# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001829126-26-006162
**Filing Date:** 2026-6
**Character Count:** 815688
**Document Hash:** 0d651964d12a331ba51e8d9707b07e77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-006162.hdr.sgml**: 20260608

**ACCESSION NUMBER**: 0001829126-26-006162

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260608

**DATE AS OF CHANGE**: 20260608

**EFFECTIVENESS DATE**: 20260608

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Krane Shares Trust
- **CENTRAL INDEX KEY:** 0001547576

**ORGANIZATION NAME:**
- **EIN:** 456861457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 261071713

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-933-0393

**MAIL ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

## Series and Classes Contracts Data

### KraneShares CSI China Internet ETF (Series ID: S000041596)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000129136 | KraneShares CSI China Internet ETF | KWEB            |

### KraneShares Bosera MSCI China A 50 Connect Index ETF (Series ID: S000041738)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000129571 | KraneShares Bosera MSCI China A 50 Connect Index ETF | KBA             |

### KraneShares MSCI China Clean Technology Index ETF (Series ID: S000049858)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000157444 | KraneShares MSCI China Clean Technology Index ETF | KGRN            |

### KraneShares Emerging Markets Consumer Technology Index ETF (Series ID: S000056077)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000176655 | KraneShares Emerging Markets Consumer Technology Index ETF | KEMQ            |

### KraneShares MSCI One Belt One Road Index ETF (Series ID: S000056904)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000180685 | KraneShares MSCI One Belt One Road Index ETF | OBOR            |

### KraneShares Asia Pacific High Income USD Bond ETF (Series ID: S000059793)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000195632 | KraneShares Asia Pacific High Income USD Bond ETF | KHYB            |

### KraneShares MSCI All China Health Care Index ETF (Series ID: S000059796)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000195635 | KraneShares MSCI All China Health Care Index ETF | KURE            |

### KraneShares Electric Vehicles and Future Mobility Index ETF (Series ID: S000061165)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000198139 | KraneShares Electric Vehicles and Future Mobility Index ETF | KARS            |

### KraneShares Global Humanoid Robotics and Physical AI Index ETF (Series ID: S000063652)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000206147 | KraneShares Global Humanoid Robotics and Physical AI Index ETF | KOID            |

### KraneShares MSCI Emerging Markets ex China Index ETF (Series ID: S000064914)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000210156 | KraneShares MSCI Emerging Markets ex China Index ETF | KEMX            |

### KraneShares Global Carbon Strategy ETF (Series ID: S000066286)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000214065 | KraneShares Global Carbon Strategy ETF | KRBN            |

### KraneShares SSE STAR Market 50 Index ETF (Series ID: S000069005)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000220718 | KraneShares SSE STAR Market 50 Index ETF | KSTR            |

### KraneShares Value Line(R) Dynamic Dividend Equity Index ETF (Series ID: S000069664)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000222186 | KraneShares Value Line(R) Dynamic Dividend Equity Index ETF | KVLE            |

### KraneShares Hang Seng TECH Index ETF (Series ID: S000070105)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000223017 | KraneShares Hang Seng TECH Index ETF | KTEC            |

### KraneShares Mount Lucas Managed Futures Index Strategy ETF (Series ID: S000070143)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000223083 | KraneShares Mount Lucas Managed Futures Index Strategy ETF | KMLM            |

### KraneShares California Carbon Allowance Strategy ETF (Series ID: S000072749)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000229247 | KraneShares California Carbon Allowance Strategy ETF | KCCA            |

### KraneShares KWEB Covered Call Strategy ETF (Series ID: S000079434)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000240471 | KraneShares KWEB Covered Call Strategy ETF | KLIP            |

### KraneShares Hedgeye Hedged Equity Index ETF (Series ID: S000084734)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000249202 | KraneShares Hedgeye Hedged Equity Index ETF | KSPY            |

### KraneShares China Alpha Index ETF (Series ID: S000085113)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000249978 | KraneShares China Alpha Index ETF | KCAI            |

### KraneShares Public-Private AI & Technology ETF (Series ID: S000085506)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000250789 | KraneShares Public-Private AI & Technology ETF | AGIX            |

### KraneShares Sustainable Ultra Short Duration Index ETF (Series ID: S000085834)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000251229 | KraneShares Sustainable Ultra Short Duration Index ETF | KCSH            |

### KraneShares Man Buyout Beta Index ETF (Series ID: S000088090)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000254137 | KraneShares Man Buyout Beta Index ETF | BUYO            |

### KraneShares Wahed Alternative Income Index ETF (Series ID: S000094500)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000263033 | KraneShares Wahed Alternative Income Index ETF | KWIN            |

### KraneShares Dragon Capital Vietnam Growth Index ETF (Series ID: S000095396)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000264117 | KraneShares Dragon Capital Vietnam Growth Index ETF | KPHO            |

### KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (Series ID: S000095404)

| Class ID   | Class Name                                                         | Ticker Symbol   |
|:---|:---|:---|
| C000264125 | KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | KIQQ            |

?xml version='1.0' encoding='ASCII'?

**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

Willkie Farr & Gallagher LLP

1875 K Street, N.W.

Washington, DC 20006-1238

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

**Date of fiscal year end: March 31, 2026**

**Date of reporting period: March 31, 2026**

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 the 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, 100 F Street, NE, Washington, DC 20549-1090. 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 of 1940, as amended (the "Act") [17 CFR § 270.30e-1], is attached hereto.

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares CSI China Internet ETF

## Ticker: KWEB

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares CSI China Internet ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kweb/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares CSI China Internet ETF | $64 | 0.69% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KWEB | -15.27 | -13.65 | -15.65<sup>Footnote Reference(a)</sup> |

---

(a) CSI Overseas China Internet Index

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 (the "Underlying 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.

China's internet equities underperformed the broader Chinese equity market, as measured by the MSCI China All Shares Index, due to intense competition in China's E-Commerce industry, which weighed on the margins of large-cap e-commerce firms. Also, geopolitical headwinds, including tariffs, weighed on foreign investor sentiment towards China, further detracting from their performance. However, growth in artificial intelligence and cloud computing services remained strong for many China internet companies during the period.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](i24085c34eb7e3d53b991e5f0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares CSI China Internet ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **CSI Overseas China Internet Index (USD) (PR)<sup>Footnote Reference†</sup>** |
| **Mar/16** | $10000 | $10000 | $10000 |
| **Mar/17** | $11951 | $11165 | $11825 |
| **Mar/18** | $17403 | $14481 | $17241 |
| **Mar/19** | $13846 | $13494 | $13813 |
| **Mar/20** | $13312 | $12691 | $13283 |
| **Mar/21** | $22334 | $18507 | $22482 |
| **Mar/22** | $9382 | $14029 | $9479 |
| **Mar/23** | $9932 | $13125 | $10081 |
| **Mar/24** | $8494 | $10942 | $8625 |
| **Mar/25** | $11648 | $14057 | $11740 |
| **Mar/26** | $9869 | $15513 | $9903 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Price Return (PR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| KraneShares CSI China Internet ETF | -15.27% | -15.07% | -0.13% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | -3.47% | 4.49% |
| CSI Overseas China Internet Index (USD) (PR)<sup>Footnote Reference†</sup> | -15.65% | -15.12% | -0.10% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kweb/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $6033567122 | 32 | $52896988 | 45% |

---

## What did the Fund invest in?

## Asset/Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i68495469b6c21b386fa1d767.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 2.1% |
| Short-Term Investment<sup>Footnote Reference†</sup> | 2.7% |
| Real Estate | 4.3% |
| Industrials | 6.5% |
| Consumer Staples | 8.3% |
| Communication Services | 37.3% |
| Consumer Discretionary | 41.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;This security, or a portion thereof, was purchased with cash collateral held from securities on loan. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Tencent Holdings | 10.1% |
| Alibaba Group Holding | 8.9% |
| PDD Holdings ADR | 8.8% |
| Meituan, Cl B | 7.4% |
| NetEase | 5.9% |
| JD.com, Cl A | 4.9% |
| KE Holdings, Cl A | 4.3% |
| Baidu, Cl A | 4.3% |
| JD Health International | 4.0% |
| Full Truck Alliance ADR | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kweb/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kweb/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares CSI China Internet ETF: KWEB

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KWEB-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Bosera MSCI China A 50 Connect Index ETF

## Ticker: KBA

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Bosera MSCI China A 50 Connect Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kba/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | $64 | 0.56% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KBA | 27.37 | 30.13 | 29.34<sup>Footnote Reference(a)</sup> |

---

(a) MSCI China A 50 Connect Index

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-capitalization China A-shares listed on the Shanghai Stock Exchange and/or the Shenzhen Stock Exchange and accessible through the Northbound Stock Connect program. The Underlying Index is designed to reflect the performance of the 50 largest securities representing each Global Industry Classification Standard (GICS) sector at the sector weight allocation of the Parent Index.

China's A-share market outperformed China's equity market more broadly, as measured by the MSCI China All Shares Index, during the period. China's A-share market benefited from strong performance in chipmakers and other technology hardware producers amid expectations of robust domestic demand for AI and cloud computing.

#### How did the Fund perform during the last 10 years?

## Total Return Based on $10,000 Investment
![Growth Chart](ic97f51e4d3f75d5b9df20b57.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **Custom Blended KBA Index<sup>Footnote Reference†</sup>** |
| **Mar/16** | $10000 | $10000 | $10000 |
| **Mar/17** | $9796 | $11165 | $10140 |
| **Mar/18** | $12018 | $14481 | $11964 |
| **Mar/19** | $11535 | $13494 | $11273 |
| **Mar/20** | $10845 | $12691 | $10690 |
| **Mar/21** | $16268 | $18507 | $16152 |
| **Mar/22** | $14972 | $14029 | $14911 |
| **Mar/23** | $13081 | $13125 | $13185 |
| **Mar/24** | $11016 | $10942 | $11177 |
| **Mar/25** | $12405 | $14057 | $12679 |
| **Mar/26** | $15800 | $15513 | $16398 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Custom Blended KBA Index consists of: MSCI China A Index (inception to October 23, 2014), MSCI China A International Index (October 23, 2024 to December 26, 2017), MSCI China A Inclusion Index (December 27, 2017 to May 29, 2019), MSCI China A Index (May 29, 2019 to January 5. 2022), and MSCI China A 50 Connect Index (January 6, 2022 to present). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 27.37% | -0.58% | 4.68% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | -3.47% | 4.49% |
| Custom Blended KBA Index<sup>Footnote Reference†</sup> | 29.34% | 0.30% | 5.07% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund during the last 10 years. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kba/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $170401301 | 52 | $1120396 | 55% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i22742614529cf3122747d7bc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.6% |
| Communication Services | 1.7% |
| Energy | 3.4% |
| Utilities | 3.5% |
| Health Care | 4.4% |
| Consumer Discretionary | 6.2% |
| Consumer Staples | 7.7% |
| Materials | 11.4% |
| Industrials | 16.5% |
| Financials | 20.2% |
| Information Technology | 23.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Contemporary Amperex Technology, Cl A | 8.5% |
| Zijin Mining Group, Cl A | 6.1% |
| Kweichow Moutai, Cl A | 5.2% |
| Zhongji Innolight, Cl A | 4.6% |
| Foxconn Industrial Internet, Cl A | 4.6% |
| BYD, Cl A | 4.2% |
| Hygon Information Technology, Cl A | 3.5% |
| Eoptolink Technology, Cl A | 3.2% |
| China Merchants Bank, Cl A | 3.1% |
| Cambricon Technologies, Cl A | 3.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kba/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and sub-advisory agreement. In anticipation of the Transaction, the Board approved new advisory and sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of both the new advisory agreement and the Fund's reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval, the Board also approved interim advisory and sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kba/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Bosera MSCI China A 50 Connect Index ETF: KBA

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KBA-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares MSCI One Belt One Road Index ETF

## Ticker: OBOR

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares MSCI One Belt One Road Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/obor/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI One Belt One Road Index ETF | $90 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| OBOR | 27.53 | 29.24 | 29.28<sup>Footnote Reference(a)</sup> |

---

(a) MSCI Global China Infrastructure Exposure Index

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 potential upside for the companies involved in China's Belt & Road Initiative.

Equities involved in China's Belt & Road Initiative outperformed global equity markets, as measured by the MSCI ACWI Index, during the period. The Fund benefited from the strong performance of suppliers of raw materials, which experienced a windfall as global supply became constrained by tensions in the Strait of Hormuz.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i05ed2b9b821569b26e1b5b73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI One Belt One Road Index ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **MSCI Global China Infrastructure Exposure Index (NR)<sup>Footnote Reference†</sup>** |
| **Sep/17** | $10000 | $10000 | $10000 |
| **Mar/18** | $10267 | $10644 | $10309 |
| **Mar/19** | $9759 | $10921 | $9922 |
| **Mar/20** | $7634 | $9692 | $7971 |
| **Mar/21** | $12659 | $14983 | $13358 |
| **Mar/22** | $12519 | $16074 | $13216 |
| **Mar/23** | $10643 | $14878 | $11274 |
| **Mar/24** | $10281 | $18333 | $11035 |
| **Mar/25** | $11038 | $19643 | $11911 |
| **Mar/26** | $14078 | $23574 | $15398 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares MSCI One Belt One Road Index ETF | 27.53% | 2.15% | 4.07% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 20.01% | 9.49% | 10.53% |
| MSCI Global China Infrastructure Exposure Index (NR)<sup>Footnote Reference†</sup> | 29.28% | 2.88% | 5.17% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on September 7, 2017. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/obor/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $4064962 | 118 | $29570 | 29% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ia6a2c4cfc7c25151b2ddfe52.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.7% |
| Turkey | 1.4% |
| Kazakhstan | 1.7% |
| Malaysia | 1.8% |
| Israel | 2.6% |
| India | 3.3% |
| Thailand | 3.3% |
| Poland | 3.3% |
| Indonesia | 5.1% |
| Kuwait | 9.0% |
| Singapore | 11.1% |
| South Africa | 11.5% |
| China | 43.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Kuwait Finance House | 8.8% |
| Oversea-Chinese Banking | 8.1% |
| Valterra Platinum | 6.0% |
| China Yangtze Power, Cl A | 4.3% |
| Impala Platinum Holdings | 3.4% |
| KGHM Polska Miedz | 3.3% |
| PTT NVDR | 3.3% |
| China Petroleum & Chemical, Cl H | 2.0% |
| Northam Platinum Holdings | 1.9% |
| Singapore Technologies Engineering | 1.9% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/obor/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/obor/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares MSCI One Belt One Road Index ETF: OBOR

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### OBOR-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Emerging Markets Consumer Technology Index ETF

## Ticker: KEMQ

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Emerging Markets Consumer Technology Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kemq/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Emerging Markets Consumer Technology Index ETF | $55 | 0.49% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KEMQ | 25.77 | 28.16 | 26.32<sup>Footnote Reference(a)</sup> |

---

(a) Solactive Emerging Markets Consumer Technology Index

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.

Emerging market consumer technology equities underperformed emerging market equities more broadly, as measured by the MSCI Emerging Markets Index, during the period, due to the outsized performance of broad beta exposure to Latin America amid strong headline economic growth. Emerging markets consumer technology equities benefited from continued strong demand for AI chips from key global manufacturers, including Taiwan Semiconductor Manufacturing (TSMC) and SK Hynix, both of which are in Emerging Markets.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i32cf116dd8e68134f570cc31.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Emerging Markets Consumer Technology Index ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **Solactive Emerging Markets Consumer Technology Index (USD) (TR)<sup>Footnote Reference†</sup>** |
| **Oct/17** | $10000 | $10000 | $10000 |
| **Mar/18** | $10592 | $10546 | $10802 |
| **Mar/19** | $9176 | $9765 | $9421 |
| **Mar/20** | $7957 | $8038 | $8225 |
| **Mar/21** | $13355 | $12731 | $13922 |
| **Mar/22** | $7537 | $11284 | $7987 |
| **Mar/23** | $6384 | $10076 | $6831 |
| **Mar/24** | $6226 | $10898 | $6643 |
| **Mar/25** | $7746 | $11779 | $8301 |
| **Mar/26** | $9742 | $15260 | $10486 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Emerging Markets Consumer Technology Index ETF | 25.77% | -6.11% | -0.31% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 29.55% | 3.69% | 5.11% |
| Solactive Emerging Markets Consumer Technology Index (USD) (TR)<sup>Footnote Reference†</sup> | 26.32% | -5.51% | 0.56% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 11, 2017. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kemq/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $47148281 | 53 | $167765 | 72% |

---

## What did the Fund invest in?

## Country/Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i6afd0f63003507dfe4a352ee.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.0% |
| Greece | 0.7% |
| Australia | 0.7% |
| Uruguay | 0.9% |
| Indonesia | 1.0% |
| Japan | 2.5% |
| Brazil | 3.5% |
| Singapore | 3.5% |
| India | 4.2% |
| South Africa | 5.5% |
| Taiwan | 12.6% |
| South Korea | 18.8% |
| China | 45.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Meituan, Cl B | 4.0% |
| JD.com, Cl A | 3.9% |
| PDD Holdings ADR | 3.7% |
| Taiwan Semiconductor Manufacturing | 3.6% |
| Sea ADR | 3.5% |
| NetEase | 3.4% |
| Alibaba Group Holding | 3.4% |
| Tencent Holdings | 3.3% |
| Naspers, Cl N | 3.3% |
| SK hynix | 3.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kemq/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kemq/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Emerging Markets Consumer Technology Index ETF: KEMQ

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KEMQ-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares MSCI China Clean Technology Index ETF

## Ticker: KGRN

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares MSCI China Clean Technology Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kgrn/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI China Clean Technology Index ETF | $83 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KGRN | 10.87 | 12.38 | 11.96<sup>Footnote Reference(a)</sup> |

---

(a) MSCI China IMI Environment 10/40 Index

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 comprises 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.

China's clean technology equities outperformed the broader China equity market, as measured by the MSCI China All Shares Index, during the period. China's clean technology equities benefited from higher oil prices, leading to speculation of an acceleration in China's transition to renewables, as well as agreements among leading solar panel manufacturers to curb production and raise their profitability.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i4f178e512296b7d1d997695a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI China Clean Technology Index ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI China IMI Environment 10/40 Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** |
| **Oct/17** | $10000 | $10000 | $10000 |
| **Mar/18** | $9544 | $10289 | $9569 |
| **Mar/19** | $8277 | $9588 | $8373 |
| **Mar/20** | $7187 | $9018 | $7274 |
| **Mar/21** | $17466 | $13150 | $16965 |
| **Mar/22** | $15962 | $9968 | $15018 |
| **Mar/23** | $12656 | $9326 | $11762 |
| **Mar/24** | $9091 | $7775 | $8505 |
| **Mar/25** | $11552 | $9988 | $10935 |
| **Mar/26** | $12807 | $11023 | $12243 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;IMI - Investable Market Index |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares MSCI China Clean Technology Index ETF | 10.87% | -6.02% | 2.96% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | -3.47% | 1.16% |
| MSCI China IMI Environment 10/40 Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 11.96% | -6.32% | 2.42% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 12, 2017. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kgrn/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $61608429 | 50 | $460282 | 35% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i5321a6760e3623d9c17a1b74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 14.6% |
| Utilities | 19.7% |
| Industrials | 26.3% |
| Consumer Discretionary | 39.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| BYD, Cl H | 9.0% |
| Li Auto, Cl A | 8.6% |
| XPeng, Cl A | 8.5% |
| Contemporary Amperex Technology, Cl A | 6.8% |
| NIO, Cl A | 4.8% |
| CGN Power, Cl H | 4.8% |
| China Yangtze Power, Cl A | 4.7% |
| GDS Holdings, Cl A | 3.9% |
| Contemporary Amperex Technology, Cl H | 3.6% |
| Zhejiang Leapmotor Technology, Cl H | 3.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kgrn/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kgrn/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares MSCI China Clean Technology Index ETF: KGRN

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KGRN-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Electric Vehicles and Future Mobility Index ETF

## Ticker: KARS

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Electric Vehicles and Future Mobility Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kars/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Electric Vehicles and Future Mobility Index ETF | $86 | 0.69% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KARS | 48.24 | 52.42 | 48.46<sup>Footnote Reference(a)</sup> |

---

(a) Bloomberg Electric Vehicles Index

The KraneShares Electric Vehicle & Future Mobility Index ETF 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 global electric vehicle ("EV") and future mobility ecosystem outperformed global equity markets, as measured by the MSCI ACWI Index, during the period. EVs and future mobility companies benefited from strong adoption trends, especially in China, a softer-than-expected political backlash against pro-EV policies in the United States, and an oil price shock that sparked speculation it could accelerate the electrification of transportation worldwide.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i04d10ec6af33ab96afab4e29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** | **Custom Blended KARS Index<sup>Footnote Reference‡</sup>** |
| **Jan/18** | $10000 | $10000 | $10000 |
| **Mar/18** | $9320 | $9464 | $9287 |
| **Mar/19** | $8370 | $9710 | $8307 |
| **Mar/20** | $7856 | $8617 | $7812 |
| **Mar/21** | $17476 | $13322 | $17567 |
| **Mar/22** | $17484 | $14291 | $17951 |
| **Mar/23** | $13676 | $13228 | $14081 |
| **Mar/24** | $10132 | $16299 | $10567 |
| **Mar/25** | $9639 | $17465 | $10069 |
| **Mar/26** | $14289 | $20960 | $14949 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;ACWI – All Country World Index |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote‡ | &nbsp;&nbsp;Custom Blended KARS Index consists of: Solactive Electric Vehicles and Future Mobility Index (Inception to June 15, 2021) and Bloomberg Electric Vehicles Total Return Index (June 16, 2021 to present). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 48.24% | -3.95% | 4.45% |
| MSCI ACWI Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 20.01% | 9.49% | 9.44% |
| Custom Blended KARS Index<sup>Footnote Reference‡</sup> | 48.46% | -3.18% | 5.02% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 18, 2018. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kars/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $73782461 | 80 | $495924 | 69% |

---

## What did the Fund invest in?

## Country/Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i5108ea1b5f452ece34b1fa65.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 0.6% |
| Hong Kong | 0.4% |
| Indonesia | 0.6% |
| Belgium | 1.0% |
| Chile | 2.5% |
| Short-Term Investment<sup>Footnote Reference†</sup> | 2.8% |
| Singapore | 3.9% |
| Germany | 4.6% |
| Japan | 5.0% |
| Australia | 7.5% |
| South Korea | 7.9% |
| United States | 15.9% |
| China | 49.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;This security, or a portion thereof, was purchased with cash collateral held from securities on loan. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| BYD, Cl A | 5.0% |
| Albemarle | 4.4% |
| Contemporary Amperex Technology, Cl A | 4.4% |
| Panasonic Holdings | 4.2% |
| STMicroelectronics | 3.9% |
| Tesla | 3.8% |
| Xiaomi, Cl B | 3.7% |
| Bayerische Motoren Werke | 3.4% |
| Geely Automobile Holdings | 3.2% |
| NIO, Cl A | 2.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kars/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kars/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Electric Vehicles and Future Mobility Index ETF: KARS

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KARS-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares MSCI All China Health Care Index ETF

## Ticker: KURE

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares MSCI All China Health Care Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kure/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI All China Health Care Index ETF | $69 | 0.65% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KURE | 12.9 | 13.84 | 13.67<sup>Footnote Reference(a)</sup> |

---

(a) MSCI China All Shares Health Care 10/40 Index

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 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. American depositary receipts). The Underlying Index is designed to reflect the various China equity share classes, including those listed in Hong Kong, Shanghai, Shenzhen, and outside of China.

China's health care equities outperformed the broader China equity market, as measured by the MSCI China All Shares Index, during the period. China's health care equities benefited from a surge in deals between China-based and multinational pharmaceutical companies to distribute treatments developed in China in external markets, as well as the shortening of the review period of innovative drugs for domestic distribution.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i841ba828253632c5b950746f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI All China Health Care Index ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI China All Shares Healthcare 10/40 Index (USD) (NR)<sup>Footnote Reference\*</sup>** |
| **Jan/18** | $10000 | $10000 | $10000 |
| **Mar/18** | $10660 | $9079 | $10746 |
| **Mar/19** | $8955 | $8460 | $8951 |
| **Mar/20** | $9578 | $7958 | $9649 |
| **Mar/21** | $15426 | $11604 | $15776 |
| **Mar/22** | $10971 | $8796 | $11353 |
| **Mar/23** | $9583 | $8230 | $9942 |
| **Mar/24** | $6794 | $6861 | $7116 |
| **Mar/25** | $7336 | $8814 | $7736 |
| **Mar/26** | $8283 | $9727 | $8794 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares MSCI All China Health Care Index ETF | 12.90% | -11.69% | -2.28% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | -3.47% | -0.34% |
| MSCI China All Shares Healthcare 10/40 Index (USD) (NR)<sup>Footnote Reference\*</sup> | 13.67% | -11.03% | -1.56% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 31, 2018. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kure/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $80418442 | 53 | $587928 | 73% |

---

## What did the Fund invest in?

## Sector/Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](if8c4879b3be6cc7590034e45.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment<sup>Footnote Reference†</sup> | 1.6% |
| Health Care Providers & Services | 6.2% |
| Health Care Equipment & Supplies | 9.6% |
| Life Sciences Tools & Services | 20.0% |
| Pharmaceuticals | 31.6% |
| Biotechnology | 32.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;This security, or a portion thereof, was purchased with cash collateral held from securities on loan. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| Innovent Biologics | 8.7% |
| BeOne Medicines, Cl H | 8.2% |
| Wuxi Biologics Cayman | 6.6% |
| Akeso | 5.7% |
| WuXi AppTec, Cl A | 5.7% |
| Jiangsu Hengrui Pharmaceuticals, Cl A | 4.6% |
| Shenzhen Mindray Bio-Medical Electronics, Cl A | 4.3% |
| Sino Biopharmaceutical | 4.2% |
| CSPC Pharmaceutical Group | 3.6% |
| Hansoh Pharmaceutical Group | 3.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kure/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kure/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares MSCI All China Health Care Index ETF: KURE

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KURE-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Asia Pacific High Income USD Bond ETF

## Ticker: KHYB

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Asia Pacific High Income USD Bond ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/khyb/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Asia Pacific High Income USD Bond ETF | $71 | 0.69% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KHYB^ | 6.3 | 6.63 | N/A |

---

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

The KraneShares Asia Pacific High Income U.S.D. 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 (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 noninvestment grade based on the middle rating between Moody's, Fitch, and S&P.

The Asia ex-Japan U.S. dollar-denominated high yield bond market outperformed Asian fixed income more broadly, as measured by the JP Morgan Asia Credit Index, during the period. Asian high yield bonds demonstrated relative resilience in the wake of the oil price shock caused by Middle Eastern tensions in March and continued to benefit from a recovery in the bonds issued by China-based real estate developers.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i5cb2408cca71ffc5f7fe30b8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Asia Pacific High Income USD Bond ETF** | **JP Morgan Asia Credit Index (JACI) (USD) (TR)<sup>Footnote Reference\*</sup>** | **Custom Blended KHYB Index<sup>Footnote Reference†</sup>** |
| **Jun/18** | $10000 | $10000 | $10000 |
| **Mar/19** | $10572 | $10665 | $10884 |
| **Mar/20** | $10178 | $10915 | $10527 |
| **Mar/21** | $11432 | $11897 | $11869 |
| **Mar/22** | $9177 | $11006 | $9296 |
| **Mar/23** | $9136 | $10714 | $9238 |
| **Mar/24** | $9759 | $11343 | $9547 |
| **Mar/25** | $10533 | $12095 | $10584 |
| **Mar/26** | $11197 | $12737 | $11271 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Custom Blended KHYB Index consist of: Solactive USD China Corporate High Yield Bond Index (Inception to July 31, 2021) and JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (August 1, 2021 to present.) |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Asia Pacific High Income USD Bond ETF | 6.30% | -0.42% | 1.47% |
| JP Morgan Asia Credit Index (JACI) (USD) (TR)<sup>Footnote Reference\*</sup> | 5.31% | 1.37% | 3.16% |
| Custom Blended KHYB Index<sup>Footnote Reference†</sup> | 6.49% | -1.03% | 1.55% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on June 26, 2018. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/khyb/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $15375176 | 66 | $148775 | 198% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i7740d6a3f4fe7cb72ebe35d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.1% |
| Philippines | 1.3% |
| Japan | 1.3% |
| Sri Lanka | 2.2% |
| Thailand | 3.8% |
| Pakistan | 4.3% |
| United Kingdom | 4.8% |
| Mongolia | 5.1% |
| Indonesia | 6.1% |
| Macau | 9.6% |
| Hong Kong | 14.7% |
| India | 17.5% |
| China | 20.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |

---

## Credit Quality Weightings<sup>**Footnote Reference \***</sup>
![Credit Quality Chart](i72d2ecd4d6b5c326a5b1cb88.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| CC- | 0.5% |
| B- | 1.2% |
| A- | 1.2% |
| BBB- | 2.6% |
| CCC+ | 4.4% |
| BB | 5.1% |
| B | 6.6% |
| BB+ | 7.5% |
| B+ | 12.9% |
| BB- | 14.5% |
| Not Rated / Rating Unavailable | 36.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/khyb/#fund-documents or upon request at 1-855-857-2638.

Effective September 1, 2025, the Fund's sub-adviser, Nikko Asset Management Americas Inc., changed its name to Amova Asset Management Americas, Inc.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/khyb/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Asia Pacific High Income USD Bond ETF: KHYB

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KHYB-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares MSCI Emerging Markets ex China Index ETF

## Ticker: KEMX

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares MSCI Emerging Markets ex China Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kemx/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares MSCI Emerging Markets ex China Index ETF | $29 | 0.24% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KEMX | 43.97 | 50.31 | 41.30<sup>Footnote Reference(a)</sup> |

---

(a) MSCI Emerging Markets ex China Index

The KraneShares MSCI Emerging Markets ex China Index ETF (the "Fund") seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund's current index is the MSCI Emerging Markets ex China Index (the "Underlying Index").

Emerging markets ex-China equities outperformed broad emerging market equities (including China), as measured by the MSCI Emerging Markets Index, during the period. Emerging markets ex-China benefited from improving regional economies in Latin America and a weaker U.S. dollar.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](icf2fddde75d4c60ef0220359.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI Emerging Markets ex China Index ETF** | **MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **MSCI Emerging Markets ex China Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup>** |
| **Apr/19** | $10000 | $10000 | $10000 |
| **Mar/20** | $7569 | $8005 | $7371 |
| **Mar/21** | $12957 | $12679 | $12440 |
| **Mar/22** | $13031 | $11238 | $12697 |
| **Mar/23** | $11451 | $10036 | $11006 |
| **Mar/24** | $13589 | $10854 | $13263 |
| **Mar/25** | $13383 | $11732 | $12979 |
| **Mar/26** | $19268 | $15199 | $18339 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;The Fund's inception date predates the MSCI Emerging Markets ex China Index's inception date of March 9, 2017. Accordingly, the MSCI Emerging Markets ex China Index does not have 10 calendar years of performance and the table instead reflects the MSCI Emerging Markets ex China Index's performance for 1 year, five years, and from its inception on March 9, 2017. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares MSCI Emerging Markets ex China Index ETF | 43.97% | 8.26% | 9.86% |
| MSCI Emerging Markets Index (USD) (NR)<sup>Footnote Reference\*</sup> | 29.55% | 3.69% | 6.19% |
| MSCI Emerging Markets ex China Index (USD) (NR)<sup>Footnote Reference\*</sup><sup>Footnote Reference†</sup> | 41.30% | 8.07% | 9.08% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on April 11, 2019. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kemx/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $100768776 | 286 | $165961 | 27% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ie27d9cf1ea97e1994f8d3387.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 5.5% |
| Chile | 1.0% |
| Thailand | 1.5% |
| United Arab Emirates | 1.5% |
| Indonesia | 1.6% |
| Poland | 2.1% |
| Malaysia | 2.1% |
| Mexico | 4.0% |
| South Africa | 4.3% |
| Brazil | 7.5% |
| India | 17.5% |
| South Korea | 22.9% |
| Taiwan | 27.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Taiwan Semiconductor Manufacturing | 14.7% |
| Samsung Electronics | 6.5% |
| SK hynix | 3.8% |
| Reliance Industries | 1.2% |
| MediaTek | 1.2% |
| Delta Electronics | 1.2% |
| Accton Technology | 1.1% |
| ICICI Bank | 1.0% |
| Vale | 1.0% |
| HDFC Bank | 1.0% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kemx/#documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kemx/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares MSCI Emerging Markets ex China Index ETF: KEMX

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KEMX-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Global Carbon Strategy ETF

## Ticker: KRBN

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Global Carbon Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/krbn/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Global Carbon Strategy ETF | $82 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KRBN | 6.82 | 7.22 | 8.23<sup>Footnote Reference(a)</sup> |

---

(a) S&P Global Carbon Credit Index

The KraneShares Global Carbon Strategy ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the performance of the S&P Global Carbon Credit Index Excess Return (the "Index"), plus any returns from any available collateral. The Index is comprised of futures contracts on emission allowances issued by various "cap and trade" regulatory regimes that seek to reduce greenhouse gas emissions over time.

Futures on allowances issued by the Regional Greenhouse Initiative (RGGI), which covers the Northeastern United States, contributed the most to the Fund's positive performance during the period. Futures on allowances issued by the European Union (EU) also contributed to the Fund's positive performance during the period. Meanwhile, futures on allowances issued by authorities in Washington State, the United Kingdom (UK), and California, whose system also covers Quebec, Canada, detracted from the Fund's performance.

#### How did the Fund perform since inception?

# Total Return Based on $10,000 Investment
![Growth Chart](i480308230bc0e8b1891873f9.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Global Carbon Strategy ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **S&P Global Carbon Credit Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/20** | $10000 | $10000 | $10000 |
| **Mar/21** | $14195 | $12329 | $14161 |
| **Mar/22** | $23380 | $14258 | $23392 |
| **Mar/23** | $24415 | $13156 | $24772 |
| **Mar/24** | $20469 | $17088 | $20960 |
| **Mar/25** | $20171 | $18498 | $21120 |
| **Mar/26** | $21546 | $21791 | $22860 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

# Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Global Carbon Strategy ETF | 6.82% | 8.70% | 14.49% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.80% | 12.06% | 14.71% |
| S&P Global Carbon Credit Index (USD) (TR)<sup>Footnote Reference\*</sup> | 8.23% | 10.05% | 15.69% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 29, 2020. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/krbn/ for current month-end performance.

# Key Fund Statistics as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $131672361<sub>9</sub> | $1268620 | 50% |

---

# What did the Fund invest in?

## Market Exposure<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| **<u>Allowance Exposure:</u>** |  |
| Futures | 48.4% |
| Index Linked Note | 51.7% |
| **<u>Collateral and Currency Management:</u>** |  |
| Short-Term Investment, GVMXX | 5.1% |
| Exchange-Traded Fund | 64.1% |
| Index Linked Note | 19.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount. |

---

## Allowance Breakdown<sup>**Footnote Reference ^**</sup>

#### Data as of 3/31/2026
![Top 10 Chart](i3d926aa470b7acbb60ae3fcf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| EUA 2026 Note | 51.7% |
| CCA 2026 Future | 26.6% |
| EUA 2026 Future | 6.3% |
| REG 2026 Future | 5.7% |
| UKA 2026 Future | 3.9% |
| WSH 2025 Future | 5.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Percentages are calculated based on total notional value. Future contracts are presented at the notional value. |

---

# Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/krbn/#fund-documents or upon request at 1-855-857-2638.

Effective November 3, 2025, the Fund changed from tracking the "Total Return" version of its underlying index to the "Excess Return" version of its underlying index.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/krbn/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Global Carbon Strategy ETF: KRBN

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KRBN-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF

## Ticker: KVLE

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kvle/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | $59 | 0.56% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | |
|:---|:---|:---|
| Fund | NAV Return (%) | Underlying Index Return (%) |
| KVLE | 9.31 | 9.07<sup>Footnote Reference(a)</sup> |

---

(a) Value Line<sup>®</sup> Dynamic Dividend Equity Index

The KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF seeks to provide investment results that correspond generally to the price and yield performance of the Value Line<sup>®</sup> Dynamic Dividend Equity Index (the "Underlying Index"). The Underlying Index introduces a market-adaptive approach to investing in U.S. large-cap companies. The strategy seeks to identify U.S. companies whose equity securities pay a high dividend yield and are the highest rated by Value Line<sup>®</sup>'s Safety™ and Timeliness™ Ranking Systems. Careful quantitative modeling, 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.

The Fund underperformed the broad U.S. equity market, as measured by the S&P 500 Index, during the period, largely due to its value tilt relative to broader indexes. The information technology stocks held by the Fund contributed the most to its positive performance for the period. Meanwhile, the Consumer Staples stocks held by the Fund detracted the most from performance.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](icfebf3beb19e49d2c809fba0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Value Line<sup>®</sup> Dynamic Dividend Equity Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Nov/20** | $10000 | $10000 | $10000 |
| **Mar/21** | $11546 | $11165 | $11529 |
| **Mar/22** | $13003 | $12912 | $12966 |
| **Mar/23** | $13027 | $11914 | $12950 |
| **Mar/24** | $14650 | $15474 | $14522 |
| **Mar/25** | $16307 | $16751 | $16083 |
| **Mar/26** | $17825 | $19733 | $17542 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 9.31% | 9.07% | 11.40% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.80% | 12.06% | 13.54% |
| Value Line<sup>®</sup> Dynamic Dividend Equity Index (USD) (NR)<sup>Footnote Reference†</sup> | 9.07% | 8.76% | 11.07% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on November 23, 2020. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kvle/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $34829581 | 75 | $144818 | 112% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i486913cfa20956e32d8d7462.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 1.5% |
| Utilities | 2.3% |
| Energy | 3.6% |
| Communication Services | 4.1% |
| Health Care | 8.8% |
| Consumer Staples | 9.0% |
| Real Estate | 10.4% |
| Consumer Discretionary | 10.9% |
| Industrials | 11.6% |
| Financials | 11.7% |
| Information Technology | 26.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| NVIDIA | 6.8% |
| Microsoft | 5.7% |
| Broadcom | 3.2% |
| Alphabet, Cl C | 2.6% |
| Johnson & Johnson | 2.5% |
| JPMorgan Chase | 2.4% |
| AbbVie | 2.2% |
| Goldman Sachs Group | 2.1% |
| Cisco Systems | 2.0% |
| Texas Instruments | 1.8% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kvle/#documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kvle/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF: KVLE

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KVLE-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Mount Lucas Managed Futures Index Strategy ETF

## Ticker: KMLM

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Mount Lucas Managed Futures Index Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kmlm/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | $94 | 0.90% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KMLM | 8.02 | 8.56 | 9.26<sup>Footnote Reference(a)</sup> |

---

(a) KFA MLM Index

The KraneShares Mount Lucas Managed Futures Index Strategy ETF seeks to provide investment results that, before fees and expenses, track the price performance of the KFA MLM Index (the "Underlying 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 performance over the period was mixed, Commodities contributed to performance while Currencies and Global Bonds detracted. The Fund's positioning was short global bonds for much of the period though it did move to long positions in the US and UK bonds. The Fund entered the period long the USD, short its basket of global currencies, but as the USD weakened mid-2025, the Fund's positioning shifted to long global currencies, short the USD. With the one exception being short Yen for much of the period trending lower. The Fund was predominantly short grain markets, long metals, long Live Cattle and short Sugar. Energy markets held mixed exposures during the period but got long Crude, Heating Oil and Unleaded Gas in 2026 as global energy markets surged on as Middle East tensions rose and the Iran War started.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i5c7ac326d8825435e25a26ba.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Mount Lucas Managed Futures Index Strategy ETF** | **Bloomberg Global Aggregate Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **KFA MLM Index (USD) (PR)<sup>Footnote Reference†</sup>** |
| **Dec/20** | $10000 | $10000 | $10000 |
| **Mar/21** | $11020 | $9693 | $11045 |
| **Mar/22** | $13468 | $9073 | $13929 |
| **Mar/23** | $14305 | $8341 | $15274 |
| **Mar/24** | $14450 | $8382 | $15558 |
| **Mar/25** | $13311 | $8637 | $14501 |
| **Mar/26** | $14378 | $9005 | $15843 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Price Return (PR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 8.02% | 5.46% | 7.05% |
| Bloomberg Global Aggregate Index (USD) (TR)<sup>Footnote Reference\*</sup> | 4.26% | -1.46% | -1.95% |
| KFA MLM Index (USD) (PR)<sup>Footnote Reference†</sup> | 9.26% | 7.48% | 9.01% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on December 1, 2020. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kmlm/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $272545215 | 27 | $1685059 | 0% |

---

## What did the Fund invest in?

## Commodity Exposure<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Sector Chart](ifbcc1f99db4870f53c672383.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Commodities | 37.0% |
| Global Fixed Income | 36.2% |
| Currencies | 26.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total market value of commodity exposure. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |

---

## Top Positions

---

| | | | |
|:---|:---|:---|:---|
| **<u>Instrument</u>** | **<u>Asset Class</u>** | **<u>Exposure (%)</u>** | **<u>Top Position</u>** |
| JPN 10Y BOND(OSE) JUN 26 | Bond | 33% | Top Short |
| NATURAL GAS FUTR JUN 26 | Commodity | 52% | Top Short |
| NY HARB ULSD FUT JUN 26 | Commodity | 16% | Top Long |
| JPN YEN CURR FUT JUN 26 | Currency | 47% | Top Short |
| AUDUSD CRNCY FUT JUN 26 | Currency | 72% | Top Long |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kmlm/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kmlm/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Mount Lucas Managed Futures Index Strategy ETF: KMLM

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KMLM-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares SSE STAR Market 50 Index ETF

## Ticker: KSTR

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares SSE STAR Market 50 Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kstr/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares SSE STAR Market 50 Index ETF | $102 | 0.89% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KSTR | 28.85 | 31.42 | 29.50<sup>Footnote Reference(a)</sup> |

---

(a) Shanghai Stock Exchange Science and Technology Innovation Board 50 Index

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.

