	9,436,560		$	31,331,931
Cash and Cash Equivalents		289,677		43,512			15,397
Foreign Currency at Value		58,685		4			—
Dividend and Interest Receivable		308,248		38			27,800
Reclaim Receivable		2,757		—			—
Receivable for Investment Securities Sold		—		45,163			14,760
Total Assets		78,983,812		9,525,277			31,389,888

Liabilities:
Payable for Foreign Capital Gains Tax		217,082		—			—
Payable for Management Fees		13,792		5,290			14,673
Payable for Trustees’ Fees		572		93			303
Unrealized Depreciation on Spot Contracts		15		1			—
Payable for Investment Securities Purchased		—		60,598			—
Total Liabilities		231,461		65,982			14,976
Net Assets	$	78,752,351	$	9,459,295		$	31,374,912

Net Assets Consist of:
Paid-in Capital	$	76,958,885	$	27,009,489		$	28,605,768
Total Distributable Earnings/(Loss)		1,793,466		(17,550,194	)		2,769,144
Net Assets	$	78,752,351	$	9,459,295		$	31,374,912
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		2,700,002		650,002			1,300,002
Net Asset Value, Offering and Redemption Price Per Share	$	29.17	$	14.55		$	24.13
Cost of Investments	$	74,633,158	$	10,992,141		$	28,492,272
Cost of Foreign Currency		58,719		4			—

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.

139

Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities

March 31, 2024

	KFA Mount Lucas Managed Futures Index Strategy ETF			KraneShares SSE STAR Market 50 Index ETF			KraneShares Hang Seng TECH Index ETF
Assets:
Investments at Value	$	194,235,493		$	24,351,528		$	4,700,057
Cash and Cash Equivalents		60,431,815			34,213			8,382
Cash Collateral on Futures Contracts		49,510,693			—			—
Foreign Currency at Value		—			167,797			263
Variation Margin Receivable on Future Contracts		2,131,637			—			—
Dividend and Interest Receivable		100,920			135			23
Receivable for Capital Shares Sold		—			—			25
Receivable for Investment Securities Sold		—			—			685,089
Unrealized Appreciation on Spot Contracts		—			—			56
Total Assets		306,410,558			24,553,673			5,393,895

Liabilities:
Payable for Investment Securities Purchased		39,656,817			—			—
Variation Margin Payable on Future Contracts		1,933,835			—			—
Payable for Management Fees		191,659			19,270			3,104
Payable for Trustees’ Fees		2,423			252			51
Total Liabilities		41,784,734			19,522			3,155
Net Assets	$	264,625,824		$	24,534,151		$	5,390,740

Net Assets Consist of:
Paid-in Capital	$	313,824,903		$	66,192,251		$	10,620,926
Total Distributable Loss		(49,199,079	)		(41,658,100	)		(5,230,186	)
Net Assets	$	264,625,824		$	24,534,151		$	5,390,740
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		8,850,002			2,250,000			500,002
Net Asset Value, Offering and Redemption Price Per Share	$	29.90		$	10.90		$	10.78
Cost of Investments	$	194,238,688		$	34,729,302		$	5,018,816
Cost (Proceeds) of Foreign Currency		(17,719,041	)		96,413			264

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

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

140

Statements of Assets and Liabilities

March 31, 2024

	KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		KraneShares Dynamic Emerging Markets Strategy ETF			KraneShares Global Luxury Index ETF
Assets:
Investments at Value	$	2,610,710	$	—		$	2,606,267
Affiliated Investments at Value		—		3,695,456			—
Cash and Cash Equivalents		6,394		34,230			4,732
Foreign Currency at Value		1,363		—			731
Receivable for Investment Securities Sold		53,250		—			58,340
Dividend and Interest Receivable		10,217		125			3,311
Reclaim Receivable		—		—			1,223
Total Assets		2,681,934		3,729,811			2,674,604

Liabilities:
Payable for Management Fees		1,551		316			1,798
Payable for Trustees’ Fees		25		35			32
Unrealized Depreciation on Spot Contracts		2		—			—
Total Liabilities		1,578		351			1,830
Net Assets	$	2,680,356	$	3,729,460		$	2,672,774

Net Assets Consist of:
Paid-in Capital	$	2,500,050	$	3,767,182		$	2,423,050
Total Distributable Earnings/(Loss)		180,306		(37,722	)		249,724
Net Assets	$	2,680,356	$	3,729,460		$	2,672,774
Outstanding Shares of Beneficial Interest (unlimited authorization - no par value)		100,002		150,002			100,002
Net Asset Value, Offering and Redemption Price Per Share	$	26.80	$	24.86		$	26.73
Cost of Investments	$	2,572,693	$	—		$	2,360,393
Cost of Affiliated Investments		—		3,726,952			—
Cost of Foreign Currency		1,292		—			714

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

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

141

Statements of Operations

For the Year Ended March 31, 2024

	KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A 50 Connect Index ETF			KraneShares MSCI All China Index ETF
Investment Income:
Dividend Income	$	44,259,523		$	10,454,734		$	216,051
Interest Income		305,989			56,769			1,045
Security Lending Income		6,014,965			—			—
Less: Foreign Taxes Withheld		—			(1,046,564	)		(17,633	)
Total Investment Income		50,580,477			9,464,939			199,463

Expenses:
Management Fees†		36,687,356			2,649,742			48,125
Trustees’ Fees		521,397			30,720			646
Security Lending Fees†		600,758			—			—
Insurance Expense		97,267			6,686			97
Total Expenses		37,906,778			2,687,148			48,868
Management Fee Waiver†		—			(781,337	)		(14,155	)
Net Expenses		37,906,778			1,905,811			34,713
Net Investment Income		12,673,699			7,559,128			164,750

Net Realized Gain (Loss) on:
Investments		(540,318,449	)		(128,259,086	)		(942,608	)
Foreign Currency Translations		(81,903	)		(101,530	)		65
Net Realized Loss		(540,400,352	)		(128,360,616	)		(942,543	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(454,948,205	)		37,610,940			(487,541	)
Foreign Currency Translations		—			(19,595	)		(4	)
Net Change in Unrealized Appreciation (Depreciation)		(454,948,205	)		37,591,345			(487,545	)
Net Realized and Unrealized Loss		(995,348,557	)		(90,769,271	)		(1,430,088	)
Net Decrease in Net Assets Resulting from Operations	$	(982,674,858	)	$	(83,210,143	)	$	(1,265,338	)

†

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.

142

Statements of Operations

For the Year Ended March 31, 2024

	KraneShares MSCI One Belt One Road Index ETF			KraneShares Emerging Markets Consumer Technology Index ETF			KraneShares MSCI China Clean Technology Index ETF
Investment Income:
Dividend Income	$	165,608		$	113,851		$	1,176,138
Interest Income		776			3,235			7,927
Security Lending Income		—			9,337			—
Less: Foreign Taxes Withheld		(15,306	)		(5,158	)		(40,432	)
Total Investment Income		151,078			121,265			1,143,633

Expenses:
Management Fees†		33,101			117,322			591,363
Trustees’ Fees		397			1,303			7,018
Security Lending Fees†		—			927			—
Insurance Expense		64			431			1,387
Total Expenses		33,562			119,983			599,768
Management Fee Waiver†		—			(30,083	)		—
Net Expenses		33,562			89,900			599,768
Net Investment Income		117,516			31,365			543,865

Net Realized Gain (Loss) on:
Investments		(440,222	)		(11,664,432	)		(41,459,079	)
Foreign Currency Translations		(1,482	)		(79,754	)		(457	)
Net Realized Loss		(441,704	)		(11,744,186	)		(41,459,536	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		167,422			11,720,077			15,930,993
Accrued Foreign Capital Gains Tax on Appreciated Securities		(2,588	)		(25,757	)		—
Foreign Currency Translations		(215	)		529			—
Net Change in Unrealized Appreciation (Depreciation)		164,619			11,694,849			15,930,993
Net Realized and Unrealized Loss		(277,085	)		(49,337	)		(25,528,543	)
Net Decrease in Net Assets Resulting from Operations	$	(159,569	)	$	(17,972	)	$	(24,984,678	)

†

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.

143

Statements of Operations

For the Year Ended March 31, 2024

	KraneShares Electric Vehicles and Future Mobility Index ETF			KraneShares MSCI All China Health Care Index ETF			KraneShares Asia Pacific High Income Bond ETF
Investment Income:
Dividend Income	$	2,042,994		$	1,017,856		$	—
Interest Income		17,957			8,972			2,115,762
Security Lending Income		427,504			4,269			—
Less: Foreign Taxes Withheld		(193,705	)		(82,760	)		—
Total Investment Income		2,294,750			948,337			2,115,762

Expenses:
Management Fees†		1,042,807			530,747			115,722
Trustees’ Fees		13,923			6,241			1,545
Security Lending Fees†		42,152			541			—
Insurance Expense		2,764			1,412			285
Total Expenses		1,101,646			538,941			117,552
Management Fee Waiver†		—			(95,262	)		—
Net Expenses		1,101,646			443,679			117,552
Net Investment Income		1,193,104			504,658			1,998,210

Net Realized Gain (Loss) on:
Investments		(43,573,405	)		(23,624,206	)		(1,965,464	)
Foreign Currency Translations		(99,962	)		(20,497	)		—
Net Realized Loss		(43,673,367	)		(23,644,703	)		(1,965,464	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(3,112,253	)		1,017,919			786,676
Foreign Currency Translations		(1,904	)		—			7
Net Change in Unrealized Appreciation (Depreciation)		(3,114,157	)		1,017,919			786,683
Net Realized and Unrealized Loss		(46,787,524	)		(22,626,784	)		(1,178,781	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(45,594,420	)	$	(22,122,126	)	$	819,429

†

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.

144

Statements of Operations

For the Year Ended March 31, 2024

	KraneShares MSCI Emerging Markets ex China Index ETF			KraneShares CICC China 5G & Semiconductor Index ETF			KraneShares Value Line^® Dynamic Dividend Equity Index ETF
Investment Income:
Dividend Income	$	1,474,398		$	125,479		$	1,014,581
Interest Income		11,692			2,268			2,176
Less: Foreign Taxes Withheld		(203,269	)		(12,306	)		—
Total Investment Income		1,282,821			115,441			1,016,757

Expenses:
Management Fees†		233,816			95,767			172,454
Trustees’ Fees		3,864			1,137			2,980
Insurance Expense		331			195			443
Total Expenses		238,011			97,099			175,877
Management Fee Waiver†		(141,095	)		(17,189	)		—
Net Expenses		96,916			79,910			175,877
Net Investment Income		1,185,905			35,531			840,880

Net Realized Gain (Loss) on:
Investments		(240,390	)		(3,660,440	)		889,919
Capital Gains Tax		(18,514	)		—			—
Foreign Currency Translations		(3,298	)		(2,541	)		—
Net Realized Gain (Loss)		(262,202	)		(3,662,981	)		889,919

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		7,119,695			817,258			1,941,048
Accrued Foreign Capital Gains Tax on Appreciated Securities		(192,642	)		—			—
Foreign Currency Translations		(3,434	)		(15	)		—
Net Change in Unrealized Appreciation (Depreciation)		6,923,619			817,243			1,941,048
Net Realized and Unrealized Gain (Loss)		6,661,417			(2,845,738	)		2,830,967
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,847,322		$	(2,810,207	)	$	3,671,847

†

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.