STAR Market-listed equities outperformed China's market more broadly, as measured by the MSCI China All Shares Index, during the period. STAR-market listed equities benefited from strong performance in chipmakers and other technology hardware producers amid expectations of robust domestic and overseas demand for AI and cloud computing.

The Underlying Index includes a name indicated in U.S. Executive Order 13959/14032(1) that was not held in the portfolio during the period.

(1) Executive Order 13959/14032, signed by President Trump on November 12, 2020, prohibits U.S. investors from purchasing or transacting in securities linked to Chinese companies identified as tied to the Chinese military (CMICs). It became effective on January 11, 2021. Executive Order 14032, signed by President Biden on June 3, 2021, amends Executive Order 13959 by maintaining the investment restrictions while allowing the Treasury Secretary, in coordination with the Secretaries of State and Defense, to update the list of prohibited companies. It also outlines procedures for U.S. persons to divest from such securities.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](ie602e3fc95842f249a8be8ae.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares SSE STAR Market 50 Index ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **SSE Science and Technology Innovation Board 50 Index (USD, TR)<sup>Footnote Reference†</sup>** |
| **Jan/21** | $10000 | $10000 | $10000 |
| **Mar/21** | $8424 | $8896 | $8334 |
| **Mar/22** | $7504 | $6743 | $7555 |
| **Mar/23** | $6756 | $6309 | $6946 |
| **Mar/24** | $4360 | $5260 | $4688 |
| **Mar/25** | $5532 | $6757 | $6309 |
| **Mar/26** | $7128 | $7457 | $8170 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares SSE STAR Market 50 Index ETF | 28.85% | -3.29% | -6.33% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | -3.47% | -5.51% |
| SSE Science and Technology Innovation Board 50 Index (USD, TR)<sup>Footnote Reference†</sup> | 29.50% | -0.40% | -3.83% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 26, 2021. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kstr/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $81081466 | 51 | $464461 | 188% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i32ca1b12154baf09a5461c5d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 1.8% |
| Materials | 2.7% |
| Consumer Discretionary | 2.8% |
| Health Care | 8.2% |
| Information Technology | 84.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Cambricon Technologies, Cl A | 10.2% |
| Hygon Information Technology, Cl A | 9.6% |
| Montage Technology, Cl A | 7.1% |
| Advanced Micro-Fabrication Equipment China, Cl A | 5.2% |
| Verisilicon Microelectronics Shanghai, Cl A | 4.1% |
| Biwin Storage Technology, Cl A | 3.8% |
| Piotech, Cl A | 3.4% |
| Shanghai United Imaging Healthcare, Cl A | 3.0% |
| Beijing Kingsoft Office Software, Cl A | 3.0% |
| Hwatsing Technology, Cl A | 2.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kstr/#documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kstr/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares SSE STAR Market 50 Index ETF: KSTR

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KSTR-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Hang Seng TECH Index ETF

## Ticker: KTEC

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Hang Seng TECH Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/ktec/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Hang Seng TECH Index ETF | $64 | 0.69% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KTEC | -14.71 | -12.68 | -13.61<sup>Footnote Reference(a)</sup> |

---

(a) Hang Seng TECH Index

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 with significant revenue exposure to technology themes.

Hong Kong-listed technology equities underperformed the broader Chinese equity market, as measured by the MSCI China All Shares Index, due to intense competition in China's E-Commerce industry, which weighed on the margins of large-cap e-commerce firms. Also, geopolitical headwinds, including tariffs, weighed on foreign investor sentiment towards China, further detracting from their performance. However, growth in artificial intelligence and cloud computing services remained strong for many Hong Kong-listed technology companies during the period.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](ibb7c65f3cc1f25e1a2454694.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Hang Seng TECH Index ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **Hang Seng TECH Index (USD) (NR)<sup>Footnote Reference\*</sup>** |
| **Jun/21** | $10000 | $10000 | $10000 |
| **Mar/22** | $5572 | $7332 | $5674 |
| **Mar/23** | $5328 | $6859 | $5381 |
| **Mar/24** | $4354 | $5719 | $4392 |
| **Mar/25** | $6548 | $7346 | $6921 |
| **Mar/26** | $5585 | $8107 | $5979 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Hang Seng TECH Index ETF | -14.71% | -11.40% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | -4.27% |
| Hang Seng TECH Index (USD) (NR)<sup>Footnote Reference\*</sup> | -13.61% | -10.13% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on June 8, 2021. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/ktec/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $50732389 | 29 | $356460 | 71% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i303320dbfe1d9b0b10c1fe40.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.7% |
| Information Technology | 20.4% |
| Communication Services | 27.8% |
| Consumer Discretionary | 44.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| BYD, Cl H | 9.9% |
| Meituan, Cl B | 9.8% |
| Xiaomi, Cl B | 9.0% |
| Tencent Holdings | 8.5% |
| NetEase | 7.9% |
| JD.com, Cl A | 4.5% |
| Alibaba Group Holding | 4.5% |
| Kuaishou Technology, Cl B | 4.4% |
| Baidu, Cl A | 4.3% |
| XPeng, Cl A | 3.5% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/ktec/#documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/ktec/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Hang Seng TECH Index ETF: KTEC

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KTEC-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares California Carbon Allowance Strategy ETF

## Ticker: KCCA

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares California Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kcca/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

# What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares California Carbon Allowance Strategy ETF | $76 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KCCA | -8.84 | -8.33 | -8.64<sup>Footnote Reference(a)</sup> |

---

(a) S&P Carbon Credit CCA Index.

The KraneShares European Carbon Allowance Strategy ETF (the "Fund") seeks to provide investment results that, before fees and expenses, track the performance of the S&P Carbon Credit EUA Index Excess Return (the "Index"), plus any returns from any available collateral. The Index is comprised of futures contracts on emission allowances issued by a "cap and trade" regulatory regime that seeks to reduce greenhouse gas emissions over time.

Futures on allowances issued by the California Air Resources Board (CARB), which may be used in either California or Quebec, Canada, were lower, which led to the Fund's negative performance during the period. Proposed reforms to CARB were not implemented during the period, which led to the decline in the value of the allowances.

#### How did the Fund perform since inception?

# Total Return Based on $10,000 Investment
![Growth Chart](id651e446f2bc23da0caad98f.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares California Carbon Allowance Strategy ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **S&P Carbon Credit CCA Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Oct/21** | $10000 | $10000 | $10000 |
| **Mar/22** | $10308 | $10609 | $10233 |
| **Mar/23** | $9603 | $9789 | $9677 |
| **Mar/24** | $11857 | $12714 | $12198 |
| **Mar/25** | $8903 | $13763 | $9354 |
| **Mar/26** | $8116 | $16214 | $8545 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

# Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares California Carbon Allowance Strategy ETF | -8.84% | -4.54% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.80% | 11.36% |
| S&P Carbon Credit CCA Index (USD) (TR)<sup>Footnote Reference\*</sup> | -8.64% | -3.44% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 4, 2021. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kcca/ for current month-end performance.

# Key Fund Statistics as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $105547125<sub>3</sub> | $885540 | 42% |

---

# What did the Fund invest in?

## Collateral Management<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Investment, GVMXX | 7.2% |
| Exchange-Traded Fund<sup>Footnote Reference\*\*</sup> | 82.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. All Investments are presented at market value with the exception of future contracts which are presented at the notional amount. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Futures Breakdown<sup>**Footnote Reference ^**</sup><sup>**Footnote Reference \***</sup>

#### Data as of 3/31/2026
![Top 10 Chart](i9a6311ae1698864932a976ba.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| California | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Percentages are calculated based on total notional value. Future contracts are presented at the notional value. |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;At the latest auction, which occurred on February 18, 2026, 12.50% of allowances were purchased for Quebec-based polluters. |

---

# Material Fund Changes
https://kraneshares.com/etf/kcca/#fund-documentsThis is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kcca/#fund-documents or upon request at 1-855-857-2638.

Effective November 3, 2025, the Fund changed from tracking the "Total Return" version of its underlying index to the "Excess Return" version of its underlying index.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

# Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

# Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcca/.

# Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares California Carbon Allowance Strategy ETF: KCCA

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KCCA-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares KWEB Covered Call Strategy ETF

## Ticker: KLIP

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares KWEB Covered Call Strategy ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/klip/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares KWEB Covered Call Strategy ETF | $26 | 0.26% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KLIP^ | -0.27 | -0.31 | N/A |

---

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

The KraneShares KWEB Covered Call Strategy ETF seeks to provide current income. To achieve its investment objective, the Fund employs a covered call strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the component securities of the CSI Overseas China Internet Index or in instruments that have economic characteristics similar to those in the Index and writes (sells) covered call options on the Index or in instruments that have economic characteristics similar to writing covered call options on the Index. Currently, the Fund invests in the KraneShares CSI China Internet ETF (the "Underlying Fund"), which is an exchange-traded fund advised by Krane that seeks to track the Index, and to write (sell) covered call options on the Underlying Fund.

A decline in the volatility of China's internet equities led to a decrease in the options premiums earned by the Fund during the period. China's internet equities underperformed the broader Chinese equity market, as measured by the MSCI China All Shares Index, due to intense competition in China's E-Commerce industry, which weighed on the margins of large-cap e-commerce firms.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i8a1d5794c061739380eb12ed.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares KWEB Covered Call Strategy ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **CSI Overseas China Internet Index (USD) (PR)<sup>Footnote Reference†</sup>** |
| **Jan/23** | $10000 | $10000 | $10000 |
| **Mar/23** | $9644 | $9652 | $9052 |
| **Mar/24** | $11021 | $8047 | $7744 |
| **Mar/25** | $12179 | $10337 | $10541 |
| **Mar/26** | $12146 | $11408 | $8892 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Price Return (PR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares KWEB Covered Call Strategy ETF | -0.27% | 6.22% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | 4.18% |
| CSI Overseas China Internet Index (USD) (PR)<sup>Footnote Reference†</sup> | -15.65% | -3.58% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on January 11, 2023. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/klip/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $111303120<sub>8</sub> | $275962 | 397% |

---

## What did the Fund invest in?
(KWEB) Sector Weightings<sup>**Footnote Reference\***</sup>

![Holdings Chart](ib626837f74bb9b3c7c837f71.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 2.1% |
| Real Estate | 4.3% |
| Industrials | 6.4% |
| Consumer Staples | 8.3% |
| Communication Services | 37.3% |
| Consumer Discretionary | 41.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets of KWEB (KraneShares CSI China Internet ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself. |

---

## Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets<sup>Footnote Reference(A)</sup></u>** |
| KraneShares CSI China Internet ETF<sup>Footnote Reference\*\*</sup> | 101.8% |
| Written Options<sup>Footnote Reference(1)</sup> | -2.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;At market value. |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Short-Term Investments are not shown in the top ten chart. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/klip/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/klip/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares KWEB Covered Call Strategy ETF: KLIP

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KLIP-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Hedgeye Hedged Equity Index ETF

## Ticker: KSPY

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Hedgeye Hedged Equity Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kspy/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Hedgeye Hedged Equity Index ETF | $77 | 0.72% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KSPY | 14.92 | 15.13 | 16.83<sup>Footnote Reference(a)</sup> |

---

(a) Hedgeye Hedged Equity Index

The KraneShares Hedgeye Hedged Equity Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Hedgeye Hedged Equity Index (the "Underlying Index"). The Underlying Index is designed to track the performance of a portfolio of large-cap securities subject to downside hedging and seeking to exhibit less volatility than a portfolio of large-cap securities alone. The Underlying Index models an investment in the S&P 500 Index, the purchase and sale of put options on the S&P 500 Index and Flexible Exchange<sup>®</sup> Options ("FLEX Options") on an ETF that tracks the S&P 500 Index or a similar large-cap securities index, and the sale of call options on the S&P 500 Index. Fund assets not invested in options are invested in an ETF that seeks to track the S&P 500 Index.

The put options on the S&P 500 Index and the State Street SPDR S&P 500 Trust ETF held by the Fund detracted from its performance relative to the S&P 500 Index, which was up during the period.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i5cf77f0e711f6605c65f07ac.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Hedgeye Hedged Equity Index ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Hedgeye Hedged Equity Index (USD) (PR)<sup>Footnote Reference†</sup>** |
| **Jul/24** | $10000 | $10000 | $10000 |
| **Sep/24** | $10064 | $10262 | $10102 |
| **Dec/24** | $10368 | $10509 | $10446 |
| **Mar/25** | $10291 | $10060 | $10390 |
| **Jun/25** | $10782 | $11161 | $10941 |
| **Sep/25** | $11475 | $12068 | $11679 |
| **Dec/25** | $11849 | $12388 | $12102 |
| **Mar/26** | $11827 | $11851 | $12139 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Price Return (PR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Hedgeye Hedged Equity Index ETF | 14.92% | 10.31% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.80% | 10.45% |
| Hedgeye Hedged Equity Index (USD) (PR)<sup>Footnote Reference†</sup> | 16.83% | 12.01% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 15, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kspy/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $76784891<sub>4</sub> | $279350 | 30% |

---

## What did the Fund invest in?

## KSPY Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](id63cdc7ac390a2b46d3fa9d7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Not Classified | 0.3% |
| Real Estate | 2.0% |
| Materials | 2.1% |
| Utilities | 2.5% |
| Energy | 4.0% |
| Consumer Staples | 5.2% |
| Industrials | 9.0% |
| Health Care | 9.4% |
| Consumer Discretionary | 9.8% |
| Communication Services | 10.3% |
| Financials | 12.6% |
| Information Technology | 32.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets of SPY (SPDR S&P 500 ETF), an investment in which the Fund holds shares. These securities are not direct holdings of the Fund itself. |

---

## Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| State Street SPDR S&P 500 ETF Trust | 98.9% |
| Purchased Option<sup>Footnote Reference(1)</sup> | 2.5% |
| Written Options<sup>Footnote Reference(1)</sup> | -1.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;At market value. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kspy/#fund-documents or upon request at 1-855-857-2638.

The Board of the Trust approved the appointment of Hedgeye Asset Management, LLC ("HAM") as sub-adviser to the Fund. In connection with this change, John McNamara was appointed as a portfolio manager of the Fund and the Adviser's voluntary fee waiver was terminated.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kspy/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Hedgeye Hedged Equity Index ETF: KSPY

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KSPY-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Artificial Intelligence and Technology ETF

## Ticker: AGIX

## Principal Listing Exchange: NASDAQ

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Artificial Intelligence and Technology ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/agix/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Artificial Intelligence and Technology ETF | $117 | 1.00% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| AGIX^ | 33.06 | 35.18 | N/A |

---

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

Under normal circumstances, the KraneShares Artificial Intelligence & Technology ETF invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of artificial intelligence (AI) and technology companies and other instruments that have economic characteristics similar to such securities. The Fund considers a company to be an "AI and Technology" company if it is classified in the Technology economy within the FactSet Revere Business Industry Classification system (RBICS), which requires a company to generate at least 50% of its revenue from within the Technology economy, and has an AI Exposure Score greater than zero. An "AI and Technology" company will generally operate in the following industries, as categorized by RBICS: computer peripherals, data processing services, information technology services, internet retail, internet software/services, packaged software, semiconductors, or telecommunications equipment. An AI Exposure Score is a proprietary score used by the Underlying Index (as defined below) that attempts to quantify the exposure of a company with regard to AI. It is measured in a range from 0 (no exposure) to 5 (highest exposure) and is based on the company's public business descriptions, public filings, press releases, and financial disclosures that directly indicate involvement in AI-related business or the incorporation of AI technologies into their key operations, offerings and research and development activities.

U.S. AI equities outperformed the broader U.S. equity market, as defined by the S&P 500 Index, as expectations for the potential capabilities of AI-enabled agents rose and chipmakers' revenues remained stable at current levels. The Fund's allocation to the privately-held company Anthropic contributed to its positive performance during the period. The Fund acquired a position in the privately held company xAI, now known as SpaceX, following a merger, during the period.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i5a24abc9e499d95b7fd30dd4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Artificial Intelligence and Technology ETF** | **S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Solactive Etna Artificial General Intelligence Index (USD) (NR)<sup>Footnote Reference†</sup>** |
| **Jul/24** | $10000 | $10000 | $10000 |
| **Sep/24** | $10164 | $10341 | $10090 |
| **Dec/24** | $11389 | $10590 | $11328 |
| **Mar/25** | $9876 | $10138 | $9724 |
| **Jun/25** | $12642 | $11247 | $12610 |
| **Sep/25** | $14702 | $12161 | $14286 |
| **Dec/25** | $14758 | $12483 | $14016 |
| **Mar/26** | $13141 | $11942 | $12320 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |
| &nbsp;&nbsp;Footnote† | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Artificial Intelligence and Technology ETF | 33.06% | 17.39% |
| S&P 500 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 17.80% | 10.98% |
| Solactive Etna Artificial General Intelligence Index (USD) (NR)<sup>Footnote Reference†</sup> | 26.69% | 13.02% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 17, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/agix/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $171473296 | 57 | $848639 | 70% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ice6f4f1e6856a2f2d18ec90e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 1.0% |
| Utilities | 3.3% |
| Industrials | 5.3% |
| Consumer Discretionary | 6.0% |
| Communication Services | 11.2% |
| Information Technology | 72.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| NVIDIA | 5.3% |
| Microsoft | 4.0% |
| Meta Platforms, Cl A | 3.7% |
| SpaceX, Cl A | 3.6% |
| Alphabet, Cl A | 3.4% |
| Apple | 3.3% |
| Broadcom | 3.1% |
| Taiwan Semiconductor Manufacturing | 2.9% |
| Amazon.com | 2.8% |
| Anthropic | 2.7% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/agix/#fund-documents or upon request at 1-855-857-2638.

Effective June 1, 2026, the Fund's name changed from "KraneShares Artificial Intelligence and Technology ETF" to "KraneShares Public-Private AI and Technology ETF". In addition, the Fund's principal investment strategy has been updated to provide that, under normal circumstances, it will invest at least 80% of its net assets (plus borrowings for investment purposes) in the publicly traded or privately offered securities of "Artificial Intelligence ("AI") and Technology" companies and other instruments that have economic characteristics similar to such securities.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/agix/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Artificial Intelligence and Technology ETF: AGIX

#### Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report: March 31, 2026

#### AGIX-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Sustainable Ultra Short Duration Index ETF

## Ticker: KCSH

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Sustainable Ultra Short Duration Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kcsh/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Sustainable Ultra Short Duration Index ETF | $20 | 0.20% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KCSH | 4.16 | 4.12 | 4.21<sup>Footnote Reference(a)</sup> |

---

(a) Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index

The KraneShares Sustainable Ultra Short Duration Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Solactive ISS Sustainable Select 0-1 Year USD Corporate Investment Grade ("IG") Index (the "Underlying Index"). The Underlying Index is designed to measure the performance of U.S. dollar denominated investment grade corporate debt securities with a maturity of up to one year that are compatible with the principal objective of the Paris Agreement, which seeks to limit temperature increases in this century to well below 2 degrees Celsius, and preferably to 1.5 degrees Celsius, above pre-industrial levels (i.e., carbon reduction target levels).

The Fund underperformed the Bloomberg U.S. Aggregate Bond Index, which benefited from interest rate cuts during the period, as the Index has a longer duration, thereby exposing it to greater interest rate risk. However, volatility in global markets toward the end of the period led to a shift to the relative safety of cash-like investments, contributing to the Fund's positive performance for the period.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i7e4d476df4a19f27cd544cca.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Sustainable Ultra Short Duration Index ETF** | **Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Jul/24** | $10000 | $10000 | $10000 |
| **Sep/24** | $10112 | $10404 | $10116 |
| **Dec/24** | $10226 | $10085 | $10235 |
| **Mar/25** | $10343 | $10366 | $10351 |
| **Jun/25** | $10458 | $10491 | $10463 |
| **Sep/25** | $10576 | $10704 | $10585 |
| **Dec/25** | $10688 | $10822 | $10699 |
| **Mar/26** | $10773 | $10817 | $10787 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Sustainable Ultra Short Duration Index ETF | 4.16% | 4.52% |
| Bloomberg U.S. Aggregate Bond Index (USD) (TR)<sup>Footnote Reference\*</sup> | 4.35% | 4.78% |
| Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (USD) (TR)<sup>Footnote Reference\*</sup> | 4.21% | 4.60% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on July 25, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kcsh/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $174016994 | 95 | $371285 | 0% |

---

## What did the Fund invest in?

## Maturity Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i6d8a6d9dbfd3411020cd0777.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 9-12 Months | 13.2% |
| 6-9 Months | 16.8% |
| 3-6 Months | 27.2% |
| 0-3 Months | 37.5% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;This chart does not include cash, and therefore, the investments as a percentage to total net assets (which includes cash) will not add up to 100%. |

---

## Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| **<u>Holding Name</u>** | **<u>Coupon Rate</u>** | **<u>Maturity Date</u>** | **<u>Percentage of Total Net Assets</u>** |
| American Express | 1.650% | 11/04/26 | 2.5% |
| Sumitomo Mitsui Financial Group | 2.632% | 07/14/26 | 2.3% |
| Procter & Gamble | 1.900% | 02/01/27 | 2.3% |
| ASB Bank | 5.346% | 06/15/26 | 2.0% |
| Citigroup | 4.300% | 11/20/26 | 2.0% |
| JPMorgan Chase | 4.125% | 12/15/26 | 2.0% |
| Procter & Gamble | 2.450% | 11/03/26 | 2.0% |
| Toronto-Dominion Bank | 1.200% | 06/03/26 | 1.9% |
| Toyota Motor Credit | 1.125% | 06/18/26 | 1.8% |
| Goldman Sachs Group | 5.950% | 01/15/27 | 1.7% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kcsh/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcsh/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Sustainable Ultra Short Duration Index ETF: KCSH

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KCSH-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares China Alpha Index ETF

## Ticker: KCAI

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares China Alpha Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kcai/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares China Alpha Index ETF | $102 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KCAI | 57.43 | 59.08 | 60.09<sup>Footnote Reference(a)</sup> |

---

(a) Qi China Alpha Index

The KraneShares Qi China Alpha Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Qi China Alpha Index (the "Underlying Index"). The Underlying Index seeks to provide a total return that exceeds the CSI 300 Index (the "Benchmark Index") using an automated algorithmic machine learning investment process ("AI Process") developed by Quant Insight Ltd. ("Index Provider"). The CSI 300 Index is a free-float capitalization-weighted index that tracks the performance of China A-Shares issued by the 300 largest companies by market capitalization and liquidity traded on the Shanghai Stock Exchange and Shenzhen Stock Exchange.

The Fund outperformed China's equity market more broadly, as measured by the MSCI China All Shares Index, during the period. The Fund also outperformed its benchmark index, the CSI 300 Index. The Fund benefited from relative strength in China's A-share market during the period, as well as the alpha generated by its AI Process.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](i0e4f73c9f849607fd806717d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares China Alpha Index ETF** | **MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup>** | **Qi China Alpha Index (USD) (NR)<sup>Footnote Reference\*</sup>** |
| **Aug/24** | $10000 | $10000 | $10000 |
| **Sep/24** | $11756 | $12426 | $11808 |
| **Dec/24** | $11057 | $11561 | $11128 |
| **Mar/25** | $11102 | $12627 | $11178 |
| **Jun/25** | $12341 | $12922 | $12468 |
| **Sep/25** | $15326 | $15565 | $15562 |
| **Dec/25** | $16905 | $14907 | $17260 |
| **Mar/26** | $17477 | $13935 | $17896 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Net Return (NR) - Reflects no deductions for fees, expenses or taxes (except foreign withholding taxes). |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares China Alpha Index ETF | 57.43% | 42.01% |
| MSCI China All Shares Index (USD) (NR)<sup>Footnote Reference\*</sup> | 10.36% | 23.18% |
| Qi China Alpha Index (USD) (NR)<sup>Footnote Reference\*</sup> | 60.09% | 44.14% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on August 27, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/kcai/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $11014037 | 40 | $78132 | 174% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](idff334c0f097cbe0cf6bb3fc.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 9.4% |
| Information Technology | 13.4% |
| Materials | 14.3% |
| Industrials | 21.3% |
| Financials | 41.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Eoptolink Technology, Cl A | 3.4% |
| Satellite Chemical, Cl A | 3.4% |
| China Construction Bank, Cl A | 3.3% |
| Bank of China, Cl A | 3.3% |
| Industrial & Commercial Bank of China, Cl A | 3.3% |
| Ningxia Baofeng Energy Group, Cl A | 3.3% |
| Huaxia Bank, Cl A | 3.3% |
| Bank of Communications, Cl A | 3.2% |
| Shanghai Pudong Development Bank, Cl A | 3.2% |
| Bank of Jiangsu, Cl A | 3.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kcai/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kcai/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares China Alpha Index ETF: KCAI

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KCAI-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Man Buyout Beta Index ETF

## Ticker: BUYO

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Man Buyout Beta Index ETF (the "Fund") for the period from April 1, 2025 to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/buyo/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment</u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Man Buyout Beta Index ETF | $99 | 0.89% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| BUYO | 21.78 | 21.83 | 22.95<sup>Footnote Reference(a)</sup> |

---

(a) Man Buyout Beta Index

The KraneShares Man Buyout Beta Index ETF seeks to provide investment results that, before fees and expenses, track the price and yield performance of a specific equity securities index. The Fund's current index is the Man Buyout Beta Index (the "Underlying Index"). The Underlying Index is designed to provide a proxy for private equity performance and risk exposures by focusing on small- and mid-capitalization stocks with characteristics similar to companies in private equity buyout funds. A "buyout" fund is a type of fund that targets companies for acquisition or control in an attempt to enhance the value of those acquired companies. The Fund does not invest directly in private equity funds or the privately-held shares of companies, and the Fund will not attempt to acquire or control private companies.

The Fund outperformed the all-capitalization U.S. equity market, as measured by the Russell 3,000 Index, during the period, due to its overweight to the Industrials sector. The Fund's stock selection methodology, which focuses on fundamental ratios that make companies attractive potential targets for take-private deals, helped produce this overweight.

#### How did the Fund perform since inception?

## Total Return Based on $10,000 Investment
![Growth Chart](id24075bbd418c889007e2a6c.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Man Buyout Beta Index ETF** | **Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup>** | **Man Buyout Beta Index (USD) (TR)<sup>Footnote Reference\*</sup>** |
| **Oct/24** | $10000 | $10000 | $10000 |
| **Dec/24** | $10040 | $10378 | $10059 |
| **Mar/25** | $9084 | $9888 | $9127 |
| **Jun/25** | $10024 | $10975 | $10092 |
| **Sep/25** | $10720 | $11872 | $10823 |
| **Dec/25** | $11126 | $12157 | $11256 |
| **Mar/26** | $11062 | $11676 | $11222 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Total Return (TR) - Reflects no deductions for fees, expenses or taxes. |

---

## Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>Annualized Since Inception</u>** |
| KraneShares Man Buyout Beta Index ETF | 21.78% | 7.06% |
| Russell 3000 Index (USD) (TR)<sup>Footnote Reference\*</sup> | 18.09% | 11.04% |
| Man Buyout Beta Index (USD) (TR)<sup>Footnote Reference\*</sup> | 22.95% | 8.10% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on October 7, 2024. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. **Past performance is not indicative of future performance.**Call 1-855-857-2638 or visit https://kraneshares.com/buyo/ for current month-end performance.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $12436718 | 291 | $103737 | 76% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ic76b8373aad522c19946ebe9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Energy | 0.1% |
| Utilities | 2.0% |
| Consumer Staples | 4.5% |
| Communication Services | 6.9% |
| Materials | 8.4% |
| Financials | 8.9% |
| Health Care | 11.9% |
| Consumer Discretionary | 13.7% |
| Information Technology | 21.5% |
| Industrials | 22.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| DigitalOcean Holdings | 1.5% |
| News, Cl A | 1.4% |
| Encompass Health | 1.3% |
| Jabil | 1.2% |
| Millicom International Cellular | 1.2% |
| Coherent | 1.2% |
| Onto Innovation | 1.2% |
| Teladoc Health | 1.2% |
| Tapestry | 1.2% |
| Axis Capital Holdings | 1.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/buyo/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/buyo/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Man Buyout Beta Index ETF: BUYO

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### BUYO-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Global Humanoid and Embodied Intelligence Index ETF

## Ticker: KOID

## Principal Listing Exchange: NASDAQ

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Global Humanoid and Embodied Intelligence Index ETF (the "Fund") for the period from June 4, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/koid/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | $64 | 0.69% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

#### How did the Fund perform in the period?
For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KOID\* | 23.27% | 25.88% | 22.46%<sup>Footnote Reference(a)</sup> |

---

\*Return since Fund inception on June 4, 2025 (less than one year)

(a) MerQube Global Humanoid and Embodied Intelligence Index

The KraneShares Global Humanoid and Embodied Intelligence Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund's current index is the MerQube Global Humanoid and Embodied Intelligence Index (the "Underlying Index"). The Underlying Index is an equal-weighted index designed to track companies involved in humanoid and embodied intelligence technologies, including robotics, autonomous systems, and related supply chain solutions.

Global humanoid robotics-related equities outperformed global equities, as measured by the MSCI All Country World Index (ACWI), during the period. Humanoid robotics-related equities benefited from the strong performance of producers of refined rare earth elements (REEs) used in the construction of humanoid robots. Humanoid robotics-related equities also benefited from speculation about the potential IPOs of privately held robotics manufacturers, including Unitree.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $119163401 | 50 | $410006 | 44% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ie2df19c930dbea1cc3606f75.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Materials | 6.0% |
| Consumer Discretionary | 18.2% |
| Industrials | 35.2% |
| Information Technology | 40.8% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Jabil | 2.1% |
| Credo Technology Group Holding | 2.1% |
| Amphenol, Cl A | 2.1% |
| MP Materials | 2.1% |
| NVIDIA | 2.1% |
| Sensata Technologies Holding | 2.1% |
| TE Connectivity | 2.1% |
| Regal Rexnord | 2.1% |
| NXP Semiconductors | 2.1% |
| Analog Devices | 2.1% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/koid/#fund-documentsor upon request at 1-855-857-2638.

The Fund changed its ticker from KBOT to KOID, changed its listing exchange to The Nasdaq Stock Market, and effected two name changes: (i) on May 1, 2025, from "KraneShares Asia Robotics and Artificial Intelligence Index ETF" to "KraneShares Global Humanoid and Embodied Intelligence Index ETF", and (ii) on May 1, 2026, from "KraneShares Global Humanoid and Embodied Intelligence Index ETF" to KraneShares Global Humanoid Robotics and Physical AI Index ETF".

Concurrent with the May 1, 2025 name change, the Fund's underlying index changed from the "Solactive Asia Robotics & Artificial Intelligence Index" to the "MerQube Global Humanoid and Embodied Intelligence Index." Additionally, in connection with the May 1, 2026 name change, the name of the Fund's underlying index will change on June 16, 2026, from "MerQube Global Humanoid and Embodied Intelligence Index" to "MerQube Global Humanoid Robotics and Physical AI Index".

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/koid/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Global Humanoid and Embodied Intelligence Index ETF: KOID

#### Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report: March 31, 2026

#### KOID-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Dragon Capital Vietnam Growth Index ETF

## Ticker: KPHO

## Principal Listing Exchange: NYSE

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Dragon Capital Vietnam Growth Index ETF (the "Fund") for the period from December 3, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/kpho/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Dragon Capital Vietnam Growth Index ETF | $25 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

#### How did the Fund perform in the period?
For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KPHO\* | -5.25% | -4.97% | -4.81%<sup>Footnote Reference(a)</sup> |

---

\*Return since Fund inception on December 3, 2025 (less than one year)

(a) Dragon Capital MerQube Vietnam Growth Index

The KraneShares Dragon Capital Vietnam Growth Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index, which is the Dragon Capital MerQube Vietnam Growth Index (the "Underlying Index"). The Underlying Index is designed to measure the performance of growth stocks listed on the Ho Chi Minh City Stock Exchange ("HOSE") and includes both equity securities and foreign exchange-traded funds.

Vietnam's equity market underperformed frontier markets more broadly, as measured by the MSCI Frontier Markets Index, during the period. Vietnam's economy was heavily exposed to oil imports traversing the Strait of Hormuz, which were cut off during the strait's closure in March, leading to a decline in sentiment.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $13010616 | 37 | $22993 | 29% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i63c0824ba790f3aa5b798bcb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Communication Services | 0.2% |
| Health Care | 0.8% |
| Energy | 1.3% |
| Real Estate | 3.0% |
| Consumer Discretionary | 3.5% |
| Information Technology | 5.8% |
| Consumer Staples | 6.7% |
| Materials | 7.1% |
| Industrials | 11.8% |
| Financials | 59.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Sector weightings reflect both direct equity holdings and a look-through to the underlying constituents of the DCVFMVN DIAMOND ETF held by the Fund. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| DCVFMVN Diamond ETF | 23.5% |
| Vietnam Prosperity JSC Bank | 8.0% |
| Ho Chi Minh City Development Joint Stock Commercial Bank | 7.8% |
| Bank for Foreign Trade of Vietnam JSC | 7.7% |
| Gemadept | 4.2% |
| Saigon - Hanoi Commercial Joint Stock Bank | 4.2% |
| Hoa Phat Group JSC | 4.0% |
| Tien Phong Commercial Joint Stock Bank | 3.8% |
| Bank for Investment and Development of Vietnam JSC | 3.5% |
| VIX Securities JSC | 3.5% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kpho/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/kpho/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Dragon Capital Vietnam Growth Index ETF: KPHO

#### Principal Listing Exchange: NYSE

#### Annual Shareholder Report: March 31, 2026

#### KPHO-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares Wahed Alternative Income Index ETF

## Ticker: KWIN

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares Wahed Alternative Income Index ETF (the "Fund") for the period from November 4, 2025 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/etf/kwin/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares Wahed Alternative Income Index ETF | $21 | 0.51% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

#### How did the Fund perform in the period?
For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KWIN\* | 1.72% | 1.76% | 1.53%<sup>Footnote Reference(a)</sup> |

---

\*Return since Fund inception on November 4, 2025 (less than one year)

(a) Wahed Alternative Income Index

The KraneShares Wahed Alternative Income Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity securities index. The Fund's current index is the Wahed Shariah Alternative Income Index (the "Underlying Index"). The Underlying Index is designed to generate income consistent with Shariah and Islamic principles as interpreted by Wahed Invest LLC, the Sub-Adviser. The Index consists of equal-weighted long positions in U.S. equity securities that pass both business activity and financial ratio screens used to identify Shariah-compliant companies.

The Fund outperformed the Bloomberg U.S. Aggregate Bond Index during the period because the option income received by the fund and reinvested in securities exceeded the return of the Bloomberg U.S. Aggregate Bond Index.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $45775423 | 305 | $74562 | 1% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i008b9b7d4c6b81165c7d701b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Financials | 1.9% |
| Communication Services | 2.0% |
| Industrials | 3.4% |
| Health Care | 7.5% |
| Consumer Discretionary | 21.8% |
| Information Technology | 46.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| Net Options Contracts | 16.1% |
| Intuitive Surgical | 4.7% |
| Fortinet | 4.3% |
| Amazon.com | 4.1% |
| Lululemon Athletica | 4.1% |
| Cadence Design Systems | 3.9% |
| Arista Networks | 3.9% |
| O'Reilly Automotive | 3.9% |
| AutoZone | 3.7% |
| Crowdstrike Holdings, Cl A | 3.7% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kwin/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/etf/kwin/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares Wahed Alternative Income Index ETF: KWIN

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2026

#### KWIN-AR-2026

# KraneShares Trust
![Image](i00f6bddc97935d548b13c1f0.jpg)

## KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF

## Ticker: KIQQ

## Principal Listing Exchange: NASDAQ

## Annual Shareholder Report: March 31, 2026
This annual shareholder report contains important information about the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (the "Fund") for the period from January 6, 2026 (commencement of operations) to March 31, 2026. You can find additional information about the Fund at https://kraneshares.com/etf/kiqq/. You can also request this information by contacting us at 1-855-857-2638.**This annual shareholder report describes changes to the Fund that occurred during the reporting period.**

## What were the Fund costs for the period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **<u>Fund Name</u>** | **<u>Costs of a $10,000 investment<sup>Footnote Reference\*</sup></u>** | **<u>Costs paid as a percentage of a $10,000 investment</u>** |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | $18 | 0.79% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;Costs shown not annualized. If the Fund had been open for the full fiscal year, costs shown would have been higher for the period ended. |

---

#### How did the Fund perform in the period?
For the Period from Fund inception to March 31, 2026 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) |
| KIQQ\* | -6.13% | -5.96% | -5.85%<sup>Footnote Reference(a)</sup> |

---

\*Return since Fund inception on January 6, 2026 (less than one year)

(a) Nasdaq InspereX Dynamic Buffered High Income™ Index

The KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of a specific equity and derivative securities index, which is the Nasdaq InspereX Dynamic Buffered High Income™ Index (the "Underlying Index"). The Underlying Index is designed to track the performance of a systematic enhanced collar strategy that seeks to limit losses while providing option income.

The short futures on the Nasdaq 100 Index, to which the Fund was synthetically exposed, led to its outperformance over the Nasdaq Composite Index, which was down during the period.