145

Statements of Operations/Consolidated Statement of Operations

For the Year Ended March 31, 2024

	KFA Mount Lucas Managed Futures Index Strategy ETF			KraneShares SSE STAR Market 50 Index ETF			KraneShares Hang Seng TECH Index ETF
Investment Income:
Dividend Income	$	—		$	325,311		$	43,177
Interest Income		13,731,802			5,135			2,051
Less: Foreign Taxes Withheld		—			(32,536	)		(545	)
Total Investment Income		13,731,802			297,910			44,683

Expenses:
Management Fees†		2,430,126			309,221			42,501
Trustees’ Fees		25,666			3,157			585
Insurance Expense		3,537			622			103
Total Expenses		2,459,329			313,000			43,189
Net Investment Income (Loss)		11,272,473			(15,090	)		1,494

Net Realized Gain (Loss) on:
Investments		(44,415	)		(10,157,323	)		(159,248	)
Futures Contracts		(19,323,436	)		—			—
Foreign Currency Translations		317,849			(8,161	)		(1,895	)
Net Realized Loss		(19,050,002	)		(10,165,484	)		(161,143	)

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		98,675			(6,012,443	)		(1,131,997	)
Futures Contracts		5,850,010			—			—
Foreign Currency Translations		411,870			(4,485	)		121
Net Change in Unrealized Appreciation (Depreciation)		6,360,555			(6,016,928	)		(1,131,876	)
Net Realized and Unrealized Loss		(12,689,447	)		(16,182,412	)		(1,293,019	)
Net Decrease in Net Assets Resulting from Operations	$	(1,416,974	)	$	(16,197,502	)	$	(1,291,525	)

†

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.

146

Statements of Operations

For the Year Ended March 31, 2024

	KraneShares S&P Pan Asia Dividend Aristocrats Index ETF			KraneShares Dynamic Emerging Markets Strategy ETF⁽¹⁾			KraneShares Global Luxury Index ETF⁽²⁾
Investment Income:
Dividend Income	$	103,046		$	—		$	21,005
Dividend from Affiliated Investment		—			101,547			—
Interest Income		—			5,757			335
Less: Foreign Taxes Withheld		(8,712	)		—			(1,724	)
Total Investment Income		94,334			107,304			19,616

Expenses:
Management Fees†		18,444			2,337			10,920
Trustees’ Fees		256			321			199
Interest Expense		7,967			—			—
Insurance Expense		37			—			—
Total Expenses		26,704			2,658			11,119
Net Investment Income		67,630			104,646			8,497

Net Realized Gain (Loss) on:
Investments		292,601			—			106,322
Affiliated Investments		—			57,286			—
Foreign Currency Translations		2,404			1			(1,756	)
Net Realized Gain		295,005			57,287			104,566

Net Change in Unrealized Appreciation (Depreciation) on:
Investments		(71,770	)		—			245,874
Affiliated Investments		—			(31,496	)		—
Foreign Currency Translations		55			—			10
Net Change in Unrealized Appreciation (Depreciation)		(71,715	)		(31,496	)		245,884
Net Realized and Unrealized Gain		223,290			25,791			350,450
Net Increase in Net Assets Resulting from Operations	$	290,920		$	130,437		$	358,947

†	See Note 4 in Notes to Financial Statements.
(1)	The Fund’s inception date was on August 24, 2023.
(2)	The Fund’s inception date was on September 6, 2023.

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

147

Statements of Changes in Net Assets

	KraneShares CSI China Internet ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	12,673,699		$	38,506,083
Net Realized Loss		(540,400,352	)		(2,232,381,235	)
Net Change in Unrealized Appreciation (Depreciation)		(454,948,205	)		2,302,138,220
Net Increase (Decrease) in Net Assets Resulting from Operations		(982,674,858	)		108,263,068
Distributions:		(94,044,849	)		—

Capital Share Transactions:⁽¹⁾
Issued		1,577,944,139			3,037,376,264
Redeemed		(1,181,907,489	)		(3,273,504,223	)
Increase (Decrease) in Net Assets from Capital Share Transactions		396,036,650			(236,127,959	)
Total Decrease in Net Assets		(680,683,057	)		(127,864,891	)

Net Assets:
Beginning of Year		6,111,669,388			6,239,534,279
End of Year	$	5,430,986,331		$	6,111,669,388

Share Transactions:
Issued		55,900,000			100,950,000
Redeemed		(44,750,000	)		(116,750,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		11,150,000			(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.

148

Statements of Changes in Net Assets (continued)

	KraneShares Bosera MSCI China A 50 Connect Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	7,559,128		$	10,123,340
Net Realized Loss		(128,360,616	)		(101,610,228	)
Net Change in Unrealized Appreciation (Depreciation)		37,591,345			(2,789,412	)
Net Decrease in Net Assets Resulting from Operations		(83,210,143	)		(94,276,300	)
Distributions:		(6,619,090	)		(111,275,241	)

Capital Share Transactions:⁽¹⁾
Issued		45,259,571			254,963,186
Redeemed		(235,437,465	)		(137,931,980	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(190,177,894	)		117,031,206
Total Decrease in Net Assets		(280,007,127	)		(88,520,335	)

Net Assets:
Beginning of Year		470,873,067			559,393,402
End of Year	$	190,865,940		$	470,873,067

Share Transactions:
Issued		1,900,000			7,300,000
Redeemed		(11,050,000	)		(4,350,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(9,150,000	)		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.

149

Statements of Changes in Net Assets (continued)

	KraneShares MSCI All China Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	164,750		$	171,637
Net Realized Loss		(942,543	)		(6,451,205	)
Net Change in Unrealized Appreciation (Depreciation)		(487,545	)		4,729,548
Net Decrease in Net Assets Resulting from Operations		(1,265,338	)		(1,550,020	)
Distributions:		(215,050	)		(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		(2,476,729	)		(7,386,148	)

Net Assets:
Beginning of Year		8,794,521			16,180,669
End of Year	$	6,317,792		$	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.

150

Statements of Changes in Net Assets (continued)

	KraneShares MSCI One Belt One Road Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	117,516		$	168,844
Net Realized Gain (Loss)		(441,704	)		46,956
Net Change in Unrealized Appreciation (Depreciation)		164,619			(1,348,801	)
Net Decrease in Net Assets Resulting from Operations		(159,569	)		(1,133,001	)
Distributions:		(137,606	)		(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		(297,175	)		(3,804,455	)

Net Assets:
Beginning of Year		4,485,233			8,289,688
End of Year	$	4,188,058		$	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.

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

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

151

Statements of Changes in Net Assets (continued)

	KraneShares Emerging Markets Consumer Technology Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	31,365		$	249,218
Net Realized Loss		(11,744,186	)		(21,075,830	)
Net Change in Unrealized Appreciation (Depreciation)		11,694,849			12,501,817
Net Decrease in Net Assets Resulting from Operations		(17,972	)		(8,324,795	)
Distributions:		(27,452	)		—

Capital Share Transactions:⁽¹⁾
Issued		13,097,618			2,557,125
Redeemed		(25,036,681	)		(19,605,280	)
Decrease in Net Assets from Capital Share Transactions		(11,939,063	)		(17,048,155	)
Total Decrease in Net Assets		(11,984,487	)		(25,372,950	)

Net Assets:
Beginning of Year		30,561,573			55,934,523
End of Year	$	18,577,086		$	30,561,573

Share Transactions:
Issued		950,000			150,000
Redeemed		(1,700,000	)		(1,250,000	)
Net Decrease in Shares Outstanding from Share Transactions		(750,000	)		(1,100,000	)

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

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

152

Statements of Changes in Net Assets (continued)

	KraneShares MSCI China Clean Technology Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	543,865		$	458,574
Net Realized Loss		(41,459,536	)		(32,327,369	)
Net Change in Unrealized Appreciation (Depreciation)		15,930,993			533,752
Net Decrease in Net Assets Resulting from Operations		(24,984,678	)		(31,335,043	)
Distributions:		(496,202	)		(1,776,032	)

Capital Share Transactions:⁽¹⁾
Issued		29,519			5,598,103
Redeemed		(13,207,448	)		(23,735,159	)
Decrease in Net Assets from Capital Share Transactions		(13,177,929	)		(18,137,056	)
Total Decrease in Net Assets		(38,658,809	)		(51,248,131	)

Net Assets:
Beginning of Year		95,610,541			146,858,672
End of Year	$	56,951,732		$	95,610,541

Share Transactions:
Issued		—			150,000
Redeemed		(550,000	)		(800,000	)
Net Decrease in Shares Outstanding from Share Transactions		(550,000	)		(650,000	)

(1)

Includes transaction costs related to creations and redemptions.

Amounts designated as “—” are $0.

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

153

Statements of Changes in Net Assets (continued)

	KraneShares Electric Vehicles and Future Mobility Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	1,193,104		$	2,256,078
Net Realized Loss		(43,673,367	)		(41,632,141	)
Net Change in Unrealized Appreciation (Depreciation)		(3,114,157	)		(23,323,322	)
Net Decrease in Net Assets Resulting from Operations		(45,594,420	)		(62,699,385	)
Distributions:		(1,252,258	)		(2,090,551	)

Capital Share Transactions:⁽¹⁾
Issued		4,457,911			5,211,336
Redeemed		(37,098,611	)		(52,076,878	)
Decrease in Net Assets from Capital Share Transactions		(32,640,700	)		(46,865,542	)
Total Decrease in Net Assets		(79,487,378	)		(111,655,478	)

Net Assets:
Beginning of Year		185,105,740			296,761,218
End of Year	$	105,618,362		$	185,105,740

Share Transactions:
Issued		150,000			150,000
Redeemed		(1,500,000	)		(1,600,000	)
Net Decrease in Shares Outstanding from Share Transactions		(1,350,000	)		(1,450,000	)

(1)

Includes transaction costs related to creations and redemptions.

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

154

Statements of Changes in Net Assets (continued)

	KraneShares MSCI All China Health Care Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	504,658		$	376,911
Net Realized Loss		(23,644,703	)		(41,140,859	)
Net Change in Unrealized Appreciation (Depreciation)		1,017,919			23,296,248
Net Decrease in Net Assets Resulting from Operations		(22,122,126	)		(17,467,700	)
Distributions:		(383,670	)		(50,955	)

Capital Share Transactions:⁽¹⁾
Issued		25,068			11,751,147
Redeemed		(25,206,898	)		(36,551,437	)
Decrease in Net Assets from Capital Share Transactions		(25,181,830	)		(24,800,290	)
Total Decrease in Net Assets		(47,687,626	)		(42,318,945	)

Net Assets:
Beginning of Year		94,492,040			136,810,985
End of Year	$	46,804,414		$	94,492,040

Share Transactions:
Issued		—			550,000
Redeemed		(1,350,000	)		(1,750,000	)
Net Decrease in Shares Outstanding from Share Transactions		(1,350,000	)		(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.