## Key Fund Statistics as of March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $2290170 | 102 | $4285 | 3% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](if20f2142b5eddfe00e83a3e7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.1% |
| Financials | 0.2% |
| Energy | 0.6% |
| Materials | 1.3% |
| Utilities | 1.5% |
| Industrials | 4.0% |
| Health Care | 5.0% |
| Consumer Staples | 8.3% |
| Consumer Discretionary | 12.4% |
| Communication Services | 15.0% |
| Information Technology | 49.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;Percentages are calculated based on total net assets. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Asset Type</u>** | **<u>% of Net Assets</u>** |
| Common Stock | 98.1% |
| Total Return Swaps<sup>Footnote Reference(1)</sup> | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(1)</sup> | &nbsp;&nbsp;At market value. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/etf/kiqq/#fund-documents or upon request at 1-855-857-2638.

Krane Funds Advisors, LLC ("Krane" or the "Adviser"), the investment adviser to the Fund, entered into an agreement whereby its officers and employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in the Adviser from China International Capital Corporation (USA) Holdings Inc., a wholly-owned, indirect subsidiary of China International Capital Corporation Limited (the "Transaction"). Consummation of the Transaction will, under the Investment Company Act of 1940, result in the automatic termination of the Fund's existing investment advisory and, if applicable, sub-advisory agreements. In anticipation of the Transaction, the Board approved new advisory and, if applicable, sub-advisory agreements on terms identical to the existing agreements (other than effective and termination dates), subject to shareholder approval of the new advisory agreement. The new sub-advisory agreement will take effect in reliance on a manager-of-managers exemptive order. To ensure continuity of management pending shareholder approval of the new advisory agreement, the Board also approved interim advisory and, if applicable, sub-advisory agreements, effective upon closing of the Transaction, each with terms substantially identical to the current agreements, to remain in effect for up to 150 days while shareholder approval is sought.

## Changes in and Disagreements with Accountants
There were no changes in or disagreements with accountants during the reporting period.

## Additional Information
For additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, visit https://kraneshares.com/etf/kiqq/.

## Householding
You may have consented to receive one copy of a shareholder report at your address if you and one or more individuals in your home have multiple accounts at the same address. This practice is commonly called "householding" and is intended to reduce expenses. If you wish to change your householding status or receive individual copies of your shareholder report, please contact us at 1-855-857-2638 or your financial intermediary.

![Image](i00f6bddc97935d548b13c1f0.jpg)

#### KraneShares Trust

#### KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF: KIQQ

#### Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report: March 31, 2026

#### KIQQ-AR-2026
(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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2026** | **2026** | **2026** | **2025** | **2025** | **2025** |
| | | **All fees and services<br> to the Registrant that<br> were pre-approved** | **All fees and services<br> to service affiliates that<br> were pre-approved** | **All other fees and services<br> to service affiliates that<br> did not require pre-approval** | **All fees and services<br> to the Registrant that<br> were pre-approved** | **All fees and services<br> to service affiliates that<br> were pre-approved** | **All other fees and services<br> to service affiliates that<br> did not require pre-approval** |
| (a) | Audit Fees | $730750 | $0 | N/A | $662000 | $0 | N/A |
| (b) | Audit-Related Fees | $0 | $0 | N/A | $7500 | $0 | N/A |
| (c) | Tax Fees<sup>(1)</sup> | $202880 | $0 | N/A | $172195 | $0 | N/A |
| (d) | All Other Fees | $18675 | $0 | N/A | $4076 | $0 | N/A |

---

Notes:

<sup>(1)</sup> 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:

---

| | | |
|:---|:---|:---|
| | **2026** | **2025** |
| 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. Luis Berruga, John Ferguson and Matthew Stroyman.

(b) Not applicable to the Registrant.

**Item 6. Investments.**

(a) The Schedules of Investments and Consolidated Schedules of Investments are included as part of the Registrant's Financial Statements and Other Information filed under Item 7 of this form.

(b) Not applicable to the Registrant.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

**Financial statements and financial highlights are filed herein.**

![](img_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Annual Financials and Other Information** <br>**KraneShares CSI China Internet ETF**<br> **KraneShares Bosera MSCI China A 50 Connect Index ETF**<br> **KraneShares MSCI One Belt One Road Index ETF**<br> **KraneShares Emerging Markets Consumer Technology Index ETF**<br> **KraneShares MSCI China Clean Technology Index ETF**<br> **KraneShares Electric Vehicles and Future Mobility Index ETF**<br> **KraneShares MSCI All China Health Care Index ETF**<br> **KraneShares Asia Pacific High Income USD Bond ETF**<br> **KraneShares MSCI Emerging Markets ex China Index ETF**<br> **KraneShares Global Carbon Strategy ETF**<br> **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF**<br> **KraneShares Mount Lucas Managed Futures Index Strategy ETF**<br> **KraneShares SSE STAR Market 50 Index ETF**<br> **KraneShares Hang Seng TECH Index ETF**<br> **KraneShares California Carbon Allowance Strategy ETF**<br> **KraneShares KWEB Covered Call Strategy ETF**<br> **KraneShares Hedgeye Hedged Equity Index ETF**<br> **KraneShares Artificial Intelligence and Technology ETF**<br> **KraneShares Sustainable Ultra Short Duration Index ETF**<br> **KraneShares China Alpha Index ETF**<br> **KraneShares Man Buyout Beta Index ETF**<br> **KraneShares Global Humanoid and Embodied Intelligence Index ETF**<br> **KraneShares Dragon Capital Vietnam Growth Index ETF**<br> **KraneShares Wahed Alternative Income Index ETF**<br> **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF**<br> ***March 31, 2026*** <br>

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments/Consolidated Schedules of Investments](#a_002) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares CSI China Internet ETF](#a_003) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Bosera MSCI China A 50 Connect Index ETF](#a_004) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI One Belt One Road Index ETF](#a_005) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Emerging Markets Consumer Technology Index ETF](#a_006) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI China Clean Technology Index ETF](#a_007) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Electric Vehicles and Future Mobility Index ETF](#a_008) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI All China Health Care Index ETF](#a_009) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Asia Pacific High Income USD Bond ETF](#a_010) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI Emerging Markets ex China Index ETF](#a_011) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Global Carbon Strategy ETF](#a_012) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF](#a_013) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Mount Lucas Managed Futures Index Strategy ETF](#a_014) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares SSE STAR Market 50 Index ETF](#a_015) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Hang Seng TECH Index ETF](#a_016) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares California Carbon Allowance Strategy ETF](#a_017) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares KWEB Covered Call Strategy ETF](#a_018) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Hedgeye Hedged Equity Index ETF](#a_019) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Artificial Intelligence and Technology ETF](#a_020) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Sustainable Ultra Short Duration Index ETF](#a_021) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares China Alpha Index ETF](#a_022) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Man Buyout Beta Index ETF](#a_023) | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Global Humanoid and Embodied Intelligence Index ETF](#a_024) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Dragon Capital Vietnam Growth Index ETF](#a_025) | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Wahed Alternative Income Index ETF](#a_026) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF](#a_027) | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#a_028) | 106 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities](#a_029) | 107 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations/Consolidated Statements of Operations](#a_030) | 116 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets](#a_031) | 125 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights/Consolidated Financial Highlights](#a_032) | 150 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements/Notes to Consolidated Financial Statements](#a_033) | 160 |
| [Report of Independent Registered Public Accounting Firm](#a_034) | 201 |
| [Notice To Shareholders (Unaudited)](#a_035) | 204 |
| [Other Information (Form N-CSR Items 8-11) (Unaudited)](#a_036) | 207 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares CSI China Internet ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **CHINA — 99.3%** |  |  |
| Communication Services — 36.7% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 2510674 | $43610407 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 19147884 | 258147922 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 8790084 | 191381258 |
| &nbsp;&nbsp;&nbsp;China Literature\*<sup>(A)</sup> | 18185800 | 58963169 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 1070824 | 62525413 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 38356400 | 109978301 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 34890800 | 200794992 |
| &nbsp;&nbsp;&nbsp;NetEase | 16405505 | 356768782 |
| &nbsp;&nbsp;&nbsp;NetEase Cloud Music\* | 3878700 | 63818818 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 9859275 | 608643797 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 16256953 | 150864524 |
| &nbsp;&nbsp;&nbsp;Weibo ADR<sup>(A)</sup> | 3474174 | 30399023 |
| &nbsp;&nbsp;&nbsp;XD | 10473400 | 80752663 |
|  |  | 2216649069 |
| Consumer Discretionary — 41.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 35514364 | 539043560 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 20532590 | 296457895 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 41946247 | 443794953 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 5187253 | 530033512 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR\* | 17168768 | 195208892 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 49922600 | 114615290 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 4427100 | 215025086 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 10354728 | 162776324 |
|  |  | 2496955512 |
| Consumer Staples — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 226752000 | 134775174 |
| &nbsp;&nbsp;&nbsp;East Buy Holding\*<sup>(A)</sup> | 19456500 | 67401155 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 40339337 | 242132752 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology\*<sup>(A)</sup> | 39850800 | 58554784 |
|  |  | 502863865 |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Qfin Holdings ADR | 4601819 | 59409483 |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H\*<sup>(A)</sup> | 40998300 | 66672831 |
|  |  | 126082314 |
| Industrials — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR | 26107217 | 216689901 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR | 12868534 | 172309670 |
|  |  | 388999571 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares CSI China Internet ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Real Estate — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings, Cl A | 54158700 | $261806425 |
| TOTAL CHINA |  | 5993356756 |
| **HONG KONG — 0.6%** |  |  |
| Communication Services — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Damai Entertainment Holdings\*<sup>(A)</sup> | 413200000 | 33202724 |
| TOTAL HONG KONG |  | 33202724 |
| TOTAL COMMON STOCK<br> (Cost $6,991,177,863) |  | 6026559480 |
| **SHORT-TERM INVESTMENT — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.580%<sup>(B)(C)</sup> | 164050747 | 164050747 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $164,050,747) |  | 164050747 |
| TOTAL INVESTMENTS — 102.6%<br> (Cost $7,155,228,610) |  | 6190610227 |
| OTHER ASSETS LESS LIABILITIES – (2.6)% |  | (157043105) |
| NET ASSETS - 100% |  | $6033567122 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2026.* |
| *(B)* | *The rate shown is the 7-day effective yield as of March 31, 2026.* |
| *(C)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2026 was $164,050,747.* |

---

As of March 31, 2026, 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, 2026*

**KraneShares Bosera MSCI China A 50 Connect Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%<sup>‡</sup>** |  |  |
| **CHINA — 99.5%** |  |  |
| Communication Services — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;China United Network Communications, Cl A | 2451100 | $1579248 |
| &nbsp;&nbsp;&nbsp;Zhejiang Century Huatong Group, Cl A\* | 577900 | 1335411 |
|  |  | 2914659 |
| Consumer Discretionary — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 476700 | 7264348 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 304800 | 3369407 |
|  |  | 10633755 |
| Consumer Staples — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 42289 | 8878198 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 198925 | 1201320 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 44236 | 916270 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 141379 | 2113920 |
|  |  | 13109708 |
| Energy — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl A | 329147 | 2227927 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 1071800 | 1891677 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 483736 | 1792289 |
|  |  | 5911893 |
| Financials — 20.2% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 3826607 | 3712086 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 1787300 | 1519025 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 2398099 | 2430494 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 296768 | 1308380 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 927267 | 5278952 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 307714 | 1652470 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 548446 | 1908964 |
| &nbsp;&nbsp;&nbsp;East Money Information, Cl A | 710292 | 1942667 |
| &nbsp;&nbsp;&nbsp;Guotai Haitong Securities, Cl A | 634900 | 1525040 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 2827626 | 3127841 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 951322 | 2592248 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 872267 | 1399325 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 479198 | 3939488 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 1430646 | 2108674 |
|  |  | 34445654 |
| Health Care — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 413187 | 3303486 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 78553 | 1872752 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 160200 | 2275417 |
|  |  | 7451655 |

---

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

**Schedule of Investments** *March 31, 2026*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 16.5% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 2920200 | $2139402 |
| &nbsp;&nbsp;&nbsp;China CSSC Holdings, Cl A | 449200 | 2005781 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 2466318 | 1789024 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 248711 | 14465260 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 749430 | 1628700 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 479415 | 1804045 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 286459 | 1577729 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 123726 | 2700701 |
|  |  | 28110642 |
| Information Technology — 23.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A\* | 35773 | 5091413 |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 85100 | 5456395 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 1045000 | 7786019 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 198876 | 6054363 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 623550 | 4447286 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 61984 | 4011577 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 95000 | 7832098 |
|  |  | 40679151 |
| Materials — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 1969900 | 4891451 |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 353299 | 4064112 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 2200342 | 10423964 |
|  |  | 19379527 |
| Real Estate — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings, Cl A | 431800 | 525785 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 573177 | 482993 |
|  |  | 1008778 |
| Utilities — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 989500 | 1296564 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 1183070 | 4631765 |
|  |  | 5928329 |
| TOTAL CHINA |  | 169573751 |
| TOTAL COMMON STOCK<br> (Cost $150,884,893) |  | 169573751 |

---

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

**Schedule of Investments** *March 31, 2026*

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

---

| | | |
|:---|:---|:---|
|  | **Number of <br> Rights** | **Value** |
| **RIGHTS — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma<sup>‡‡</sup>\*<sup>(A)</sup> | 58208 | $— |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $150,884,893) |  | 169573751 |
| OTHER ASSETS LESS LIABILITIES – 0.5% |  | 827550 |
| NET ASSETS - 100% |  | $170401301 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2026, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $169573751 | $— | $— |  | $169573751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 169573751 |  |  |  | 169573751 |
| &nbsp;&nbsp;&nbsp;Rights |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights |  |  |  |  |  |
| Total Investments in Securities | $169573751 | $— | $— |  | $169573751 |

---

---

| | |
|:---|:---|
| *^* | *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, 2026*

**KraneShares MSCI One Belt One Road Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6%<sup>‡</sup>** |  |  |
| **CHINA — 43.8%** |  |  |
| Energy — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl H | 142000 | $81322 |
| Financials — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Changsha, Cl A | 7300 | 10178 |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu, Cl A | 8000 | 19830 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 13100 | 31770 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 33055 | 52262 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 22391 | 36926 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 12246 | 53990 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou, Cl A | 8100 | 9804 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 14000 | 12125 |
|  |  | 226885 |
| Industrials — 15.4% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 3208 | 12114 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 91900 | 67328 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 61700 | 25907 |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 10400 | 14847 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 26500 | 13655 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 76200 | 55274 |
| &nbsp;&nbsp;&nbsp;China XD Electric, Cl A | 10000 | 22022 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl H | 28000 | 18107 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 37232 | 28894 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl A | 5200 | 26389 |
| &nbsp;&nbsp;&nbsp;Goneo Group, Cl A | 1810 | 10967 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 8000 | 10296 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology, Cl A | 6300 | 27447 |
| &nbsp;&nbsp;&nbsp;JL Mag Rare-Earth, Cl A | 2100 | 9331 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 32100 | 13943 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 14752 | 55512 |
| &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1300 | 11395 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 2700 | 10250 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 32800 | 27259 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group, Cl A\* | 23600 | 27199 |
| &nbsp;&nbsp;&nbsp;Shenzhen Envicool Technology, Cl A | 1900 | 23204 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 2650 | 25707 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge, Cl A | 13800 | 20121 |
| &nbsp;&nbsp;&nbsp;TBEA, Cl A | 9567 | 36707 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 4100 | 19382 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 2800 | 13014 |
|  |  | 626271 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI One Belt One Road Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 8000 | $21632 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 23000 | 13964 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 6824 | 47109 |
| &nbsp;&nbsp;&nbsp;China Rare Earth Resources And Technology, Cl A\* | 2000 | 13897 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power, Cl A | 4200 | 18730 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Xingye Silver&Tin Mining, Cl A | 3400 | 19799 |
| &nbsp;&nbsp;&nbsp;Jinduicheng Molybdenum, Cl A | 6100 | 16428 |
| &nbsp;&nbsp;&nbsp;Shanjin International Gold, Cl A | 5200 | 22346 |
| &nbsp;&nbsp;&nbsp;Western Mining, Cl A | 4600 | 16650 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 1173 | 12043 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 3100 | 24964 |
|  |  | 227562 |
| Utilities — 15.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 3000 | 11441 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 67000 | 30081 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 17200 | 15686 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 15000 | 13641 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 39100 | 51234 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 23000 | 9270 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 5900 | 14321 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 12635 | 29411 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 54400 | 33553 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 45000 | 176177 |
| &nbsp;&nbsp;&nbsp;Datang International Power Generation, Cl A | 22900 | 13063 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 5000 | 40401 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas, Cl A | 5000 | 16057 |
| &nbsp;&nbsp;&nbsp;GD Power Development, Cl A | 32700 | 22915 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 18842 | 12849 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H | 25000 | 18813 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 24000 | 21918 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 14706 | 30150 |
| &nbsp;&nbsp;&nbsp;Shenergy, Cl A | 9319 | 12022 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 8884 | 19153 |
| &nbsp;&nbsp;&nbsp;Wintime Energy Group, Cl A\* | 41500 | 10816 |
| &nbsp;&nbsp;&nbsp;Zhejiang Zheneng Electric Power, Cl A | 21200 | 16667 |
|  |  | 619639 |
| TOTAL CHINA |  | 1781679 |
| **GREECE — 0.2%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Aegean Airlines | 520 | 7070 |
| TOTAL GREECE |  | 7070 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI One Belt One Road Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **HONG KONG — 0.1%** |  |  |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hutchison Port Holdings Trust, Cl U | 26900 | $5514 |
| TOTAL HONG KONG |  | 5514 |
| **INDIA — 3.3%** |  |  |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 1265 | 18868 |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 543 | 20819 |
| &nbsp;&nbsp;&nbsp;Azad Engineering\* | 376 | 5883 |
| &nbsp;&nbsp;&nbsp;GMM Pfaudler | 378 | 3160 |
| &nbsp;&nbsp;&nbsp;MTAR Technologies\* | 278 | 10164 |
| &nbsp;&nbsp;&nbsp;Shaily Engineering Plastics | 266 | 5846 |
|  |  | 45872 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Clean Science & Technology | 603 | 4173 |
| &nbsp;&nbsp;&nbsp;PI Industries | 946 | 27117 |
| &nbsp;&nbsp;&nbsp;UPL | 6339 | 37957 |
|  |  | 69247 |
| TOTAL INDIA |  | 133987 |
| **INDONESIA — 5.1%** |  |  |
| Energy — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Adaro Andalan Indonesia | 19600 | 13004 |
| &nbsp;&nbsp;&nbsp;Dian Swastatika Sentosa\* | 12700 | 49322 |
| &nbsp;&nbsp;&nbsp;Medco Energi Internasional | 81700 | 8773 |
|  |  | 71099 |
| Materials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Amman Mineral Internasional\* | 183300 | 53066 |
| &nbsp;&nbsp;&nbsp;Chandra Asri Pacific | 109200 | 30522 |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 31400 | 18754 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold\* | 129700 | 23964 |
| &nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia | 14800 | 7751 |
|  |  | 134057 |
| TOTAL INDONESIA |  | 205156 |
| **ISRAEL — 2.6%** |  |  |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services | 1531 | 40342 |
| Materials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;ICL Group | 10185 | 52224 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI One Belt One Road Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;The Israel Corp. | 46 | $12801 |
|  |  | 65025 |
| TOTAL ISRAEL |  | 105367 |
| **KAZAKHSTAN — 1.7%** |  |  |
| Energy — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 856 | 66768 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources PLC\*<sup>(A)</sup> | 7154 |  |
| TOTAL KAZAKHSTAN |  | 66768 |
| **KUWAIT — 9.0%** |  |  |
| Financials — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kuwait Finance House | 137575 | 357712 |
| &nbsp;&nbsp;&nbsp;Kuwait Projects Holding\* | 28748 | 7029 |
| TOTAL KUWAIT |  | 364741 |
| **MALAYSIA — 1.8%** |  |  |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Kelington Group | 6700 | 8191 |
| &nbsp;&nbsp;&nbsp;Sime Darby | 34600 | 19313 |
|  |  | 27504 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 31000 | 46473 |
| TOTAL MALAYSIA |  | 73977 |
| **PHILIPPINES — 0.6%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aboitiz Equity Ventures | 21100 | 10350 |
| &nbsp;&nbsp;&nbsp;JG Summit Holdings | 33742 | 15330 |
| TOTAL PHILIPPINES |  | 25680 |
| **POLAND — 3.3%** |  |  |
| Materials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz\* | 1884 | 135385 |
| TOTAL POLAND |  | 135385 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC\*<sup>(A)(B)</sup> | 33666 |  |
| &nbsp;&nbsp;&nbsp;Sovcomflot PJSC\*<sup>(A)(B)</sup> | 9110 |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC\*<sup>(A)(B)</sup> | 143400 |  |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI One Belt One Road Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO\*<sup>(A)(B)</sup> | 123900 | $— |
| &nbsp;&nbsp;&nbsp;Segezha Group PJSC\*<sup>(A)(B)</sup> | 78500 |  |
| TOTAL RUSSIA |  |  |
| **SINGAPORE — 11.1%** |  |  |
| Financials — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 19212 | 327162 |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 9100 | 46553 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 9100 | 76247 |
|  |  | 122800 |
| TOTAL SINGAPORE |  | 449962 |
| **SOUTH AFRICA — 11.5%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Grindrod | 6692 | 7330 |
| Materials — 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings | 9939 | 138731 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings | 3942 | 78327 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum | 2979 | 243819 |
|  |  | 460877 |
| TOTAL SOUTH AFRICA |  | 468207 |
| **THAILAND — 3.3%** |  |  |
| Energy — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 126700 | 134460 |
| TOTAL THAILAND |  | 134460 |
| **TÜRKIYE — 1.4%** |  |  |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Pasifik Eurasia Lojistik Dis Ticaret\* | 4173 | 11633 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | 6901 | 45653 |
| TOTAL TÜRKIYE |  | 57286 |
| **UNITED ARAB EMIRATES — 0.8%** |  |  |
| Energy — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;ADNOC Logistics & Services | 23914 | 33658 |
| TOTAL UNITED ARAB EMIRATES |  | 33658 |
| TOTAL COMMON STOCK<br> (Cost $3,941,276) |  | 4048897 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI One Belt One Road Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 0.0%** |  |  |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PAO\*<sup>(A)(B)(C)</sup> | 136600 | $— |
| TOTAL PREFERRED STOCK<br> (Cost $74,846) |  |  |
| TOTAL INVESTMENTS — 99.6%<br> (Cost $4,016,122) |  | 4048897 |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 16065 |
| NET ASSETS - 100% |  | $4064962 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2026*

**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, 2026, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $1781679 | $— | $— |  | $1781679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 7070 |  |  |  | 7070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 5514 |  |  |  | 5514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 133987 |  |  |  | 133987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 205156 |  |  |  | 205156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 105367 |  |  |  | 105367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 66768 |  |  |  | 66768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait | 364741 |  |  |  | 364741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 73977 |  |  |  | 73977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | 25680 |  |  |  | 25680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 135385 |  |  |  | 135385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 449962 |  |  |  | 449962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 468207 |  |  |  | 468207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 134460 |  |  |  | 134460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Türkiye | 57286 |  |  |  | 57286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 33658 |  |  |  | 33658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 4048897 |  |  |  | 4048897 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  |  |  |  |
| Total Investments in Securities | $4048897 | $— | $— |  | $4048897 |

---

---

| | |
|:---|:---|
| ^ | *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, 2026*

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;IDP Education | 122038 | $339350 |
| TOTAL AUSTRALIA |  | 339350 |
| **BRAZIL — 3.5%** |  |  |
| Consumer Discretionary — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Americanas\* | 374600 | 371591 |
| &nbsp;&nbsp;&nbsp;MercadoLibre\* | 731 | 1263913 |
| TOTAL BRAZIL |  | 1635504 |
| **CHINA — 45.6%** |  |  |
| Communication Services — 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 82964 | 1118504 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 48500 | 1055962 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 162300 | 934029 |
| &nbsp;&nbsp;&nbsp;NetEase | 74200 | 1613620 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 25175 | 1554131 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, Cl A | 53900 | 255606 |
|  |  | 6531852 |
| Consumer Discretionary — 18.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 104500 | 1586120 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 128625 | 1857140 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 176397 | 1866296 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 17012 | 1738286 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 150400 | 345297 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 23700 | 1151113 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 23266 | 365742 |
|  |  | 8909994 |
| Consumer Staples — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 1904000 | 1131685 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 193950 | 1164165 |
|  |  | 2295850 |
| Industrials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kanzhun | 163900 | 1087064 |
| Information Technology — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A\* | 247600 | 1220283 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor, Cl H\* | 33000 | 326835 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 1042000 | 1138994 |
|  |  | 2686112 |
| TOTAL CHINA |  | 21510872 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Emerging Markets Consumer Technology Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **GREECE — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Allwyn | 22070 | $332868 |
| TOTAL GREECE |  | 332868 |
| **INDIA — 4.2%** |  |  |
| Communication Services — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Info Edge India | 35986 | 367149 |
| Consumer Discretionary — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Eternal\* | 516940 | 1247976 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;One 97 Communications\* | 33773 | 341473 |
| TOTAL INDIA |  | 1956598 |
| **INDONESIA — 1.0%** |  |  |
| Communication Services — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;MNC Digital Entertainment\* | 13046800 | 483656 |
| TOTAL INDONESIA |  | 483656 |
| **JAPAN — 2.5%** |  |  |
| Communication Services — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Nexon | 65000 | 1196713 |
| TOTAL JAPAN |  | 1196713 |
| **RUSSIA — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;VK GDR\*<sup>(A)(B)</sup> | 49503 |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ozon Holdings PLC ADR\*<sup>(A)(B)</sup> | 58005 |  |
| Industrials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;HeadHunter Group PLC ADR\*<sup>(A)(B)</sup> | 11746 |  |
| TOTAL RUSSIA |  |  |
| **SINGAPORE — 3.5%** |  |  |
| Consumer Discretionary — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sea ADR\* | 20005 | 1656614 |
| TOTAL SINGAPORE |  | 1656614 |
| **SOUTH AFRICA — 5.5%** |  |  |
| Consumer Discretionary — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero, Cl A\* | 59913 | 1066547 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Emerging Markets Consumer Technology Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 30725 | $1547172 |
| TOTAL SOUTH AFRICA |  | 2613719 |
| **SOUTH KOREA — 18.8%** |  |  |
| Communication Services — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;Kakao | 36065 | 1078430 |
| &nbsp;&nbsp;&nbsp;Kakao Games\* | 42224 | 333568 |
| &nbsp;&nbsp;&nbsp;Krafton | 7944 | 1322574 |
| &nbsp;&nbsp;&nbsp;NAVER | 8444 | 1110872 |
| &nbsp;&nbsp;&nbsp;NCSoft | 8445 | 1235060 |
| &nbsp;&nbsp;&nbsp;Netmarble | 10194 | 327454 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss\* | 8836 | 398057 |
|  |  | 5806015 |
| Consumer Discretionary — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A\* | 66435 | 1254293 |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;SK Square\* | 991 | 301832 |
| Information Technology — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;SK hynix | 2802 | 1476325 |
| TOTAL SOUTH KOREA |  | 8838465 |
| **TAIWAN — 12.6%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;momo.com | 67653 | 374558 |
| Information Technology — 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;Nanya Technology\* | 176000 | 1092774 |
| &nbsp;&nbsp;&nbsp;Powerchip Semiconductor Manufacturing\* | 196000 | 325543 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 31000 | 1706600 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 670000 | 1184079 |
| &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor | 109000 | 395496 |
| &nbsp;&nbsp;&nbsp;VisEra Technologies | 39000 | 370847 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors | 45000 | 494761 |
|  |  | 5570100 |
| TOTAL TAIWAN |  | 5944658 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Emerging Markets Consumer Technology Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **URUGUAY — 0.9%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A | 31909 | $413860 |
| TOTAL URUGUAY |  | 413860 |
| TOTAL COMMON STOCK<br> (Cost $56,062,282) |  | 46922877 |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $56,062,282) |  | 46922877 |
| OTHER ASSETS LESS LIABILITIES – 0.5% |  | 225404 |
| NET ASSETS - 100% |  | $47148281 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2026*

**KraneShares Emerging Markets Consumer Technology Index ETF** (concluded)

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | $339350 | $— | $— |  | $339350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1635504 |  |  |  | 1635504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 21510872 |  |  |  | 21510872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 332868 |  |  |  | 332868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1956598 |  |  |  | 1956598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 483656 |  |  |  | 483656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 1196713 |  |  |  | 1196713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 1656614 |  |  |  | 1656614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 2613719 |  |  |  | 2613719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 8838465 |  |  |  | 8838465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 5944658 |  |  |  | 5944658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 413860 |  |  |  | 413860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 46922877 |  |  |  | 46922877 |
| Total Investments in Securities | $46922877 | $— | $— |  | $46922877 |

---

---

| | |
|:---|:---|
| ^ | *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, 2026*

**KraneShares MSCI China Clean Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%<sup>‡</sup>** |  |  |
| **CHINA — 100.0%** |  |  |
| Consumer Discretionary — 39.4% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A\* | 239400 | $247833 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 35600 | 542502 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 411400 | 5551660 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 613500 | 5297563 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 532880 | 2981061 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 61500 | 808786 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International | 424000 | 399112 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 623100 | 5201640 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 774694 | 1309239 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology, Cl H\* | 323500 | 1940125 |
|  |  | 24279521 |
| Industrials — 26.3% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 1805600 | 1322822 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 899000 | 1309479 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 2282216 | 1563162 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 71550 | 4161414 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl H | 28000 | 2191015 |
| &nbsp;&nbsp;&nbsp;Dynagreen Environmental Protection Group, Cl H | 233000 | 162858 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 121435 | 462412 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 67000 | 346316 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 289100 | 1087887 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 33225 | 632391 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 50500 | 191714 |
| &nbsp;&nbsp;&nbsp;REPT BATTERO Energy, Cl H\* | 213400 | 433866 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 80260 | 1751922 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 77400 | 365892 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weiming Environment Protection, Cl A | 62999 | 228857 |
|  |  | 16212007 |
| Information Technology — 14.6% |  |  |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 263431 | 216643 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 136954 | 253813 |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A\* | 482600 | 2378468 |
| &nbsp;&nbsp;&nbsp;Hangzhou First Applied Material, Cl A | 98100 | 249273 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology, Cl A\* | 123568 | 195012 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A\* | 375625 | 354050 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding ADR | 19440 | 493970 |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings\* | 1698000 | 1494375 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A\* | 281846 | 715766 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology, Cl A\* | 150500 | 191320 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A\* | 88683 | 211606 |
| &nbsp;&nbsp;&nbsp;Tuya ADR | 176229 | 407089 |
| &nbsp;&nbsp;&nbsp;Vnet Group ADR, Cl A\* | 91829 | 770445 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI China Clean Technology Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 2857588 | $1060634 |
|  |  | 8992464 |
| Utilities — 19.7% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 2454500 | 848409 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 6561000 | 2945680 |
| &nbsp;&nbsp;&nbsp;China Datang Renewable Power, Cl H | 1451000 | 288712 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 1565800 | 1423963 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 749400 | 981955 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 2246000 | 905253 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 1048900 | 646954 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 736300 | 2882643 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 290400 | 595373 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 176500 | 380512 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings | 1598000 | 242547 |
|  |  | 12142001 |
| TOTAL CHINA |  | 61625993 |
| TOTAL COMMON STOCK <br> (Cost $52,794,544) |  | 61625993 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $52,794,544) |  | 61625993 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | (17564) |
| NET ASSETS - 100% |  | $61608429 |

---

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

As of March 31, 2026, 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, 2026*

**KraneShares Electric Vehicles and Future Mobility Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 95.6%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 7.5%** |  |  |
| Materials — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Arafura Rare Earths\* | 564204 | $108198 |
| &nbsp;&nbsp;&nbsp;IGO\* | 131968 | 709520 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths\* | 162523 | 2110472 |
| &nbsp;&nbsp;&nbsp;Mineral Resources\* | 19211 | 705378 |
| &nbsp;&nbsp;&nbsp;PLS Group\* | 538178 | 1887219 |
| TOTAL AUSTRALIA |  | 5520787 |
| **BELGIUM — 1.0%** |  |  |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Umicore | 39610 | 738437 |
| TOTAL BELGIUM |  | 738437 |
| **CHINA — 49.4%** |  |  |
| Consumer Discretionary — 23.8% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A\* | 281000 | 290899 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 239900 | 3655794 |
| &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile, Cl A | 420700 | 609119 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 880000 | 2348103 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl H | 426000 | 165180 |
| &nbsp;&nbsp;&nbsp;Hesai Group ADR\* | 20553 | 392973 |
| &nbsp;&nbsp;&nbsp;Huizhou Desay Sv Automotive, Cl A | 30000 | 451214 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 211200 | 1823709 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 386980 | 2164861 |
| &nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 443500 | 936868 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 87300 | 1148082 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kedali Industry, Cl A | 13536 | 350811 |
| &nbsp;&nbsp;&nbsp;WeRide ADR\* | 41303 | 334141 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 212400 | 1773115 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 206000 | 348142 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology, Cl H\* | 126800 | 760457 |
|  |  | 17553468 |
| Industrials — 11.0% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 27500 | 204497 |
| &nbsp;&nbsp;&nbsp;China Baoan Group, Cl A | 130107 | 165961 |
| &nbsp;&nbsp;&nbsp;CNGR Advanced Material, Cl A | 47570 | 340243 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 55720 | 3240726 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 104660 | 942996 |
| &nbsp;&nbsp;&nbsp;Farasis Energy Gan Zhou, Cl A\* | 62102 | 117250 |
| &nbsp;&nbsp;&nbsp;GEM, Cl A | 259440 | 296376 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 91789 | 474448 |
| &nbsp;&nbsp;&nbsp;Guangzhou Great Power Energy & Technology, Cl A\* | 25800 | 210832 |
| &nbsp;&nbsp;&nbsp;Hunan Yuneng New Energy Battery Material, Cl A | 39000 | 426777 |
| &nbsp;&nbsp;&nbsp;Qingdao TGOOD Electric, Cl A | 54000 | 212663 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Electric Vehicles and Future Mobility Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Wuxi Lead Intelligent Equipment, Cl A | 78000 | $538694 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 95163 | 809203 |
| &nbsp;&nbsp;&nbsp;Zhongshan Broad Ocean Motor, Cl A | 121600 | 161272 |
|  |  | 8141938 |
| Information Technology — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Horizon Robotics, Cl B\*<sup>(A)</sup> | 1484400 | 1253377 |
| &nbsp;&nbsp;&nbsp;NavInfo, Cl A\* | 119200 | 159815 |
| &nbsp;&nbsp;&nbsp;Pony AI ADR\*<sup>(A)</sup> | 34950 | 329928 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology\*<sup>(A)</sup> | 61200 | 271802 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B\* | 667200 | 2702772 |
|  |  | 4717694 |
| Materials — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Chengxin Lithium Group, Cl A\* | 45900 | 266493 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 596000 | 1479925 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 80857 | 917598 |
| &nbsp;&nbsp;&nbsp;Guangzhou Tinci Materials Technology, Cl A | 99594 | 663316 |
| &nbsp;&nbsp;&nbsp;Ningbo Shanshan, Cl A\* | 113600 | 218262 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology Group, Cl A | 106099 | 491269 |
| &nbsp;&nbsp;&nbsp;Shenzhen Senior Technology Material, Cl A | 68500 | 146884 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A\* | 74300 | 596836 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 80451 | 647876 |
| &nbsp;&nbsp;&nbsp;Youngy, Cl A | 12900 | 142472 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material Group, Cl A\* | 49500 | 485776 |
|  |  | 6056707 |
| TOTAL CHINA |  | 36469807 |
| **GERMANY — 3.4%** |  |  |
| Consumer Discretionary — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke | 28296 | 2543021 |
| TOTAL GERMANY |  | 2543021 |
| **HONG KONG — 0.4%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;CALB Group, Cl H\* | 69900 | 282268 |
| TOTAL HONG KONG |  | 282268 |
| **INDONESIA — 0.6%** |  |  |
| Materials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 1455300 | 299717 |
| &nbsp;&nbsp;&nbsp;Vale Indonesia | 370800 | 116731 |
| TOTAL INDONESIA |  | 416448 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Electric Vehicles and Future Mobility Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **ISRAEL — 0.3%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A\* | 29132 | $200137 |
| TOTAL ISRAEL |  | 200137 |
| **JAPAN — 5.0%** |  |  |
| Consumer Discretionary — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 189300 | 3076467 |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec\* | 49300 | 609239 |
| TOTAL JAPAN |  | 3685706 |
| **SINGAPORE — 3.9%** |  |  |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 86844 | 2862280 |
| TOTAL SINGAPORE |  | 2862280 |
| **SOUTH KOREA — 7.9%** |  |  |
| Industrials — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ecopro | 9565 | 1200270 |
| &nbsp;&nbsp;&nbsp;L&F\* | 4679 | 439597 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution\* | 5696 | 1467092 |
| &nbsp;&nbsp;&nbsp;POSCO Future M | 5624 | 747223 |
| &nbsp;&nbsp;&nbsp;SK IE Technology\* | 5446 | 75557 |
|  |  | 3929739 |
| Information Technology — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI\* | 7152 | 1905145 |
| TOTAL SOUTH KOREA |  | 5834884 |
| **SWEDEN — 0.3%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Volvo Car, Cl B\*<sup>(A)</sup> | 105526 | 231850 |
| TOTAL SWEDEN |  | 231850 |
| **UNITED STATES — 15.9%** |  |  |
| Consumer Discretionary — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Lucid Group, Cl A\*<sup>(A)</sup> | 24034 | 229039 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A\* | 115965 | 1745273 |
| &nbsp;&nbsp;&nbsp;Solid Power\* | 28966 | 86898 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 7582 | 2818609 |
|  |  | 4879819 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Microvast Holdings\* | 36391 | 54587 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Electric Vehicles and Future Mobility Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Plug Power\* | 260321 | $588325 |
|  |  | 642912 |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ambarella\* | 7348 | 378238 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Cl A\* | 303559 | 1250663 |
|  |  | 1628901 |
| Materials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 18112 | 3251647 |
| &nbsp;&nbsp;&nbsp;MP Materials\* | 28094 | 1355817 |
|  |  | 4607464 |
| TOTAL UNITED STATES |  | 11759096 |
| TOTAL COMMON STOCK<br> (Cost $63,962,258) |  | 70544721 |
| **PREFERRED STOCK — 3.7%** |  |  |
| **CHILE — 2.5%** |  |  |
| Materials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile\*<sup>(B)</sup> | 23532 | 1888941 |
| **GERMANY — 1.2%** |  |  |
| Consumer Discretionary — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Dr Ing hc F Porsche<sup>(B)</sup> | 19502 | 870276 |
| TOTAL PREFERRED STOCK<br> (Cost $3,042,871) |  | 2759217 |
| **SHORT-TERM INVESTMENT — 2.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.580%<sup>(C)(D)</sup> | 2043049 | 2043049 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $2,043,049) |  | 2043049 |
| TOTAL INVESTMENTS — 102.1%<br> (Cost $69,048,178) |  | 75346987 |
| OTHER ASSETS LESS LIABILITIES – (2.1)% |  | (1564526) |
| NET ASSETS - 100% |  | $73782461 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2026.* |
| *(B)* | *Currently, no stated interest rate.* |
| *(C)* | *The rate shown is the 7-day effective yield as of March 31, 2026.* |
| *(D)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2026 was $2,043,049.* |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Electric Vehicles and Future Mobility Index ETF** (concluded)