155

Statements of Changes in Net Assets (continued)

	KraneShares Asia Pacific High Income Bond ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	1,998,210		$	1,813,772
Net Realized Loss		(1,965,464	)		(3,640,259	)
Net Change in Unrealized Appreciation (Depreciation)		786,683			924,584
Net Increase (Decrease) in Net Assets Resulting from Operations		819,429			(901,903	)
Distributions:		(2,334,194	)		(2,002,618	)

Capital Share Transactions:⁽¹⁾
Issued		468			4,213,744
Redeemed		(3,746,502	)		(7,799,091	)
Decrease in Net Assets from Capital Share Transactions		(3,746,034	)		(3,585,347	)
Total Decrease in Net Assets		(5,260,799	)		(6,489,868	)

Net Assets:
Beginning of Year		20,045,273			26,535,141
End of Year	$	14,784,474		$	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.

156

Statements of Changes in Net Assets (continued)

	KraneShares MSCI Emerging Markets ex China Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	1,185,905		$	745,190
Net Realized Loss		(262,202	)		(1,579,020	)
Net Change in Unrealized Appreciation (Depreciation)		6,923,619			(2,861,210	)
Net Increase (Decrease) in Net Assets Resulting from Operations		7,847,322			(3,695,040	)
Distributions:		(910,616	)		(693,378	)

Capital Share Transactions:⁽¹⁾
Issued		41,704,010			14,955,300
Redeemed		—			(13,153,943	)
Increase in Net Assets from Capital Share Transactions		41,704,010			1,801,357
Total Increase (Decrease) in Net Assets		48,640,716			(2,587,061	)

Net Assets:
Beginning of Year		30,111,635			32,698,696
End of Year	$	78,752,351		$	30,111,635

Share Transactions:
Issued		1,500,000			600,000
Redeemed		—			(500,000	)
Net Increase in Shares Outstanding from Share Transactions		1,500,000			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.

157

Statements of Changes in Net Assets (continued)

	KraneShares CICC China 5G & Semiconductor Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	35,531		$	74,429
Net Realized Loss		(3,662,981	)		(2,842,161	)
Net Change in Unrealized Appreciation (Depreciation)		817,243			268,365
Net Decrease in Net Assets Resulting from Operations		(2,810,207	)		(2,499,367	)
Distributions:		(28,182	)		(45,914	)
Return of Capital		(1,028	)		—

Capital Share Transactions:⁽¹⁾
Issued		3,888			3,203
Redeemed		(2,801,588	)		(4,057,370	)
Decrease in Net Assets from Capital Share Transactions		(2,797,700	)		(4,054,167	)
Total Decrease in Net Assets		(5,637,117	)		(6,599,448	)

Net Assets:
Beginning of Year		15,096,412			21,695,860
End of Year	$	9,459,295		$	15,096,412

Share Transactions:
Redeemed		(200,000	)		(250,000	)
Net Decrease in Shares Outstanding from Share Transactions		(200,000	)		(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.

158

Statements of Changes in Net Assets (continued)

	KraneShares Value Line^® Dynamic Dividend Equity Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	840,880		$	731,316
Net Realized Gain		889,919			383,895
Net Change in Unrealized Appreciation (Depreciation)		1,941,048			(1,007,494	)
Net Increase in Net Assets Resulting from Operations		3,671,847			107,717
Distributions:		(1,177,428	)		(1,725,465	)

Capital Share Transactions:⁽¹⁾
Issued		1,125,953			6,757,879
Redeemed		(3,419,756	)		(4,549,112	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(2,293,803	)		2,208,767
Total Increase in Net Assets		200,616			591,019

Net Assets:
Beginning of Year		31,174,296			30,583,277
End of Year	$	31,374,912		$	31,174,296

Share Transactions:
Issued		50,000			300,000
Redeemed		(150,000	)		(200,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(100,000	)		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.

159

Consolidated Statements of Changes in Net Assets

	KFA Mount Lucas Managed Futures Index Strategy ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	11,272,473		$	3,346,619
Net Realized Loss		(19,050,002	)		(20,366,224	)
Net Change in Unrealized Appreciation (Depreciation)		6,360,555			(3,859,931	)
Net Decrease in Net Assets Resulting from Operations		(1,416,974	)		(20,879,536	)
Distributions:		—			(34,522,275	)

Capital Share Transactions:⁽¹⁾
Issued		135,546,332			368,619,905
Redeemed		(147,777,132	)		(80,641,284	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(12,230,800	)		287,978,621
Total Increase (Decrease) in Net Assets		(13,647,774	)		232,576,810

Net Assets:
Beginning of Year		278,273,598			45,696,788
End of Year	$	264,625,824		$	278,273,598

Share Transactions:
Issued		4,400,000			10,450,000
Redeemed		(4,950,000	)		(2,500,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(550,000	)		7,950,000

(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.

160

Statements of Changes in Net Assets

	KraneShares SSE STAR Market 50 Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Loss	$	(15,090	)	$	(222,457	)
Net Realized Loss		(10,165,484	)		(14,314,363	)
Net Change in Unrealized Appreciation (Depreciation)		(6,016,928	)		7,885,520
Net Decrease in Net Assets Resulting from Operations		(16,197,502	)		(6,651,300	)

Capital Share Transactions:⁽¹⁾
Issued		850,878			2,467,586
Redeemed		(8,248,735	)		(13,360,925	)
Decrease in Net Assets from Capital Share Transactions		(7,397,857	)		(10,893,339	)
Total Decrease in Net Assets		(23,595,359	)		(17,544,639	)

Net Assets:
Beginning of Year		48,129,510			65,674,149
End of Year	$	24,534,151		$	48,129,510

Share Transactions:
Issued		50,000			150,000
Redeemed		(650,000	)		(800,000	)
Net Decrease in Shares Outstanding from Share Transactions		(600,000	)		(650,000	)

(1)

Includes transaction costs related to creations and redemptions.

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

161

Statements of Changes in Net Assets (continued)

	KraneShares Hang Seng TECH Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023
Operations:
Net Investment Income	$	1,494		$	31,932
Net Realized Loss		(161,143	)		(4,108,228	)
Net Change in Unrealized Appreciation (Depreciation)		(1,131,876	)		2,353,946
Net Decrease in Net Assets Resulting from Operations		(1,291,525	)		(1,722,350	)
Distributions:		(46,489	)		(11,428	)

Capital Share Transactions:⁽¹⁾
Issued		988			7,531,750
Redeemed		(587,039	)		(4,053,614	)
Increase (Decrease) in Net Assets from Capital Share Transactions		(586,051	)		3,478,136
Total Increase (Decrease) in Net Assets		(1,924,065	)		1,744,358

Net Assets:
Beginning of Year		7,314,805			5,570,447
End of Year	$	5,390,740		$	7,314,805

Share Transactions:
Issued		—			550,001
Redeemed		(50,000	)		(400,000	)
Net Increase (Decrease) in Shares Outstanding from Share Transactions		(50,000	)		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.

162

Statements of Changes in Net Assets (continued)

	KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
	Year Ended March 31, 2024			Year Ended March 31, 2023⁽¹⁾
Operations:
Net Investment Income	$	67,630		$	36,318
Net Realized Gain		295,005			5,115
Net Change in Unrealized Appreciation (Depreciation)		(71,715	)		109,776
Net Increase in Net Assets Resulting from Operations		290,920			151,209
Distributions:		(239,494	)		(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		51,426			2,628,930

Net Assets:
Beginning of Year/Period		2,628,930			—
End of Year/Period	$	2,680,356		$	2,628,930

Share Transactions:
Issued		—			100,002
Net Increase in Shares Outstanding from Share Transactions		—			100,002

(1)	The Fund’s inception date was 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.

163

Statements of Changes in Net Assets (continued)

	KraneShares Dynamic Emerging Markets Strategy ETF
	Period Ended March 31, 2024⁽¹⁾
Operations:
Net Investment Income	$	104,646
Net Realized Gain		57,287
Net Change in Unrealized Appreciation (Depreciation)		(31,496	)
Net Increase in Net Assets Resulting from Operations		130,437
Distributions:		(105,254	)

Capital Share Transactions:⁽²⁾
Issued		7,491,762
Redeemed		(3,787,485	)
Increase in Net Assets from Capital Share Transactions		3,704,277
Total Increase in Net Assets		3,729,460

Net Assets:
Beginning of Period		—
End of Period	$	3,729,460

Share Transactions:
Issued		300,002
Redeemed		(150,000	)
Net Increase in Shares Outstanding from Share Transactions		150,002

(1)	The Fund’s inception date was on August 24, 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.

164

Statements of Changes in Net Assets (concluded)

	KraneShares Global Luxury Index ETF
	Period Ended March 31, 2024⁽¹⁾
Operations:
Net Investment Income	$	8,497
Net Realized Gain		104,566
Net Change in Unrealized Appreciation (Depreciation)		245,884
Net Increase in Net Assets Resulting from Operations		358,947
Distributions:		(4,643	)

Capital Share Transactions:⁽²⁾
Issued		2,990,439
Redeemed		(671,969	)
Increase in Net Assets from Capital Share Transactions		2,318,470
Total Increase in Net Assets		2,672,774

Net Assets:
Beginning of Period		—
End of Period	$	2,672,774

Share Transactions:
Issued		125,002
Redeemed		(25,000	)
Net Increase in Shares Outstanding from Share Transactions		100,002

(1)	The Fund’s inception date was on September 6, 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.

165

Financial Highlights

Selected Per Share Data & Ratios

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 CSI China Internet ETF
2024	31.25	0.06	(4.58)	(4.52)	(0.46)	—	—
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)	—	—
KraneShares Bosera MSCI China A 50 Connect Index ETF
2024	26.09	0.51	(4.67)	(4.16)	(0.48)	—	—
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)	—	—
KraneShares MSCI All China Index ETF
2024	21.99	0.45	(3.78)	(3.33)	(0.61)	—	—
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)	—	—
KraneShares MSCI One Belt One Road Index ETF
2024	22.43	0.59	(1.39)	(0.80)	(0.69)	—	—
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)	—	—
KraneShares Emerging Markets Consumer Technology Index ETF
2024	15.28	0.03	(0.41)	(0.38)	(0.04)	—	—
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)	—	—

	*	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.
	~	During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).
	(1)	The expense ratios include $600,758, $301,354, $337,352, $376,498, and $579,613, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.70%, 0.69%, 0.68%, 0.69%, and 0.69%, respectively.
	(2)	The expense ratios include $927 and $6,087, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.59%, and 0.58%, respectively.