As of March 31, 2026, 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, 2026*

**KraneShares MSCI All China Health Care Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **CHINA — 95.7%** |  |  |
| Health Care — 95.7% |  |  |
| &nbsp;&nbsp;&nbsp;3SBio | 801500 | $2314477 |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 1176763 | 1620313 |
| &nbsp;&nbsp;&nbsp;Akeso\* | 278000 | 4616668 |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 18153 | 657053 |
| &nbsp;&nbsp;&nbsp;Beijing Tong Ren Tang, Cl A | 173090 | 696199 |
| &nbsp;&nbsp;&nbsp;Beijing Wantai Biological Pharmacy Enterprise, Cl A\* | 133642 | 769147 |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Cl H\* | 300318 | 6573119 |
| &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group, Cl A | 50308 | 625472 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 209111 | 845927 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A\* | 304972 | 660573 |
| &nbsp;&nbsp;&nbsp;CSPC Innovation Pharmaceutical, Cl A | 127957 | 588402 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 2500889 | 2902744 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech\*<sup>(A)</sup> | 516000 | 720670 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 176150 | 583026 |
| &nbsp;&nbsp;&nbsp;Haisco Pharmaceutical Group, Cl A | 118600 | 932082 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting, Cl A | 46750 | 364364 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 638000 | 2887202 |
| &nbsp;&nbsp;&nbsp;Hebei Changshan Biochemical Pharmaceutical, Cl A\* | 113200 | 612654 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 221041 | 1130376 |
| &nbsp;&nbsp;&nbsp;Imeik Technology Development, Cl A | 38340 | 650815 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics\* | 645000 | 6984579 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 461108 | 3686621 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yuyue Medical Equipment & Supply, Cl A | 129610 | 636162 |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR\* | 31538 | 570522 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl A | 186875 | 757057 |
| &nbsp;&nbsp;&nbsp;Remegen, Cl H\* | 81000 | 989745 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 1077600 | 515421 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 57150 | 794359 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 264329 | 1019167 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 349812 | 863553 |
| &nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products, Cl A | 829034 | 698594 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 107071 | 1736278 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 144555 | 3446281 |
| &nbsp;&nbsp;&nbsp;Shenzhen New Industries Biomedical Engineering, Cl A | 98700 | 701233 |
| &nbsp;&nbsp;&nbsp;Shenzhen Salubris Pharmaceuticals, Cl A | 145065 | 1287726 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 203015 | 1019675 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun-Biotech Biopharmaceutical, Cl H\* | 21400 | 1255580 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 576400 | 1485074 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 321720 | 4569582 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H | 167584 | 2511558 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman\* | 1266135 | 5332489 |
| &nbsp;&nbsp;&nbsp;WuXi XDC Cayman\* | 144000 | 1068952 |
| &nbsp;&nbsp;&nbsp;XtalPi Holdings\*<sup>(A)</sup> | 743000 | 853860 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 224023 | 1779417 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI All China Health Care Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 76434 | $1672170 |
| TOTAL CHINA |  | 76986938 |
| **HONG KONG — 4.2%** |  |  |
| Health Care — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 4475750 | 3362435 |
| TOTAL HONG KONG |  | 3362435 |
| TOTAL COMMON STOCK<br> (Cost $73,588,526) |  | 80349373 |

---

---

| | |
|:---|:---|
|  | **Number of <br> Rights** |
| **RIGHTS — 0.0%** |  |
| **CHINA — 0.0%** |  |
| Health Care — 0.0% |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma<sup>‡‡</sup>\*<sup>(B)</sup> | 103989 |
| TOTAL CHINA |  |
| TOTAL RIGHTS<br> (Cost $–) |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SHORT-TERM INVESTMENT — 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 3.580%<sup>(C)(D)</sup> | 1249300 | 1249300 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,249,300) |  | 1249300 |
| TOTAL INVESTMENTS — 101.5% <br> (Cost $74,837,826) |  | 81598673 |
| OTHER ASSETS LESS LIABILITIES – (1.5)% |  | (1180231) |
| NET ASSETS - 100% |  | $80418442 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *‡‡* | *Expiration date not available.* |
| *(A)* | *Certain securities or partial positions of certain securities are on loan at March 31, 2026.* |
| *(B)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(C)* | *The rate shown is the 7-day effective yield as of March 31, 2026.* |
| *(D)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2026 was $1,249,300.* |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI All China Health Care Index ETF** (concluded)

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | $76986938 | $— | $— |  | $76986938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 3362435 |  |  |  | 3362435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 80349373 |  |  |  | 80349373 |
| &nbsp;&nbsp;&nbsp;Rights |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 1249300 |  |  |  | 1249300 |
| Total Investments in Securities | $81598673 | $— | $— |  | $81598673 |

---

---

| | |
|:---|:---|
| *^* | *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, 2026*

**KraneShares Asia Pacific High Income USD Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 81.7%** |  |  |
| **CHINA — 17.6%** |  |  |
| Consumer Discretionary — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Star BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 09/09/2029 | $200000 | $189530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/27/2027 | 400000 | 388316 |
| &nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 07/24/2028 | 200000 | 205720 |
|  |  | 783566 |
| Industrials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;West China Cement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.900%, 12/04/2028 | 200000 | 180380 |
| Real Estate — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Central Plaza Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.800%, 04/07/2029 | 200000 | 197957 |
| &nbsp;&nbsp;&nbsp;Franshion Brilliant |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/23/2029 | 200000 | 183125 |
| &nbsp;&nbsp;&nbsp;GLP China Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 04/30/2029 | 200000 | 159849 |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, 02/24/2028 | 200000 | 200947 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 09/16/2029 | 200000 | 158048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/13/2027 | 200000 | 185337 |
| &nbsp;&nbsp;&nbsp;Pingan Real Estate Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/29/2026 | 200000 | 195286 |
| &nbsp;&nbsp;&nbsp;Shui On Development Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 01/26/2029 | 200000 | 201269 |
| &nbsp;&nbsp;&nbsp;Vanke Real Estate Hong Kong, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.975%, 11/09/2027 | 200000 | 75646 |
|  |  | 1557464 |
| Utilities — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;China Oil & Gas Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 02/04/2029 | 200000 | 192523 |
| TOTAL CHINA |  | 2713933 |
| **HONG KONG — 13.5%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cas Capital No. 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, H15T5Y + 2.533%<sup>(A)(B)</sup> | 200000 | 196497 |
| Consumer Discretionary — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Li & Fung |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.375%, 02/05/2029 | 200000 | 200489 |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/17/2032 | 200000 | 202961 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Asia Pacific High Income USD Bond ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 09/24/2033 | $200000 | $192276 |
|  |  | 595726 |
| Financials — 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;CS Treasury Management Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 06/05/2174<sup>(B)</sup> | 384140 | 384226 |
| &nbsp;&nbsp;&nbsp;FWD Group Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.836%, 09/22/2035 | 200000 | 198462 |
| &nbsp;&nbsp;&nbsp;FWD Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.675%, H15T5Y + 3.075%<sup>(A)(B)</sup> | 200000 | 199500 |
|  |  | 782188 |
| Real Estate — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;NWD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 02/08/2028 | 200000 | 187012 |
| &nbsp;&nbsp;&nbsp;NWD, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/19/2030 | 200000 | 155837 |
| &nbsp;&nbsp;&nbsp;NWD Finance BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/22/2174<sup>(B)</sup> | 200000 | 158517 |
|  |  | 501366 |
| TOTAL HONG KONG |  | 2075777 |
| **INDIA — 17.5%** |  |  |
| Energy — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/14/2028 | 200000 | 188561 |
| Financials — 8.5% |  |  |
| &nbsp;&nbsp;&nbsp;IIFL Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 07/24/2028 | 200000 | 201581 |
| &nbsp;&nbsp;&nbsp;Manappuram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/12/2028 | 200000 | 201063 |
| &nbsp;&nbsp;&nbsp;Muthoot Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 04/23/2029 | 200000 | 198634 |
| &nbsp;&nbsp;&nbsp;Piramal Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.800%, 01/29/2028 | 250000 | 251848 |
| &nbsp;&nbsp;&nbsp;Sammaan Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.950%, 08/28/2028 | 250000 | 251939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 10/16/2030 | 200000 | 193711 |
|  |  | 1298776 |
| Industrials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;IRB Infrastructure Developers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.110%, 03/11/2032 | 200000 | 200648 |
| Materials — 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;UPL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/16/2030 | 200000 | 176854 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Asia Pacific High Income USD Bond ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 09/17/2029 | $400000 | $417786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.475%, 07/24/2030 | 200000 | 202509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 10/15/2032 | 200000 | 201102 |
|  |  | 998251 |
| TOTAL INDIA |  | 2686236 |
| **INDONESIA — 6.1%** |  |  |
| Energy — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Medco Cypress Tree Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 05/19/2030 | 360000 | 369624 |
| &nbsp;&nbsp;&nbsp;Sorik Marapi Geothermal Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/05/2031 | 186660 | 185186 |
|  |  | 554810 |
| Materials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nickel Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.000%, 09/30/2030 | 200000 | 199734 |
| Real Estate — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kawasan Industri Jababeka, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/15/2026 | 180000 | 177750 |
| TOTAL INDONESIA |  | 932294 |
| **JAPAN — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.250%<sup>(A)(B)</sup> | 200000 | 198104 |
| **MACAU — 9.6%** |  |  |
| Consumer Discretionary — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;MGM China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/26/2031 | 200000 | 204027 |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2028 | 400000 | 395415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/15/2029 | 200000 | 187545 |
| &nbsp;&nbsp;&nbsp;Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.750%, 02/15/2034 | 200000 | 195449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/26/2028 | 250000 | 245541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/07/2029<sup>(C)</sup> | 250000 | 248875 |
| TOTAL MACAU |  | 1476852 |
| **MONGOLIA — 5.1%** |  |  |
| Energy — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Mongolian Mining |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.440%, 04/03/2030 | 200000 | 198922 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Asia Pacific High Income USD Bond ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Golomt Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 05/20/2027 | $200000 | $202428 |
| &nbsp;&nbsp;&nbsp;Trade & Development Bank of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/23/2027 | 400000 | 391500 |
|  |  | 593928 |
| TOTAL MONGOLIA |  | 792850 |
| **PHILIPPINES — 1.3%** |  |  |
| Utilities — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;San Miguel Global Power Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%<sup>(A)(B)</sup> | 200000 | 197713 |
| **SINGAPORE — 1.1%** |  |  |
| Real Estate — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;GLP Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.750%, 05/20/2028 | 200000 | 163914 |
| **THAILAND — 3.8%** |  |  |
| Energy — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Thaioil Treasury Center, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.100%, H15T5Y + 2.375%<sup>(A)(B)</sup> | 200000 | 193056 |
| Financials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.337%<sup>(A)(B)</sup> | 200000 | 196443 |
| &nbsp;&nbsp;&nbsp;Muangthai Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/30/2028 | 200000 | 198497 |
|  |  | 394940 |
| TOTAL THAILAND |  | 587996 |
| **UNITED KINGDOM — 4.8%** |  |  |
| Financials — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.976%<sup>(A)(B)</sup> | 200000 | 204515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 2.873%<sup>(A)(B)</sup> | 360000 | 353089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.805%<sup>(A)(B)</sup> | 200000 | 182909 |
| TOTAL UNITED KINGDOM |  | 740513 |
| TOTAL CORPORATE OBLIGATIONS <br> (Cost $12,502,675) |  | 12566182 |
| **SOVEREIGN DEBT — 6.5%** |  |  |
| **PAKISTAN — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Pakistan Government International Bond, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 04/08/2051 | 250000 | 223152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 04/08/2031 | 250000 | 231169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 12/05/2027 | 200000 | 197290 |
|  |  | 651611 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Asia Pacific High Income USD Bond ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT (continued)** |  |  |
| **SRI LANKA — 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Sri Lanka Government International Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 08/15/2027 | $200000 | $176498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 09/15/2027 | 200000 | 166925 |
|  |  | 343423 |
| TOTAL SOVEREIGN DEBT<br> (Cost $1,058,198) |  | 995034 |
| **CONVERTIBLE BONDS — 3.6%** |  |  |
| **CHINA — 2.4%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu CV to 1107.0457 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 03/12/2032<sup>(D)</sup> | 200000 | $182300 |
| Consumer Discretionary — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding CV to 5.1773 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 09/15/2032<sup>(D)</sup> | 200000 | 192500 |
| TOTAL CHINA |  | 374800 |
| **HONG KONG — 1.2%** |  |  |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Jinkai Investment Holdings CV to 12326.5403 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%, 02/05/2031<sup>(D)</sup> | 200000 | 184800 |
| TOTAL CONVERTIBLE BONDS<br> (Cost $603,336) |  | 559600 |
| TOTAL INVESTMENTS — 91.8%<br> (Cost $14,164,209) |  | 14120816 |
| OTHER ASSETS LESS LIABILITIES – 8.2% |  | 1254360 |
| NET ASSETS - 100% |  | $15375176 |

---

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

*(B)* *Perpetual security with no stated maturity date.* 

*(C)* *Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total market value of such securities as of March 31, 2026 was $248,875 and represented 1.6% of the Net Assets of the Fund.* 

*(D)* *Zero coupon security.* 

As of March 31, 2026, 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, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.0%<sup>‡</sup>** |  |  |
| **BRAZIL — 5.1%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 20961 | $165494 |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 96700 | 282399 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 26551 | 119640 |
|  |  | 402039 |
| Energy — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras | 80400 | 830028 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 23300 | 128147 |
|  |  | 958175 |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 106600 | 375614 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 51387 | 164436 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 46800 | 206130 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 13100 | 87326 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Cl A\* | 23008 | 330625 |
|  |  | 1164131 |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 26620 | 239491 |
| &nbsp;&nbsp;&nbsp;Motiva Infraestrutura de Mobilidade | 20600 | 62369 |
| &nbsp;&nbsp;&nbsp;Rumo | 20600 | 64104 |
| &nbsp;&nbsp;&nbsp;WEG | 30900 | 301843 |
|  |  | 667807 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Klabin | 13943 | 52093 |
| &nbsp;&nbsp;&nbsp;Suzano | 15500 | 154052 |
| &nbsp;&nbsp;&nbsp;Vale | 64800 | 1023507 |
|  |  | 1229652 |
| Utilities — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia | 19500 | 218677 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 5321 | 161248 |
| &nbsp;&nbsp;&nbsp;Equatorial | 23300 | 181913 |
|  |  | 561838 |
| TOTAL BRAZIL |  | 5149136 |
| **CHILE — 0.7%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 6864 | 47048 |
| &nbsp;&nbsp;&nbsp;Falabella | 13243 | 80419 |
|  |  | 127467 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 1170227 | $210706 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones | 1141 | 73321 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile | 1166953 | 95860 |
|  |  | 379887 |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Latam Airlines Group | 4070763 | 99446 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 22271 | 30054 |
| Utilities — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Enel Chile | 1259705 | 96450 |
| TOTAL CHILE |  | 733304 |
| **COLOMBIA — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest | 12964 | 300846 |
| TOTAL COLOMBIA |  | 300846 |
| **CZECHIA — 0.3%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 3484 | 176313 |
| Utilities — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CEZ | 2705 | 152241 |
| TOTAL CZECHIA |  | 328554 |
| **EGYPT — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank - Egypt (CIB) | 51009 | 113084 |
| TOTAL EGYPT |  | 113084 |
| **GREECE — 0.4%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 4061 | 76363 |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Allwyn | 11035 | 166434 |
| &nbsp;&nbsp;&nbsp;JUMBO | 7429 | 188143 |
|  |  | 354577 |
| TOTAL GREECE |  | 430940 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **HUNGARY — 0.6%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 6327 | $74679 |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank NYRT | 3874 | 409404 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon NYRT | 3121 | 110252 |
| TOTAL HUNGARY |  | 594335 |
| **INDIA — 17.5%** |  |  |
| Communication Services — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 48365 | 908876 |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Auto | 1439 | 133229 |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 2730 | 189563 |
| &nbsp;&nbsp;&nbsp;Eternal\* | 123478 | 298095 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 16281 | 507181 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 2631 | 341355 |
| &nbsp;&nbsp;&nbsp;Tata Motors\* | 31910 | 132823 |
| &nbsp;&nbsp;&nbsp;Tata Motors Passenger Vehicles Limited | 31910 | 99651 |
| &nbsp;&nbsp;&nbsp;Titan | 6181 | 257500 |
|  |  | 1959397 |
| Consumer Staples — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Dabur India | 29585 | 128027 |
| &nbsp;&nbsp;&nbsp;Godrej Consumer Products | 16068 | 166831 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever | 15916 | 344871 |
| &nbsp;&nbsp;&nbsp;ITC | 76569 | 232253 |
| &nbsp;&nbsp;&nbsp;Nestle India | 14162 | 175411 |
|  |  | 1047393 |
| Energy — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 36260 | 107424 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 106495 | 152025 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas Corp | 77821 | 233548 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 87790 | 1243886 |
|  |  | 1736883 |
| Financials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank | 48507 | 593905 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance | 44410 | 375301 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 8895 | 153032 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 131293 | 1012637 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance | 17658 | 109952 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 81788 | $1039847 |
| &nbsp;&nbsp;&nbsp;IndusInd Bank\* | 4950 | 39269 |
| &nbsp;&nbsp;&nbsp;Jio Financial Services | 38507 | 90981 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 116960 | 435785 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 38271 | 395183 |
|  |  | 4245892 |
| Health Care — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma | 9023 | 124088 |
| &nbsp;&nbsp;&nbsp;Cipla | 10410 | 134360 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 10007 | 132398 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 19107 | 353983 |
|  |  | 744829 |
| Industrials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 8052 | 149310 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 23800 | 329365 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics | 114752 | 484723 |
| &nbsp;&nbsp;&nbsp;CG Power & Industrial Solutions | 35557 | 245566 |
| &nbsp;&nbsp;&nbsp;Cummins India | 6205 | 294396 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics | 6857 | 252104 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation | 7512 | 312324 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 12668 | 468008 |
| &nbsp;&nbsp;&nbsp;Suzlon Energy\* | 308213 | 128551 |
|  |  | 2664347 |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 22971 | 324916 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 67568 | 912844 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 16698 | 415281 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 13193 | 192508 |
| &nbsp;&nbsp;&nbsp;Wipro | 63786 | 126188 |
|  |  | 1971737 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 8551 | 195201 |
| &nbsp;&nbsp;&nbsp;Grasim Industries | 5763 | 155406 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 35608 | 332039 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 15105 | 178762 |
| &nbsp;&nbsp;&nbsp;Tata Steel | 180262 | 364634 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 2051 | 232349 |
| &nbsp;&nbsp;&nbsp;UPL | 9498 | 56874 |
| &nbsp;&nbsp;&nbsp;Vedanta | 23181 | 160033 |
|  |  | 1675298 |
| Utilities — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;GAIL India | 53626 | 77859 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;NTPC | 85572 | $334399 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 83745 | 261436 |
|  |  | 673694 |
| TOTAL INDIA |  | 17628346 |
| **INDONESIA — 1.6%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero | 1172600 | 211136 |
| Consumer Staples — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Indonesia | 160200 | 38649 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;United Tractors | 111700 | 204083 |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 1108800 | 420828 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 916400 | 254518 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero | 341900 | 75645 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 1273900 | 249615 |
|  |  | 1000606 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 509100 | 187230 |
| TOTAL INDONESIA |  | 1641704 |
| **MALAYSIA — 2.1%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CelcomDigi Bhd | 75700 | 55340 |
| &nbsp;&nbsp;&nbsp;Maxis | 148900 | 132388 |
|  |  | 187728 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;SD Guthrie | 57300 | 85617 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings | 209555 | 390748 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 13200 | 71396 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 142716 | 400409 |
| &nbsp;&nbsp;&nbsp;Public Bank | 329800 | 381196 |
|  |  | 1243749 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 49500 | 109783 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 75700 | $113485 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Gas | 12900 | 57220 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional | 93800 | 322010 |
|  |  | 379230 |
| TOTAL MALAYSIA |  | 2119592 |
| **MEXICO — 4.0%** |  |  |
| Communication Services — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;America Movil | 399600 | 504553 |
| Consumer Staples — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano | 41800 | 458488 |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo, Ser A | 28300 | 94273 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 109000 | 351622 |
|  |  | 904383 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 57300 | 631327 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa, Cl O | 38600 | 96599 |
|  |  | 727926 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 10490 | 257082 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, Cl B | 6700 | 224309 |
|  |  | 481391 |
| Materials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex | 317700 | 361873 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico | 57300 | 609540 |
| &nbsp;&nbsp;&nbsp;Southern Copper | 1938 | 333453 |
|  |  | 1304866 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fibra Uno Administracion<sup>†</sup> | 71300 | 115280 |
| TOTAL MEXICO |  | 4038399 |
| **PERU — 0.6%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 945 | 320525 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA ADR | 7419 | 267381 |
| TOTAL PERU |  | 587906 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **PHILIPPINES — 0.5%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 69549 | $129138 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala | 8110 | 67216 |
| &nbsp;&nbsp;&nbsp;SM Investments | 8110 | 82769 |
|  |  | 149985 |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala Land | 281700 | 74842 |
| &nbsp;&nbsp;&nbsp;SM Prime Holdings | 384400 | 129399 |
|  |  | 204241 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Manila Electric | 3490 | 35474 |
| TOTAL PHILIPPINES |  | 518838 |
| **POLAND — 2.1%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 1533 | 97291 |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;LPP | 70 | 418718 |
| Energy — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 7139 | 257253 |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 4214 | 245851 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 21061 | 490701 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 15298 | 262869 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska | 818 | 127921 |
|  |  | 1127342 |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz\* | 2936 | 210983 |
| TOTAL POLAND |  | 2111587 |
| **QATAR — 0.9%** |  |  |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;AlRayan Bank | 99748 | 59832 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank | 29248 | 181947 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank | 103694 | 485291 |
|  |  | 727070 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Industries Qatar | 46523 | $135953 |
| TOTAL QATAR |  | 863023 |
| **ROMANIA — 0.2%** |  |  |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;NEPI Rockcastle | 23857 | 189239 |
| TOTAL ROMANIA |  | 189239 |
| **RUSSIA — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC ADR<sup>(A)(B)</sup> | 3839 |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;X5 Retail Group GDR\*<sup>(A)(B)</sup> | 915 |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC\*<sup>(A)(B)</sup> | 89700 |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC\*<sup>(A)(B)</sup> | 3729 |  |
| &nbsp;&nbsp;&nbsp;Novatek PJSC GDR\*<sup>(A)(B)</sup> | 756 |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC\*<sup>(A)(B)</sup> | 10270 |  |
| &nbsp;&nbsp;&nbsp;Tatneft PJSC\*<sup>(A)(B)</sup> | 16537 |  |
| Financials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC\*<sup>(A)(B)</sup> | 99330 |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alrosa PJSC\*<sup>(A)(B)</sup> | 18910 |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO\*<sup>(A)(B)</sup> | 67000 |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC\*<sup>(A)(B)</sup> | 8860 |  |
| &nbsp;&nbsp;&nbsp;Severstal PAO\*<sup>(A)(B)</sup> | 1512 |  |
| TOTAL RUSSIA |  |  |
| **SOUTH AFRICA — 4.3%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 14411 | 164547 |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 19801 | 997089 |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 15306 | 215666 |
| &nbsp;&nbsp;&nbsp;Capitec Bank Holdings | 1440 | 346791 |
| &nbsp;&nbsp;&nbsp;Discovery | 23656 | 343145 |
| &nbsp;&nbsp;&nbsp;FirstRand | 56767 | 285667 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 16059 | $250264 |
| &nbsp;&nbsp;&nbsp;Remgro | 18612 | 205001 |
| &nbsp;&nbsp;&nbsp;Sanlam | 31021 | 161253 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 15248 | 271199 |
|  |  | 2078986 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 12477 | 165862 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Gold Fields | 10037 | 445926 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining | 9437 | 141135 |
| &nbsp;&nbsp;&nbsp;Sasol\* | 11859 | 156136 |
| &nbsp;&nbsp;&nbsp;Valterra Platinum | 1492 | 122114 |
|  |  | 865311 |
| TOTAL SOUTH AFRICA |  | 4271795 |
| **SOUTH KOREA — 22.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;NAVER | 2590 | 340734 |
| Consumer Discretionary — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 1463 | 361058 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 2250 | 654441 |
| &nbsp;&nbsp;&nbsp;Kia | 5547 | 525854 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 2430 | 167537 |
|  |  | 1708890 |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific | 896 | 80261 |
| &nbsp;&nbsp;&nbsp;KT&G | 3586 | 372729 |
|  |  | 452990 |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 2235 | 348751 |
| &nbsp;&nbsp;&nbsp;SK Innovation | 1384 | 98221 |
| &nbsp;&nbsp;&nbsp;S-Oil\* | 792 | 54450 |
|  |  | 501422 |
| Financials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 869 | 92934 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 7658 | 532983 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 4446 | 61974 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 6692 | 619981 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 1156 | 332463 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance | 1204 | 165470 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 9766 | 559187 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 12822 | $268302 |
|  |  | 2633294 |
| Health Care — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 3464 | 445949 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics\* | 240 | 235668 |
|  |  | 681617 |
| Industrials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Doosan Enerbility\* | 8237 | 493688 |
| &nbsp;&nbsp;&nbsp;Hanwha Aerospace | 719 | 586316 |
| &nbsp;&nbsp;&nbsp;HD Korea Shipbuilding & Offshore Engineering | 659 | 148008 |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 3011 | 407915 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries | 3874 | 416575 |
| &nbsp;&nbsp;&nbsp;LG | 2779 | 150231 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution\* | 1054 | 271474 |
| &nbsp;&nbsp;&nbsp;Samsung C&T | 2482 | 410790 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries\* | 24021 | 383451 |
| &nbsp;&nbsp;&nbsp;SK | 998 | 196127 |
| &nbsp;&nbsp;&nbsp;SK Square\* | 1844 | 561634 |
|  |  | 4026209 |
| Information Technology — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;LG Display\* | 3772 | 26720 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 1699 | 452024 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 59562 | 6501986 |
| &nbsp;&nbsp;&nbsp;Samsung SDI\* | 1152 | 306869 |
| &nbsp;&nbsp;&nbsp;Samsung SDS | 605 | 59290 |
| &nbsp;&nbsp;&nbsp;SK hynix | 7336 | 3865212 |
|  |  | 11212101 |
| Materials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;LG Chem | 1024 | 199899 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 1740 | 377730 |
|  |  | 577629 |
| Utilities — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 10831 | 294526 |
| TOTAL SOUTH KOREA |  | 22429412 |
| **TAIWAN — 27.9%** |  |  |
| Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 55000 | 228808 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications | 78000 | 224217 |
| &nbsp;&nbsp;&nbsp;Taiwan Mobile | 76000 | 259118 |
|  |  | 712143 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding | 156000 | $343034 |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 53379 | 182828 |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank | 435346 | 277794 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 233000 | 373879 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding | 202185 | 200793 |
| &nbsp;&nbsp;&nbsp;First Financial Holding | 345306 | 304586 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding | 119735 | 322089 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings | 267042 | 277316 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding | 471420 | 283855 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding | 217516 | 261604 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank | 159000 | 193963 |
| &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings | 191269 | 183671 |
| &nbsp;&nbsp;&nbsp;Taiwan Business Bank | 578000 | 271192 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding | 313568 | 230002 |
| &nbsp;&nbsp;&nbsp;TS Financial Holding | 369312 | 267425 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 154589 | 216386 |
|  |  | 4190417 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century | 231000 | 190031 |
| &nbsp;&nbsp;&nbsp;Teco Electric and Machinery | 18000 | 33782 |
|  |  | 223813 |
| Information Technology — 21.6% |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 23000 | 1086331 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding | 46000 | 472662 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 7000 | 120207 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 26000 | 152893 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 28000 | 1208633 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 158000 | 926650 |
| &nbsp;&nbsp;&nbsp;Innolux | 235400 | 175611 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 33000 | 145027 |
| &nbsp;&nbsp;&nbsp;MediaTek | 26000 | 1211761 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 19000 | 225540 |
| &nbsp;&nbsp;&nbsp;Pegatron | 79000 | 188295 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 33000 | 287472 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 269000 | 14808883 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 206000 | 364060 |
| &nbsp;&nbsp;&nbsp;Wistron | 71000 | 272052 |
| &nbsp;&nbsp;&nbsp;Wiwynn | 1000 | 103222 |
|  |  | 21749299 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 103000 | 111795 |
| &nbsp;&nbsp;&nbsp;China Steel | 339000 | 200410 |
| &nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre | 78000 | 109668 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Formosa Plastics | 103000 | $147879 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics | 253000 | 584820 |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings | 153404 | 110363 |
|  |  | 1264935 |
| TOTAL TAIWAN |  | 28140607 |
| **THAILAND — 1.5%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service NVDR | 25300 | 286140 |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CP ALL NVDR | 126200 | 174109 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 268300 | 284733 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 36600 | 179227 |
|  |  | 463960 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services NVDR | 229900 | 131053 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand NVDR | 110000 | 173438 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement NVDR | 10400 | 65276 |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Central Pattana NVDR | 101900 | 192337 |
| TOTAL THAILAND |  | 1486313 |
| **TÜRKIYE — 0.7%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | 17840 | 273937 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri | 35711 | 207337 |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Akbank | 127615 | 189357 |
| TOTAL TÜRKIYE |  | 670631 |
| **UNITED ARAB EMIRATES — 1.5%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 55822 | 283266 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 56643 | $190594 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 83488 | 386382 |
|  |  | 576976 |
| Real Estate — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 107374 | 227709 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 136308 | 434161 |
|  |  | 661870 |
| TOTAL UNITED ARAB EMIRATES |  | 1522112 |
| **UNITED KINGDOM — 0.8%** |  |  |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | 8413 | 807215 |
| TOTAL UNITED KINGDOM |  | 807215 |
| TOTAL COMMON STOCK<br> (Cost $80,477,077) |  | 96676918 |
| **PREFERRED STOCK — 3.4%** |  |  |
| **BRAZIL — 2.4%** |  |  |
| Energy — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro - Petrobras<sup>(C)</sup> | 86000 | 801544 |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco<sup>(C)</sup> | 106571 | 391227 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding<sup>(C)</sup> | 87342 | 727245 |
| &nbsp;&nbsp;&nbsp;Itausa<sup>(C)</sup> | 116408 | 311642 |
|  |  | 1430114 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau<sup>(C)</sup> | 22790 | 82921 |
| Utilities — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Axia Energia\*<sup>(C)</sup> | 3653 | 39627 |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais<sup>(C)</sup> | 27100 | 65441 |
|  |  | 105068 |
| TOTAL BRAZIL |  | 2419647 |
| **CHILE — 0.3%** |  |  |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile\*<sup>(C)</sup> | 3231 | 259356 |
| **COLOMBIA — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest<sup>(C)</sup> | 7842 | 144686 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PAO\*<sup>(A)(B)(C)</sup> | 50900 |  |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK (continued)** |  |  |
| **SOUTH KOREA — 0.6%** |  |  |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics<sup>(C)</sup> | 8615 | $641211 |
| TOTAL PREFERRED STOCK<br> (Cost $2,592,106) |  | 3464900 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $83,069,183) |  | 100141818 |
| OTHER ASSETS LESS LIABILITIES – 0.6% |  | 626958 |
| NET ASSETS - 100% |  | $100768776 |

---

---

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

---

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** |  | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $5149136 | $— | $— |  | $5149136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 733304 |  |  |  | 733304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 300846 |  |  |  | 300846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechia | 328554 |  |  |  | 328554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 113084 |  |  |  | 113084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 430940 |  |  |  | 430940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | 594335 |  |  |  | 594335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 17628346 |  |  |  | 17628346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 1641704 |  |  |  | 1641704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 2119592 |  |  |  | 2119592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 4038399 |  |  |  | 4038399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 587906 |  |  |  | 587906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | 518838 |  |  |  | 518838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 2111587 |  |  |  | 2111587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar | 863023 |  |  |  | 863023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania | 189239 |  |  |  | 189239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 4271795 |  |  |  | 4271795 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares MSCI Emerging Markets ex China Index ETF** (concluded)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | $22429412 | $— | $22429412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 28140607 |  | 28140607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 1486313 |  | 1486313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Türkiye | 670631 |  | 670631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 1522112 |  | 1522112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 807215 |  | 807215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 96676918 |  | 96676918 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 2419647 |  | 2419647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 259356 |  | 259356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 144686 |  | 144686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 641211 |  | 641211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | 3464900 |  | 3464900 |
| Total Investments in Securities | $100141818 | $— | $100141818 |

---

---

| | |
|:---|:---|
| ^ | *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.*

**Consolidated Schedule of Investments** *March 31, 2026*

**KraneShares Global Carbon Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 64.2%** |  |  |
| **Fixed Income — 64.2%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 3374500 | $84463735 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $84,689,064) |  | 84463735 |

---

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | |
| **INDEX-LINKED NOTE — 19.6%** |  |  |
| **UNITED STATES — 19.6%** |  |  |
| Financials — 19.6% |  |  |
| &nbsp;&nbsp;&nbsp;GS Finance, 4.500%, 1/27/2027<sup>(D)(E)</sup> | 41677000 | 25868956 |
| TOTAL UNITED STATES |  | 25868956 |
| TOTAL INDEX-LINKED NOTE<br> (Cost $41,677,000) |  | 25868956 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SHORT-TERM INVESTMENT — 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.600%<sup>(F)</sup> | 6723142 | 6723141 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $6,723,141) |  | 6723141 |
| TOTAL INVESTMENTS — 88.9%<br> (Cost $133,089,205) |  | 117055832 |
| OTHER ASSETS LESS LIABILITIES – 11.1% |  | 14616529 |
| NET ASSETS - 100% |  | $131672361 |

---

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of <br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance Vintage^ | 1214 | Dec-2026 | $37294330 | $35048180 | $(2246151) |
| &nbsp;&nbsp;&nbsp;Euro FX^ | 130 | Jun-2026 | 18946534 | 18826438 | (120097) |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission^ | 100 | Dec-2026 | 9788382 | 8354649 | (1410973) |
| &nbsp;&nbsp;&nbsp;RGGI Vintage^ | 259 | Dec-2026 | 7220737 | 7456610 | 235873 |
| &nbsp;&nbsp;&nbsp;UK Emission Allowance^ | 94 | Dec-2026 | 7354026 | 5150464 | (2258753) |
| &nbsp;&nbsp;&nbsp;WA Carbon Allowance Vintage^ | 110 | Dec-2026 | 8114812 | 7767100 | (347712) |
|  |  |  | $88718821 | $82603441 | $(6147813) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA Global Carbon Subsidiary, Ltd. as of March 31, 2026.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.* |

---

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

**Consolidated Schedule of Investments** *March 31, 2026*

**KraneShares Global Carbon Strategy ETF** (concluded)

*(E)* *Securities sold within the terms of a private placement memorandum, exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "accredited investors." The total market value of such securities as of March 31, 2026 was $25,868,956 and represented 19.6% of the Net Assets of the Fund.* 

*(F)* *The rate shown is the 7-day effective yield as of March 31, 2026.* 

The following summarizes the market value of the Fund's investments and other financial instruments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $84463735 | $— | $— | $84463735 |
| &nbsp;&nbsp;&nbsp;Index-Linked Note |  | 25868956 |  | 25868956 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 6723141 |  |  | 6723141 |
| Total Investments in Securities | $91186876 | $25868956 | $— | $117055832 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $235873 | $— | $— | $235873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (6383686) |  |  | (6383686) |
| Total Other Financial Instruments | $(6147813) | $— | $— | $(6147813) |

---

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

Transactions with affiliated companies during the year ended March 31, 2026, are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of**<br> **3/31/2025** | **Purchases at**<br> **Cost** | **Proceeds**<br> **from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value as of**<br> **3/31/2026** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |  |  |  |  |  |
| $117673932 | $26717187 | $(59755645) | $34860 | $(206599) | $84463735 | $4115574 | $— |

---

*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, 2026*

**KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **MEXICO — 1.5%** |  |  |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper | 2948 | $507233 |
| TOTAL MEXICO |  | 507233 |
| **UNITED STATES — 98.4%** |  |  |
| Communication Services — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 3103 | 890126 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 10565 | 530363 |
|  |  | 1420489 |
| Consumer Discretionary — 10.9% |  |  |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters | 4193 | 70023 |
| &nbsp;&nbsp;&nbsp;Best Buy | 7901 | 507244 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 6229 | 71883 |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 565 | 59749 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson | 17531 | 354477 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1930 | 634758 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 4497 | 237531 |
| &nbsp;&nbsp;&nbsp;Tapestry | 2817 | 397507 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 1389 | 516361 |
| &nbsp;&nbsp;&nbsp;Upbound Group | 28778 | 519443 |
| &nbsp;&nbsp;&nbsp;Wendy's | 63732 | 442937 |
|  |  | 3811913 |
| Consumer Staples — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 9110 | 601169 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 6102 | 482973 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 11831 | 185983 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Cl A | 1858 | 278700 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 29477 | 484012 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 61571 | 501804 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 3555 | 587784 |
|  |  | 3122425 |
| Energy — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Chevron | 2064 | 427042 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 14030 | 470426 |
| &nbsp;&nbsp;&nbsp;ONEOK | 4029 | 364181 |
|  |  | 1261649 |
| Financials — 11.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cohen & Steers | 2694 | 168510 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 854 | 722476 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 2814 | 827766 |
| &nbsp;&nbsp;&nbsp;Main Street Capital | 9483 | 502220 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2040 | 335723 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Prudential Financial | 2006 | $195966 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 10631 | 277682 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 6189 | 557876 |
| &nbsp;&nbsp;&nbsp;Western Union | 57413 | 501215 |
|  |  | 4089434 |
| Health Care — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 3418 | 743381 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 9531 | 578055 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 3529 | 862629 |
| &nbsp;&nbsp;&nbsp;Pfizer | 20234 | 568171 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 1124 | 304143 |
|  |  | 3056379 |
| Industrials — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 2696 | 547774 |
| &nbsp;&nbsp;&nbsp;Cummins | 429 | 230811 |
| &nbsp;&nbsp;&nbsp;Deluxe | 5339 | 147036 |
| &nbsp;&nbsp;&nbsp;Fastenal | 8228 | 381779 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 2131 | 554678 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 149 | 90054 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 3204 | 295633 |
| &nbsp;&nbsp;&nbsp;Paychex | 5685 | 523702 |
| &nbsp;&nbsp;&nbsp;Snap-on | 973 | 353413 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1531 | 371451 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 5489 | 540008 |
|  |  | 4036339 |
| Information Technology — 26.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 4673 | 590433 |
| &nbsp;&nbsp;&nbsp;Apple | 782 | 198464 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 275 | 93992 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A\* | 161 | 64078 |
| &nbsp;&nbsp;&nbsp;Broadcom | 3615 | 1118879 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 9110 | 706845 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 2222 | 538591 |
| &nbsp;&nbsp;&nbsp;Lam Research | 698 | 149135 |
| &nbsp;&nbsp;&nbsp;Microsoft | 5401 | 1999288 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 13630 | 2377072 |
| &nbsp;&nbsp;&nbsp;Oracle | 1096 | 161232 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A\* | 951 | 139112 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 693 | 271490 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 3320 | 644545 |
|  |  | 9053156 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Real Estate — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Cl A<sup>†</sup> | 18322 | $511550 |
| &nbsp;&nbsp;&nbsp;Equity Residential<sup>†</sup> | 8956 | 529747 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts<sup>†</sup> | 10066 | 192865 |
| &nbsp;&nbsp;&nbsp;Public Storage<sup>†</sup> | 1865 | 505191 |
| &nbsp;&nbsp;&nbsp;Regency Centers<sup>†</sup> | 4186 | 316713 |
| &nbsp;&nbsp;&nbsp;Simon Property Group<sup>†</sup> | 2992 | 558098 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Cl A<sup>†</sup> | 18495 | 505283 |
| &nbsp;&nbsp;&nbsp;WP Carey<sup>†</sup> | 7547 | 512894 |
|  |  | 3632341 |
| Utilities — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1975 | 258883 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 1648 | 186520 |
| &nbsp;&nbsp;&nbsp;Dominion Energy | 2901 | 179340 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 1565 | 181180 |
|  |  | 805923 |
| TOTAL UNITED STATES |  | 34290048 |
| TOTAL COMMON STOCK<br> (Cost $33,844,224) |  | 34797281 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $33,844,224) |  | 34797281 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 32300 |
| NET ASSETS - 100% |  | $34829581 |

---

---

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

---

As of March 31, 2026, 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.*

**Consolidated Schedule of Investments** *March 31, 2026*

**KraneShares Mount Lucas Managed Futures Index Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 67.6%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/30/2026<sup>(A)(B)</sup> | $35000000 | $34897739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.622%, 05/12/2026<sup>(A)(B)</sup> | 40000000 | 39834696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.621%, 05/28/2026<sup>(A)(B)</sup> | 35000000 | 34799004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.617%, 04/14/2026<sup>(A)(B)</sup> | 35000000 | 34954146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.595%, 05/05/2026<sup>(A)(B)</sup> | 40000000 | 39863263 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $184,354,136) |  | 184348848 |
| TOTAL INVESTMENTS — 67.6%<br> (Cost $184,354,136) |  | 184348848 |
| OTHER ASSETS LESS LIABILITIES – 32.4% |  | 88196367 |
| NET ASSETS - 100% |  | $272545215 |

---

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUD Currency | 625 | Jun-2026 | $44509933 | $43015625 | $(1494308) |
| &nbsp;&nbsp;&nbsp;CAD Currency | 143 | Jun-2026 | 10533907 | 10296000 | (237907) |
| &nbsp;&nbsp;&nbsp;Copper^ | 122 | Jul-2026 | 17998793 | 17279775 | (719018) |
| &nbsp;&nbsp;&nbsp;Corn^ | 198 | May-2026 | 4532897 | 4531725 | (1172) |
| &nbsp;&nbsp;&nbsp;Gasoline^ | 194 | May-2026 | 19366488 | 24897029 | 5530541 |
| &nbsp;&nbsp;&nbsp;Gold^ | 35 | Jun-2026 | 16676296 | 16375100 | (301196) |
| &nbsp;&nbsp;&nbsp;Live Cattle^ | 203 | Jun-2026 | 18806915 | 19753930 | 947015 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD^ | 178 | May-2026 | 19619636 | 27966968 | 8347332 |
| &nbsp;&nbsp;&nbsp;Soybean^ | 318 | May-2026 | 18610494 | 18618900 | 8406 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 39 | Jun-2026 | 6288561 | 6141525 | (147036) |
| &nbsp;&nbsp;&nbsp;Wheat^ | 630 | May-2026 | 18861093 | 19411875 | 550782 |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil^ | 280 | May-2026 | 19527586 | 26084800 | 6557214 |
|  |  |  | 215332599 | 234373252 | 19040653 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;British Pound | (125) | Jun-2026 | (10325091) | (10332812) | (7721) |
| &nbsp;&nbsp;&nbsp;Canadian 10-Year Bonds | (552) | Jun-2026 | (47610612) | (47620962) | (270337) |
| &nbsp;&nbsp;&nbsp;Euro FX | (270) | Jun-2026 | (39122772) | (39101062) | 21710 |
| &nbsp;&nbsp;&nbsp;Euro-BUND 10-Year Bonds | (370) | Jun-2026 | (53544768) | (53625110) | (38403) |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bonds | (82) | Jun-2026 | (68012890) | (67328818) | 794210 |
| &nbsp;&nbsp;&nbsp;Japanese Yen | (549) | Jun-2026 | (43519906) | (43467075) | 52831 |
| &nbsp;&nbsp;&nbsp;Long GILT 10-Year Bonds | (289) | Jun-2026 | (33692681) | (33581255) | (5892) |
| &nbsp;&nbsp;&nbsp;Natural Gas^ | (608) | May-2026 | (19012714) | (18276480) | 736234 |
| &nbsp;&nbsp;&nbsp;Sugar No. 11^ | (969) | Apr-2026 | (15235380) | (16843546) | (1608165) |

---

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

**Consolidated Schedule of Investments** *March 31, 2026*

**KraneShares Mount Lucas Managed Futures Index Strategy ETF** (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Notes | (28) | Jun-2026 | $(3178141) | $(3178437) | $(297) |
|  |  |  | (333254955) | (333355557) | (325830) |
|  |  |  | $(117922356) | $(98982305) | $18714823 |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA MLM Index Subsidiary, Ltd. as of March 31, 2026.* |
| *(A)* | *Interest rate represents the security's effective yield at the time of purchase.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |

---

The following summarizes the market value of the Fund's investments and other financial instruments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | $— | $184348848 | $— | $184348848 |
| Total Investments in Securities | $— | $184348848 | $— | $184348848 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $23546275 | $— | $— | $23546275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (4831452) |  |  | (4831452) |
| Total Other Financial Instruments | $18714823 | $— | $— | $18714823 |

---

*\** *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.*

**Schedule of Investments** *March 31, 2026*

**KraneShares SSE STAR Market 50 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.6%<sup>‡</sup>** |  |  |
| **CHINA — 99.6%** |  |  |
| Consumer Discretionary — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Roborock Technology, Cl A | 63870 | $1109520 |
| &nbsp;&nbsp;&nbsp;Ninebot, Cl A | 176891 | 1132541 |
|  |  | 2242061 |
| Health Care — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 26072 | 943673 |
| &nbsp;&nbsp;&nbsp;MGI Tech, Cl A\* | 77010 | 548359 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 83201 | 1156456 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 152378 | 2470982 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A\* | 25437 | 1023859 |
| &nbsp;&nbsp;&nbsp;Xiamen Amoytop Biotech, Cl A | 50309 | 472009 |
|  |  | 6615338 |
| Industrials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;AVIC Chengdu UAS, Cl A\* | 83201 | 599912 |
| &nbsp;&nbsp;&nbsp;Sany Renewable Energy, Cl A | 75575 | 258457 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl A | 80316 | 604111 |
|  |  | 1462480 |
| Information Technology — 84.1% |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research Shanghai, Cl A | 29594 | 606774 |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A | 120894 | 5362836 |
| &nbsp;&nbsp;&nbsp;Amlogic Shanghai, Cl A\* | 103819 | 1190506 |
| &nbsp;&nbsp;&nbsp;ASR Microelectronics, Cl A\* | 77333 | 751530 |
| &nbsp;&nbsp;&nbsp;Beijing Kingsoft Office Software, Cl A | 71364 | 2413276 |
| &nbsp;&nbsp;&nbsp;Bestechnic Shanghai, Cl A | 36384 | 925532 |
| &nbsp;&nbsp;&nbsp;Biwin Storage Technology, Cl A\* | 100670 | 3089903 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A\* | 58154 | 8276801 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 796933 | 655389 |
| &nbsp;&nbsp;&nbsp;China Resources Microelectronics, Cl A | 163624 | 1055180 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 454591 | 842481 |
| &nbsp;&nbsp;&nbsp;Everdisplay Optronics Shanghai, Cl A\* | 1702069 | 561877 |
| &nbsp;&nbsp;&nbsp;GalaxyCore, Cl A | 240395 | 451087 |
| &nbsp;&nbsp;&nbsp;Geovis Technology, Cl A | 124501 | 1099593 |
| &nbsp;&nbsp;&nbsp;Guobo Electronics, Cl A | 55100 | 884813 |
| &nbsp;&nbsp;&nbsp;Hwatsing Technology, Cl A | 76285 | 1921850 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 256433 | 7806565 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A\* | 1233187 | 1162356 |
| &nbsp;&nbsp;&nbsp;Loongson Technology, Cl A\* | 61779 | 1167743 |
| &nbsp;&nbsp;&nbsp;Montage Technology, Cl A | 315846 | 5729102 |
| &nbsp;&nbsp;&nbsp;National Silicon Industry Group, Cl A\* | 590623 | 1445195 |
| &nbsp;&nbsp;&nbsp;Nexchip Semiconductor, Cl A | 309304 | 1181380 |
| &nbsp;&nbsp;&nbsp;Piotech, Cl A | 51986 | 2784951 |
| &nbsp;&nbsp;&nbsp;QuantumCTek, Cl A\* | 19017 | 1467294 |
| &nbsp;&nbsp;&nbsp;Shanghai BOCHU Electronic Technology, Cl A | 35588 | 667022 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares SSE STAR Market 50 Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Shengyi Electronics, Cl A | 76894 | $931407 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 177360 | 1408516 |
| &nbsp;&nbsp;&nbsp;SICC, Cl A\* | 66399 | 787363 |
| &nbsp;&nbsp;&nbsp;Skyverse Technology, Cl A\* | 64746 | 1425374 |
| &nbsp;&nbsp;&nbsp;Smartsens Technology Shanghai, Cl A | 86677 | 1036605 |
| &nbsp;&nbsp;&nbsp;SUPCON Technology, Cl A | 195039 | 1820010 |
| &nbsp;&nbsp;&nbsp;Suzhou Centec Communications, Cl A\* | 37902 | 915790 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A\* | 433102 | 1033420 |
| &nbsp;&nbsp;&nbsp;United Nova Technology, Cl A\* | 1549795 | 1413658 |
| &nbsp;&nbsp;&nbsp;Verisilicon Microelectronics Shanghai, Cl A\* | 113432 | 3322469 |
| &nbsp;&nbsp;&nbsp;Xinjiang Daqo New Energy, Cl A\* | 198307 | 602958 |
|  |  | 68198606 |
| Materials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Biotech, Cl A | 111131 | 795666 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 140127 | 1438662 |
|  |  | 2234328 |
| TOTAL CHINA |  | 80752813 |
| TOTAL COMMON STOCK<br> (Cost $85,834,849) |  | 80752813 |
| TOTAL INVESTMENTS — 99.6%<br> (Cost $85,834,849) |  | 80752813 |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 328653 |
| NET ASSETS - 100% |  | $81081466 |

---

---

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

---

As of March 31, 2026, 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, 2026*

**KraneShares Hang Seng TECH Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 95.1%<sup>‡</sup>** |  |  |
| **CHINA — 95.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Communication Services — 27.8% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 160700 | $2166525 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 40980 | 892233 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 136400 | 391096 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B | 392600 | 2259396 |
| &nbsp;&nbsp;&nbsp;NetEase | 185005 | 4023284 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 69800 | 4308971 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, Cl A | 8100 | 38412 |
|  |  | 14079917 |
| Consumer Discretionary — 44.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 149900 | 2275210 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 370500 | 4999732 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 315026 | 832547 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 159859 | 2308109 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 180700 | 1560342 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 471080 | 4984067 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl H | 80300 | 858287 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 68000 | 380409 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 183200 | 420602 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 31350 | 1522675 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 211000 | 1761428 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology, Cl H\* | 88200 | 528962 |
|  |  | 22432370 |
| Consumer Staples — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 840000 | 499273 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 145850 | 875450 |
|  |  | 1374723 |
| Information Technology — 20.4% |  |  |
| &nbsp;&nbsp;&nbsp;BYD Electronic International | 102500 | 360832 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics, Cl B\* | 1521600 | 1284788 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor, Cl H\* | 103000 | 1020121 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 392000 | 428489 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 886000 | 1034017 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Cl B\* | 4460000 | 1046708 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 92440 | 630203 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Hang Seng TECH Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B\* | 1128400 | $4571055 |
|  |  | 10376213 |
| TOTAL CHINA |  | 48263223 |
| TOTAL COMMON STOCK<br> (Cost $56,991,882) |  | 48263223 |
| TOTAL INVESTMENTS — 95.1%<br> (Cost $56,991,882) |  | 48263223 |
| OTHER ASSETS LESS LIABILITIES – 4.9% |  | 2469166 |
| NET ASSETS - 100% |  | $50732389 |

---

---

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

---

As of March 31, 2026, 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.*

**Consolidated Schedule of Investments** *March 31, 2026*

**KraneShares California Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 82.2%** |  |  |
| **Fixed Income — 82.2%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 3466900 | $86776507 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $87,034,360) |  | 86776507 |
| **SHORT-TERM INVESTMENT — 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.600%<sup>(D)</sup> | 7592938 | 7592936 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $7,592,936) |  | 7592936 |
| TOTAL INVESTMENTS — 89.4%<br> (Cost $94,627,296) |  | 94369443 |
| OTHER ASSETS LESS LIABILITIES – 10.6% |  | 11177682 |
| NET ASSETS - 100% |  | $105547125 |

---

A list of the open futures contracts held by the Fund at March 31, 2026, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of <br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| Long Contracts CA Carbon Allowance Vintage^ | 3652 | Dec-2026 | $112653121 | $105433240 | $(7219881) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares California Carbon Subsidiary, Ltd. as of March 31, 2026.* |
| *(A)* | *For financial information on the KraneShares Sustainable Ultra Short Duration Index ETF, please go to the Fund's website at https://kraneshares.com/kcsh/.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |
| *(C)* | *Affiliated Investment.* |
| *(D)* | *The rate shown is the 7-day effective yield as of March 31, 2026.* |

---

The following summarizes the market value of the Fund's investments and other financial instruments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $86776507 | $— | $— | $86776507 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 7592936 |  |  | 7592936 |
| Total Investments in Securities | $94369443 | $— | $— | $94369443 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (7219881) |  |  | (7219881) |
| Total Other Financial Instruments | $(7219881) | $— | $— | $(7219881) |

---

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

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

**Consolidated Schedule of Investments** *March 31, 2026*

**KraneShares California Carbon Allowance Strategy ETF** (concluded)

Transactions with affiliated companies during the year ended March 31, 2026, are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of**<br> **3/31/2025** | **Purchases at**<br> **Cost** | **Proceeds**<br> **from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value as of**<br> **3/31/2026** | **Dividend**<br> **Income** | **Capital**<br> **Gain**<br> **Distributions** |
| KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |  |  |  |  |  |
| $87196672 | $36715028 | $(36942345) | $(83520) | $(109328) | $86776507 | $3679080 | $— |

---

*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, 2026*

**KraneShares KWEB Covered Call Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUND — 101.8%** |  |  |
| **Domestic Equity — 101.8%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF<sup>(A)(B)</sup> | 3983400 | $113248062 |
| TOTAL EXCHANGE - TRADED FUND<br> (Cost $134,799,783) |  | 113248062 |
| **SHORT-TERM INVESTMENT — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 3.600%<sup>(C)</sup> | 5712 | 5712 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $5,712) |  | 5712 |
| TOTAL INVESTMENTS — 101.8%<br> (Cost $134,805,495) |  | 113253774 |
| **WRITTEN OPTIONS<sup>(D)</sup> — (2.0)%**<br> (Premiums Received $(5172523)) |  | $(2177027) |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 226373 |
| NET ASSETS - 100% |  | $111303120 |

---

*(A)* *For financial information on the KraneShares CSI China Internet ETF, please go to the Fund's website at https://kraneshares.com/kweb/.* 

*(B)* *Affiliated Investment.* 

*(C)* *The rate shown is the 7-day effective yield as of March 31, 2026.* 

*(D)* *Refer to option table below.* 

Written options contracts outstanding as of March 31, 2026 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market Value** |
| **WRITTEN OPTIONS — (2.0)%** |  |  |  |  |  |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6975) | $(19829925) | $31.06 | 04/02/26 | $(4673) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (440) | (1250920) | 31.46 | 04/02/26 | (203) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (11454) | (32563722) | 29.71 | 04/10/26 | (238129) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (8085) | (22985655) | 30.16 | 04/17/26 | (208674) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (7320) | (20810760) | 28.23 | 04/24/26 | (873056) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5560) | (15807080) | 27.91 | 05/01/26 | (852292) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(113248062) |  |  | $(2177027) |

---

*\** *KraneShares CSI China Internet ETF.*

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

**Schedule of Investments** *March 31, 2026*

**KraneShares KWEB Covered Call Strategy ETF** (concluded)

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange - Traded Fund | $113248062 | $— | $— | $113248062 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 5712 |  |  | 5712 |
| Total Investments in Securities | $113253774 | $— | $— | $113253774 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(2177027) | $— | $(2177027) |
| Total Liabilities | $— | $(2177027) | $— | $(2177027) |

---

Transactions with affiliated companies during the year ended March 31, 2026, are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of<br> 3/31/2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Value as of<br> 3/31/2026** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF | KraneShares CSI China Internet ETF |  |  |  |  |
| $106999569 | $494710743 | $(449996857) | $(22312644) | $(16152749) | $113248062 | $6829521 | $— |

---

*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, 2026*

**KraneShares Hedgeye Hedged Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUND — 98.9%** |  |  |
| **Domestic Equity — 98.9%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street SPDR S&P 500 ETF Trust<sup>(A)</sup> | 116800 | $75959712 |
| TOTAL EXCHANGE - TRADED FUND<br> (Cost $79,159,278) |  | 75959712 |
| **PURCHASED OPTION<sup>(B)</sup> — 2.5%** |  |  |
| TOTAL PURCHASED OPTION<br> (Cost $1,929,151) |  | 1937520 |
| TOTAL INVESTMENTS — 101.4%<br> (Cost $81,088,429) |  | 77897232 |
| **WRITTEN OPTIONS<sup>(B)</sup> — (1.8)%**<br> (Premiums Received $(2075903)) |  | $(1376405) |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 264064 |
| NET ASSETS - 100% |  | $76784891 |

---

*(A)* *For financial information on the State Street SPDR S&P 500 ETF Trust, please go to the Commission's website at https://www.sec.gov.* 

*(B)* *Refer to option table below.* 

A list of open option contracts held by the Fund at March 31, 2026 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTION — 2.5%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | 117 | $76383684 | $6635.00 | 04/17/26 | $1937520 |
| **WRITTEN OPTIONS — (1.8)%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | (117) | $(76383684) | $6455.00 | 04/17/26 | $(1065285) |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | (1168) | $(75959712) | $673.06 | 04/17/26 | $(311120) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(152343396) |  |  | $(1376405) |

---

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange - Traded Fund | $75959712 | $— | $— | $75959712 |
| &nbsp;&nbsp;&nbsp;Purchased Option | 1937520 |  |  | 1937520 |
| Total Investments in Securities | $77897232 | $— | $— | $77897232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Written Options | $(1065285) | $(311120) | $— | $(1376405) |
| Total Liabilities | $(1065285) | $(311120) | $— | $(1376405) |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Hedgeye Hedged Equity Index ETF** (concluded)

*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, 2026*

**KraneShares Artificial Intelligence and Technology ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.9%<sup>‡</sup>** |  |  |
| **CANADA — 2.9%** |  |  |
| Information Technology — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Hut 8\* | 42208 | $1979978 |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A\* | 25241 | 2985403 |
| TOTAL CANADA |  | 4965381 |
| **GERMANY — 1.3%** |  |  |
| Information Technology — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 13085 | 2214756 |
| TOTAL GERMANY |  | 2214756 |
| **JAPAN — 0.8%** |  |  |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 97600 | 1319922 |
| TOTAL JAPAN |  | 1319922 |
| **NETHERLANDS — 3.4%** |  |  |
| Information Technology — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 2014 | 2597152 |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A\* | 31926 | 3312642 |
| TOTAL NETHERLANDS |  | 5909794 |
| **SOUTH KOREA — 3.4%** |  |  |
| Information Technology — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 26375 | 2879183 |
| &nbsp;&nbsp;&nbsp;SK hynix | 5613 | 2957393 |
| TOTAL SOUTH KOREA |  | 5836576 |
| **SWITZERLAND — 0.9%** |  |  |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 7170 | 1498673 |
| TOTAL SWITZERLAND |  | 1498673 |
| **TAIWAN — 3.8%** |  |  |
| Information Technology — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 32000 | 1491398 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 90000 | 4954645 |
| TOTAL TAIWAN |  | 6446043 |
| **UNITED STATES — 80.4%** |  |  |
| Communication Services — 11.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 20170 | 5800085 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 11016 | 6302584 |
| &nbsp;&nbsp;&nbsp;Netflix\* | 37083 | 3565531 |
| &nbsp;&nbsp;&nbsp;Reddit, Cl A\* | 10909 | 1468897 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Artificial Intelligence and Technology ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Communication Services (continued) |  |  |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A\* | 36161 | $2045266 |
|  |  | 19182363 |
| Consumer Discretionary — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com\* | 23235 | 4839153 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A\* | 15427 | 1520640 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 10559 | 3925308 |
|  |  | 10285101 |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A\* | 39112 | 1768644 |
| Industrials — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;SpaceX, Cl A\*<sup>(A)</sup> | 11577 | 6096333 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 11861 | 2972129 |
|  |  | 9068462 |
| Information Technology — 53.6% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices\* | 12515 | 2545926 |
| &nbsp;&nbsp;&nbsp;Apple | 22410 | 5687434 |
| &nbsp;&nbsp;&nbsp;Applied Digital\* | 68074 | 1616077 |
| &nbsp;&nbsp;&nbsp;Arista Networks\* | 18259 | 2241840 |
| &nbsp;&nbsp;&nbsp;ARM Holdings ADR\* | 17434 | 2637416 |
| &nbsp;&nbsp;&nbsp;Astera Labs\* | 18483 | 2025737 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A\* | 13750 | 938437 |
| &nbsp;&nbsp;&nbsp;Broadcom | 17251 | 5339357 |
| &nbsp;&nbsp;&nbsp;Ciena\* | 7395 | 2870961 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Cl A\* | 24502 | 2337736 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A\* | 16253 | 3353644 |
| &nbsp;&nbsp;&nbsp;CoreWeave, Cl A\* | 31853 | 2467652 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A\* | 22861 | 2698741 |
| &nbsp;&nbsp;&nbsp;Everpure, Cl A\* | 29018 | 1713223 |
| &nbsp;&nbsp;&nbsp;Flex\* | 44439 | 2908977 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 5617 | 1897647 |
| &nbsp;&nbsp;&nbsp;Microsoft | 18667 | 6909964 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A\* | 5807 | 1421379 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 51856 | 9043686 |
| &nbsp;&nbsp;&nbsp;Oracle | 23357 | 3436048 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A\* | 24782 | 3625111 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks\* | 8939 | 1433100 |
| &nbsp;&nbsp;&nbsp;Riot Platforms\* | 162326 | 2006349 |
| &nbsp;&nbsp;&nbsp;Salesforce | 15484 | 2890398 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A\* | 75948 | 2406792 |
| &nbsp;&nbsp;&nbsp;ServiceNow\* | 31854 | 3330336 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A\* | 16122 | 2431520 |
| &nbsp;&nbsp;&nbsp;Synopsys\* | 5506 | 2183019 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Artificial Intelligence and Technology ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Terawulf\* | 168059 | $2425091 |
| &nbsp;&nbsp;&nbsp;Twilio, Cl A\* | 20486 | 2577549 |
| &nbsp;&nbsp;&nbsp;Unity Software\* | 60254 | 1321973 |
| &nbsp;&nbsp;&nbsp;Zscaler\* | 8679 | 1217577 |
|  |  | 91940697 |
| Utilities — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 9326 | 2604286 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 33115 | 3075721 |
|  |  | 5680007 |
| TOTAL UNITED STATES |  | 137925274 |
| TOTAL COMMON STOCK <br> (Cost $184,841,439) |  | 166116419 |
| **PREFERRED STOCK — 2.7%** |  |  |
| **UNITED STATES — 2.7%** |  |  |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Anthropic\*<sup>(A)(B)</sup> | 17829 | 4724685 |
| TOTAL PREFERRED STOCK<br> (Cost $999,966) |  | 4724685 |
| TOTAL INVESTMENTS — 99.6%<br> (Cost $185,841,405) |  | 170841104 |
| OTHER ASSETS LESS LIABILITIES – 0.4% |  | 632192 |
| NET ASSETS - 100% |  | $171473296 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(B)* | *Currently, no stated interest rate.* |

---

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3^** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | $4965381 | $— | $— | $4965381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 2214756 |  |  | 2214756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 1319922 |  |  | 1319922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 5909794 |  |  | 5909794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 5836576 |  |  | 5836576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 1498673 |  |  | 1498673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 6446043 |  |  | 6446043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 19182363 |  |  | 19182363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | 10285101 |  |  | 10285101 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Artificial Intelligence and Technology ETF** (concluded)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | $1768644 | $— | $1768644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | 2972129 | 6096333 | 9068462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | 91940697 |  | 91940697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | 5680007 |  | 5680007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 160020086 | 6096333 | 166116419 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology |  | 4724685 | 4724685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock |  | 4724685 | 4724685 |
| Total Investments in Securities | $160020086 | $10821018 | $170841104 |

---

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value.

---

| | |
|:---|:---|
|  | **Common Stock** |
| Beginning balance as of April 1, 2025 | $999966 |
| Accrued discounts/premiums |  |
| Realized gain/(loss) |  |
| Change in unrealized appreciation/(depreciation) | 5321044 |
| Purchases | 4500008 |
| Sales |  |
| Net transfer into Level 3 |  |
| Net transfer out of Level 3 |  |
| Ending balance as of March 31, 2026 | $10821018 |
| Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date | 5321044 |

---

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, 2026*

**KraneShares Sustainable Ultra Short Duration Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 94.7%** |  |  |
| **AUSTRALIA — 3.5%** |  |  |
| Financials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 04/16/2026 | $2500000 | $2500998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.091%, 04/16/2026, SOFRRATE + 0.420%<sup>(A)</sup> | 1400000 | 1400140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/13/2026 | 1500000 | 1497737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.700%, 08/19/2026 | 750000 | 745910 |
| TOTAL AUSTRALIA |  | 6144785 |
| **CANADA — 10.5%** |  |  |
| Financials — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.350%, 06/24/2026 | 3000000 | 2980680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 09/15/2026 | 3000000 | 2960887 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 07/20/2026 | 1000000 | 1003258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 11/02/2026 | 1500000 | 1476931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 04/27/2026 | 2000000 | 1995691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 07/14/2026 | 1000000 | 991775 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.532%, 07/17/2026 | 1900000 | 1907125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 09/10/2026 | 1750000 | 1728098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 06/03/2026 | 3250000 | 3234411 |
| TOTAL CANADA |  | 18278856 |
| **GERMANY — 1.5%** |  |  |
| Consumer Discretionary — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 04/11/2026 | 2595000 | 2593571 |
| **JAPAN — 4.9%** |  |  |
| Financials — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.757%, 09/13/2026 | 500000 | 496542 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.477%, 04/12/2026 | 2250000 | 2249300 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.632%, 07/14/2026 | 4000000 | 3981642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.402%, 09/17/2026 | 1850000 | 1826688 |
| TOTAL JAPAN |  | 8554172 |
| **NEW ZEALAND — 2.0%** |  |  |
| Financials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;ASB Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.346%, 06/15/2026 | 3500000 | 3506772 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **SWITZERLAND — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;UBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 08/07/2026 | $750000 | $742394 |
| **UNITED KINGDOM — 1.9%** |  |  |
| Financials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/25/2026 | 1000000 | 999706 |
| &nbsp;&nbsp;&nbsp;LSEG Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 04/06/2026 | 2250000 | 2249102 |
| TOTAL UNITED KINGDOM |  | 3248808 |
| **UNITED STATES — 70.0%** |  |  |
| Communication Services — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 02/01/2027 | 2000000 | 1984988 |
| &nbsp;&nbsp;&nbsp;Netflix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/2026 | 3000000 | 3004465 |
|  |  | 4989453 |
| Consumer Discretionary — 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;American Honda Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/07/2026 | 900000 | 901718 |
| &nbsp;&nbsp;&nbsp;DR Horton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.300%, 10/15/2026 | 1500000 | 1477940 |
| &nbsp;&nbsp;&nbsp;eBay |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.400%, 05/10/2026 | 1000000 | 996644 |
| &nbsp;&nbsp;&nbsp;Starbucks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 02/08/2027 | 2000000 | 2009814 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/14/2026 | 750000 | 752147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 08/07/2026 | 1250000 | 1251522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 01/11/2027 | 2000000 | 1984724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 06/18/2026 | 3085000 | 3066570 |
|  |  | 12441079 |
| Consumer Staples — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 08/11/2026 | 750000 | 745882 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2026 | 1450000 | 1450000 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 11/03/2026 | 3500000 | 3472152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 02/01/2027 | 4000000 | 3934796 |
|  |  | 9602830 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials — 34.0% |  |  |
| &nbsp;&nbsp;&nbsp;Allstate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.280%, 12/15/2026 | $500000 | $497013 |
| &nbsp;&nbsp;&nbsp;American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/20/2026 | 1000000 | 999461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 11/04/2026 | 4500000 | 4433653 |
| &nbsp;&nbsp;&nbsp;Bank of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.526%, 08/18/2026 | 500000 | 501971 |
| &nbsp;&nbsp;&nbsp;Bank of America, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 10/22/2026 | 1500000 | 1499182 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/04/2026 | 2500000 | 2496955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/17/2026 | 750000 | 745533 |
| &nbsp;&nbsp;&nbsp;Capital One Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 02/09/2027 | 2000000 | 1995381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/28/2026 | 3000000 | 2993010 |
| &nbsp;&nbsp;&nbsp;Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 08/24/2026 | 750000 | 754326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.190%, 05/13/2026, SOFRINDX + 0.520%<sup>(A)</sup> | 1500000 | 1500019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/13/2026 | 1000000 | 995973 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 05/03/2026 | 1000000 | 999036 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 11/20/2026 | 3500000 | 3498432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/01/2026 | 1000000 | 1000134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 10/21/2026 | 1000000 | 994438 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%, 01/15/2027 | 3000000 | 3036777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 11/16/2026 | 1000000 | 995108 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 12/15/2026 | 3500000 | 3497470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2026 | 2750000 | 2750000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 06/15/2026 | 500000 | 498912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 10/01/2026 | 1000000 | 994859 |
| &nbsp;&nbsp;&nbsp;Mastercard |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 11/21/2026 | 500000 | 496311 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.250%, 08/09/2026 | 500000 | 503404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 07/27/2026 | 1000000 | 996538 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 01/20/2027 | 2000000 | 1991302 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 07/23/2026 | 1750000 | 1740791 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.272%, 08/03/2026 | 750000 | 752325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/19/2026 | 2000000 | 1996233 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 05/15/2026 | $2500000 | $2496069 |
| &nbsp;&nbsp;&nbsp;US Bancorp, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 04/27/2026 | 1000000 | 999221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.375%, 07/22/2026 | 1850000 | 1840675 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, 06/03/2026 | 2550000 | 2550146 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 10/23/2026 | 1000000 | 993083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/22/2026 | 2000000 | 1997316 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 08/07/2026 | 2050000 | 2056858 |
|  |  | 59087915 |
| Health Care — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.953%, 08/10/2026 | 750000 | 752023 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 07/15/2026 | 2000000 | 2003891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 01/15/2027 | 3000000 | 2984925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/15/2026 | 1000000 | 996220 |
|  |  | 6737059 |
| Industrials — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 08/15/2026 | 1000000 | 989885 |
| &nbsp;&nbsp;&nbsp;Air Lease, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.300%, 06/25/2026 | 650000 | 651139 |
| &nbsp;&nbsp;&nbsp;John Deere Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/08/2027 | 1000000 | 1003051 |
| &nbsp;&nbsp;&nbsp;John Deere Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/08/2026 | 2000000 | 2002169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 09/14/2026 | 1000000 | 992194 |
| &nbsp;&nbsp;&nbsp;United Parcel Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 11/15/2026 | 1000000 | 989822 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 11/15/2026 | 1000000 | 994217 |
|  |  | 7622477 |
| Information Technology — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.212%, 09/24/2026 | 2140000 | 2142931 |
| &nbsp;&nbsp;&nbsp;Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.450%, 08/04/2026 | 750000 | 746412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.050%, 09/11/2026 | 2000000 | 1985127 |
| &nbsp;&nbsp;&nbsp;Broadcom |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.459%, 09/15/2026 | 750000 | 748287 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Sustainable Ultra Short Duration Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Cisco Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 02/26/2027 | $2000000 | $2012059 |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 05/19/2026 | 3000000 | 2992399 |
| &nbsp;&nbsp;&nbsp;Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 09/15/2026 | 750000 | 748606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.400%, 08/08/2026 | 2750000 | 2734681 |
|  |  | 14110502 |
| Real Estate — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Crown Castle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 07/15/2026 | 500000 | 495196 |
| &nbsp;&nbsp;&nbsp;Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 05/15/2026 | 1000000 | 996382 |
| &nbsp;&nbsp;&nbsp;Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 06/01/2026 | 3000000 | 3000509 |
|  |  | 4492087 |
| Utilities — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.550%, 06/15/2026 | 2627000 | 2616330 |
| TOTAL UNITED STATES |  | 121699732 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $164,945,319) |  | 164769090 |
| TOTAL INVESTMENTS — 94.7%<br> (Cost $164,945,319) |  | 164769090 |
| OTHER ASSETS LESS LIABILITIES – 5.3% |  | 9247904 |
| NET ASSETS - 100% |  | $174016994 |

---

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

As of March 31, 2026, 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, 2026*

**KraneShares China Alpha Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%<sup>‡</sup>** |  |  |
| **CHINA — 99.8%** |  |  |
| Consumer Discretionary — 9.4% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 21600 | $329159 |
| &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile, Cl A | 68600 | 99324 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 38301 | 316092 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 21900 | 288007 |
|  |  | 1032582 |
| Financials — 41.4% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 352700 | 342145 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing, Cl A | 425700 | 339613 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 432400 | 367496 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 348600 | 353309 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 221000 | 349417 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 203800 | 336091 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 236200 | 338909 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 263500 | 368161 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank, Cl A | 711600 | 330728 |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities, Cl A | 47800 | 88171 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl A | 150900 | 82805 |
| &nbsp;&nbsp;&nbsp;Guotai Haitong Securities, Cl A | 76800 | 184475 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 340500 | 360876 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 329700 | 364705 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 238300 | 351238 |
|  |  | 4558139 |
| Industrials — 21.3% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 197400 | 144620 |
| &nbsp;&nbsp;&nbsp;China CSSC Holdings, Cl A | 61000 | 272379 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 138500 | 300995 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl A | 367400 | 337255 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 447200 | 347053 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 82100 | 308943 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 448700 | 330676 |
| &nbsp;&nbsp;&nbsp;Sieyuan Electric, Cl A | 10500 | 307093 |
|  |  | 2349014 |
| Information Technology — 13.4% |  |  |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 5900 | 378293 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 255 | 16503 |
| &nbsp;&nbsp;&nbsp;OmniVision Integrated Circuits Group, Cl A | 1900 | 26123 |
| &nbsp;&nbsp;&nbsp;Suzhou TFC Optical Communication, Cl A | 6800 | 296941 |
| &nbsp;&nbsp;&nbsp;TCL Technology Group, Cl A | 196000 | 121175 |
| &nbsp;&nbsp;&nbsp;WUS Printed Circuit Kunshan, Cl A | 27000 | 296986 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 4100 | 338017 |
|  |  | 1474038 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares China Alpha Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 14.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aluminum Corp of China, Cl A | 152100 | $251052 |
| &nbsp;&nbsp;&nbsp;Ningxia Baofeng Energy Group, Cl A | 85900 | 361425 |
| &nbsp;&nbsp;&nbsp;Satellite Chemical, Cl A | 94400 | 377507 |
| &nbsp;&nbsp;&nbsp;Shanjin International Gold, Cl A | 69500 | 298661 |
| &nbsp;&nbsp;&nbsp;Zangge Mining, Cl A | 1900 | 21807 |
| &nbsp;&nbsp;&nbsp;Zhejiang Juhua, Cl A | 53900 | 266507 |
|  |  | 1576959 |
| TOTAL CHINA |  | 10990732 |
| TOTAL COMMON STOCK<br> (Cost $10,013,748) |  | 10990732 |
| TOTAL INVESTMENTS — 99.8% <br>(Cost $10,013,748) |  | 10990732 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 23305 |
| NET ASSETS - 100% |  | $11014037 |

---

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

As of March 31, 2026, 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, 2026*