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

166

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 (%)

(0.46)	26.27	(14.48)	5,430,986	0.70⁽¹⁾	0.70	0.24	32
—	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

(0.48)	21.45	(15.78)	190,866	0.56	0.79	2.23	38
(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

(0.61)	18.05	(15.09)	6,318	0.49	0.69	2.33	4
(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

(0.69)	20.94	(3.41)	4,188	0.79	0.79	2.77	27
(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

(0.04)	14.86	(2.47)	18,577	0.60⁽²⁾	0.80	0.21	135
—	15.28	(15.30)	30,562	0.60⁽²⁾	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

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

167

Financial Highlights (continued)

Selected Per Share Data & Ratios

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 China Clean Technology Index ETF
2024	28.54	0.18	(8.21)	(8.03)	(0.17)	—	—
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)	—	—
KraneShares Electric Vehicles and Future Mobility Index ETF
2024	30.60	0.21	(8.11)	(7.90)	(0.23)	—	—
2023	39.57	0.33	(8.98)	(8.65)	(0.32)	—	—
2022	42.25	0.08	0.39⁽²⁾	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)	—	—
KraneShares MSCI All China Health Care Index ETF
2024	20.77	0.13	(6.16)	(6.03)	(0.11)	—	—
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)	—	—
KraneShares Asia Pacific High Income Bond ETF
2024	26.73	2.99	(1.39)	1.60	(3.69)	—	—
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)	—
KraneShares MSCI Emerging Markets ex China Index ETF
2024	25.09	0.79	3.86	4.65	(0.57)	—	—
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⁽⁴⁾	25.00	0.60	(6.45)	(5.85)	(0.74)	—	—

	*	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.
	#	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 expense ratio includes $42,152 and $67,245, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.68% and 0.69%, respectively.
	(2)	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.
	(3)	The expense ratio includes $541 and $1,908, respectively in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.65% and 0.64%, respectively.

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

168

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 (%)

(0.17)	20.34	(28.17)	56,952	0.79	0.79	0.72	65
(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

(0.23)	22.47	(25.91)	105,618	0.72⁽¹⁾	0.72	0.78	42
(0.32)	30.60	(21.78)	185,106	0.72⁽¹⁾	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

(0.11)	14.63	(29.10)	46,804	0.65⁽³⁾	0.79	0.74	17
(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

(3.69)	24.64	6.81	14,784	0.69	0.69	11.77	121
(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

(0.57)	29.17	18.67	78,752	0.24	0.59	2.95	6
(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^††

(4)

The Fund’s inception date was on April 11, 2019.

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

169

Financial Highlights/Consolidated Financial Highlights (continued)

Selected Per Share Data & Ratios

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 CICC China 5G & Semiconductor Index ETF
2024	17.76	0.04	(3.21)	(3.17)	(0.04)	—	—	⁽¹⁾
2023	19.72	0.08	(1.99)	(1.91)	(0.05)	—	—
2022	23.08	0.04	(3.40)	(3.36)	—	—	—
2021⁽²⁾	25.00	(0.06)	(1.86)	(1.92)	—	—	—
KraneShares Value Line^® Dynamic Dividend Equity Index ETF
2024	22.27	0.60	2.11	2.71	(0.63)	(0.22)	—
2023	23.53	0.56	(0.59)	(0.03)	(0.55)	(0.68)	—
2022	23.01	0.48	2.45	2.93	(0.58)	(1.83)	—
2021⁽²⁾	20.00	0.20	2.88	3.08	(0.07)	—	—
KFA Mount Lucas Managed Futures Index Strategy ETF
2024	29.60	1.26	(0.96)	0.30	—	—	—
2023	31.51	0.54	1.59	2.13	(1.56)	(2.48)	—
2022	27.55	(0.18)	5.98	5.80	(1.77)	(0.07)	—
2021⁽³⁾	25.00	(0.06)	2.61	2.55	—	—	—
KraneShares SSE STAR Market 50 Index ETF
2024	16.89	(0.01)	(5.98)	(5.99)	—	—	—
2023	18.76	(0.07)	(1.80)	(1.87)	—	—	—
2022	21.06	(0.14)	(2.16)	(2.30)	—	—	—
2021⁽⁴⁾	25.00	(0.03)	(3.91)	(3.94)	—	—	—
KraneShares Hang Seng TECH Index ETF
2024	13.30	—	(2.43)	(2.43)	(0.09)	—	—
2023	13.93	0.05	(0.66)	(0.61)	(0.02)	—	—
2022⁽⁵⁾	25.00	0.01	(11.08)	(11.07)	—	—	—

	*	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).
	(1)	Amount represents less than $0.005 per share.
	(2)	The Fund’s inception date was on November 23, 2020.
	(3)	The Fund’s inception date was on December 1, 2020.
	(4)	The Fund’s inception date was on January 26, 2021.
	(5)	The Fund’s inception date was on June 8, 2021.

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

170

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 (%)

(0.04)	14.55	(17.85)	9,459	0.65	0.79	0.29	50
(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	^††

(0.85)	24.13	12.45	31,375	0.56	0.56	2.69	200
(1.23)	22.27	0.19	31,174	0.56	0.56	2.53	155
(2.41)	23.53	12.62	30,583	0.55	0.55	1.99	164
(0.07)	23.01	15.46	25,315	0.55^†	0.55^†	2.68^†	55	^††

—	29.90	1.01	264,626	0.90	0.90	4.14	—
(4.04)	29.60	6.21	278,274	0.90	0.90	1.61	251
(1.84)	31.51	22.21	45,697	0.89	0.89	(0.63)	15
—	27.55	10.20	28,923	0.89^†	0.89^†	(0.63)^†	—	^††

—	10.90	(35.46)	24,534	0.89	0.89	(0.04)	32
—	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	^††

(0.09)	10.78	(18.29)	5,391	0.69	0.69	0.02	55
(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	^††

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

171

Financial Highlights (concluded)

Selected Per Share Data & Ratios

For the Years/Periods Ended March 31

For a Share Outstanding Throughout Each Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income ($)*	Net Realized and Unrealized Gain (Loss) on Investments ($)	Total from Operations ($)	Distribution from Net Investment Income ($)	Distribution from Capital Gains ($)	Return of Capital ($)
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
2024	26.29	0.68	2.22	2.90	(0.90)	(1.49)	—
2023⁽¹⁾	25.00	0.37	1.14	1.51	(0.22)	—	—
KraneShares Dynamic Emerging Markets Strategy ETF
2024⁽²⁾	25.00	0.66	(0.10)	0.56	(0.70)	—	—
KraneShares Global Luxury Index ETF
2024⁽³⁾	25.00	0.07	1.70	1.77	(0.04)	—	—

	*	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.
	‡	The expense ratio includes interest expense. Had this expense been excluded, the ratio would have been 0.69%.
	(1)	The Fund’s inception date was on September 14, 2022.
	(2)	The Fund’s inception date was on August 24, 2023.
	(3)	The Fund’s inception date was on September 6, 2023.

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

172

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 to Average Net Assets (%)	Portfolio Turnover (%)

(2.39)	26.80	11.44	2,680	0.99^‡	0.99	2.50	65
(0.22)	26.29	6.08	2,629	0.68^†	0.68^†	2.68^†	35	^††

(0.70)	24.86	2.31	3,729	0.11^†	0.11^†	4.48^†	11	^††

(0.04)	26.73	7.08	2,673	0.69^†	0.69^†	0.53^†	14	^††

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

173

Notes to Financial Statements/Notes to Consolidated Financial Statements

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 March 31, 2024, the Trust had twenty-eight operational series. The financial statements herein and the related notes pertain to the following 18 series: KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A 50 Connect 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 MSCI Emerging Markets ex China Index ETF, KraneShares CICC China 5G & Semiconductor Index ETF, KraneShares Value Line^® Dynamic Dividend Equity Index ETF, KFA Mount Lucas Managed Futures Index Strategy ETF, KraneShares SSE STAR Market 50 Index ETF, KraneShares Hang Seng TECH Index ETF, KraneShares S&P Pan Asia Dividend Aristocrats Index 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 March 31, 2024, 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.

The KFA MLM Index Subsidiary, Ltd. is a wholly-owned subsidiary of the KFA Mount Lucas Managed Futures Index Strategy ETF (the “Subsidiary”). The Subsidiary is organized under the laws of the Cayman Islands as an exempt limited company. Information regarding the KFA Mount Lucas Managed Futures Index Strategy ETF and its subsidiary has been consolidated in the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets and Consolidated Financial Highlights.

Shares of the Funds are listed and traded on the NYSE Arca, Inc. (the “Exchange” or the "NYSE"). 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,

174

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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 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.

At March 31, 2024 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.

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”):

Fund		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 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 MSCI Emerging Markets ex China Index ETF		MSCI Emerging Markets ex China Index
KraneShares CICC China 5G & Semiconductor Index ETF		CICC China 5G and Semiconductor Leaders Index
KraneShares Value Line^® Dynamic Dividend Equity Index ETF		Value Line^® Dynamic Dividend Equity Index
KFA Mount Lucas Managed Futures Index Strategy ETF		KFA MLM 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

175

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

KraneShares Asia Pacific High Income Bond ETF seeks to provide a total return that, before fees and expenses, exceeds that of the JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (the Benchmark Index) over a complete market cycle. KraneShares Asia Pacific High Income Bond ETF is actively managed and does not track an index.

Kraneshares Dynamic Emerging Markets Strategy ETF seeks growth of capital. The KraneShares Dynamic Emerging Markets Strategy ETF is actively managed and does not 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”).

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.

176

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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 closing price in the market in which they are principally traded. If no closing price is available, exchange-traded options are valued at the mean of their most recent bid and asked price, if available, and otherwise at their closing bid price. Over-the-counter (“OTC”) options are valued based upon prices determined by the applicable independent, third party pricing agent. 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 option occurs, the trade price will be used to value such FLEX options in lieu of the model price.

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 year ended March 31, 2024, the Funds did not hold swaps or foreign currency forward contracts.

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

177

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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 Value Pricing 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 Value Pricing 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 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:

178

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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).

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 March 31, 2024, 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.

179

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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.

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.

FUTURES — The KFA Mount Lucas Managed Futures Index Strategy ETF will utilize the Subsidiary for purposes of investing in commodities futures contracts that are the same as or similar to those included in the Index. Initial margin deposits of cash or securities are made upon entering into futures contracts. The contracts are marked-to-market daily and the resulting changes in value are accounted for as unrealized gains and losses. Variation margin payments are paid or received, depending upon whether unrealized gains or losses are incurred. When contracts are closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the amount invested in the contract. As of March 31, 2024, the KFA Mount Lucas Managed Futures Index Strategy ETF had open futures contracts. Refer to the Fund’s Consolidated Schedule of Investments for details regarding open futures contracts as of March 31, 2024.