**KraneShares Man Buyout Beta Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9%<sup>‡</sup>** |  |  |
| **BELGIUM — 0.2%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Global, Cl C\* | 1680 | $19706 |
| TOTAL BELGIUM |  | 19706 |
| **BRAZIL — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A\* | 3696 | 52188 |
| TOTAL BRAZIL |  | 52188 |
| **CANADA — 0.3%** |  |  |
| Consumer Staples — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;SunOpta\* | 434 | 2812 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;SSR Mining\* | 1189 | 34957 |
| TOTAL CANADA |  | 37769 |
| **GUATEMALA — 1.2%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular | 2026 | 151828 |
| TOTAL GUATEMALA |  | 151828 |
| **PUERTO RICO — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Cl C\* | 4276 | 37714 |
| TOTAL PUERTO RICO |  | 37714 |
| **SINGAPORE — 0.4%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Grindr\* | 2894 | 34989 |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries | 206 | 13538 |
| TOTAL SINGAPORE |  | 48527 |
| **SOUTH AFRICA — 0.1%** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Caledonia Mining | 312 | 7048 |
| TOTAL SOUTH AFRICA |  | 7048 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SWITZERLAND — 0.2%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Garrett Motion | 1354 | $24602 |
| TOTAL SWITZERLAND |  | 24602 |
| **UNITED KINGDOM — 0.3%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Marex Group | 965 | 43020 |
| TOTAL UNITED KINGDOM |  | 43020 |
| **UNITED STATES — 96.5%** |  |  |
| Communication Services — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A\* | 2722 | 48506 |
| &nbsp;&nbsp;&nbsp;IAC\* | 526 | 21056 |
| &nbsp;&nbsp;&nbsp;IMAX\* | 1682 | 63933 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 1050 | 29127 |
| &nbsp;&nbsp;&nbsp;Magnite\* | 5474 | 65031 |
| &nbsp;&nbsp;&nbsp;Marcus | 291 | 4997 |
| &nbsp;&nbsp;&nbsp;Match Group | 1738 | 53374 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Cl A\* | 2447 | 22757 |
| &nbsp;&nbsp;&nbsp;News, Cl A | 7124 | 177601 |
| &nbsp;&nbsp;&nbsp;NIQ Global Intelligence\* | 3065 | 34849 |
| &nbsp;&nbsp;&nbsp;Scholastic | 473 | 18475 |
| &nbsp;&nbsp;&nbsp;USA TODAY\* | 1739 | 12260 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A\* | 8684 | 51930 |
|  |  | 603896 |
| Consumer Discretionary — 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;Adient\* | 1632 | 32983 |
| &nbsp;&nbsp;&nbsp;ADT | 698 | 4586 |
| &nbsp;&nbsp;&nbsp;American Public Education\* | 369 | 20989 |
| &nbsp;&nbsp;&nbsp;Aramark | 1941 | 78688 |
| &nbsp;&nbsp;&nbsp;AutoNation\* | 318 | 62093 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Cl B\* | 149 | 49109 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants\* | 691 | 24254 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 1512 | 82041 |
| &nbsp;&nbsp;&nbsp;Brunswick | 374 | 27212 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 279 | 12739 |
| &nbsp;&nbsp;&nbsp;Churchill Downs | 400 | 35932 |
| &nbsp;&nbsp;&nbsp;Etsy\* | 871 | 43532 |
| &nbsp;&nbsp;&nbsp;Frontdoor\* | 1857 | 98161 |
| &nbsp;&nbsp;&nbsp;Gentherm\* | 586 | 16279 |
| &nbsp;&nbsp;&nbsp;Gold.com | 615 | 24649 |
| &nbsp;&nbsp;&nbsp;Hasbro | 1047 | 97999 |
| &nbsp;&nbsp;&nbsp;Lear | 706 | 85482 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings\* | 2282 | 39479 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Mattel\* | 5620 | $81659 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries\* | 137 | 13489 |
| &nbsp;&nbsp;&nbsp;Murphy USA | 114 | 56313 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Cl A\* | 12630 | 54183 |
| &nbsp;&nbsp;&nbsp;Phinia | 926 | 63375 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Cl A\* | 632 | 47008 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 323 | 111109 |
| &nbsp;&nbsp;&nbsp;RealReal\* | 2758 | 25043 |
| &nbsp;&nbsp;&nbsp;Rocky Brands | 218 | 8441 |
| &nbsp;&nbsp;&nbsp;Savers Value Village\* | 1708 | 12707 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A | 225 | 15428 |
| &nbsp;&nbsp;&nbsp;Tapestry | 1045 | 147460 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A\* | 110 | 6406 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 535 | 37017 |
| &nbsp;&nbsp;&nbsp;VF | 1022 | 17364 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A\* | 841 | 63252 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 861 | 69939 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Cl A\* | 1577 | 9493 |
|  |  | 1675893 |
| Consumer Staples — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings\* | 142 | 13976 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A\* | 699 | 22662 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse\* | 638 | 37929 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 344 | 65959 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients\* | 768 | 47501 |
| &nbsp;&nbsp;&nbsp;Dole | 2029 | 28994 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 296 | 26607 |
| &nbsp;&nbsp;&nbsp;Ingredion | 425 | 47880 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 1871 | 48365 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 209 | 7892 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 267 | 5655 |
| &nbsp;&nbsp;&nbsp;Seneca Foods, Cl A\* | 118 | 17832 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods | 697 | 19495 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands | 638 | 55372 |
| &nbsp;&nbsp;&nbsp;Universal | 324 | 17075 |
| &nbsp;&nbsp;&nbsp;US Foods Holding\* | 1113 | 102630 |
|  |  | 565824 |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Oceaneering International\* | 335 | 11883 |
| Financials — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management | 311 | 16925 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 369 | 102102 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 335 | 26127 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Assurant | 286 | $62294 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 1301 | 131934 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 118 | 5806 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 36 | 2186 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions\* | 721 | 33988 |
| &nbsp;&nbsp;&nbsp;East West Bancorp | 162 | 17295 |
| &nbsp;&nbsp;&nbsp;Enova International\* | 300 | 40749 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 159 | 8603 |
| &nbsp;&nbsp;&nbsp;Evercore, Cl A | 81 | 24180 |
| &nbsp;&nbsp;&nbsp;First Financial | 114 | 7205 |
| &nbsp;&nbsp;&nbsp;First Merchants | 243 | 9411 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 235 | 44180 |
| &nbsp;&nbsp;&nbsp;Globe Life | 211 | 29365 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 104 | 18028 |
| &nbsp;&nbsp;&nbsp;Home Bancorp | 21 | 1272 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 199 | 13391 |
| &nbsp;&nbsp;&nbsp;Mercury General | 583 | 51391 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding | 105 | 8745 |
| &nbsp;&nbsp;&nbsp;Morningstar | 370 | 62549 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Cl A | 912 | 48783 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 248 | 10282 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings\* | 160 | 19120 |
| &nbsp;&nbsp;&nbsp;Primerica | 58 | 14528 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 103 | 8801 |
| &nbsp;&nbsp;&nbsp;Regional Management | 75 | 2419 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 187 | 38178 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 598 | 45083 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares\* | 571 | 54176 |
| &nbsp;&nbsp;&nbsp;United Fire Group | 219 | 8116 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings | 305 | 10419 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 102 | 3495 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 652 | 45262 |
|  |  | 1026388 |
| Health Care — 11.9% |  |  |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals\* | 7000 | 87010 |
| &nbsp;&nbsp;&nbsp;Artivion\* | 259 | 9485 |
| &nbsp;&nbsp;&nbsp;AtriCure\* | 1023 | 29186 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings\* | 3094 | 19925 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services\* | 1864 | 79425 |
| &nbsp;&nbsp;&nbsp;Certara\* | 6419 | 36588 |
| &nbsp;&nbsp;&nbsp;CONMED | 502 | 17751 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health\* | 4883 | 116850 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 1659 | 160475 |
| &nbsp;&nbsp;&nbsp;Enhabit\* | 468 | 6594 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Envista Holdings\* | 636 | $16135 |
| &nbsp;&nbsp;&nbsp;HealthEquity\* | 502 | 41952 |
| &nbsp;&nbsp;&nbsp;ICU Medical\* | 487 | 62896 |
| &nbsp;&nbsp;&nbsp;Innovage Holding\* | 635 | 5093 |
| &nbsp;&nbsp;&nbsp;Innoviva\* | 1082 | 25211 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group\* | 10819 | 68917 |
| &nbsp;&nbsp;&nbsp;LivaNova\* | 1308 | 83137 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems\* | 365 | 25159 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 283 | 25023 |
| &nbsp;&nbsp;&nbsp;NeoGenomics\* | 3806 | 28241 |
| &nbsp;&nbsp;&nbsp;OptimizeRx\* | 1300 | 8164 |
| &nbsp;&nbsp;&nbsp;Option Care Health\* | 2991 | 80518 |
| &nbsp;&nbsp;&nbsp;QIAGEN | 1985 | 79479 |
| &nbsp;&nbsp;&nbsp;Sotera Health\* | 2029 | 29096 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology\* | 1460 | 38150 |
| &nbsp;&nbsp;&nbsp;Teladoc Health\* | 27387 | 149259 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare\* | 95 | 17927 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 119 | 21297 |
| &nbsp;&nbsp;&nbsp;Waystar Holding\* | 2614 | 63024 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings\* | 8839 | 51266 |
|  |  | 1483233 |
| Industrials — 22.0% |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 457 | 38763 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel\* | 761 | 61672 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 354 | 41439 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings\* | 1439 | 37529 |
| &nbsp;&nbsp;&nbsp;American Airlines Group\* | 2231 | 23961 |
| &nbsp;&nbsp;&nbsp;API Group\* | 2137 | 86591 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 46 | 12205 |
| &nbsp;&nbsp;&nbsp;ATI\* | 718 | 104440 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 878 | 49844 |
| &nbsp;&nbsp;&nbsp;AZZ | 381 | 47675 |
| &nbsp;&nbsp;&nbsp;Brink's | 672 | 69639 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 565 | 115537 |
| &nbsp;&nbsp;&nbsp;CACI International, Cl A\* | 17 | 9246 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings\* | 248 | 7244 |
| &nbsp;&nbsp;&nbsp;Clean Harbors\* | 147 | 42149 |
| &nbsp;&nbsp;&nbsp;Core & Main, Cl A\* | 508 | 25095 |
| &nbsp;&nbsp;&nbsp;CoreCivic\* | 213 | 4028 |
| &nbsp;&nbsp;&nbsp;CRA International | 33 | 5342 |
| &nbsp;&nbsp;&nbsp;Crane | 182 | 31122 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 95 | 64706 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 336 | 14142 |
| &nbsp;&nbsp;&nbsp;Ducommun\* | 16 | 1952 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Dycom Industries\* | 104 | $35237 |
| &nbsp;&nbsp;&nbsp;EnerSys | 543 | 94330 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group\* | 208 | 24557 |
| &nbsp;&nbsp;&nbsp;Flowserve | 1121 | 82405 |
| &nbsp;&nbsp;&nbsp;Fluor\* | 538 | 25098 |
| &nbsp;&nbsp;&nbsp;FTI Consulting\* | 218 | 38536 |
| &nbsp;&nbsp;&nbsp;Gates Industrial\* | 2191 | 49539 |
| &nbsp;&nbsp;&nbsp;Generac Holdings\* | 549 | 107236 |
| &nbsp;&nbsp;&nbsp;Genpact | 1615 | 60159 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock\* | 639 | 10863 |
| &nbsp;&nbsp;&nbsp;GXO Logistics\* | 1141 | 59161 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions\* | 2011 | 16732 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 46 | 17475 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings\* | 369 | 9897 |
| &nbsp;&nbsp;&nbsp;ICF International | 136 | 8879 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 733 | 18266 |
| &nbsp;&nbsp;&nbsp;KBR | 1656 | 61040 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS | 496 | 22082 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 36 | 8967 |
| &nbsp;&nbsp;&nbsp;MasTec\* | 377 | 121296 |
| &nbsp;&nbsp;&nbsp;Maximus | 172 | 11025 |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 260 | 76086 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 54 | 8853 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 2933 | 80628 |
| &nbsp;&nbsp;&nbsp;nVent Electric | 305 | 36075 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings\* | 561 | 6115 |
| &nbsp;&nbsp;&nbsp;Parsons\* | 460 | 24918 |
| &nbsp;&nbsp;&nbsp;Pentair | 1171 | 102006 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes | 2807 | 31017 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 236 | 33757 |
| &nbsp;&nbsp;&nbsp;RBC Bearings\* | 3 | 1629 |
| &nbsp;&nbsp;&nbsp;Science Applications International | 91 | 8638 |
| &nbsp;&nbsp;&nbsp;SkyWest\* | 815 | 74842 |
| &nbsp;&nbsp;&nbsp;StandardAero\* | 4802 | 124036 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure\* | 18 | 7331 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1358 | 40903 |
| &nbsp;&nbsp;&nbsp;Textron | 887 | 77666 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 130 | 4183 |
| &nbsp;&nbsp;&nbsp;Tutor Perini | 282 | 21768 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding, Cl B | 208 | 9291 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 100 | 39957 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A\* | 1630 | 23293 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises | 873 | 25675 |
| &nbsp;&nbsp;&nbsp;Willdan Group\* | 657 | 50300 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Woodward | 124 | $44382 |
|  |  | 2730450 |
| Information Technology — 21.4% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide\* | 1936 | 79395 |
| &nbsp;&nbsp;&nbsp;Ambarella\* | 728 | 37474 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A\* | 1752 | 42241 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies\* | 3156 | 44910 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A\* | 12552 | 80333 |
| &nbsp;&nbsp;&nbsp;Belden | 208 | 23885 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 169 | 9474 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings\* | 8686 | 52116 |
| &nbsp;&nbsp;&nbsp;Ciena\* | 169 | 65611 |
| &nbsp;&nbsp;&nbsp;Coherent\* | 634 | 151025 |
| &nbsp;&nbsp;&nbsp;Commerce.com\* | 7673 | 20487 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings\* | 2108 | 180824 |
| &nbsp;&nbsp;&nbsp;Dynatrace\* | 574 | 21227 |
| &nbsp;&nbsp;&nbsp;Elastic\* | 1513 | 75635 |
| &nbsp;&nbsp;&nbsp;Everpure, Cl A\* | 1207 | 71261 |
| &nbsp;&nbsp;&nbsp;Five9\* | 2221 | 33693 |
| &nbsp;&nbsp;&nbsp;Flex\* | 1388 | 90859 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A\* | 779 | 6255 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 4152 | 78182 |
| &nbsp;&nbsp;&nbsp;Guidewire Software\* | 456 | 68199 |
| &nbsp;&nbsp;&nbsp;Harmonic\* | 1462 | 13129 |
| &nbsp;&nbsp;&nbsp;Inseego\* | 1217 | 13533 |
| &nbsp;&nbsp;&nbsp;Jabil | 580 | 154066 |
| &nbsp;&nbsp;&nbsp;Knowles\* | 482 | 12378 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 91 | 30881 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings\* | 90 | 19986 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates\* | 181 | 24095 |
| &nbsp;&nbsp;&nbsp;MKS | 487 | 111917 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A\* | 1042 | 39606 |
| &nbsp;&nbsp;&nbsp;Onto Innovation\* | 730 | 149701 |
| &nbsp;&nbsp;&nbsp;PagerDuty\* | 1992 | 12370 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 373 | 15875 |
| &nbsp;&nbsp;&nbsp;Photronics\* | 310 | 12527 |
| &nbsp;&nbsp;&nbsp;Plexus\* | 163 | 33014 |
| &nbsp;&nbsp;&nbsp;Porch Group\* | 9578 | 68674 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings\* | 1540 | 72842 |
| &nbsp;&nbsp;&nbsp;Rambus\* | 555 | 47747 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A | 1598 | 59430 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology\* | 1346 | 36894 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A\* | 2852 | 17112 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 135 | 22776 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Tenable Holdings\* | 3573 | $60437 |
| &nbsp;&nbsp;&nbsp;TTM Technologies\* | 981 | 95569 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A\* | 4150 | 46065 |
| &nbsp;&nbsp;&nbsp;Unity Software\* | 2734 | 59984 |
| &nbsp;&nbsp;&nbsp;Universal Display | 260 | 23832 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Cl B\* | 624 | 13397 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Cl A\* | 312 | 3494 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions\* | 425 | 14144 |
| &nbsp;&nbsp;&nbsp;Weave Communications\* | 8374 | 38688 |
| &nbsp;&nbsp;&nbsp;Workiva, Cl A\* | 1114 | 66428 |
| &nbsp;&nbsp;&nbsp;Xperi\* | 4434 | 24830 |
| &nbsp;&nbsp;&nbsp;Yext\* | 3816 | 14653 |
|  |  | 2663160 |
| Materials — 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 411 | 73787 |
| &nbsp;&nbsp;&nbsp;Alcoa | 1237 | 82050 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels\* | 3083 | 10544 |
| &nbsp;&nbsp;&nbsp;Avient | 1543 | 56011 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems\* | 1605 | 44458 |
| &nbsp;&nbsp;&nbsp;Chemours | 1552 | 34191 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 621 | 38148 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International\* | 2108 | 49222 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A\* | 1246 | 30627 |
| &nbsp;&nbsp;&nbsp;Contango Silver & Gold\* | 2964 | 55575 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 289 | 54751 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 5235 | 97528 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 495 | 59652 |
| &nbsp;&nbsp;&nbsp;Knife River\* | 98 | 8002 |
| &nbsp;&nbsp;&nbsp;Materion | 693 | 100242 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 641 | 45460 |
| &nbsp;&nbsp;&nbsp;NewMarket | 46 | 29484 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro | 1355 | 82397 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 503 | 43479 |
|  |  | 995608 |
| Utilities — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Avista | 265 | 10637 |
| &nbsp;&nbsp;&nbsp;Black Hills | 430 | 29846 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Cl C | 308 | 12101 |
| &nbsp;&nbsp;&nbsp;NiSource | 584 | 27249 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 369 | 24332 |
| &nbsp;&nbsp;&nbsp;NRG Energy | 90 | 13153 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 1510 | 72420 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 539 | 46839 |
| &nbsp;&nbsp;&nbsp;Spire | 111 | 10050 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Man Buyout Beta Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Unitil | 66 | $3448 |
|  |  | 250075 |
| TOTAL UNITED STATES |  | 12006410 |
| TOTAL COMMON STOCK<br> (Cost $11,353,733) |  | 12428812 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $11,353,733) |  | 12428812 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 7906 |
| NET ASSETS - 100% |  | $12436718 |

---

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

As of March 31, 2026, 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, 2026*

**KraneShares Global Humanoid and Embodied Intelligence Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.2%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 1.9%** |  |  |
| Materials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths\* | 174814 | $2270078 |
| TOTAL AUSTRALIA |  | 2270078 |
| **BELGIUM — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Melexis | 39939 | 2418245 |
| TOTAL BELGIUM |  | 2418245 |
| **CANADA — 2.1%** |  |  |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Magna International | 44158 | 2458267 |
| TOTAL CANADA |  | 2458267 |
| **CHINA — 31.5%** |  |  |
| Consumer Discretionary — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 284400 | 2338877 |
| &nbsp;&nbsp;&nbsp;Shuanglin, Cl A | 543640 | 2358998 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 276800 | 2310727 |
| &nbsp;&nbsp;&nbsp;Zhejiang Shuanghuan Driveline, Cl A | 454400 | 2369140 |
|  |  | 9377742 |
| Industrials — 13.7% |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengli Hydraulic, Cl A | 168500 | 2342074 |
| &nbsp;&nbsp;&nbsp;Keli Sensing Technology Ningbo, Cl A | 295800 | 2367959 |
| &nbsp;&nbsp;&nbsp;Leader Harmonious Drive Systems, Cl A | 85373 | 2313465 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 242300 | 2350486 |
| &nbsp;&nbsp;&nbsp;Shenzhen Zhaowei Machinery & Electronic, Cl A | 167600 | 2329564 |
| &nbsp;&nbsp;&nbsp;UBTech Robotics, Cl H\* | 211050 | 2298879 |
| &nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls, Cl A | 379400 | 2336265 |
|  |  | 16338692 |
| Information Technology — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Leadshine Technology, Cl A | 462400 | 2383401 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics, Cl B\* | 2721600 | 2298027 |
| &nbsp;&nbsp;&nbsp;Lingyi iTech Guangdong, Cl A | 1261778 | 2343900 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology\* | 534900 | 2375605 |
|  |  | 9400933 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 346700 | 2393423 |
| TOTAL CHINA |  | 37510790 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Global Humanoid and Embodied Intelligence Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **GERMANY — 4.1%** |  |  |
| Consumer Discretionary — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Schaeffler | 294620 | $2394912 |
| Information Technology — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 56289 | 2464549 |
| TOTAL GERMANY |  | 4859461 |
| **ISRAEL — 2.1%** |  |  |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A\* | 360084 | 2473777 |
| TOTAL ISRAEL |  | 2473777 |
| **JAPAN — 11.6%** |  |  |
| Industrials — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Harmonic Drive Systems | 99600 | 2169301 |
| &nbsp;&nbsp;&nbsp;Nabtesco | 95400 | 2303896 |
| &nbsp;&nbsp;&nbsp;Nidec\* | 190900 | 2359101 |
| &nbsp;&nbsp;&nbsp;THK | 81700 | 2348445 |
|  |  | 9180743 |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Keyence | 6800 | 2344886 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 168200 | 2274702 |
|  |  | 4619588 |
| TOTAL JAPAN |  | 13800331 |
| **NETHERLANDS — 2.1%** |  |  |
| Information Technology — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 12605 | 2481420 |
| TOTAL NETHERLANDS |  | 2481420 |
| **SINGAPORE — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;STMicroelectronics | 73839 | 2433224 |
| TOTAL SINGAPORE |  | 2433224 |
| **SOUTH KOREA — 3.7%** |  |  |
| Industrials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Doosan | 3211 | 2150939 |
| &nbsp;&nbsp;&nbsp;Rainbow Robotics\* | 6587 | 2240608 |
| TOTAL SOUTH KOREA |  | 4391547 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Global Humanoid and Embodied Intelligence Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SWEDEN — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hexagon, Cl B | 252997 | $2391272 |
| TOTAL SWEDEN |  | 2391272 |
| **SWITZERLAND — 2.1%** |  |  |
| Information Technology — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 11891 | 2485457 |
| TOTAL SWITZERLAND |  | 2485457 |
| **TAIWAN — 1.8%** |  |  |
| Industrials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Hiwin Technologies | 307000 | 2194229 |
| TOTAL TAIWAN |  | 2194229 |
| **UNITED STATES — 31.2%** |  |  |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv\* | 35446 | 2461370 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 6648 | 2471394 |
|  |  | 4932764 |
| Industrials — 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 8323 | 2435643 |
| &nbsp;&nbsp;&nbsp;RBC Bearings\* | 4505 | 2446755 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 13257 | 2482506 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding | 70745 | 2491639 |
|  |  | 9856543 |
| Information Technology — 16.7% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 19825 | 2504889 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 7794 | 2479583 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding\* | 26900 | 2525103 |
| &nbsp;&nbsp;&nbsp;Jabil | 9545 | 2535439 |
| &nbsp;&nbsp;&nbsp;Novanta\* | 20729 | 2448302 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 14301 | 2494094 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies\* | 4045 | 2447266 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 12672 | 2460142 |
|  |  | 19894818 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Global Humanoid and Embodied Intelligence Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials\* | 51813 | $2500495 |
| TOTAL UNITED STATES |  | 37184620 |
| TOTAL COMMON STOCK<br> (Cost $117,942,524) |  | 119352718 |
| TOTAL INVESTMENTS — 100.2%<br> (Cost $117,942,524) |  | 119352718 |
| OTHER ASSETS LESS LIABILITIES – (0.2)% |  | (189317) |
| NET ASSETS - 100% |  | $119163401 |

---

---

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

---

As of March 31, 2026, 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, 2026*

**KraneShares Dragon Capital Vietnam Growth Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 74.2%<sup>‡</sup>** |  |  |
| **VIETNAM — 74.2%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Yeah1 Group\* | 70100 | $26611 |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hoang Huy Investment Services JSC\* | 113100 | 59679 |
| Consumer Staples — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;DABACO Vietnam Group JSC\* | 94000 | 82786 |
| &nbsp;&nbsp;&nbsp;HAGL JSC\* | 358500 | 223191 |
| &nbsp;&nbsp;&nbsp;Lix Detergent JSC | 23200 | 29019 |
| &nbsp;&nbsp;&nbsp;Nam Viet | 57500 | 51405 |
|  |  | 386401 |
| Energy — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Petrovietnam Transportation\* | 204200 | 168988 |
| Financials — 49.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bank for Foreign Trade of Vietnam JSC | 454500 | 1002428 |
| &nbsp;&nbsp;&nbsp;Bank for Investment and Development of Vietnam JSC | 306700 | 458726 |
| &nbsp;&nbsp;&nbsp;DSC Securities\* | 24000 | 11798 |
| &nbsp;&nbsp;&nbsp;Ho Chi Minh City Development Joint Stock Commercial Bank\* | 1046564 | 1011107 |
| &nbsp;&nbsp;&nbsp;Nam A Commercial JSB\* | 823400 | 407910 |
| &nbsp;&nbsp;&nbsp;Saigon - Hanoi Commercial Joint Stock Bank | 920200 | 543195 |
| &nbsp;&nbsp;&nbsp;Saigon Thuong Tin Commercial JSB\* | 110900 | 261857 |
| &nbsp;&nbsp;&nbsp;Tien Phong Commercial Joint Stock Bank | 809900 | 501143 |
| &nbsp;&nbsp;&nbsp;Vietcap Securities JSC | 356130 | 360963 |
| &nbsp;&nbsp;&nbsp;Vietnam Prosperity JSC Bank | 1028500 | 1042458 |
| &nbsp;&nbsp;&nbsp;VIX Securities JSC\* | 711880 | 449950 |
| &nbsp;&nbsp;&nbsp;VNDirect Securities | 706800 | 423932 |
|  |  | 6475467 |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Binh Dinh Pharmaceutical & Medical Equipment JSC | 28200 | 55345 |
| &nbsp;&nbsp;&nbsp;Imexpharm | 22000 | 45683 |
|  |  | 101028 |
| Industrials — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;Becamex Infrastructure Development JSC | 314400 | 121738 |
| &nbsp;&nbsp;&nbsp;Gemadept | 182600 | 551075 |
| &nbsp;&nbsp;&nbsp;Ha Do Group JSC | 149300 | 167762 |
| &nbsp;&nbsp;&nbsp;Hai An Transport & Stevedoring JSC | 78500 | 168965 |
| &nbsp;&nbsp;&nbsp;Noibai Cargo Terminal Services JSC, Ser JS | 3600 | 12409 |
| &nbsp;&nbsp;&nbsp;Sai Gon Cargo Service | 34200 | 70497 |
| &nbsp;&nbsp;&nbsp;Thien Long Group | 35690 | 65710 |
|  |  | 1158156 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Dragon Capital Vietnam Growth Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Elcom Technology Telecommunication JSC\* | 54200 | $37035 |
| **Materials — 6.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Dong Hai JSC of Bentre | 65100 | 86742 |
| &nbsp;&nbsp;&nbsp;Duc Giang Chemicals JSC | 148700 | 283373 |
| &nbsp;&nbsp;&nbsp;Hoa Phat Group JSC\* | 505500 | 516198 |
| &nbsp;&nbsp;&nbsp;South Basic Chemicals JSC | 17500 | 17937 |
|  |  | 904250 |
| **Real Estate — 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;An Gia Real Estate Investment & Development\* | 136800 | 66732 |
| &nbsp;&nbsp;&nbsp;Vinhomes JSC\* | 69100 | 270183 |
|  |  | 336915 |
| TOTAL VIETNAM |  | 9654530 |
| TOTAL COMMON STOCK<br> (Cost $10,115,127) |  | 9654530 |
| **EXCHANGE-TRADED FUND — 23.5%** |  |  |
| **Foreign Equity — 23.5%** |  |  |
| &nbsp;&nbsp;&nbsp;DCVFMVN Diamond ETF\* | 2193500 | 3053455 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $3,252,926) |  | 3053455 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Rights** | |
| **RIGHTS — 0.4%** |  |  |
| **VIETNAM — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;VIX Securities JSC, Expires 04/09/2026 | 563200 | 59650 |
| TOTAL VIETNAM |  | 59650 |
| TOTAL RIGHTS<br> (Cost $–) |  | 59650 |
| TOTAL INVESTMENTS — 98.1%<br> (Cost $13,368,053) |  | 12767635 |
| OTHER ASSETS LESS LIABILITIES – 1.9% |  | 242981 |
| NET ASSETS - 100% |  | $13010616 |

---

---

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

---

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam | $9654530 | $— | $— | $9654530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 9654530 |  |  | 9654530 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Dragon Capital Vietnam Growth Index ETF** (concluded)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $3053455 | $— | $3053455 |
| &nbsp;&nbsp;&nbsp;Rights |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vietnam |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials |  | 59650 | 59650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rights |  | 59650 | 59650 |
| Total Investments in Securities | $12707985 | $59650 | $12767635 |