For the year ended March 31, 2024, the average monthly notional amount of futures contracts for the KFA Mount Lucas Managed Futures Index Strategy ETF was as follows:

KFA Mount Lucas Managed Futures Index Strategy ETF
Average Monthly Notional Value Long	$	248,763,501
Average Monthly Notional Value Short	$	430,378,762

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund, except for the KraneShares Asia Pacific High Income Bond ETF, the KraneShares Value Line^® Dynamic Dividend Equity Index ETF and KFA Mount Lucas Managed Futures Index Strategy ETF intends to pay out dividends, if any, at least annually; the KraneShares Asia Pacific High Income Bond ETF intends to pay out net investment income, if any, at least monthly. The KraneShares Value Line^® Dynamic Dividend Equity Index ETF typically distributes any net investment income quarterly. The KFA Mount Lucas Managed Futures Index Strategy ETF may pay out net investment income, if any, at least semi-annually in June and December, but may pay such income as frequently as quarterly. The Funds pay out to their shareholders net realized capital gains, if any, once a year (usually in December). Each Fund may make distributions on a more frequent basis. Each Fund reserves the right to declare special distributions, including if, in its reasonable discretion, such action is necessary or advisable to preserve the status of the Fund as a regulated investment company under Subchapter M of the Code, or to avoid imposition of income or excise taxes on undistributed income.

180

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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, if applicable, 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 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 March 31, 2024:

	Market Value		Cash Collateral for
	Securities on Loan		Securities on Loan
KraneShares CSI China Internet ETF	$	31,785,469	$	33,462,855
KraneShares Electric Vehicles and Future Mobility Index ETF		5,826,590		5,989,936

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

181

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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 Statements of Assets and Liabilities/Consolidated 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 are exposure by type of risk on derivatives held throughout the year.

Asset Derivatives

Liability Derivatives

Consolidated
Statements of Assets
and Liabilities

Fair
Value

Consolidated
Statements of Assets
and Liabilities

Fair
Value

KFA Mount Lucas Managed Futures Index Strategy ETF

Interest rate contracts

Unrealized appreciation on futures contracts

573,173

Unrealized depreciation on futures contracts

448,087

Foreign exchange contracts

Unrealized appreciation on futures contracts

3,275,705

Unrealized depreciation on futures contracts

562,665

Commodity contracts

Unrealized appreciation on futures contracts

4,118,699

Unrealized depreciation on futures contracts

1,216,734

Total Derivatives not accounted for as hedging instruments

7,967,577

2,227,486

Includes cumulative appreciation/depreciation of futures contracts as reported in the Consolidated Schedule of Investments. Only current day’s variation margin is reported within the Consolidated Statements of Assets and Liabilities.

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended March 31, 2024:

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

Derivatives Not Accounted for as Hedging Instruments	Futures
KFA Mount Lucas Managed Futures Index Strategy ETF
Interest rate contracts	$	(13,487,011	)
Foreign exchange contracts		(9,484,774	)
Commodity contracts		3,648,349
Total	$	(19,323,436	)

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

Derivatives Not Accounted for as Hedging Instruments	Futures
KFA Mount Lucas Managed Futures Index Strategy ETF
Interest rate contracts	$	1,829,796
Foreign exchange contracts		7,030,529
Commodity contracts		(3,010,315	)
Total	$	5,850,010

182

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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.

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”.

183

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

		Management
		Fee
KraneShares CSI China Internet ETF		0.68%
KraneShares Bosera MSCI China A 50 Connect Index ETF		0.78%
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 MSCI Emerging Markets ex China Index ETF		0.58%
KraneShares CICC China 5G &d Semiconductor Index ETF		0.78%
KraneShares Value Line^®Dynamic Dividend Equity Index ETF		0.55%
KFA Mount Lucas Managed Futures Index Strategy ETF		0.89%
KraneShares SSE STAR Market 50 Index ETF		0.88%
KraneShares Hang Seng TECH Index ETF		0.68%
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		0.68%
KraneShares Dynamic Emerging Markets Strategy ETF		0.10%
KraneShares Global Luxury Index ETF		0.68%

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.

		Fee Waiver
		Fee
KraneShares Bosera MSCI China A 50 Connect Index ETF		0.23%
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%

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. As of January 1, 2024, Krane pays Bosera fifteen (15%) percent of the net revenue received by Krane from KraneShares Bosera MSCI China A 50 Connect Index ETF under the Investment Advisory Agreement. Prior to that date, Krane paid Bosera fifty (50%) percent of the net revenue received by Krane 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.

184

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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.

Mount Lucas Index Advisers LLC (“MLIA”) serves as the Sub-Adviser of the KFA Mount Lucas Managed Futures Index Strategy ETF. For the services MLIA provides to the Fund, the Adviser pays MLIA a fee equal to 32% of the Net Revenue received by Krane from the Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Agreement minus gross fund-related expenses (including any waiver by Krane of its compensation under the Agreement and any reimbursements by Krane of the Fund’s expenses).

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 year ended March 31, 2024, 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.

5. BASIS FOR CONSOLIDATION FOR THE KFA MOUNT LUCAS MANAGED FUTURES INDEX STRATEGY ETF

The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets and the Consolidated Financial Highlights of the KFA Mount Lucas Managed Futures Index Strategy ETF include the accounts of the Fund’s Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation for the Fund. The Subsidiary has a fiscal year end of March 31 for financial statement consolidation purposes.

The Subsidiary is classified as a controlled foreign corporation under the Code. The Subsidiary’s taxable income is included in the calculation of the Fund's taxable income. Net losses of the Subsidiary are not deductible by the Fund either in the current period or carried forward to future periods.

185

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

The KFA Mount Lucas Managed Futures Index Strategy ETF’s investment in the Subsidiary may not exceed 25% of the value of its total assets (ignoring any subsequent market appreciation in the Subsidiary’s value), which limitation is imposed by the Code and is measured at the end of each quarter.

A summary of the investments in the Subsidiary is as follows:

		Inception Date of Subsidiary			Subsidiary Net Assets at March 31, 2024				% of Total Net Assets at March 31, 2024
KFA MLM Index Subsidiary, Ltd.		December 1, 2020			$	39,530,267				14.94	%

6. INVESTMENT TRANSACTIONS

For the year ended March 31, 2024, the purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities were:

	Purchases		Sales and Maturities
KraneShares CSI China Internet ETF	$	1,867,506,324	$	1,714,015,461
KraneShares Bosera MSCI China A 50 Connect Index ETF		126,542,029		316,639,219
KraneShares MSCI All China Index ETF		252,289		1,254,827
KraneShares MSCI One Belt One Road Index ETF		1,124,190		1,123,765
KraneShares Emerging Markets Consumer Technology Index ETF		20,953,545		28,457,261
KraneShares MSCI China Clean Technology Index ETF		48,896,842		60,585,686
KraneShares Electric Vehicles and Future Mobility Index ETF		64,001,541		79,246,170
KraneShares MSCI All China Health Care Index ETF		11,224,725		35,772,420
KraneShares Asia Pacific High Income Bond ETF		12,958,636		17,284,623
KraneShares MSCI Emerging Markets ex China Index ETF		34,714,703		2,399,700
KraneShares CICC China 5G & Semiconductor Index ETF		6,131,491		8,948,985
KraneShares Value Line^® Dynamic Dividend Equity Index ETF		62,179,742		62,580,464
KraneShares SSE STAR Market 50 Index ETF		11,170,687		18,617,226
KraneShares Hang Seng TECH Index ETF		3,315,989		4,268,705
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		1,728,818		1,946,352
KraneShares Dynamic Emerging Markets Strategy ETF		413,073		594,968
KraneShares Global Luxury Index ETF		1,685,143		405,693

For the year ended March 31, 2024, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the year ended March 31, 2024, in-kind transactions associated with creations and redemptions were:

					Realized
	Purchases		Sales		Gain/(Loss)
KraneShares CSI China Internet ETF	$	568,886,833	$	422,054,926	$	32,660,204
KraneShares MSCI All China Index ETF		—		50,736		(1,507	)
KraneShares Emerging Markets Consumer Technology Index ETF		2,930,250		7,482,714		(1,256,674	)
KraneShares MSCI China Clean Technology Index ETF		—		1,544,866		(35,750	)

186

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

					Realized
	Purchases		Sales		Gain/(Loss)
KraneShares Electric Vehicles and Future Mobility Index ETF	$	2,537,455	$	19,659,368	$	(1,693,354	)
KraneShares MSCI All China Health Care Index ETF		—		553,031		65,651
KraneShares MSCI Emerging Markets ex China Index ETF		9,222,773		—		—
KraneShares Value Line^®Dynamic Dividend Equity Index ETF		1,124,346		3,432,018		405,193
KraneShares Dynamic Emerging Markets Strategy ETF		7,275,006		3,423,446		62,905
KraneShares Global Luxury Index ETF		1,618,239		643,718		106,088

7. 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 permanent differences primarily consist of foreign currency translations, investments in passive foreign investment companies ("PFICs"), net operating loss, Partnership adjustments, perpetual bond adjustments and distribution reclassification. The permanent differences that are credited or charged to Paid-in Capital and Distributable Earnings for the fiscal year ended March 31, 2024 are primarily related to redemptions in-kind and net operating loss.

	Distributable			Paid-in
	Earnings/(Loss)			Capital
KraneShares CSI China Internet ETF	$	90,484,656		$	(90,484,656	)
KraneShares MSCI All China Index ETF		7,893			(7,893	)
KraneShares Emerging Markets Consumer Technology Index ETF		1,392,578			(1,392,578	)
KraneShares MSCI China Clean Technology Index ETF		505,297			(505,297	)
KraneShares Electric Vehicles and Future Mobility Index ETF		3,189,007			(3,189,007	)
KraneShares MSCI All China Health Care Index ETF		6,451			(6,451	)
KraneShares Value Line^®Dynamic Dividend Equity Index ETF		(362,555	)		362,555
KraneShares SSE STAR Market 50 Index ETF		55,271			(55,271	)
KraneShares Dynamic Emerging Markets Strategy ETF		(62,905	)		62,905
KraneShares Global Luxury Index ETF		(104,580	)		104,580

187

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

The tax character of dividends and distributions paid during the years or periods ended March 31, 2024 and March 31, 2023 were as follows:

	Ordinary		Long-Term		Return of
	Income		Capital Gain		Capital		Totals
KraneShares CSI China Internet ETF
2024	$	94,044,849	$	—	$	—	$	94,044,849
2023		—		—		—		—

KraneShares Bosera MSCI China A 50 Connect Index ETF
2024	$	6,619,090	$	—	$	—	$	6,619,090
2023		9,640,424		101,634,817		—		111,275,241

KraneShares MSCI All China Index ETF
2024	$	215,050	$	—	$	—	$	215,050
2023		192,809		119,165		—		311,974

KraneShares MSCI One Belt One Road Index ETF
2024	$	137,606	$	—	$	—	$	137,606
2023		215,731		—		—		215,731

KraneShares Emerging Markets Consumer Technology Index ETF
2024	$	27,452	$	—	$	—	$	27,452
2023		—		—		—		—

KraneShares MSCI China Clean Technology Index ETF
2024	$	496,202	$	—	$	—	$	496,202
2023		337,960		1,438,072		—		1,776,032

KraneShares Electric Vehicles and Future Mobility Index ETF
2024	$	1,252,258	$	—	$	—	$	1,252,258
2023		2,090,551		—		—		2,090,551

KraneShares MSCI All China Health Care Index ETF
2024	$	383,670	$	—	$	—	$	383,670
2023		50,955		—		—		50,955

KraneShares Asia Pacific High Income Bond ETF
2024	$	2,334,194	$	—	$	—	$	2,334,194
2023		2,002,618		—		—		2,002,618

KraneShares MSCI Emerging Markets ex China Index ETF
2024	$	910,616	$	—	$	—	$	910,616
2023		693,378		—		—		693,378

KraneShares CICC China 5G & Semiconductor Index ETF
2024	$	28,182	$	—	$	1,028	$	29,210
2023		45,914		—		—		45,914

KraneShares Value Line^® Dynamic Dividend Equity Index ETF
2024	$	868,772	$	308,656	$	—	$	1,177,428
2023		1,085,154		640,311		—		1,725,465

KFA Mount Lucas Managed Futures Index Strategy ETF
2024	$	—	$	—	$	—	$	—
2023		22,793,108		11,729,167		—		34,522,275

188

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

	Ordinary		Long-Term		Return of
	Income		Capital Gain		Capital		Totals
KraneShares SSE STAR Market 50 Index ETF
2024	$	—	$	—	$	—	$	—
2023		—		—		—		—

KraneShares Hang Seng TECH Index ETF
2024	$	46,489	$	—	$	—	$	46,489
2023		11,428		—		—		11,428

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
2024	$	237,535	$	1,959	$	—	$	239,494
2023		22,329		—		—		22,329

KraneShares Dynamic Emerging Markets Strategy ETF
2024	$	105,254	$	—	$	—	$	105,254

KraneShares Global Luxury Index ETF
2024	$	4,643	$	—	$	—	$	4,643

As of March 31, 2024, the components of tax basis distributable earnings (distributable losses) were as follows:

	KraneShares CSI China Internet ETF			KraneShares Bosera MSCI China A 50 Connect Index ETF			KraneShares MSCI All China Index ETF			KraneShares MSCI One Belt One Road Index ETF
Undistributed Ordinary Income	$	61,776,827		$	—		$	29,210		$	6,580
Capital Loss Carryforwards		(2,686,322,078	)		(189,335,870	)		(6,347,999	)		(3,643,750	)
Qualified Late-Year Loss Deferrals		—			(67,774	)		—			—
Unrealized Depreciation on Investments and Foreign Currency		(3,699,273,032	)		(67,963,141	)		(2,253,091	)		(1,053,611	)
Other Temporary Differences		(3	)		(11	)		1			(1	)
Total Distributable Loss	$	(6,323,818,286	)	$	(257,366,796	)	$	(8,571,879	)	$	(4,690,782	)

189

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

	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
Undistributed Ordinary Income	$	—		$	—		$	—		$	188,412
Capital Loss Carryforwards		(49,669,840	)		(79,020,064	)		(88,376,540	)		(65,852,693	)
Qualified Late-Year Loss Deferrals		(34,394	)		(114,325	)		(68,584	)		—
Unrealized Depreciation on Investments and Foreign Currency		(4,116,065	)		(18,275,157	)		(52,919,518	)		(33,820,887	)
Other Temporary Differences		—			2			—			—
Total Distributable Loss	$	(53,820,299	)	$	(97,409,544	)	$	(141,364,642	)	$	(99,485,168	)

	KraneShares Asia Pacific High Income Bond ETF			KraneShares MSCI Emerging Markets ex China Index ETF			KraneShares CICC China 5G & Semiconductor Index ETF			KraneShares Value Line^® Dynamic Dividend Equity Index ETF
Undistributed Ordinary Income	$	193,997		$	774,098		$	—		$	351,770
Capital Loss Carryforwards		(10,377,329	)		(1,594,046	)		(15,035,433	)		—
Qualified Late-Year Loss Deferrals		—			—			(17,623	)		—
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		49,221			2,613,416			(2,497,134	)		2,417,373
Other Temporary Differences		49,162			(2	)		(4	)		1
Total Distributable Earnings/(Loss)	$	(10,084,949	)	$	1,793,466		$	(17,550,194	)	$	2,769,144

190

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

	KFA Mount Lucas Managed Futures Index Strategy ETF			KraneShares SSE STAR Market 50 Index ETF			KraneShares Hang Seng TECH Index ETF			KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
Undistributed Ordinary Income	$	—		$	—		$	—		$	65,112
Undistributed Long-Term Capital Gain		—			—			—			91,067
Capital Loss Carryforwards		(11,119,493	)		(29,622,667	)		(3,028,445	)		—
Post October Losses		(24,607,088	)		—			—			—
Qualified Late-Year Loss Deferrals		(5,771,888	)		(62,657	)		(9,567	)		—
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(6,414,135	)		(11,972,769	)		(2,192,171	)		24,124
Other Temporary Differences		(1,286,475	)		(7	)		(3	)		3
Total Distributable Earnings/(Loss)	$	(49,199,079	)	$	(41,658,100	)	$	(5,230,186	)	$	180,306

	KraneShares Dynamic Emerging Markets Strategy ETF			KraneShares Global Luxury Index ETF
Undistributed Ordinary Income	$	—		$	15,083
Capital Loss Carryforwards		(1,149	)		—
Qualified Late-Year Loss Deferrals		(607	)		—
Unrealized Appreciation (Depreciation) on Investments and Foreign Currency		(35,966	)		234,643
Other Temporary Differences		—			(2	)
Total Distributable Earnings/(Loss)	$	(37,722	)	$	249,724

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2024 through March 31, 2024 and November 1, 2023 through March 31, 2024, 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, perpetual bond adjustments, PFIC mark to market and book adjustments not recognized for tax.

The Funds have capital loss carryforwards as follows:

	Short-Term		Long-Term
	Loss		Loss		Total
KraneShares CSI China Internet ETF	$	689,050,525	$	1,997,271,553	$	2,686,322,078
KraneShares Bosera MSCI China A 50 Connect Index ETF		78,152,608		111,183,262		189,335,870

191

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

	Short-Term		Long-Term
	Loss		Loss		Total
KraneShares MSCI All China Index ETF	$	215,395	$	6,132,604	$	6,347,999
KraneShares MSCI One Belt One Road Index ETF		2,450,106		1,193,644		3,643,750
KraneShares Emerging Markets Consumer Technology Index ETF		22,091,565		27,578,275		49,669,840
KraneShares MSCI China Clean Technology Index ETF		3,500,356		75,519,708		79,020,064
KraneShares Electric Vehicles and Future Mobility Index ETF		31,371,478		57,005,062		88,376,540
KraneShares MSCI All China Health Care Index ETF		4,089,006		61,763,687		65,852,693
KraneShares Asia Pacific High Income Bond ETF		8,486,154		1,891,175		10,377,329
KraneShares MSCI Emerging Markets ex China Index ETF		5,865		1,588,181		1,594,046
KraneShares CICC China 5G & Semiconductor Index ETF		8,671,751		6,363,682		15,035,433
KFA Mount Lucas Managed Futures Index Strategy ETF		4,174,372		6,945,121		11,119,493
KraneShares SSE STAR Market 50 Index ETF		8,548,968		21,073,699		29,622,667
KraneShares Hang Seng TECH Index ETF		2,090,066		938,379		3,028,445
KraneShares Dynamic Emerging Markets Strategy ETF		1,149		—		1,149

During the year ended March 31, 2024, the following Funds utilized capital loss carryforwards, to offset capital gains:

	Amount
	Utilized
KraneShares MSCI China Clean Technology Index ETF	$	1,634,475
KraneShares MSCI Emerging Markets ex China Index ETF		5,115
KraneShares Hang Seng TECH Index ETF		25,841
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		1,654

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the tax deferral of losses on wash sales, investments in PFICs and perpetual bonds. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at March 31, 2024 were as follows:

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
KraneShares CSI China Internet ETF	$	9,153,225,550	$	381,651,172	$	(4,080,924,204	)	$	(3,699,273,032	)
KraneShares Bosera MSCI China A 50 Connect Index ETF		257,382,965		10,856,821		(78,819,962	)		(67,963,141	)
KraneShares MSCI All China Index ETF		8,557,586		388,225		(2,641,316	)		(2,253,091	)
KraneShares MSCI One Belt One Road Index ETF		5,226,031		508,773		(1,557,473	)		(1,048,700	)
KraneShares Emerging Markets Consumer Technology Index ETF		22,605,590		1,242,745		(5,333,050	)		(4,090,305	)
KraneShares MSCI China Clean Technology Index ETF		75,187,700		2,800,387		(21,075,544	)		(18,275,157	)
KraneShares Electric Vehicles and Future Mobility Index ETF		163,984,472		5,705,116		(58,624,634	)		(52,919,518	)
KraneShares MSCI All China Health Care Index ETF		80,639,392		1,280,387		(35,101,274	)		(33,820,887	)

192

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

	Federal Tax Cost		Aggregated Gross Unrealized Appreciation		Aggregated Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
KraneShares Asia Pacific High Income Bond ETF	$	13,897,595	$	355,550	$	(306,329	)	$	49,221
KraneShares MSCI Emerging Markets ex China Index ETF		75,490,505		8,302,601		(5,472,102	)		2,830,499
KraneShares CICC China 5G & Semiconductor Index ETF		11,933,663		948,835		(3,445,969	)		(2,497,134	)
KraneShares Value Line^® Dynamic Dividend Equity Index ETF		28,914,558		3,325,188		(907,815	)		2,417,373
KFA Mount Lucas Managed Futures Index Strategy ETF		205,190,113		384		(6,414,519	)		(6,414,135	)
KraneShares SSE STAR Market 50 Index ETF		36,314,520		813,218		(12,785,987	)		(11,972,769	)
KraneShares Hang Seng TECH Index ETF		6,892,285		422,212		(2,614,383	)		(2,192,171	)
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		2,586,629		218,731		(194,607	)		24,124
KraneShares Dynamic Emerging Markets Strategy ETF		3,731,422		161,279		(197,245	)		(35,966	)
KraneShares Global Luxury Index ETF		2,371,634		358,046		(123,403	)		234,643

For the KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF and the KraneShares MSCI Emerging Markets ex China Index ETF, the difference in unrealized appreciation is attributable to Foreign Capital Gains Tax Payable.

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, 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

193

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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.

In 2020, the PRC government eliminated QFII and RQFII quotas, meaning that entities registered with the appropriate Chinese regulator will no longer be subject to quotas when investing in PRC securities (but will remain subject to foreign shareholder limits), and merged the two programs into the Qualified Foreign Investor regime (“QFI”).

8. 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.

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.

194

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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 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

195

Notes to Financial Statements/Notes to Consolidated Financial Statements (continued)

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.

EQUITY SECURITIES RISK — The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities are subject to volatile changes in value and their values may be more volatile than other asset classes. In the event of liquidation, equity securities are generally subordinate in rank to debt and other securities of the same issuer.