---

*See "Glossary" for abbreviations.*

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 83.5%<sup>‡</sup>** |  |  |
| **UNITED STATES — 83.5%** |  |  |
| Communication Services — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Trade Desk, Cl A\*<sup>(A)</sup> | 40100 | $909869 |
| Consumer Discretionary — 21.8% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com\*<sup>(A)</sup> | 9000 | 1874430 |
| &nbsp;&nbsp;&nbsp;AutoZone\*<sup>(A)</sup> | 500 | 1688890 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A\*<sup>(A)</sup> | 7700 | 1156155 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica\*<sup>(A)</sup> | 12200 | 1867820 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive\*<sup>(A)</sup> | 19100 | 1763121 |
| &nbsp;&nbsp;&nbsp;Tesla\*<sup>(A)</sup> | 4400 | 1635700 |
|  |  | 9986116 |
| Financials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv\*<sup>(A)</sup> | 15500 | 864900 |
| Health Care — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific\*<sup>(A)</sup> | 19900 | 1248725 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical\*<sup>(A)</sup> | 4700 | 2166653 |
|  |  | 3415378 |
| Industrials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Uber Technologies\*<sup>(A)</sup> | 21400 | 1539302 |
| Information Technology — 46.9% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe\*<sup>(A)</sup> | 6100 | 1482788 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices\*<sup>(A)</sup> | 8200 | 1668126 |
| &nbsp;&nbsp;&nbsp;Arista Networks\*<sup>(A)</sup> | 14400 | 1768032 |
| &nbsp;&nbsp;&nbsp;Autodesk\*<sup>(A)</sup> | 6000 | 1436400 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems\*<sup>(A)</sup> | 6500 | 1806155 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A\*<sup>(A)</sup> | 4300 | 1678763 |
| &nbsp;&nbsp;&nbsp;Fair Isaac\*<sup>(A)</sup> | 1300 | 1387802 |
| &nbsp;&nbsp;&nbsp;First Solar\*<sup>(A)</sup> | 8200 | 1617532 |
| &nbsp;&nbsp;&nbsp;Fortinet\*<sup>(A)</sup> | 23900 | 1953108 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor\*<sup>(A)</sup> | 2600 | 160992 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks\*<sup>(A)</sup> | 9700 | 1555104 |
| &nbsp;&nbsp;&nbsp;Sandisk\*<sup>(A)</sup> | 300 | 190602 |
| &nbsp;&nbsp;&nbsp;ServiceNow\*<sup>(A)</sup> | 11200 | 1170960 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer\*<sup>(A)</sup> | 38000 | 865260 |
| &nbsp;&nbsp;&nbsp;Synopsys\*<sup>(A)</sup> | 4100 | 1625568 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A\*<sup>(A)</sup> | 8600 | 1117312 |
|  |  | 21484504 |
| TOTAL UNITED STATES |  | 38200069 |
| TOTAL COMMON STOCK<br> (Cost $47,541,292) |  | 38200069 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | |
|:---|:---|
|  | **Value** |
| **PURCHASED OPTIONS<sup>(B)</sup> — 16.9%** |  |
| TOTAL PURCHASED OPTIONS<br> (Cost $3,370,492) | $7737745 |
| TOTAL INVESTMENTS — 100.4%<br> (Cost $50,911,784) | 45937814 |
| **WRITTEN OPTIONS<sup>(B)</sup> — (0.8)%**<br> (Premiums Received $(3958611)) | $(376210) |
| OTHER ASSETS LESS LIABILITIES – 0.4% | 213819 |
| NET ASSETS - 100% | $45775423 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *(A)* | *Collateral on open option positions.* |
| *(B)* | *Refer to option table below.* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS — 16.9%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adobe Inc | 2 | $48616 | $282.00 | 04/17/26 | $7765 |
| &nbsp;&nbsp;&nbsp;Adobe Inc | 2 | 48616 | 341.00 | 04/17/26 | 19472 |
| &nbsp;&nbsp;&nbsp;Adobe Inc | 2 | 48616 | 351.00 | 04/17/26 | 21467 |
| &nbsp;&nbsp;&nbsp;Adobe Inc | 2 | 48616 | 258.00 | 04/17/26 | 3490 |
| &nbsp;&nbsp;&nbsp;Adobe Inc | 2 | 48616 | 299.00 | 04/17/26 | 11109 |
| &nbsp;&nbsp;&nbsp;Adobe Inc | 51 | 1239708 | 303.00 | 04/17/26 | 303528 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | 3 | 61029 | 202.00 | 04/17/26 | 2500 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | 2 | 40686 | 203.00 | 04/17/26 | 1757 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | 2 | 40686 | 215.00 | 04/17/26 | 3134 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | 2 | 40686 | 253.00 | 04/17/26 | 9875 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | 71 | 1444353 | 222.00 | 04/17/26 | 148140 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | 2 | 40686 | 204.00 | 04/17/26 | 1851 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | 80 | 1666160 | 237.00 | 04/17/26 | 226875 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | 2 | 41654 | 246.00 | 04/17/26 | 7450 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | 2 | 41654 | 204.00 | 04/17/26 | 854 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | 2 | 41654 | 232.00 | 04/17/26 | 4703 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | 2 | 41654 | 233.00 | 04/17/26 | 4895 |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | 2 | 41654 | 242.00 | 04/17/26 | 6657 |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | 4 | 49112 | 132.00 | 04/17/26 | 4437 |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | 4 | 49112 | 137.00 | 04/17/26 | 6033 |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | 5 | 61390 | 150.00 | 04/17/26 | 13548 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | 127 | $1559306 | $124.00 | 04/17/26 | $77267 |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | 4 | 49112 | 131.00 | 04/17/26 | 4146 |
| &nbsp;&nbsp;&nbsp;AutoDesk Inc | 3 | 71820 | 297.00 | 04/17/26 | 17192 |
| &nbsp;&nbsp;&nbsp;AutoDesk Inc | 2 | 47880 | 276.00 | 04/17/26 | 7320 |
| &nbsp;&nbsp;&nbsp;AutoDesk Inc | 55 | 1316700 | 262.00 | 04/17/26 | 129875 |
| &nbsp;&nbsp;&nbsp;AutoZone Inc | 1 | 337778 | 3688.00 | 04/17/26 | 31666 |
| &nbsp;&nbsp;&nbsp;AutoZone Inc | 4 | 1351112 | 3490.00 | 04/17/26 | 61637 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | 5 | 31375 | 99.00 | 04/17/26 | 18033 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | 5 | 31375 | 96.00 | 04/17/26 | 16537 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | 170 | 1066750 | 93.00 | 04/17/26 | 511406 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | 7 | 43925 | 78.00 | 04/17/26 | 10597 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | 6 | 37650 | 76.00 | 04/17/26 | 7891 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | 6 | 37650 | 94.00 | 04/17/26 | 18648 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | 2 | 55574 | 295.00 | 04/17/26 | 4348 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | 3 | 83361 | 272.00 | 04/17/26 | 2640 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | 54 | 1500498 | 311.00 | 04/17/26 | 188126 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | 4 | 111148 | 319.00 | 04/17/26 | 16844 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | 2 | 55574 | 314.00 | 04/17/26 | 7505 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | 1 | 39041 | 462.00 | 04/17/26 | 7136 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | 2 | 78082 | 472.00 | 04/17/26 | 16219 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | 35 | 1366435 | 459.00 | 04/17/26 | 239640 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | 2 | 78082 | 414.00 | 04/17/26 | 5885 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | 1 | 39041 | 421.00 | 04/17/26 | 3462 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | 2 | 78082 | 476.00 | 04/17/26 | 17004 |
| &nbsp;&nbsp;&nbsp;Doordash Inc | 3 | 45045 | 178.00 | 04/17/26 | 8417 |
| &nbsp;&nbsp;&nbsp;Doordash Inc | 2 | 30030 | 227.00 | 04/17/26 | 15274 |
| &nbsp;&nbsp;&nbsp;Doordash Inc | 2 | 30030 | 225.00 | 04/17/26 | 14875 |
| &nbsp;&nbsp;&nbsp;Doordash Inc | 3 | 45045 | 193.00 | 04/17/26 | 12772 |
| &nbsp;&nbsp;&nbsp;Doordash Inc | 2 | 30030 | 206.00 | 04/17/26 | 11090 |
| &nbsp;&nbsp;&nbsp;Doordash Inc | 65 | 975975 | 211.00 | 04/17/26 | 392764 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp | 11 | 1174294 | 1612.00 | 04/17/26 | 596532 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp | 1 | 106754 | 1460.00 | 04/17/26 | 39181 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp | 1 | 106754 | 1340.00 | 04/17/26 | 27468 |
| &nbsp;&nbsp;&nbsp;First Solar Inc | 2 | 39452 | 232.00 | 04/17/26 | 6994 |
| &nbsp;&nbsp;&nbsp;First Solar Inc | 2 | 39452 | 235.00 | 04/17/26 | 7563 |
| &nbsp;&nbsp;&nbsp;First Solar Inc | 2 | 39452 | 246.00 | 04/17/26 | 9698 |
| &nbsp;&nbsp;&nbsp;First Solar Inc | 2 | 39452 | 249.00 | 04/17/26 | 10288 |
| &nbsp;&nbsp;&nbsp;First Solar Inc | 2 | 39452 | 262.00 | 04/17/26 | 12859 |
| &nbsp;&nbsp;&nbsp;First Solar Inc | 72 | 1420272 | 238.00 | 04/17/26 | 293005 |
| &nbsp;&nbsp;&nbsp;Fiserv Inc | 4 | 22320 | 68.00 | 04/17/26 | 4852 |
| &nbsp;&nbsp;&nbsp;Fiserv Inc | 4 | 22320 | 70.00 | 04/17/26 | 5639 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fiserv Inc | 147 | $820260 | $67.00 | 04/17/26 | $163961 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | 205 | 1675260 | 77.00 | 04/17/26 | 23540 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | 7 | 57204 | 82.00 | 04/17/26 | 1984 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | 7 | 57204 | 81.00 | 04/17/26 | 1669 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | 13 | 106236 | 80.00 | 04/17/26 | 2595 |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | 7 | 57204 | 78.00 | 04/17/26 | 969 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | 1 | 46099 | 499.00 | 04/17/26 | 3857 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | 2 | 92198 | 571.00 | 04/17/26 | 21615 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | 39 | 1797861 | 541.00 | 04/17/26 | 305397 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | 2 | 92198 | 479.00 | 04/17/26 | 4590 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | 2 | 92198 | 586.00 | 04/17/26 | 24605 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | 1 | 46099 | 521.00 | 04/17/26 | 5881 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 3 | 45930 | 182.00 | 04/17/26 | 8662 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 3 | 45930 | 180.00 | 04/17/26 | 8084 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 3 | 45930 | 175.00 | 04/17/26 | 6670 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 3 | 45930 | 209.00 | 04/17/26 | 16673 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 3 | 45930 | 216.00 | 04/17/26 | 18765 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | 107 | 1638170 | 205.00 | 04/17/26 | 552048 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp | 8 | 49536 | 65.00 | 04/17/26 | 3756 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp | 8 | 49536 | 61.00 | 04/17/26 | 2002 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp | 10 | 61920 | 68.00 | 04/17/26 | 6904 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 165 | 1523115 | 95.00 | 04/17/26 | 64532 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 5 | 46155 | 91.00 | 04/17/26 | 902 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 5 | 46155 | 92.00 | 04/17/26 | 1110 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 6 | 55386 | 93.00 | 04/17/26 | 1626 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 5 | 46155 | 98.00 | 04/17/26 | 3102 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | 5 | 46155 | 101.00 | 04/17/26 | 4444 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | 3 | 48096 | 152.00 | 04/17/26 | 763 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | 3 | 48096 | 165.00 | 04/17/26 | 2399 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | 3 | 48096 | 185.00 | 04/17/26 | 7377 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | 3 | 48096 | 186.00 | 04/17/26 | 7668 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | 4 | 64128 | 191.00 | 04/17/26 | 12186 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | 81 | 1298592 | 189.00 | 04/17/26 | 230810 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp | 1 | 63534 | 621.00 | 04/17/26 | 4682 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp | 1 | 63534 | 602.00 | 04/17/26 | 3862 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp | 1 | 63534 | 526.00 | 04/17/26 | 1589 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | 4 | 41820 | 110.00 | 04/17/26 | 3056 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | 4 | 41820 | 107.00 | 04/17/26 | 2329 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | 3 | 31365 | 154.00 | 04/17/26 | 14740 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | 3 | 31365 | 147.00 | 04/17/26 | 12648 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | 4 | 41820 | 130.00 | 04/17/26 | 10117 |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | 94 | 982770 | 133.00 | 04/17/26 | 265558 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 15 | 34155 | 32.00 | 04/17/26 | 13801 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 15 | 34155 | 33.00 | 04/17/26 | 15287 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 10 | $22770 | $30.00 | 04/17/26 | $7233 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 10 | 22770 | 29.00 | 04/17/26 | 6266 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 314 | 714978 | 28.00 | 04/17/26 | 167214 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | 16 | 36432 | 31.00 | 04/17/26 | 13142 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | 35 | 1387680 | 503.00 | 04/17/26 | 371193 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | 2 | 79296 | 516.00 | 04/17/26 | 23793 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | 1 | 39648 | 471.00 | 04/17/26 | 7447 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | 1 | 39648 | 417.00 | 04/17/26 | 2831 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | 1 | 39648 | 440.00 | 04/17/26 | 4567 |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | 1 | 39648 | 513.00 | 04/17/26 | 11598 |
| &nbsp;&nbsp;&nbsp;Tesla Inc | 1 | 37175 | 405.00 | 04/17/26 | 3501 |
| &nbsp;&nbsp;&nbsp;Tesla Inc | 1 | 37175 | 453.00 | 04/17/26 | 8051 |
| &nbsp;&nbsp;&nbsp;Tesla Inc | 1 | 37175 | 410.00 | 04/17/26 | 3935 |
| &nbsp;&nbsp;&nbsp;Tesla Inc | 1 | 37175 | 433.00 | 04/17/26 | 6089 |
| &nbsp;&nbsp;&nbsp;Tesla Inc | 39 | 1449825 | 436.00 | 04/17/26 | 248850 |
| &nbsp;&nbsp;&nbsp;Tesla Inc | 1 | 37175 | 434.00 | 04/17/26 | 6186 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | 15 | 34035 | 27.00 | 04/17/26 | 6656 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | 22 | 49918 | 38.00 | 04/17/26 | 33526 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | 15 | 34035 | 25.00 | 04/17/26 | 4122 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | 335 | 760115 | 36.00 | 04/17/26 | 443795 |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | 14 | 31766 | 32.00 | 04/17/26 | 12985 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | 184 | 1323512 | 84.00 | 04/17/26 | 220349 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | 6 | 43158 | 87.00 | 04/17/26 | 8959 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | 6 | 43158 | 80.00 | 04/17/26 | 4886 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | 6 | 43158 | 74.00 | 04/17/26 | 2027 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | 6 | 43158 | 73.00 | 04/17/26 | 1681 |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | 6 | 43158 | 82.00 | 04/17/26 | 6020 |
| &nbsp;&nbsp;&nbsp;Workday Inc | 2 | 25984 | 211.00 | 04/17/26 | 16149 |
| &nbsp;&nbsp;&nbsp;Workday Inc | 3 | 38976 | 169.00 | 04/17/26 | 11672 |
| &nbsp;&nbsp;&nbsp;Workday Inc | 2 | 25984 | 215.00 | 04/17/26 | 16947 |
| &nbsp;&nbsp;&nbsp;Workday Inc | 3 | 38976 | 190.00 | 04/17/26 | 17940 |
| &nbsp;&nbsp;&nbsp;Workday Inc | 3 | 38976 | 141.00 | 04/17/26 | 3830 |
| &nbsp;&nbsp;&nbsp;Workday Inc | 73 | 948416 | 194.00 | 04/17/26 | 465655 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  | $38200069 |  |  | $7737745 |
| **WRITTEN OPTIONS — (0.8)%** |  |  |  |  |  |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adobe Inc | (2) | $(48616) | $258.00 | 04/17/26 | $(589) |
| &nbsp;&nbsp;&nbsp;Adobe Inc | (2) | (48616) | 282.00 | 04/17/26 | (75) |
| &nbsp;&nbsp;&nbsp;Adobe Inc | (2) | (48616) | 299.00 | 04/17/26 | (26) |
| &nbsp;&nbsp;&nbsp;Adobe Inc | (51) | (1239708) | 303.00 | 04/17/26 | (550) |
| &nbsp;&nbsp;&nbsp;Adobe Inc | (2) | (48616) | 341.00 | 04/17/26 | (7) |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Adobe Inc | (2) | $(48616) | $351.00 | 04/17/26 | $(6) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | (3) | (61029) | 202.00 | 04/17/26 | (3039) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | (2) | (40686) | 203.00 | 04/17/26 | (1917) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | (2) | (40686) | 204.00 | 04/17/26 | (1812) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | (2) | (40686) | 215.00 | 04/17/26 | (899) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | (71) | (1444353) | 222.00 | 04/17/26 | (19212) |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices Inc | (2) | (40686) | 253.00 | 04/17/26 | (57) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | (2) | (41654) | 242.00 | 04/17/26 | (17) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | (80) | (1666160) | 237.00 | 04/17/26 | (1193) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | (2) | (41654) | 246.00 | 04/17/26 | (12) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | (2) | (41654) | 232.00 | 04/17/26 | (59) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | (2) | (41654) | 204.00 | 04/17/26 | (1798) |
| &nbsp;&nbsp;&nbsp;Amazon.com Inc | (2) | (41654) | 233.00 | 04/17/26 | (51) |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | (127) | (1559306) | 124.00 | 04/17/26 | (65546) |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | (4) | (49112) | 131.00 | 04/17/26 | (983) |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | (4) | (49112) | 132.00 | 04/17/26 | (875) |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | (4) | (49112) | 137.00 | 04/17/26 | (475) |
| &nbsp;&nbsp;&nbsp;Arista Networks Inc | (5) | (61390) | 150.00 | 04/17/26 | (115) |
| &nbsp;&nbsp;&nbsp;AutoDesk Inc | (2) | (47880) | 276.00 | 04/17/26 | (74) |
| &nbsp;&nbsp;&nbsp;AutoDesk Inc | (3) | (71820) | 297.00 | 04/17/26 | (36) |
| &nbsp;&nbsp;&nbsp;AutoDesk Inc | (55) | (1316700) | 262.00 | 04/17/26 | (7430) |
| &nbsp;&nbsp;&nbsp;AutoZone Inc | (1) | (337778) | 3688.00 | 04/17/26 | (1338) |
| &nbsp;&nbsp;&nbsp;AutoZone Inc | (4) | (1351112) | 3490.00 | 04/17/26 | (19352) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | (6) | (37650) | 76.00 | 04/17/26 | (35) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | (7) | (43925) | 78.00 | 04/17/26 | (35) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | (170) | (1066750) | 93.00 | 04/17/26 | (457) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | (6) | (37650) | 94.00 | 04/17/26 | (16) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | (5) | (31375) | 96.00 | 04/17/26 | (12) |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp | (5) | (31375) | 99.00 | 04/17/26 | (12) |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | (4) | (111148) | 319.00 | 04/17/26 | (521) |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | (2) | (55574) | 314.00 | 04/17/26 | (342) |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | (2) | (55574) | 295.00 | 04/17/26 | (976) |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | (3) | (83361) | 272.00 | 04/17/26 | (4467) |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems Inc | (54) | (1500498) | 311.00 | 04/17/26 | (10880) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | (2) | (78082) | 414.00 | 04/17/26 | (1341) |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | (1) | $(39041) | $421.00 | 04/17/26 | $(492) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | (35) | (1366435) | 459.00 | 04/17/26 | (2967) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | (1) | (39041) | 462.00 | 04/17/26 | (75) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | (2) | (78082) | 472.00 | 04/17/26 | (101) |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings Inc | (2) | (78082) | 476.00 | 04/17/26 | (87) |
| &nbsp;&nbsp;&nbsp;Doordash Inc | (3) | (45045) | 178.00 | 04/17/26 | (178) |
| &nbsp;&nbsp;&nbsp;Doordash Inc | (3) | (45045) | 193.00 | 04/17/26 | (43) |
| &nbsp;&nbsp;&nbsp;Doordash Inc | (2) | (30030) | 206.00 | 04/17/26 | (10) |
| &nbsp;&nbsp;&nbsp;Doordash Inc | (65) | (975975) | 211.00 | 04/17/26 | (220) |
| &nbsp;&nbsp;&nbsp;Doordash Inc | (2) | (30030) | 225.00 | 04/17/26 | (3) |
| &nbsp;&nbsp;&nbsp;Doordash Inc | (2) | (30030) | 227.00 | 04/17/26 | (2) |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp | (11) | (1174294) | 1612.00 | 04/17/26 | (1096) |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp | (1) | (106754) | 1460.00 | 04/17/26 | (218) |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp | (1) | (106754) | 1340.00 | 04/17/26 | (478) |
| &nbsp;&nbsp;&nbsp;First Solar Inc | (2) | (39452) | 262.00 | 04/17/26 | (26) |
| &nbsp;&nbsp;&nbsp;First Solar Inc | (2) | (39452) | 232.00 | 04/17/26 | (147) |
| &nbsp;&nbsp;&nbsp;First Solar Inc | (2) | (39452) | 235.00 | 04/17/26 | (118) |
| &nbsp;&nbsp;&nbsp;First Solar Inc | (72) | (1420272) | 238.00 | 04/17/26 | (3426) |
| &nbsp;&nbsp;&nbsp;First Solar Inc | (2) | (39452) | 246.00 | 04/17/26 | (58) |
| &nbsp;&nbsp;&nbsp;First Solar Inc | (2) | (39452) | 249.00 | 04/17/26 | (49) |
| &nbsp;&nbsp;&nbsp;Fiserv Inc | (147) | (820260) | 67.00 | 04/17/26 | (1145) |
| &nbsp;&nbsp;&nbsp;Fiserv Inc | (4) | (22320) | 68.00 | 04/17/26 | (22) |
| &nbsp;&nbsp;&nbsp;Fiserv Inc | (4) | (22320) | 70.00 | 04/17/26 | (11) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | (205) | (1675260) | 77.00 | 04/17/26 | (121659) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | (7) | (57204) | 78.00 | 04/17/26 | (3621) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | (13) | (106236) | 80.00 | 04/17/26 | (4926) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | (7) | (57204) | 81.00 | 04/17/26 | (2226) |
| &nbsp;&nbsp;&nbsp;Fortinet Inc | (7) | (57204) | 82.00 | 04/17/26 | (1842) |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | (2) | (92198) | 571.00 | 04/17/26 | (7) |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | (2) | (92198) | 586.00 | 04/17/26 | (3) |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | (39) | (1797861) | 541.00 | 04/17/26 | (790) |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | (1) | (46099) | 499.00 | 04/17/26 | (237) |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | (2) | (92198) | 479.00 | 04/17/26 | (1342) |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical Inc | (1) | (46099) | 521.00 | 04/17/26 | (66) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | (3) | (45930) | 175.00 | 04/17/26 | (186) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | (3) | (45930) | 180.00 | 04/17/26 | (103) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | (3) | (45930) | 182.00 | 04/17/26 | (83) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | (107) | (1638170) | 205.00 | 04/17/26 | (475) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | (3) | (45930) | 209.00 | 04/17/26 | (11) |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica Inc | (3) | (45930) | 216.00 | 04/17/26 | (8) |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp | (8) | (49536) | 65.00 | 04/17/26 | (1334) |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp | (8) | (49536) | 61.00 | 04/17/26 | (2774) |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp | (10) | (61920) | 68.00 | 04/17/26 | (883) |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | (5) | (46155) | 101.00 | 04/17/26 | (98) |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | (5) | (46155) | 98.00 | 04/17/26 | (252) |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | (165) | (1523115) | 95.00 | 04/17/26 | (19904) |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | (6) | $(55386) | $93.00 | 04/17/26 | $(1201) |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | (5) | (46155) | 92.00 | 04/17/26 | (1255) |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive Inc | (5) | (46155) | 91.00 | 04/17/26 | (1545) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | (81) | (1298592) | 189.00 | 04/17/26 | (1034) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | (4) | (64128) | 191.00 | 04/17/26 | (41) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | (3) | (48096) | 186.00 | 04/17/26 | (56) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | (3) | (48096) | 152.00 | 04/17/26 | (3329) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | (3) | (48096) | 165.00 | 04/17/26 | (1073) |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks Inc | (3) | (48096) | 185.00 | 04/17/26 | (64) |
| &nbsp;&nbsp;&nbsp;Sandisk Corp | (1) | (63534) | 526.00 | 04/17/26 | (12581) |
| &nbsp;&nbsp;&nbsp;Sandisk Corp | (1) | (63534) | 602.00 | 04/17/26 | (7271) |
| &nbsp;&nbsp;&nbsp;Sandisk Corp | (1) | (63534) | 621.00 | 04/17/26 | (6195) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | (3) | (31365) | 147.00 | 04/17/26 | (9) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | (94) | (982770) | 133.00 | 04/17/26 | (872) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | (3) | (31365) | 154.00 | 04/17/26 | (6) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | (4) | (41820) | 110.00 | 04/17/26 | (973) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | (4) | (41820) | 107.00 | 04/17/26 | (1443) |
| &nbsp;&nbsp;&nbsp;ServiceNow Inc | (4) | (41820) | 130.00 | 04/17/26 | (51) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | (15) | (34155) | 33.00 | 04/17/26 | (50) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | (15) | (34155) | 32.00 | 04/17/26 | (60) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | (16) | (36432) | 31.00 | 04/17/26 | (82) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | (10) | (22770) | 29.00 | 04/17/26 | (99) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | (314) | (714978) | 28.00 | 04/17/26 | (4911) |
| &nbsp;&nbsp;&nbsp;Super Micro Computer Inc | (10) | (22770) | 30.00 | 04/17/26 | (68) |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | (1) | (39648) | 417.00 | 04/17/26 | (843) |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | (1) | (39648) | 440.00 | 04/17/26 | (285) |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | (1) | (39648) | 471.00 | 04/17/26 | (72) |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | (35) | (1387680) | 503.00 | 04/17/26 | (1299) |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | (1) | (39648) | 513.00 | 04/17/26 | (32) |
| &nbsp;&nbsp;&nbsp;Synopsys Inc | (2) | (79296) | 516.00 | 04/17/26 | (62) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (39) | (1449825) | 436.00 | 04/17/26 | (2129) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (1) | (37175) | 434.00 | 04/17/26 | (60) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (1) | (37175) | 453.00 | 04/17/26 | (28) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (1) | (37175) | 410.00 | 04/17/26 | (204) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (1) | (37175) | 405.00 | 04/17/26 | (268) |
| &nbsp;&nbsp;&nbsp;Tesla Inc | (1) | (37175) | 433.00 | 04/17/26 | (63) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | (15) | (34035) | 25.00 | 04/17/26 | (742) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | (15) | (34035) | 27.00 | 04/17/26 | (283) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | (14) | (31766) | 32.00 | 04/17/26 | (53) |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | (335) | (760115) | 36.00 | 04/17/26 | (623) |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares Wahed Alternative Income Index ETF** (concluded)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **WRITTEN OPTIONS (continued)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Trade Desk Inc | (22) | $(49918) | $38.00 | 04/17/26 | $(31) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | (6) | (43158) | 73.00 | 04/17/26 | (1131) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | (6) | (43158) | 74.00 | 04/17/26 | (878) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | (6) | (43158) | 80.00 | 04/17/26 | (144) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | (6) | (43158) | 82.00 | 04/17/26 | (81) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | (184) | (1323512) | 84.00 | 04/17/26 | (1514) |
| &nbsp;&nbsp;&nbsp;Uber Technologies Inc | (6) | (43158) | 87.00 | 04/17/26 | (27) |
| &nbsp;&nbsp;&nbsp;Workday Inc | (73) | (948416) | 194.00 | 04/17/26 | (63) |
| &nbsp;&nbsp;&nbsp;Workday Inc | (3) | (38976) | 190.00 | 04/17/26 | (3) |
| &nbsp;&nbsp;&nbsp;Workday Inc | (2) | (25984) | 211.00 | 04/17/26 | (1) |
| &nbsp;&nbsp;&nbsp;Workday Inc | (3) | (38976) | 141.00 | 04/17/26 | (562) |
| &nbsp;&nbsp;&nbsp;Workday Inc | (3) | (38976) | 169.00 | 04/17/26 | (21) |
| &nbsp;&nbsp;&nbsp;Workday Inc | (2) | (25984) | 215.00 | 04/17/26 |  |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(38200069) |  |  | $(376210) |

---

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $38200069 | $— | $— | $38200069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 38200069 |  |  | 38200069 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 7737745 |  | 7737745 |
| Total Investments in Securities | $38200069 | $7737745 | $— | $45937814 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(376210) | $— | $(376210) |
| Total Liabilities | $— | $(376210) | $— | $(376210) |

---

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, 2026*

**KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF**

---

| | | |
|:---|:---|:---|
| **COMMON STOCK — 98.1%<sup>‡</sup>** |  |  |
| **BRAZIL — 0.5%** |  |  |
| Consumer Discretionary — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre\* | 7 | $12103 |
| TOTAL BRAZIL |  | 12103 |
| **CANADA — 1.1%** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Thomson Reuters | 56 | 5039 |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A\* | 160 | 18979 |
| TOTAL CANADA |  | 24018 |
| **CHINA — 0.4%** |  |  |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 83 | 8481 |
| TOTAL CHINA |  | 8481 |
| **NETHERLANDS — 1.0%** |  |  |
| Information Technology — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding, Cl G | 12 | 15850 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 31 | 6103 |
| TOTAL NETHERLANDS |  | 21953 |
| **UNITED KINGDOM — 0.3%** |  |  |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners | 59 | 5350 |
| Information Technology — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;ARM Holdings ADR\* | 16 | 2420 |
| TOTAL UNITED KINGDOM |  | 7770 |
| **UNITED STATES — 94.8%** |  |  |
| Communication Services — 15.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 270 | 77641 |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 252 | 72289 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Cl A\* | 16 | 3454 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 444 | 12747 |
| &nbsp;&nbsp;&nbsp;Electronic Arts | 32 | 6524 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 137 | 78382 |
| &nbsp;&nbsp;&nbsp;Netflix\* | 527 | 50671 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software\* | 24 | 4740 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 137 | 28774 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery\* | 311 | 8540 |
|  |  | 343762 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** (continued)

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary — 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;Airbnb, Cl A\* | 53.0 | $6693 |
| &nbsp;&nbsp;&nbsp;Amazon.com\* | 491.0 | 102260 |
| &nbsp;&nbsp;&nbsp;Booking Holdings | 4.0 | 16841 |
| &nbsp;&nbsp;&nbsp;DoorDash, Cl A\* | 52.0 | 7808 |
| &nbsp;&nbsp;&nbsp;Marriott International, Cl A | 33.0 | 10793 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive\* | 105.0 | 9693 |
| &nbsp;&nbsp;&nbsp;Ross Stores | 40.0 | 8665 |
| &nbsp;&nbsp;&nbsp;Starbucks | 146.0 | 13080 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 233.0 | 86618 |
|  |  | 262451 |
| Consumer Staples — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 56.0 | 55800 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper | 171.0 | 4502 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz | 149.0 | 3351 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Cl A | 159.0 | 9165 |
| &nbsp;&nbsp;&nbsp;Monster Beverage\* | 123.0 | 8912 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 173.0 | 26865 |
| &nbsp;&nbsp;&nbsp;Walmart | 613.0 | 76184 |
|  |  | 184779 |
| Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 123.0 | 7509 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy | 35.0 | 6923 |
|  |  | 14432 |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;PayPal Holdings | 116.0 | 5247 |
| Health Care — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals\* | 17.0 | 5625 |
| &nbsp;&nbsp;&nbsp;Amgen | 68.0 | 23926 |
| &nbsp;&nbsp;&nbsp;Dexcom\* | 48.0 | 3014 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies | 57.0 | 4057 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 159.0 | 22160 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories\* | 10.0 | 5619 |
| &nbsp;&nbsp;&nbsp;Insmed\* | 28.0 | 4578 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical\* | 44.0 | 20284 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals | 14.0 | 10817 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals\* | 32.0 | 14289 |
|  |  | 114369 |
| Industrials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 50.0 | 10159 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise\* | 11.0 | 4672 |
| &nbsp;&nbsp;&nbsp;Cintas | 51.0 | 8626 |
| &nbsp;&nbsp;&nbsp;Copart\* | 120.0 | 3984 |
| &nbsp;&nbsp;&nbsp;CSX | 234.0 | 9606 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** (continued)

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Fastenal | 144.0 | $6682 |
| &nbsp;&nbsp;&nbsp;Ferrovial | 92.0 | 5985 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 82.0 | 18534 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line | 25.0 | 4885 |
| &nbsp;&nbsp;&nbsp;PACCAR | 66.0 | 7623 |
| &nbsp;&nbsp;&nbsp;Paychex | 44.0 | 4053 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Cl A | 18.0 | 3415 |
|  |  | 88224 |
| Information Technology — 47.7% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe\* | 51.0 | 12397 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices\* | 209.0 | 42517 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 61.0 | 19407 |
| &nbsp;&nbsp;&nbsp;Apple | 665.0 | 168770 |
| &nbsp;&nbsp;&nbsp;Applied Materials | 100.0 | 34179 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A\* | 39.0 | 15522 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A\* | 21.0 | 1433 |
| &nbsp;&nbsp;&nbsp;Autodesk\* | 27.0 | 6464 |
| &nbsp;&nbsp;&nbsp;Broadcom | 219.0 | 67783 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems\* | 35.0 | 9725 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 495.0 | 38407 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions, Cl A | 60.0 | 3681 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Cl A\* | 32.0 | 12493 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A\* | 42.0 | 4958 |
| &nbsp;&nbsp;&nbsp;Fortinet\* | 95.0 | 7763 |
| &nbsp;&nbsp;&nbsp;Intel\* | 655.0 | 28905 |
| &nbsp;&nbsp;&nbsp;Intuit | 35.0 | 15133 |
| &nbsp;&nbsp;&nbsp;KLA | 16.0 | 23559 |
| &nbsp;&nbsp;&nbsp;Lam Research | 163.0 | 34827 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 112.0 | 11094 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 68.0 | 4393 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 148.0 | 50000 |
| &nbsp;&nbsp;&nbsp;Microsoft | 342.0 | 126598 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems | 6.0 | 6560 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 1132.0 | 197421 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A\* | 296.0 | 43299 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks\* | 105.0 | 16834 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 133.0 | 17128 |
| &nbsp;&nbsp;&nbsp;Roper Technologies | 13.0 | 4600 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings | 28.0 | 10969 |
| &nbsp;&nbsp;&nbsp;Strategy, Cl A\* | 39.0 | 4867 |
| &nbsp;&nbsp;&nbsp;Synopsys\* | 24.0 | 9516 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 114.0 | 22132 |
| &nbsp;&nbsp;&nbsp;Western Digital | 45.0 | 12172 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A\* | 26.0 | 3378 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** (continued)

---

| | | |
|:---|:---|:---|
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Zscaler\* | 20.0 | $2806 |
|  |  | 1091690 |
| Materials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Linde | 59.0 | 29250 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CoStar Group\* | 52.0 | 2098 |
| Utilities — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 68.0 | 8913 |
| &nbsp;&nbsp;&nbsp;Constellation Energy | 50.0 | 13963 |
| &nbsp;&nbsp;&nbsp;Exelon | 132.0 | 6471 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 80.0 | 6355 |
|  |  | 35702 |
| TOTAL UNITED STATES |  | 2172004 |
| TOTAL COMMON STOCK<br> (Cost $2,430,676) |  | 2246329 |
| TOTAL INVESTMENTS — 98.1%<br> (Cost $2,430,676) |  | 2246329 |
| OTHER ASSETS LESS LIABILITIES – 1.9% |  | 43841 |
| NET ASSETS - 100% |  | $2290170 |

---

---

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

---

A list of the open OTC Swap agreement held by the Fund at March 31, 2026, is as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** | **Total Return Swaps** |
| **Counterparty** | **Reference<br> Entity/<br> Obligation** | **Fund<br> Receives** | **Payment <br> Frequency** | **Termination<br> Date** | **Currency** | **Notional<br> Amount** | **Value** | **Upfront<br> Payments/<br> Receipts** | **Net<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Goldman Sachs | &nbsp;&nbsp;&nbsp;Nasdaq InspereX Dynamic Buffered High Income Option Only Index | Total Return | At Termination | 01/08/2029 | USD | 2290740 | $32079 | $— | $32079 |

---

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

**Schedule of Investments** *March 31, 2026*

**KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** (concluded)

The following summarizes the market value of the Fund's investments used as of March 31, 2026, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Common Stock |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | $12103 | $— | $— | $12103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 24018 |  |  | 24018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 8481 |  |  | 8481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 21953 |  |  | 21953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 7770 |  |  | 7770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 2172004 |  |  | 2172004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 2246329 |  |  | 2246329 |
| Total Investments in Securities | $2246329 | $— | $— | $2246329 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Total Return Swaps |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation | $— | $32079 | $— | $32079 |
| Total Other Financial Instruments | $— | $32079 | $— | $32079 |

---

*See "Glossary" for abbreviations.*

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

**Schedule of Investments** *March 31, 2026*

**Glossary (abbreviations used in preceding Schedules of Investments/Consolidated Schedules of Investments):**

**Portfolio Abbreviations**

ADR — American Depositary Receipt

BV — Business Value

BVI — Business Volume Indicator

Cl — Class

CV — Convertible

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

NVDR — Non-Voting Depository Receipt

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

Ser — Series

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

SPDR — Standard & Poor's Depositary Receipts

WTI — West Texas Intermediate

**Statements of Assets and Liabilities**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares <br> CSI China <br> Internet ETF** | **KraneShares<br> Bosera MSCI China<br> A 50 Connect <br> Index ETF** | **KraneShares <br> MSCI One <br> Belt One Road<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $6190610227 \* | $169573751 | $4048897 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 10584619 | 266686 | 8204 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  | 645078 | 8802 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 16719492 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 218603 | 2116 | 4853 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 35342 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 3750 |  |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 63 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 6218172033 | 170487631 | 4070819 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 164050747 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed | 16722354 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 3770851 | 85166 | 2785 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 41090 | 1164 | 27 |
| &nbsp;&nbsp;&nbsp;Payable for Securities Lending Fees | 19869 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax |  |  | 3007 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  |  | 38 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 184604911 | 86330 | 5857 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6033567122 | $170401301 | $4064962 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $12726998608 | $369970473 | $7806916 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (6693431486) | (199569172) | (3741954) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $6033567122 | $170401301 | $4064962 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 216700000 | 5750000 | 150002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $27.84 | $29.64 | $27.10 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $7155228610 | $150884893 | $4016122 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  | 646115 | 8775 |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan | 155603895 |  |  |

---

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

**Statements of Assets and Liabilities (continued)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Emerging Markets<br> Consumer Technology<br> Index ETF** | **KraneShares<br> MSCI China <br> Clean Technology <br> Index ETF** | **KraneShares<br> Electric Vehicles<br> and Future Mobility<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $46922877 | $61625993 | $75346987 \* |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 200418 | 13304 | 71337 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 64372 | 4 |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 40265 | 10954 | 37312 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 9858 |  | 414191 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 47237790 | 61650255 | 75869827 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 64399 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 19341 | 41457 | 43480 |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax | 5459 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 310 | 369 | 471 |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  |  | 2043049 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Payable at Value |  |  | 56 |
| &nbsp;&nbsp;&nbsp;Payable for Securities Lending Fees |  |  | 310 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 89509 | 41826 | 2087366 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $47148281 | $61608429 | $73782461 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $99639665 | $142634710 | $193738745 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (52491384) | (81026281) | (119956284) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $47148281 | $61608429 | $73782461 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 2150002 | 2200002 | 2350002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $21.93 | $28.00 | $31.40 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $56062282 | $52794544 | $69048178 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 64478 | 2 |  |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan |  |  | 1944140 |

---

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

**Statements of Assets and Liabilities (continued)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares**<br> **MSCI All China <br> Health Care <br> Index ETF** | **KraneShares <br> Asia Pacific <br> High Income USD<br> Bond ETF** | **KraneShares<br> MSCI Emerging <br> Markets ex China <br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $81598673 \* | $14120816 | $100141818 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 110470 | 1187808 | 508921 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 91 | 1325 | 37445 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 2301 | 251731 | 364410 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 178000 |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 8132 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 81711535 | 15739680 | 101060726 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 1249300 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 43149 | 9316 | 21003 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 490 | 108 | 671 |
| &nbsp;&nbsp;&nbsp;Payable for Securities Lending Fees | 154 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 355080 |  |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax |  |  | 270202 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts |  |  | 74 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1293093 | 364504 | 291950 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $80418442 | $15375176 | $100768776 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $166852224 | $26107570 | $84105028 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (86433782) | (10732394) | 16663748 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $80418442 | $15375176 | $100768776 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 4750002 | 650001 | 2600002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $16.93 | $23.65 | $38.76 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $74837826 | $14164209 | $83069183 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 92 | 1282 | 37408 |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan | 1184963 |  |  |

---

*\** *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.*

**Statement of Assets and Liabilities/Consolidated Statements of Assets and Liabilities (continued)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares <br> Global Carbon<br> Strategy ETF<sup>(1)</sup>** | **KraneShares**<br> **Value Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** | **KraneShares <br> Mount Lucas <br> Managed Futures <br> Index Strategy ETF<sup>(2)</sup>** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $32592097 | $34797281 | $184348848 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value | 84463735 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Collateral on Futures Contracts at Value | 6811552 |  | 480411 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 3296862 |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 338494 |  | 72209275 |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts |  |  | 50725318 |
| &nbsp;&nbsp;&nbsp;Variation Margin Receivable on Future Contracts | 4224579 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 23865 | 52575 | 116338 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold | 8991 |  |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 80 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 131760175 | 34849936 | 307880190 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 86963 | 12740 | 181217 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 851 | 175 | 1236 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  |  | 34800500 |
| &nbsp;&nbsp;&nbsp;Payable to Custodian |  | 7440 |  |
| &nbsp;&nbsp;&nbsp;Payable to Broker |  |  | 352022 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 87814 | 20355 | 35334975 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $131672361 | $34829581 | $272545215 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $222036858 | $34121253 | $343307254 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (90364497) | 708328 | (70762039) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $131672361 | $34829581 | $272545215 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 4450000 | 1400002 | 9700002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $29.59 | $24.88 | $28.10 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $48400141 | $33844224 | $184354136 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 84689064 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 3371823 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency Collateral on Futures Contracts | 6352646 |  | 466735 |

---

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* 

*(2)* *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* 

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

**Statements of Assets and Liabilities/Consolidated Statement of Assets and Liabilities (continued)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares <br> SSE STAR <br> Market 50<br> Index ETF** | **KraneShares <br> Hang Seng TECH <br> Index ETF** | **KraneShares<br> California Carbon<br> Allowance Strategy<br> ETF<sup>(1)</sup>** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $80752813 | $48263223 | $7592936 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value |  |  | 86776507 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 236323 | 5 |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 166286 | 87565 | 400737 |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts |  |  | 10823831 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 4455 | 106 | 24303 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  | 25 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 2412603 |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  | 62 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 81159877 | 50763589 | 105618314 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 77653 | 30871 | 70512 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 758 | 329 | 677 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 78411 | 31200 | 71189 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $81081466 | $50732389 | $105547125 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $120631880 | $67613580 | $196849118 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (39550414) | (16881191) | (91301993) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $81081466 | $50732389 | $105547125 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 4550000 | 3800002 | 7125002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $17.82 | $13.35 | $14.81 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $85834849 | $56991882 | $7592936 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments |  |  | 87034360 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 128041 | 5 |  |

---

*(1)* *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* 

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

**Statements of Assets and Liabilities (continued)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> KWEB Covered Call<br> Strategy <br> ETF** | **KraneShares<br> Hedgeye Hedged<br> Equity Index <br> ETF** | **KraneShares<br> Artificial Intelligence <br> and Technology ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $5712 | $77897232 | $170841104 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value | 113248062 |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 247569 | 1153 | 801878 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  |  | 620 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 4070 | 232208 |  |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  |  | 6396 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 250357 | 29593995 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 613 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  |  | 34908 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 113505413 | 78380950 | 201279514 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options at Value | 2177027 | 1376405 |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 24531 | 53438 | 163310 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 735 | 478 | 1180 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 165738 |  |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  |  | 29641728 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 2202293 | 1596059 | 29806218 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $111303120 | $76784891 | $171473296 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $168647083 | $76716145 | $190471984 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (57343963) | 68746 | (18998688) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $111303120 | $76784891 | $171473296 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 4333309 | 2800002 | 5300002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $25.69 | $27.42 | $32.35 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $5712 | $81088429 | $185841405 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 134799783 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  |  | 438 |
| &nbsp;&nbsp;&nbsp;Written Options, Premiums Received | 5172523 | 2075903 |  |

---

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

**Statements of Assets and Liabilities (continued)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Sustainable Ultra<br> Short Duration<br> Index ETF** | **KraneShares <br> China Alpha <br> Index ETF** | **KraneShares <br> Man Buyout Beta <br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $164769090 | $10990732 | $12428812 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 7816142 | 28864 | 14085 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 113 | 558 |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 1460322 | 32 | 3712 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  |  | 920895 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 136 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 174045667 | 11020186 | 13367640 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 27576 | 6099 | 9361 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 1097 | 50 | 82 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  |  | 921479 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 28673 | 6149 | 930922 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $174016994 | $11014037 | $12436718 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $174014908 | $8419867 | $11338114 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings | 2086 | 2594170 | 1098604 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $174016994 | $11014037 | $12436718 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 6950002 | 350002 | 450002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $25.04 | $31.47 | $27.64 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $164945319 | $10013748 | $11353733 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 101 | 559 |  |

---

*Amounts designated as "—" are $0 or have been rounded to $0.*

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

**Statements of Assets and Liabilities (continued)**

*March 31, 2026*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Global Humanoid<br> and Embodied<br> Intelligence <br> Index ETF** | **KraneShares<br> Dragon Capital<br> Vietnam Growth<br> Index ETF** | **KraneShares<br> Wahed Alternative<br> Income Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $119352718 | $12767635 | $45937814 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 2725326 | 236485 |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents |  | 12333 | 234505 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 11455933 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 33808 | 2934 |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 11622 |  |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 133579407 | 13019387 | 46172319 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options at Value |  |  | 376210 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 8918766 |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Custodian | 5416015 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 72765 | 8755 | 20399 |
| &nbsp;&nbsp;&nbsp;Unrealized Depreciation on Spot Contracts | 7655 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 805 | 16 | 287 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 14416006 | 8771 | 396896 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $119163401 | $13010616 | $45775423 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $117151256 | $13704913 | $47608942 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | 2012145 | (694297) | (1833519) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $119163401 | $13010616 | $45775423 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 3900002 | 550002 | 1800002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $30.55 | $23.66 | $25.43 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $117942524 | $13368053 | $50911784 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 2725091 | 236953 |  |
| &nbsp;&nbsp;&nbsp;Written Options, Premiums Received |  |  | 3958611 |

---

*Amounts designated as "—" are $0 or have been rounded to $0*

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

**Statements of Assets and Liabilities (concluded)**

*March 31, 2026*

---

| | |
|:---|:---|
|  | **KraneShares<br> InspereX Nasdaq<br> Dynamic Buffered<br> High Income Index<br> ETF** |
| **Assets:** |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $2246329 |
| &nbsp;&nbsp;&nbsp;OTC Swap Contracts at Value | 32079 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 10227 |
| &nbsp;&nbsp;&nbsp;Due from Broker | 2505 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 603 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 4 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 2291747 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 1562 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 15 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 1577 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2290170 |
| **Net Assets Consist of:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $2474516 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (184346) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $2290170 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 100002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $22.90 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $2430676 |

---

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

**Statements of Operations**

For the Year Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> CSI China<br> Internet ETF** | **KraneShares<br> Bosera MSCI China A 50<br> Connect Index ETF** | **KraneShares<br> MSCI One Belt<br> One Road Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $78490928 | $5595515 | $125999 |
| &nbsp;&nbsp;&nbsp;Interest Income | 555323 | 27293 | 366 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 3734989 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (561514) | (10811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 82781240 | 5061294 | 115554 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 52896988 | 1588927 | 29570 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 548967 | 14928 | 279 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 373393 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 99528 | 2125 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 53918876 | 1605980 | 29887 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> |  | (468531) |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 53918876 | 1137449 | 29887 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 28862364 | 3923845 | 85667 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 278784450 | 31641382 | 43968 |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax |  |  | (2716) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (185187) | (22231) | (1292) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 278599263 | 31619151 | 39960 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1781400649) | 13934227 | 765103 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  | 2444 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (417) | (2882) | (192) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (1781401066) | 13931345 | 767355 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (1502801803) | 45550496 | 807315 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(1473939439) | $49474341 | $892982 |

---

*†* *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.

**Statements of Operations (continued)**

For the Year Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares MSCI China Clean Technology<br> Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $272177 | $937820 | $619492 |
| &nbsp;&nbsp;&nbsp;Interest Income | 3751 | 3350 | 9058 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 7837 |  | 47853 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (31392) | (62773) | (56111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 252373 | 878397 | 620292 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 272619 | 460282 | 495924 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 2412 | 4273 | 5273 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 775 |  | 4725 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 244 | 602 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 276050 | 465157 | 506704 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (104854) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 171196 | 465157 | 506704 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 81177 | 413240 | 113588 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 8068181 | 3688351 | 2729522 |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax | (180) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (30595) | (4881) | (47921) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 8037406 | 3683470 | 2681601 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (7576582) | 1402994 | 25744907 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | 16444 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (1707) |  | 25148 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (7561845) | 1402994 | 25770055 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 475561 | 5086464 | 28451656 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $556738 | $5499704 | $28565244 |

---

*†* *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.

**Statements of Operations (continued)**

For the Year Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1112664 | $— | $2192123 |
| &nbsp;&nbsp;&nbsp;Interest Income | 13241 | 1937882 | 10632 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 2322 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (91302) |  | (310280) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1036925 | 1937882 | 1892475 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 716536 | 148775 | 418508 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 6598 | 1673 | 5175 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 210 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 1148 | 264 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 724492 | 150712 | 424447 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (128608) |  | (252547) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 595884 | 150712 | 171900 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 441041 | 1787170 | 1720575 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 7198596 | 208960 | 3739536 |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax |  |  | (86837) |
| &nbsp;&nbsp;&nbsp;Forward Foreign Currency Contracts |  | (11) |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (28366) | 5440 | (21338) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 7170230 | 214389 | 3631361 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 4448185 | (506888) | 15817914 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities |  |  | 129902 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | 44 | 14532 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 4448185 | (506844) | 15962348 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 11618415 | (292455) | 19593709 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $12059456 | $1494715 | $21314284 |

---

*†* *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.

**Statement of Operations/Consolidated Statements of Operations (continued)**

For the Year Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(2)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $822934 | $— |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment | 4115574 |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 571275 | 1377 | 7278892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 4686849 | 824311 | 7278892 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 1268620 | 144818 | 1685059 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 11952 | 1831 | 12848 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 2064 | 339 | 3292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 1282636 | 146988 | 1701199 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 3404213 | 677323 | 5577693 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 9602462 | 1279641 | (6698) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (206599) |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 9873790 |  | (2914941) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 2653872 |  | 59900 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 21923525 | 1279641 | (2861739) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (15808044) | (1395486) | 2723 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | 34860 |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 3913959 |  | 12036317 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (689915) |  | 19587 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (12549140) | (1395486) | 12058627 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 9374385 | (115845) | 9196888 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $12778598 | $561478 | $14774581 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* 

*(2)* *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* 

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

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

**Statements of Operations/Consolidated Statement of Operations (continued)**

For the Year Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares California Carbon Allowance Strategy ETF<sup>(1)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $181906 | $514941 | $— |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment |  |  | 3679080 |
| &nbsp;&nbsp;&nbsp;Interest Income | 28873 | 25228 | 418820 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (15652) | (13899) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 195127 | 526270 | 4097900 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 464461 | 356460 | 885540 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 3698 | 3882 | 8194 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 449 | 438 | 1301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 468608 | 360780 | 895035 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | (273481) | 165490 | 3202865 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2493198 | (1672867) |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | (109328) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | (20015628) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (49881) | (9304) | 50 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 2443317 | (1682171) | (20124906) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (5645335) | (9502958) |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  |  | (83521) |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  |  | 9978896 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 6492 | 211 |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (5638843) | (9502747) | 9895375 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss** | (3195526) | (11184918) | (10229531) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(3469007) | $(11019428) | $(7026666) |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* 

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

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

**Statements of Operations (continued)**

For the Year Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Artificial Intelligence and Technology ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $533270 | $259502 |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment | 6829521 |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 69829 | 440 | 12233 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  |  | (19318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 6899350 | 533710 | 252417 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 275962 | 304591 | 848639 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 7939 | 2592 | 5630 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 1266 | 179 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 285167 | 307362 | 854537 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> |  | (25241) |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 285167 | 282121 | 854537 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 6614183 | 251589 | (602120) |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | 3702704 | 4117667 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (16152749) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (542) |  | (36020) |
| &nbsp;&nbsp;&nbsp;Written Options | 27953030 | (2665740) |  |
| &nbsp;&nbsp;&nbsp;Purchased Options |  | 4188200 |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 11799739 | 5225164 | 4081647 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | (2607149) | (11993319) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (22312644) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  |  | (10194) |
| &nbsp;&nbsp;&nbsp;Written Options | 471042 | 647328 |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (21841602) | (1959821) | (12003513) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (10041863) | 3265343 | (7921866) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(3427680) | $3516932 | $(8523986) |

---

*†* *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.