FUTURES STRATEGY RISK — The use of futures contracts is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors; and (e) if the Fund has insufficient cash, it may have to sell securities or financial instruments from its portfolio to meet daily variation margin requirements, which may lead to the Fund selling securities or financial instruments at a loss.

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

196

Notes to Financial Statements/Notes to Consolidated Financial Statements (concluded)

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 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.

NEW FUND RISK — If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a stop to trading.

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.

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.

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

197

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees

KraneShares Trust:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities and the consolidated statement of assets and liabilities of the funds listed in the Appendix, eighteen of the funds comprising KraneShares Trust (collectively, the Funds), including the schedules of investments and the consolidated schedule of investments, as of March 31, 2024, the related statements of operations and consolidated statement of operations for the year or period listed in the Appendix, the statements of changes in net assets and consolidated statement of changes in net assets for each of the years or periods in the two-year period listed in the Appendix, and the related notes (collectively, the financial statements) and the financial highlights and consolidated financial highlights for each of the years or periods in the five-year period listed in the Appendix. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of March 31, 2024, the results of its operations for the year or period listed in the Appendix, the changes in its net assets for each of the years or periods in the two-year period listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2024, by correspondence with custodian, transfer agent, and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more KraneShares investment companies since 2017.

Philadelphia, Pennsylvania
May 29, 2024

198

Report of Independent Registered Public Accounting Firm (continued)

Appendix

Funds with inception prior to March 31, 2020:

KraneShares CSI China Internet ETF

KraneShares Bosera MSCI China A 50 Connect 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

Statement of operations for the year ended March 31, 2024

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2024

Financial highlights each of the years in the five-year period ended March 31, 2024

Funds with inception during the year ended March 31, 2020:

KraneShares MSCI Emerging Markets ex China Index ETF

Statement of operations for the year ended March 31, 2024

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2024 Financial highlights for each of the years in the four-year period ended March 31, 2024 and the period from April 11, 2019 (inception) through March 31, 2020

Funds with inception during the year ended March 31, 2021:

KraneShares CICC China 5G & Semiconductor Index ETF

KraneShares Value Line^® Dynamic Dividend Equity Index ETF

Statement of operations for the year ended March 31, 2024

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2024

Financial highlights for each of the years in the three-year period ended March 31, 2024 and the period from November 23, 2020 (inception) through March 31, 2021

KFA Mount Lucas Managed Futures Index Strategy ETF

Consolidated statement of operations for the year ended March 31, 2024

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2024

Consolidated financial highlights for each of the years in the three-year period ended March 31, 2024 and the period from December 1, 2020 (inception) through March 31, 2021

KraneShares SSE STAR Market 50 Index ETF

Statement of operations for the year ended March 31, 2024

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2024

Financial highlights for each of the years in the three-year period ended March 31, 2024 and the period from January 26, 2021 (inception) through March 31, 2021

Funds with inception during the year ended March 31, 2022:

KraneShares Heng Seng TECH Index ETF

Statement of operations for the year ended March 31, 2024

199

Report of Independent Registered Public Accounting Firm (concluded)

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2024

Financial highlights for each of the years in the two-year period ended March 31, 2024 and the period from June 8, 2021 (inception) through March 31, 2022

Funds with inception during the year ended March 31, 2023:

KraneShares S&P Pan Asia Dividend Aristocrats Index ETF

Statement of operations for the year ended March 31, 2024

Statements of changes in net assets for the year ended March 31, 2024 and the period from September 14, 2022 (inception) through March 31, 2023

Financial highlights for the year ended March 31, 2024 and the period from September 14, 2022 (inception) through March 31, 2023

Funds with inception during the year ended March 31, 2024:

KraneShares Dynamic Emerging Markets Strategy ETF

Statements of operations and changes in net assets and financial highlights for the period from August 24, 2023 (inception) through March 31, 2024

KraneShares Global Luxury Index ETF

Statements of operations and changes in net assets and financial highlights for the period from September 6, 2023 (inception) through March 31, 2024

200

Trustees and Officers of the Trust (Unaudited)

March 31, 2024

Set forth below are the names, addresses, years of birth, positions with the Trust, terms of office and lengths of time served; the principal occupations for the last five years; number of Funds in fund complex overseen; and other directorships outside the fund complex of each of the persons currently serving as Trustees and Officers of the Trust. The Trust’s Statement of Additional Information (“SAI”) includes additional information about the Trustees and Officers. The SAI may be obtained without charge, upon request, by calling 1-855-857-2638. The following chart lists Trustees and Officers as of March 31, 2024.

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Interested Trustee¹

Jonathan Krane² (1968) 280 Park Avenue 32nd Floor New York, New York, 10017	Trustee and Chairman of the Board, No set term; served since 2012	Chief Executive Officer of Krane Funds Advisors, LLC from 2011 to present.	28	None

Independent Trustees¹

Patrick P. Campo (1970) 280 Park Avenue 32nd Floor New York, New York, 10017	Trustee, No set term; served since 2017	Managing Director of Ibis Global AM LLC from 2023 to present. From 2019 to 2023, Director of Research and from 2013 to 2019 Director of Long Short Equity, Titan Advisors.	28	None

John Ferguson (1966) 280 Park Avenue 32nd Floor New York, New York, 10017	Trustee, No set term; served since 2012	Independent Director of K2 Advisors Offshore Fund Complex from 2022 to present. Chief Compliance Officer of Covey Advisors LLC 2023 to present. Chief Operating Officer of Shrewsbury River Capital from 2017 to 2020. Chief Operating Officer of Kang Global Investors LP (hedge fund adviser) from 2014 to 2016. President of Alden Global Capital, LLC (hedge fund adviser) from 2012 to 2014 (formerly, Chief Operating Officer from 2011 to 2012). Senior Managing Director and Chief Operating Officer of K2 Advisors, LLC from 2005 to 2011.	28	None

201

Trustees and Officers of the Trust (Unaudited) (continued)

March 31, 2024

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Independent Trustee¹

Matthew Stroyman (1968) 280 Park Avenue 32nd Floor New York, New York, 10017	Trustee, No set term; served since 2012	Founder and President of BlackRidge Ventures from 2018 to present (principal investment activities and strategic advisory services in a variety of industries to clients and partners that include institutional investment firms, family offices and high net-worth individuals). Co-Founder, President and Chief Operating Officer of Arcturus (real estate asset and investment management services firm) from 2007 to 2017.	28	None

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Officers¹

Jonathan Krane (1968) 280 Park Avenue 32nd Floor New York, New York, 10017	Principal Executive Officer and Principal Financial Officer, No set term; served since 2012	Chief Executive Officer of Krane Funds Advisors, LLC from 2011 to present.	28	None

Jennifer Tarleton (formerly Krane) (1966) 280 Park Avenue 32nd Floor New York, New York, 10017	Vice President and Secretary, No set term; served since 2012	Vice President of Krane Funds Advisors, LLC from 2011 to present.	28	None

202

Trustees and Officers of the Trust (Unaudited) (concluded)

March 31, 2024

Name, Address (Year of Birth)	Position(s) Held with Trust	Principal Occupation(s) During the Past 5 Years	Number of Funds in Trust Overseen by Trustee	Other Directorships Held by Trustees
Officers¹

Michael Quain (1957) 280 Park Avenue 32nd Floor New York, New York, 10017	Chief Compliance Officer and Anti-Money Laundering Officer, No Set Term; served since 2015	Principal/President of Quain Compliance Consulting, LLC from 2014 to present.	28	None

Eric Olsen (1970) SEI Investments Company One Freedom Valley Drive Oaks, PA 19456	Assistant Treasurer, No set term; served since 2021	Director of Accounting, SEI Investments Global Fund Services (March 2021 to present); Deputy Head of Fund Operations, Traditional Assets, Aberdeen Standard Investments (August 2013 to February 2021).	28	None

David Adelman (1964) 280 Park Avenue 32nd Floor New York, New York, 10017	Assistant Secretary, No set term; served since 2021	Managing Director and the General Counsel, Krane Fund Advisors, LLC from 2021. Partner, Reed Smith LLP from 2015 to 2021	28	None

Jonathan Shelon (1974) 280 Park Avenue 32nd Floor New York, New York, 10017	Assistant Secretary, No set term; served since 2019	Chief Operating Officer, Krane Funds Advisors, LLC from 2015 to present. Chief Investment Officer of Specialized Strategies, J.P. Morgan from 2011 to 2015.	28	None

	1	Each Trustee serves until his or her successor is duly elected or appointed and qualified.
	2	Mr. Krane is an “interested” person of the Trust, as that term is defined in the 1940 Act, by virtue of his ownership and controlling interest in the Adviser.

203

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 (October 1, 2023 to March 31, 2024).

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.

204

Disclosure of Fund Expenses (Unaudited) (continued)

	Beginning Account Value 10/1/2023		Ending Account Value 3/31/2024		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
KraneShares CSI China Internet ETF
Actual Fund Return	$	1,000.00	$	968.70		0.69	%	$	3.40
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	$	967.80		0.55	%	$	2.71
Hypothetical 5% Return		1,000.00		1,022.25		0.55			2.78
KraneShares MSCI All China Index ETF
Actual Fund Return	$	1,000.00	$	948.60		0.50	%	$	2.44
Hypothetical 5% Return		1,000.00		1,022.50		0.50			2.53
KraneShares MSCI One Belt One Road Index ETF
Actual Fund Return	$	1,000.00	$	1,020.90		0.80	%	$	4.04
Hypothetical 5% Return		1,000.00		1,021.00		0.80			4.04
KraneShares Emerging Markets Consumer Technology Index ETF
Actual Fund Return	$	1,000.00	$	1,052.40		0.60	%	$	3.08
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	$	815.40		0.80	%	$	3.63
Hypothetical 5% Return		1,000.00		1,021.00		0.80			4.04
KraneShares Electric Vehicles and Future Mobility Index ETF
Actual Fund Return	$	1,000.00	$	822.20		0.72	%	$	3.28
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	$	824.10		0.66	%	$	3.01
Hypothetical 5% Return		1,000.00		1,021.70		0.66			3.34
KraneShares Asia Pacific High Income Bond ETF
Actual Fund Return	$	1,000.00	$	1,104.60		0.70	%	$	3.68
Hypothetical 5% Return		1,000.00		1,021.50		0.70			3.54
KraneShares MSCI Emerging Markets ex China Index ETF
Actual Fund Return	$	1,000.00	$	1,157.70		0.24	%	$	1.29
Hypothetical 5% Return		1,000.00		1,023.80		0.24			1.21
KraneShares CICC China 5G & Semiconductor Index ETF
Actual Fund Return	$	1,000.00	$	977.30		0.66	%	$	3.26
Hypothetical 5% Return		1,000.00		1,021.70		0.66			3.34
KraneShares Value Line^® Dynamic Dividend Equity Index ETF
Actual Fund Return	$	1,000.00	$	1,165.60		0.56	%	$	3.03
Hypothetical 5% Return		1,000.00		1,022.20		0.56			2.83
KFA Mount Lucas Managed Futures Index Strategy ETF
Actual Fund Return	$	1,000.00	$	922.30		0.90	%	$	4.33
Hypothetical 5% Return		1,000.00		1,020.50		0.90			4.55

205

Disclosure of Fund Expenses (Unaudited) (concluded)

	Beginning Account Value 10/1/2023		Ending Account Value 3/31/2024		Annualized Expense Ratios			Expenses Paid During Period⁽¹⁾
KraneShares SSE STAR Market 50 Index ETF
Actual Fund Return	$	1,000.00	$	856.20		0.90	%	$	4.18
Hypothetical 5% Return		1,000.00		1,020.50		0.90			4.55
KraneShares Hang Seng TECH Index ETF
Actual Fund Return	$	1,000.00	$	902.60		0.70	%	$	3.33
Hypothetical 5% Return		1,000.00		1,021.50		0.70			3.54
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
Actual Fund Return	$	1,000.00	$	1,081.90		1.18	%^†	$	6.14
Hypothetical 5% Return		1,000.00		1,019.10		1.18	^†		5.96
KraneShares Dynamic Emerging Markets Strategy ETF
Actual Fund Return	$	1,000.00	$	1,035.10		0.12	%	$	0.61
Hypothetical 5% Return		1,000.00		1,024.40		0.12			0.61
KraneShares Global Luxury Index ETF
Actual Fund Return	$	1,000.00	$	1,143.00		0.69	%	$	3.70
Hypothetical 5% Return		1,000.00		1,021.55		0.69			3.49

	(1)	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period) unless otherwise indicated.
	†	The annualized expense ratios include dividend expense incurred during the six-month period. Annualized dividend expense of average net assets totaled 0.48%. Had this expense not been included the ratio would have been 0.70%.

206

Notice To Shareholders (Unaudited)

For shareholders that do not have a March 31, 2024 tax year end, this notice is for informational purposes only. For shareholders with a March 31, 2024 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended March 31, 2024, the Funds are designating the following items with regard to distributions paid during the year.

Return of Capital⁽¹⁾			Long-Term Capital Gain Distributions			Ordinary Income Distributions			Total Distributions		Qualifying for Corporate Dividends Received Deduction⁽²⁾			Qualifying Dividend Income⁽³⁾			Qualifying Business Income⁽⁴⁾			U.S. Government Interest⁽⁵⁾			Interest Related Dividends⁽⁶⁾			Short Term Capital Gain			Foreign Tax Credit⁽⁸⁾
KraneShares CSI China Internet ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		2.54	%		0.00	%		0.00	%		0.11	%		0.00	%		0.00	%
KraneShares Bosera MSCI China A 50 Connect Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		0.59	%		0.00	%		13.65	%
KraneShares MSCI All China Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.25	%		71.02	%		0.00	%		0.00	%		0.34	%		0.00	%		7.58	%
KraneShares MSCI One Belt One Road Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		71.07	%		0.00	%		0.00	%		0.42	%		0.00	%		10.01	%
KraneShares Emerging Markets Consumer Technology Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		92.45	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
KraneShares MSCI China Clean Technology Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		81.48	%		0.00	%		0.00	%		0.70	%		0.00	%		0.00	%
KraneShares Electric Vehicles and Future Mobility Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		96.41	%		0.00	%		0.00	%		0.69	%		0.00	%		13.40	%
KraneShares MSCI All China Health Care Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		1.04	%		0.00	%		17.74	%
KraneShares Asia Pacific High Income Bond ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		2.46	%		0.00	%		0.00	%
KraneShares MSCI Emerging Markets ex China Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.54	%		0.00	%		19.59	%
KraneShares CICC China 5G & Semiconductor Index ETF
	2.54	%		0.00	%		97.46	%	100.00	%		0.00	%		100.00	%		0.00	%		0.00	%		1.88	%		0.00	%		29.64	%
KraneShares Value Line^® Dynamic Dividend Equity Index ETF
	0.00	%		24.39	%		75.61	%	100.00	%		75.56	%		72.16	%		7.53	%		0.00	%		0.15	%		100.00	%		0.00	%
KFA Mount Lucas Managed Futures Index Strategy ETF
	0.00	%		0.00	%		0.00	%	0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
KraneShares SSE Star Market 50 Index ETF
	0.00	%		0.00	%		0.00	%	0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
KraneShares Hang Seng TECH Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.00	%		0.00	%		0.00	%		0.00	%		1.59	%		0.00	%		0.00	%
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF
	0.00	%		0.79	%		99.21	%	100.00	%		0.00	%		17.52	%		0.00	%		0.00	%		0.00	%		100.00	%		3.48	%
KraneShares Dynamic Emerging Markets Strategy ETF
	0.00	%		0.00	%		100.00	%	100.00	%		0.43	%		60.07	%		0.00	%		0.00	%		5.33	%		0.00	%		0.00	%
KraneShares Global Luxury Index ETF
	0.00	%		0.00	%		100.00	%	100.00	%		29.60	%		100.00	%		0.00	%		0.00	%		1.03	%		0.00	%		0.00	%

	(1)	Return of capital is a payment received from the fund that is not considered to be taxable income. The return of capital distribution is considered to be a return of the investor’s original investment and reduces the investor’s cost basis in the fund.
	(2)	Qualifying dividends represent dividends which qualify for the corporate dividends received deduction and are reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions).

207

Notice To Shareholders (Unaudited) (concluded)

	(3)	The percentage in this column represents the amount of “Qualifying Dividend Income” as created by the Jobs and Growth Relief Reconciliation Act of 2003 and is reflected as a percentage of ordinary income distributions (the total of short term capital gain and net investment income distributions). It is the intention of each of the aforementioned funds to designate the maximum amount permitted by law.
	(4)	The percentage of this column represents that amount of ordinary dividend income that qualified for 20% Business Income Deduction.
	(5)	“U.S. Government Interest” represents the amount of interest that was derived from U.S. Government obligations and distributed during the fiscal year. Generally, interest from direct U.S. Government obligations is exempt from state income tax. However, for shareholders who are residents of California, Connecticut and New York, the statutory threshold requirements were not satisfied to permit exemption of these amounts from state income.
	(6)	The percentage in this column represents the amount of “Interest Related Dividends” and is reflected as a percentage of ordinary income distributions that is exempt from U.S. withholding tax when paid for foreign investors.
	(7)	The percentage in this column represents the amount of “Short Term Capital Gain Dividends” and is reflected as a percentage of short term capital gain distributions that is exempt from U.S. withholding tax when paid for foreign investors.
	(8)	The following Funds intend to pass through a foreign tax credit to their shareholders. For the fiscal year ended March 31, 2024, the total amount of foreign source income and amount of foreign tax to be paid is as follows:

	Foreign		Foreign Tax
	Source		Credit Pass
	Income		Through
KraneShares Bosera MSCI China A 50 Connect Index ETF	$	8,372,793	$	1,046,326
KraneShares MSCI All China Index ETF		188,548		17,633
KraneShares MSCI One Belt One Road Index ETF		133,964		15,306
KraneShares Electric Vehicles and Future Mobility Index ETF		1,040,602		193,705
KraneShares MSCI All China Health Care Index ETF		570,991		82,760
KraneShares MSCI Emerging Markets ex China Index ETF		1,400,906		221,783
KraneShares CICC China 5G & Semiconductor Index ETF		42,197		12,306
KraneShares S&P Pan Asia Dividend Aristocrats Index ETF		93,502		8,639

The allocable share of foreign tax credit will be reported on Form 1099-DIV.

208

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 https://kraneshares.com. The premium and discount information contained on the website represents past performance and cannot be used to predict future results.

209

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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

Sub-Adviser: Mount Lucas Index Advisers, LLC 405 South State Street Newtown, PA, 18940

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-AR-001-1100

(b)	Not applicable to the Registrant.

Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, and any person who performs a similar function. During the period covered by the report, there were no amendments to the code of ethics, and the Registrant did not grant any waivers from a provision of the code of ethics.

Item 3. Audit Committee Financial Expert.

(a)(1) The Registrant’s Board of Trustees has determined that the Registrant has an audit committee financial expert serving on the audit committee.

(a)(2) The audit committee financial expert, John Ferguson, is an independent trustee as defined in Form N-CSR Item 3 (a)(2).

Item 4. Principal Accountant Fees and Services.

Fees billed by KPMG LLP (“KPMG”) related to the Registrant.

KPMG billed the Registrant aggregate fees for services rendered to the Registrant for the last two fiscal years as follows:

		2024			2023
		All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval	All fees and services to the Registrant that were pre-approved	All fees and services to service affiliates that were pre-approved	All other fees and services to service affiliates that did not require pre-approval
(a)	Audit Fees	$587,250	$0	N/A	$751,300	$0	N/A
(b)	Audit-Related Fees	$0	$0	N/A	$0	$0	N/A
(c)	Tax Fees⁽¹⁾	$178,000	$0	N/A	$130,900	$0	N/A
(d)	All Other Fees	$9,000	$0	N/A	$6,531	$0	N/A

Notes:

(1) These services included tax return preparation and tax compliance for the Funds.

(e)(1) Pursuant to the requirements of the Sarbanes-Oxley Act of 2002, the SEC adopted Rule 2-01 under Regulation S-X, which, among other things, requires a fund’s audit committee to pre-approve certain audit and non-audit services that are provided by its independent auditors in order to ensure the auditors’ independence. The Registrant’s Board of Trustees has established an Audit Committee that has been charged with, among other things, assisting the Board of Trustees in its oversight of: the Registrant’s independent auditors; preapproving all audit and non-audit services provided by the Registrant’s independent auditors; the integrity of the Funds’ financial statements; the independent auditors’ qualifications and independence; and the use of appropriate accounting principles.

(e)(2) Percentage of fees billed applicable to non-audit services approved pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) were as follows for KPMG:

	2024	2023
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

(f) Not applicable.

(g) The aggregate non-audit fees and services billed by KPMG for the last two fiscal years were $0 and $0, respectively.

(h) During the past fiscal year, all non-audit services provided by the Registrant’s principal accountant to either the Registrant’s investment adviser or to entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were pre-approved by the Audit Committee of the Registrant’s Board of Trustees. Included in the audit committee’s pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant’s independence.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

Item 5. Audit Committee of Listed Registrants.

(a) The Registrant has a separately-designated standing Audit Committee, which is composed of the Registrant’s Independent Trustees, Messrs. Patrick Campo, John Ferguson and Matthew Stroyman.

(b) Not applicable to the Registrant.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Reserved.

Item 8. Reserved.

Item 9. Reserved.

Item 10. Reserved.

Item 11. Reserved.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics filed herewith.

(a)(2) Not applicable.

(a)(3) 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 (17 CFR § 270.30a-2(a)), is filed herewith.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR § 270.30a-2(b)) also accompany this filing as exhibits.

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: June 6, 2024

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: June 6, 2024

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

Date: June 6, 2024

Krane Shares Trust N-CSRCertified annual shareholder report (management investment company)