**Statements of Operations (continued)**

For the Year Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares Man Buyout Beta Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $346647 | $92469 |
| &nbsp;&nbsp;&nbsp;Interest Income | 8502546 | 1215 | 470 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (34665) | (818) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 8502546 | 313197 | 92121 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 566696 | 78132 | 103737 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 14182 | 733 | 855 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 2511 | 127 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 583389 | 78992 | 104716 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (195411) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 387978 | 78992 | 104716 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 8114568 | 234205 | (12595) |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 8611 | 4116909 | 173112 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 144 | (13150) |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 8755 | 4103759 | 173112 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (126030) | 365207 | 2060796 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 8 | 1 |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (126022) | 365208 | 2060796 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (117267) | 4468967 | 2233908 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $7997301 | $4703172 | $2221313 |

---

*†* *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.

**Statements of Operations (continued)**

For the Period Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares Global Humanoid and Embodied Intelligence Index ETF<sup>(1)</sup>** | **KraneShares Dragon Capital Vietnam Growth Index ETF<sup>(2)</sup>** | **KraneShares Wahed Alternative Income Index ETF<sup>(3)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $417360 | $17379 | $— |
| &nbsp;&nbsp;&nbsp;Interest Income | 3696 | 1833 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (44054) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 377002 | 19212 |  |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 470300 | 22993 | 74562 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 4003 | 199 | 904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 474303 | 23192 | 75466 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (60294) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 414009 | 23192 | 75466 |
| &nbsp;&nbsp;&nbsp;**Net Investment Loss** | (37007) | (3980) | (75466) |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1450132 | (75865) | 331398 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (17347) | (18776) | (471) |
| &nbsp;&nbsp;&nbsp;Written Options |  |  | 258287 |
| &nbsp;&nbsp;&nbsp;Purchased Options |  |  | 1401631 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 1432785 | (94641) | 1990845 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1410194 | (600418) | (4973970) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (6019) | (467) |  |
| &nbsp;&nbsp;&nbsp;Written Options |  |  | 3582401 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 1404175 | (600885) | (1391569) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 2836960 | (695526) | 599276 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $2799953 | $(699506) | $523810 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *The Fund's inception date was on June 4, 2025.* 

*(2)* *The Fund's inception date was on December 3, 2025.* 

*(3)* *The Fund's inception date was on November 4, 2025.* 

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

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

**Statements of Operations (concluded)**

For the Period Ended March 31, 2026

---

| | |
|:---|:---|
|  | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF<sup>(1)</sup>** |
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $3833 |
| &nbsp;&nbsp;&nbsp;Interest Income | 538 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 4357 |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 4285 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 4337 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 20 |
| **Net Realized Gain (Loss) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (1386) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 199 |
| &nbsp;&nbsp;&nbsp;Swap Contracts | 2055 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain** | 868 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;Investments | (184347) |
| &nbsp;&nbsp;&nbsp;Swap Contracts | 32079 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (152268) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss** | (151400) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | $(151380) |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *The Fund's inception date was on January 6, 2026.* 

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

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

**Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares CSI <br> China Internet ETF** | **KraneShares CSI <br> China Internet ETF** |
|  | **Year Ended<br> March 31, <br> 2026** | **Year Ended<br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $28862364 | $70212353 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 278599263 | (796378500) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1781401066) | 2291630801 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (1473939439) | 1565464654 |
| **Distributions:** | (488526635) | (191767210) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2640590378 | 4055934107 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2691774263) | (2813400801) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (51183885) | 1242533306 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (2013649959) | 2616230750 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 8047217081 | 5430986331 |
| &nbsp;&nbsp;&nbsp;End of Year | $6033567122 | $8047217081 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 70750000 | 121550000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (85050000) | (97300000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (14300000) | 24250000 |

---

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

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Bosera MSCI <br> China A 50 Connect Index ETF** | **KraneShares Bosera MSCI <br> China A 50 Connect Index ETF** |
|  | **Year Ended<br> March 31, <br> 2026** | **Year Ended <br> March 31,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3923845 | $4519146 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 31619151 | (15902012) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 13931345 | 27323863 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 49474341 | 15940997 |
| **Distributions:** | (3575347) | (4042367) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 45080301 | 92497035 |
| &nbsp;&nbsp;&nbsp;Redeemed | (109698996) | (106140603) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (64618695) | (13643568) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (18719701) | (1744938) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 189121002 | 190865940 |
| &nbsp;&nbsp;&nbsp;End of Year | $170401301 | $189121002 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1600000 | 3750000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3850000) | (4650000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (2250000) | (900000) |

---

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

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares MSCI<br> One Belt One Road Index ETF** | **KraneShares MSCI<br> One Belt One Road Index ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Year Ended<br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $85667 | $117894 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 39960 | (15344) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 767355 | 160098 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 892982 | 262648 |
| **Distributions:** | (77186) | (122602) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (1078938) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** |  | (1078938) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 815796 | (938892) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 3249166 | 4188058 |
| &nbsp;&nbsp;&nbsp;End of Year | $4064962 | $3249166 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (50000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** |  | (50000) |

---

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> Emerging Markets Consumer Technology Index ETF** | **KraneShares<br> Emerging Markets Consumer Technology Index ETF** |
|  | **Year Ended <br> March 31,<br> 2026** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $81177 | $161332 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 8037406 | 1529634 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (7561845) | 1522648 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 556738 | 3213614 |
| **Distributions:** | (2012146) | (109397) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 33276003 | 3629383 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4870165) | (5112835) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 28405838 | (1483452) |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 26950430 | 1620765 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 20197851 | 18577086 |
| &nbsp;&nbsp;&nbsp;End of Year | $47148281 | $20197851 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1250000 | 200000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (200000) | (350000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1050000 | (150000) |

---

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

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** |
|  | **Year Ended <br> March 31, <br> 2026** | **Year Ended <br> March 31,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $413240 | $780468 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3683470 | (10490962) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1402994 | 21600581 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 5499704 | 11890087 |
| **Distributions:** | (500467) | (716873) |
| **Return of Capital** | (6823) |  |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 9681799 | 1066620 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1457999) | (20799351) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 8223800 | (19732731) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 13216214 | (8559517) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 48392215 | 56951732 |
| &nbsp;&nbsp;&nbsp;End of Year | $61608429 | $48392215 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 350000 | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (950000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 300000 | (900000) |

---

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Electric <br> Vehicles and Future <br> Mobility Index ETF** | **KraneShares Electric <br> Vehicles and Future <br> Mobility Index ETF** |
|  | **Year Ended <br> March 31,<br> 2026** | **Year Ended <br> March 31,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $113588 | $614600 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 2681601 | (30506039) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 25770055 | 24465431 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 28565244 | (5426008) |
| **Distributions:** | (145213) | (530712) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 17716940 | 15797 |
| &nbsp;&nbsp;&nbsp;Redeemed | (36014208) | (36017741) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (18297268) | (36001944) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 10122763 | (41958664) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 63659698 | 105618362 |
| &nbsp;&nbsp;&nbsp;End of Year | $73782461 | $63659698 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 700000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1350000) | (1700000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (650000) | (1700000) |

---

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares MSCI All China<br> Health Care Index ETF** | **KraneShares MSCI All China<br> Health Care Index ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Year Ended<br> March 31,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $441041 | $480621 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 7170230 | (14736894) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 4448185 | 18938932 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 12059456 | 4682659 |
| **Distributions:** | (3216102) | (477397) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 27871104 | 63358581 |
| &nbsp;&nbsp;&nbsp;Redeemed | (42895248) | (27769025) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (15024144) | 35589556 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (6180790) | 39794818 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 86599232 | 46804414 |
| &nbsp;&nbsp;&nbsp;End of Year | $80418442 | $86599232 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1450000 | 4200000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2250000) | (1850000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (800000) | 2350000 |

---

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

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Asia Pacific<br> High Income USD Bond ETF** | **KraneShares Asia Pacific<br> High Income USD Bond ETF** |
|  | **Year Ended <br> March 31, <br> 2026** | **Year Ended<br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1787170 | $2056929 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 214389 | (849689) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (506844) | 65541 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1494715 | 1272781 |
| **Distributions:** | (1588089) | (1826852) |
| **Return of Capital** | (140410) |  |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1208 | 12269728 |
| &nbsp;&nbsp;&nbsp;Redeemed | (9665899) | (1226480) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (9664691) | 11043248 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (9898475) | 10489177 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 25273651 | 14784474 |
| &nbsp;&nbsp;&nbsp;End of Year | $15375176 | $25273651 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (400000) | (50000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (400000) | 450000 |

---

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1720575 | $1941479 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 3631361 | (373603) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 15962348 | (2638146) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 21314284 | (1070270) |
| **Distributions:** | (2310750) | (2347147) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 29767355 | 21468 |
| &nbsp;&nbsp;&nbsp;Redeemed | (11997974) | (11360541) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 17769381 | (11339073) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 36772915 | (14756490) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 63995861 | 78752351 |
| &nbsp;&nbsp;&nbsp;End of Year | $100768776 | $63995861 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 700000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (400000) | (400000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 300000 | (400000) |

---

*(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.

**Consolidated Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** |
|  | **Year Ended<br> March 31, <br> 2026** | **Year Ended <br> March 31,**<br> **2025<sup>(2)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3404213 | $7866259 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 21923525 | (33566576) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (12549140) | 24703435 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 12778598 | (996882) |
| **Distributions:** | (4544120) | (14365041) |
| **Capital Share Transactions:<sup>(3)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 63908943 | 13202762 |
| &nbsp;&nbsp;&nbsp;Redeemed | (112319654) | (129641611) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (48410711) | (116438849) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (40176233) | (131800772) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 171848594 | 303649366 |
| &nbsp;&nbsp;&nbsp;End of Year | $131672361 | $171848594 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1800000 | 400000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3450000) | (4150000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (1650000) | (3750000) |

---

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* 

*(2)* *The Net Investment Income, Net Realized Gain (Loss), Net Increase (Decrease) in Net Assets Resulting from Operations, Capital Share Transactions: Redeemed, Decrease in Net Assets from Capital Share Transactions, Total Decrease in Net Assets, and Net Assets Beginning of Year and End of Year have been revised. See Note 12 in the Consolidated Notes to Financial Statements.* 

*(3)* *Includes transaction costs related to creations and redemptions.* 

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Value<br> Line<sup>®</sup> Dynamic Dividend <br> Equity Index ETF** | **KraneShares Value<br> Line<sup>®</sup> Dynamic Dividend <br> Equity Index ETF** |
|  | **Year Ended <br> March 31,<br> 2026** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $677323 | $671194 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 1279641 | 3409991 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1395486) | (491116) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 561478 | 3590069 |
| **Distributions:** | (2388151) | (2577604) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 27447625 | 1287470 |
| &nbsp;&nbsp;&nbsp;Redeemed | (19274686) | (5191532) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 8172939 | (3904062) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 6346266 | (2891597) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 28483315 | 31374912 |
| &nbsp;&nbsp;&nbsp;End of Year | $34829581 | $28483315 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1100000 | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (850000) | (200000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 250000 | (150000) |

---

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

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

**Consolidated Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Mount Lucas Managed <br> Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed <br> Futures Index Strategy ETF<sup>(1)</sup>** |
|  | **Year Ended <br> March 31, <br> 2026** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $5577693 | $12384010 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (2861739) | (40525675) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 12058627 | 501737 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 14774581 | (27639928) |
| **Distributions:** | (8537646) | (2749827) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 90220805 | 153157589 |
| &nbsp;&nbsp;&nbsp;Redeemed | (45177473) | (166128710) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 45043332 | (12971121) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 51280267 | (43360876) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 221264948 | 264625824 |
| &nbsp;&nbsp;&nbsp;End of Year | $272545215 | $221264948 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3300000 | 5250000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1700000) | (6000000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1600000 | (750000) |

---

*(1)* *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares SSE <br> STAR Market 50 Index ETF** | **KraneShares SSE <br> STAR Market 50 Index ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Year Ended<br> March 31,**<br> **2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(273481) | $(90884) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 2443317 | (5504439) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (5638843) | 10942743 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (3469007) | 5347420 |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 131224768 | 16597675 |
| &nbsp;&nbsp;&nbsp;Redeemed | (82621890) | (10531651) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 48602878 | 6066024 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 45133871 | 11413444 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 35947595 | 24534151 |
| &nbsp;&nbsp;&nbsp;End of Year | $81081466 | $35947595 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6350000 | 1150000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4400000) | (800000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 1950000 | 350000 |

---

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

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Hang Seng<br> TECH Index ETF** | **KraneShares Hang Seng<br> TECH Index ETF** |
|  | **Year Ended<br> March 31, <br> 2026** | **Year Ended <br> March 31,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $165490 | $12160 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (1682171) | 187348 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (9502747) | 1092852 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (11019428) | 1292360 |
| **Distributions:** | (1891542) | (32395) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 24052688 | 41519600 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6491047) | (2088587) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 17561641 | 39431013 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 4650671 | 40690978 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 46081718 | 5390740 |
| &nbsp;&nbsp;&nbsp;End of Year | $50732389 | $46081718 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1400000 | 2500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (450000) | (150000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 950000 | 2350000 |

---

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

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

**Consolidated Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares California Carbon<br> Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares California Carbon<br> Allowance Strategy ETF<sup>(1)</sup>** |
|  | **Year Ended<br> March 31, <br> 2026** | **Year Ended <br> March 31, <br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3202865 | $7158564 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (20124906) | (49913229) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 9895375 | (6793268) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (7026666) | (49547933) |
| **Distributions:** | (3358310) | (49060171) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 38239317 | 64593052 |
| &nbsp;&nbsp;&nbsp;Redeemed | (31389379) | (118168197) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 6849938 | (53575145) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (3535038) | (152183249) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 109082163 | 261265412 |
| &nbsp;&nbsp;&nbsp;End of Year | $105547125 | $109082163 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2450000 | 3075000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1850000) | (5675000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 600000 | (2600000) |

---

*(1)* *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares KWEB Covered <br> Call Strategy ETF** | **KraneShares KWEB Covered <br> Call Strategy ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Year Ended <br> March 31,<br> 2025** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $6614183 | $3897717 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 11799739 | 7060066 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (21841602) | (1106061) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (3427680) | 9851722 |
| **Distributions:** | (27033415) | (22213508) |
| **Return of Capital** |  | (34762537) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 45440873 | 55263809 |
| &nbsp;&nbsp;&nbsp;Redeemed | (8245434) | (67171782) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 37195439 | (11907973) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 6734344 | (59032296) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 104568776 | 163601072 |
| &nbsp;&nbsp;&nbsp;End of Year | $111303120 | $104568776 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1425000 | 1316667 |
| &nbsp;&nbsp;&nbsp;Redeemed | (275000) | (1883359) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 1150000 | (566692) |

---

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Hedgeye <br> Hedged Equity Index ETF** | **KraneShares Hedgeye <br> Hedged Equity Index ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Period Ended<br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $251589 | $37193 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 5225164 | 429689 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1959821) | (531878) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 3516932 | (64996) |
| **Distributions:** | (3282555) | (100635) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 116064772 | 21648946 |
| &nbsp;&nbsp;&nbsp;Redeemed | (53482027) | (7515546) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 62582745 | 14133400 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 62817122 | 13967769 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 13967769 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $76784891 | $13967769 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4150000 | 850002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1900000) | (300000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 2250000 | 550002 |

---

*(1)* *The Fund's inception date was on July 15, 2024.* 

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Artificial <br> Intelligence and Technology ETF** | **KraneShares Artificial <br> Intelligence and Technology ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Period Ended <br> March 31, <br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(602120) | $(47062) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 4081647 | 23430 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (12003513) | (3007008) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (8523986) | (3030640) |
| **Distributions:** | (1203560) | (32953) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 215502241 | 25204541 |
| &nbsp;&nbsp;&nbsp;Redeemed | (56442347) |  |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 159059894 | 25204541 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 149332348 | 22140948 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 22140948 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $171473296 | $22140948 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 6100000 | 900002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1700000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 4400000 | 900002 |

---

*(1)* *The Fund's inception date was on July 17, 2024.* 

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Sustainable <br> Ultra Short Duration Index ETF** | **KraneShares Sustainable <br> Ultra Short Duration Index ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Period Ended <br> March 31, <br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $8114568 | $7532058 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 8755 | (2974) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (126022) | (50195) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 7997301 | 7478889 |
| **Distributions:** | (8059228) | (7438872) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 56498433 | 300806989 |
| &nbsp;&nbsp;&nbsp;Redeemed | (92826075) | (90440443) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (36327642) | 210366546 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (36389569) | 210406563 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 210406563 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $174016994 | $210406563 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2250000 | 12000002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3700000) | (3600000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (1450000) | 8400002 |

---

*(1)* *The Fund's inception date was on July 25, 2024.* 

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares China<br> Alpha Index ETF** | **KraneShares China<br> Alpha Index ETF** |
|  | **Year Ended<br> March 31,<br> 2026** | **Period Ended<br> March 31, <br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $234205 | $66542 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 4103759 | 149095 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 365208 | 611775 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 4703172 | 827412 |
| **Distributions:** | (2699325) | (237089) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3256152 | 10268357 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5104642) |  |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (1848490) | 10268357 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 155357 | 10858680 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 10858680 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $11014037 | $10858680 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 100000 | 400002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (150000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (50000) | 400002 |

---

*(1)* *The Fund's inception date was on August 27, 2024.* 

*(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.

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Man<br> Buyout Beta Index ETF** | **KraneShares Man<br> Buyout Beta Index ETF** |
|  | **Year Ended <br> March 31, <br> 2026** | **Period Ended <br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income (Loss) | $(12595) | $779 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 173112 | (138575) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 2060796 | (985717) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 2221313 | (1123513) |
| **Distributions:** | (1548) | (4815) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 11345281 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** |  | 11345281 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 2219765 | 10216953 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 10216953 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $12436718 | $10216953 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 450002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** |  | 450002 |

---

*(1)* *The Fund's inception date was on October 7, 2024.* 

*(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.

**Statement of Changes in Net Assets (continued)**

---

| | |
|:---|:---|
|  | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** |
|  | **Period Ended <br> March 31,<br> 2026<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(37007) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 1432785 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1404175 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 2799953 |
| **Distributions:** | (787808) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 117151256 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 117151256 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 119163401 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $119163401 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 3900002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 3900002 |

---

*(1)* *The Fund's inception date was on June 4, 2025.* 

*(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.

**Statement of Changes in Net Assets (continued)**

---

| | |
|:---|:---|
|  | **KraneShares Dragon Capital Vietnam Growth Index ETF** |
|  | **Period Ended<br> March 31, <br> 2026<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(3980) |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (94641) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (600885) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (699506) |
| **Distributions:** | (7062) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 13717184 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 13717184 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 13010616 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $13010616 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 550002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 550002 |

---

*(1)* *The Fund's inception date was on December 3, 2025.* 

*(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.

**Statement of Changes in Net Assets (continued)**

---

| | |
|:---|:---|
|  | **KraneShares Wahed Alternative Income Index ETF** |
|  | **Period Ended <br> March 31, <br> 2026<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(75466) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 1990845 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1391569) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 523810 |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 84363343 |
| &nbsp;&nbsp;&nbsp;Redeemed | (39111730) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 45251613 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 45775423 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $45775423 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 3350002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1550000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 1800002 |

---

*(1)* *The Fund's inception date was on November 4, 2025.* 

*(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.

**Statement of Changes in Net Assets (concluded)**

---

| | |
|:---|:---|
|  | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** |
|  | **Period Ended<br> March 31,<br> 2026<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $20 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 868 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (152268) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (151380) |
| **Distributions:** | (32966) |
| **Return of Capital** | (25534) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 2500050 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 2500050 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 2290170 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $2290170 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 100002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 100002 |

---

*(1)* *The Fund's inception date was on January 6, 2026.* 

*(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.

**Financial Highlights**

*Selected Per Share Data & Ratios*

*For the Years Ended March 31*

*For a Share Outstanding Throughout Each Period*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br> Beginning of Year<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized and<br> Unrealized Gain<br> (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from<br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** | **KraneShares CSI China Internet ETF** |
| 2026 | 34.84 | 0.13 | (5.03) | (4.90) | (2.10) |  |  |
| 2025 | 26.27 | 0.36 | 9.23 | 9.59 | (1.02) |  |  |
| 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) |  |
| **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** | **KraneShares Bosera MSCI China A 50 Connect Index ETF** |
| 2026 | 23.64 | 0.54 | 5.94 | 6.48 | (0.48) |  |  |
| 2025 | 21.45 | 0.57 | 2.13 | 2.70 | (0.51) |  |  |
| 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) |  |
| **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** | **KraneShares MSCI One Belt One Road Index ETF** |
| 2026 | 21.66 | 0.57 | 5.38 | 5.95 | (0.51) |  |  |
| 2025 | 20.94 | 0.74 | 0.80 | 1.54 | (0.82) |  |  |
| 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) |  |  |
| **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** | **KraneShares Emerging Markets Consumer Technology Index ETF** |
| 2026 | 18.36 | 0.06 | 4.81 | 4.87 | (1.30) |  |  |
| 2025 | 14.86 | 0.16 | 3.46 | 3.62 | (0.12) |  |  |
| 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) |  |
| **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** | **KraneShares MSCI China Clean Technology Index ETF** |
| 2026 | 25.47 | 0.19 | 2.57 | 2.76 | (0.23) |  | —<sup>(3)</sup> |
| 2025 | 20.34 | 0.33 | 5.13 | 5.46 | (0.33) |  |  |
| 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) |  |  |

---

---

| | |
|:---|:---|
| \* | *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 $373,393, $857,238, $600,758, $301,354, and $337,352, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.69%, 0.69%, 0.70%, 0.69%, and 0.68%, respectively.* |
| *(2)* | *The expense ratios include $775, $336, $927 and $6,087, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.49%, 0.55%, 0.59%, and 0.58%, respectively.* |
| *(3)* | *Amount represents less than $0.005 per share.* |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset Value, <br> End of Year<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Year<br> ($)(000)** | **<br>Ratio of<br> Expenses to<br> Average<br> Net Assets<br> (%)<sup>~</sup>** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)<sup>~</sup>** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average Net<br> Assets<br> (%)** | **Portfolio<br> Turnover<br> Rate<br> (%)** |
| (2.10) | 27.84 | (15.27) | 6033567 | 0.69<sup>(1)</sup> | 0.69 | 0.37 | 45 |
| (1.02) | 34.84 | 37.13 | 8047217 | 0.70<sup>(1)</sup> | 0.70 | 1.17 | 54 |
| (0.46) | 26.27 | (14.48) | 5430986 | 0.70<sup>(1)</sup> | 0.70 | 0.24 | 32 |
|  | 31.25 | 5.86 | 6111669 | 0.69<sup>(1)</sup> | 0.69 | 0.61 | 60 |
| (2.58) | 29.52 | (57.99) | 6239534 | 0.69<sup>(1)</sup> | 0.69 | (0.12) | 60 |
| (0.48) | 29.64 | 27.37 | 170401 | 0.56 | 0.79 | 1.93 | 55 |
| (0.51) | 23.64 | 12.61 | 189121 | 0.56 | 0.79 | 2.47 | 77 |
| (0.48) | 21.45 | (15.78) | 190866 | 0.56 | 0.79 | 2.23 | 38 |
| (6.25) | 26.09 | (12.63) | 470873 | 0.55 | 0.78 | 1.83 | 68 |
| (3.94) | 37.05 | (7.96) | 559393 | 0.59 | 0.79 | 0.97 | 89 |
| (0.51) | 27.10 | 27.53 | 4065 | 0.79 | 0.79 | 2.26 | 29 |
| (0.82) | 21.66 | 7.37 | 3249 | 0.79 | 0.79 | 3.36 | 19 |
| (0.69) | 20.94 | (3.41) | 4188 | 0.79 | 0.79 | 2.77 | 27 |
| (1.08) | 22.43 | (14.98) | 4485 | 0.79 | 0.79 | 2.96 | 34 |
| (0.99) | 27.63 | (1.11) | 8290 | 0.78 | 0.78 | 3.12 | 36 |
| (1.30) | 21.93 | 25.77 | 47148 | 0.49<sup>(2)</sup> | 0.79 | 0.23 | 72 |
| (0.12) | 18.36 | 24.41 | 20198 | 0.55<sup>(2)</sup> | 0.80 | 0.97 | 63 |
| (0.04) | 14.86 | (2.47) | 18577 | 0.60<sup>(2)</sup> | 0.80 | 0.21 | 135 |
|  | 15.28 | (15.30) | 30562 | 0.60<sup>(2)</sup> | 0.80 | 0.66 | 87 |
| (0.07) | 18.04 | (43.57) | 55935 | 0.59 | 0.79 | (0.17) | 97 |
| (0.23) | 28.00 | 10.87 | 61608 | 0.79 | 0.79 | 0.70 | 35 |
| (0.33) | 25.47 | 27.07 | 48392 | 0.79 | 0.79 | 1.50 | 36 |
| (0.17) | 20.34 | (28.17) | 56952 | 0.79 | 0.79 | 0.72 | 65 |
| (0.54) | 28.54 | (20.71) | 95611 | 0.79 | 0.79 | 0.38 | 49 |
| (0.19) | 36.71 | (8.61) | 146859 | 0.78 | 0.78 | 0.48 | 62 |

---

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

**Financial Highlights/Consolidated Financial Highlights (continued)**

*Selected Per Share Data & Ratios*

*For the Years Ended March 31*

*For a Share Outstanding Throughout Each Period*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Net Asset Value,<br> Beginning of Year<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized and<br> Unrealized Gain<br> (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from <br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** | **KraneShares Electric Vehicles and Future Mobility Index ETF** |
| 2026 | 21.22 | 0.04 | 10.20 | 10.24 | (0.06) |  |  |
| 2025 | 22.47 | 0.16 | (1.25) | (1.09) | (0.16) |  |  |
| 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<sup>(2)</sup> | 0.47 | (0.52) | (2.63) |  |
| **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** | **KraneShares MSCI All China Health Care Index ETF** |
| 2026 | 15.60 | 0.09 | 1.95 | 2.04 | (0.71) |  |  |
| 2025 | 14.63 | 0.15 | 1.00 | 1.15 | (0.18) |  |  |
| 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) |  |
| **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** | **KraneShares Asia Pacific High Income USD Bond ETF** |
| 2026 | 24.07 | 1.98 | (0.49) | 1.49 | (1.75) |  | (0.16) |
| 2025 | 24.64 | 2.84 | (0.95) | 1.89 | (2.46) |  |  |
| 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) |
| **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** | **KraneShares MSCI Emerging Markets ex China Index ETF** |
| 2026 | 27.82 | 0.84 | 11.32 | 12.16 | (1.22) |  |  |
| 2025 | 29.17 | 0.78 | (1.19) | (0.41) | (0.94) |  |  |
| 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) |  |
| **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(4)</sup>** |
| 2026 | 28.23 | 0.66 | 1.37 | 2.03 | (0.67) |  |  |
| 2025<sup>(5)</sup> | 30.83 | 0.95 | (1.53) | (0.58) | (2.08) |  |  |
| 2024<sup>(6)</sup> | 39.70 | 1.01 | (7.11) | (6.10) | (2.77) |  |  |
| 2023 | 46.53 | (0.06) | 1.59 | 1.53 | (8.36) |  |  |
| 2022 | 28.39 | (0.38) | 18.77 | 18.39 | (0.25) |  |  |

---

---

| | |
|:---|:---|
| \* | *Per share data calculated using average shares method.* |
| \*\* | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *The expense ratio includes $4,725, $22,696, $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 0.70%, 0.69%, 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 $210, $941, $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%, 0.65%, 0.65% and 0.64%, respectively.* |
| *(4)* | *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset Value, <br> End of Year<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Year<br> ($)(000)** | **<br>Ratio of<br> Expenses to<br> Average<br> Net Assets<br> (%)<sup>~</sup>** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)<sup>~</sup>** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average Net<br> Assets<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
| (0.06) | 31.40 | 48.24 | 73782 | 0.69<sup>(1)</sup> | 0.69 | 0.16 | 69 |
| (0.16) | 21.22 | (4.86) | 63660 | 0.72<sup>(1)</sup> | 0.72 | 0.77 | 39 |
| (0.23) | 22.47 | (25.91) | 105618 | 0.72<sup>(1)</sup> | 0.72 | 0.78 | 42 |
| (0.32) | 30.60 | (21.78) | 185106 | 0.72<sup>(1)</sup> | 0.72 | 0.99 | 69 |
| (3.15) | 39.57 | 0.04 | 296761 | 0.70 | 0.70 | 0.17 | 114 |
| (0.71) | 16.93 | 12.90 | 80418 | 0.65<sup>(3)</sup> | 0.79 | 0.48 | 73 |
| (0.18) | 15.60 | 7.98 | 86599 | 0.65<sup>(3)</sup> | 0.79 | 1.02 | 77 |
| (0.11) | 14.63 | (29.10) | 46804 | 0.65<sup>(3)</sup> | 0.79 | 0.74 | 17 |
| (0.01) | 20.77 | (12.65) | 94492 | 0.65<sup>(3)</sup> | 0.79 | 0.35 | 32 |
| (4.05) | 23.79 | (28.88) | 136811 | 0.65 | 0.79 | (0.04) | 44 |
| (1.91) | 23.65 | 6.30 | 15375 | 0.69 | 0.69 | 8.17 | 198 |
| (2.46) | 24.07 | 7.93 | 25274 | 0.69 | 0.69 | 11.52 | 158 |
| (3.69) | 24.64 | 6.81 | 14784 | 0.69 | 0.69 | 11.77 | 121 |
| (2.54) | 26.73 | (0.44) | 20045 | 0.69 | 0.69 | 8.19 | 119 |
| (2.18) | 29.48 | (19.73) | 26535 | 0.68 | 0.68 | 5.33 | 150 |
| (1.22) | 38.76 | 43.97 | 100769 | 0.24 | 0.59 | 2.38 | 27 |
| (0.94) | 27.82 | (1.51) | 63996 | 0.24 | 0.59 | 2.62 | 3 |
| (0.57) | 29.17 | 18.67 | 78752 | 0.24 | 0.59 | 2.95 | 6 |
| (0.99) | 25.09 | (12.12) | 30112 | 0.24 | 0.59 | 3.55 | 50 |
| (1.49) | 29.73 | 0.57 | 32699 | 0.23 | 0.58 | 2.52 | 23 |
| (0.67) | 29.59 | 6.82 | 131672 | 0.79 | 0.79 | 2.09 | 50 |
| (2.08) | 28.17 | (1.62) | 171849 | 0.79 | 0.79 | 3.01 | 45 |
| (2.77) | 30.83 | (16.19) | 303649 | 0.79 | 0.79 | 2.77 |  |
| (8.36) | 39.70 | 4.43 | 635278 | 0.79 | 0.79 | (0.13) |  |
| (0.25) | 46.53 | 64.71 | 1363252 | 0.87 | 0.87 | (0.86) |  |

---

*(5)* *The consolidated financial highlights for the year ended March 31, 2025 have been revised due to the immaterial prior-period error disclosed in Note 12. The previously reported amounts were Net Asset Value: Beginning of Year of $30.84, Net Investment Income (Loss) of $0.96, Net Realized and Unrealized Gain (Loss) on Investments of $(1.49), Total from Operations of $(0.53), Net Asset Value: End of Year of $28.23, Total Return of (1.46)%, Net Assets, End of Year $172,178, and Ratio of Net Investment Income (Loss) to Average Net Assets of 3.03%. Other amounts have not changed.* 

*(6)* *The consolidated financial highlights for the year ended March 31, 2024 have been revised due to the immaterial prior-period error disclosed in Note 12. The previously reported amounts were Net Realized and Unrealized Gain (Loss) on Investments of $(7.10), Total from Operations of $(6.09), Net Asset Value: End of Year of $30.84, Total Return of (16.16)%, Net Assets, End of Year of $303,813, and Ratio of Net Investment Income (Loss) to Average Net Assets of 2.78%. Other amounts have not changed.* 

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

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

**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,<br> Beginning of Year<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized<br> and Unrealized <br> Gain (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from<br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** |
| 2026 | 24.77 | 0.68 | 1.67 | 2.35 | (0.56) | (1.68) |  |
| 2025 | 24.13 | 0.54 | 2.24 | 2.78 | (0.54) | (1.60) |  |
| 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) |  |
| **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(1)</sup>** |
| 2026 | 27.32 | 0.79 | 1.29 | 2.08 | (1.30) |  |  |
| 2025 | 29.90 | 1.10 | (3.45) | (2.35) | (0.23) |  |  |
| 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) |  |
| **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** |
| 2026 | 13.83 | (0.09) | 4.08 | 3.99 |  |  |  |
| 2025 | 10.90 | (0.04) | 2.97 | 2.93 |  |  |  |
| 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) |  |  |  |
| **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** |
| 2026 | 16.17 | 0.05 | (2.34) | (2.29) | (0.53) |  |  |
| 2025 | 10.78 | 0.01 | 5.42 | 5.43 | (0.04) |  |  |
| 2024 | 13.30 |  | (2.43) | (2.43) | (0.09) |  |  |
| 2023 | 13.93 | 0.05 | (0.66) | (0.61) | (0.02) |  |  |
| 2022<sup>(2)</sup> | 25.00 | 0.01 | (11.08) | (11.07) |  |  |  |
| **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(3)</sup>** |
| 2026 | 16.72 | 0.45 | (1.88) | (1.43) | (0.48) |  |  |
| 2025 | 28.63 | 0.82 | (6.73) | (5.91) | (6.00) |  |  |
| 2024 | 23.95 | 1.00 | 4.62 | 5.62 | (0.94) |  |  |
| 2023 | 25.77 | 0.26 | (2.02) | (1.76) | (0.06) |  |  |
| 2022<sup>(4)</sup> | 25.00 | (0.11) | 0.88 | 0.77 |  |  |  |

---

---

| | |
|:---|:---|
| \* | *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.* |
| *(1)* | *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* |
| *(2)* | *The Fund's inception date was on June 8, 2021.* |
| *(3)* | *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* |
| *(4)* | *The Fund's inception date was on October 4, 2021.* |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset<br> Value, End<br> of Year<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Year<br> ($)(000)** | **Ratio of<br> Expenses to<br> Average Net<br> Assets<br> (%)** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average Net<br> Assets<br> (%)** | **Portfolio<br> Turnover<br> Rate<br> (%)** |
| (2.24) | 24.88 | 9.31 | 34830 | 0.56 | 0.56 | 2.57 | 112 |
| (2.14) | 24.77 | 11.31 | 28483 | 0.56 | 0.56 | 2.13 | 80 |
| (0.85) | 24.13 | 12.45 | 31375 | 0.56 | 0.56 | 2.69 | 200 |
| (1.23) | 22.27 | 0.19 | 31174 | 0.56 | 0.56 | 2.53 | 155 |
| (2.41) | 23.53 | 12.62 | 30583 | 0.55 | 0.55 | 1.99 | 164 |
| (1.30) | 28.10 | 8.02 | 272545 | 0.90 | 0.90 | 2.95 |  |
| (0.23) | 27.32 | (7.88) | 221265 | 0.90 | 0.90 | 3.82 |  |
|  | 29.90 | 1.01 | 264626 | 0.90 | 0.90 | 4.14 |  |
| (4.04) | 29.60 | 6.21 | 278274 | 0.90 | 0.90 | 1.61 | 251 |
| (1.84) | 31.51 | 22.21 | 45697 | 0.89 | 0.89 | (0.63) | 15 |
|  | 17.82 | 28.85 | 81081 | 0.89 | 0.89 | (0.52) | 188 |
|  | 13.83 | 26.88 | 35948 | 0.89 | 0.89 | (0.30) | 57 |
|  | 10.90 | (35.46) | 24534 | 0.89 | 0.89 | (0.04) | 32 |
|  | 16.89 | (9.97) | 48130 | 0.89 | 0.89 | (0.44) | 43 |
|  | 18.76 | (10.92) | 65674 | 0.88 | 0.88 | (0.57) | 78 |
| (0.53) | 13.35 | (14.71) | 50732 | 0.69 | 0.69 | 0.32 | 71 |
| (0.04) | 16.17 | 50.40 | 46082 | 0.69 | 0.69 | 0.10 | 86 |
| (0.09) | 10.78 | (18.29) | 5391 | 0.69 | 0.69 | 0.02 | 55 |
| (0.02) | 13.30 | (4.37) | 7315 | 0.69 | 0.69 | 0.42 | 126 |
|  | 13.93 | (44.28) | 5570 | 0.68<sup>†</sup> | 0.68<sup>†</sup> | 0.09<sup>†</sup> | 60<sup>††</sup> |
| (0.48) | 14.81 | (8.84) | 105547 | 0.79 | 0.79 | 2.82 | 42 |
| (6.00) | 16.72 | (24.92) | 109082 | 0.79 | 0.79 | 3.71 | 74 |
| (0.94) | 28.63 | 23.47 | 261265 | 0.79 | 0.79 | 3.57 |  |
| (0.06) | 23.95 | (6.83) | 229310 | 0.79 | 0.79 | 1.11 |  |
|  | 25.77 | 3.08 | 139149 | 0.91<sup>†</sup> | 0.91<sup>†</sup> | (0.91)<sup>†</sup> | —<sup>††</sup> |

---

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

**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,<br> Beginning of Year/Period<br> ($)** | **Net Investment<br> Income (Loss)<br> ($)\*** | **Net Realized and<br> Unrealized<br> Gain (Loss)<br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from <br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** |
| 2026 | 32.85 | 1.86 | (1.82) | 0.04 | (7.20) |  |  |
| 2025<sup>(1)(2)</sup> | 43.62 | 0.99 | 2.44 | 3.43 | (5.54) |  | (8.66) |
| 2024<sup>(2)</sup> | 63.78 | 1.14 | 5.52 | 6.66 | (14.76) |  | (12.06) |
| 2023<sup>(2)(3)</sup> | 75.00 | (0.03) | (2.73) | (2.76) | (6.27) |  | (2.19) |
| **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** |
| 2026 | 25.40 | 0.18 | 3.61 | 3.79 | (0.08) | (1.69) |  |
| 2025<sup>(4)</sup> | 25.00 | 0.11 | 0.62 | 0.73 | (0.05) | (0.28) |  |
| **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** | **KraneShares Artificial Intelligence and Technology ETF** |
| 2026. | 24.60 | (0.24) | 8.43 | 8.19 |  | (0.44) |  |
| 2025<sup>(5)</sup> | 25.00 | (0.13) | (0.16) | (0.29) |  | (0.11) |  |
| **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares Sustainable Ultra Short Duration Index ETF** | **KraneShares Sustainable Ultra Short Duration Index ETF** |
| 2026 | 25.05 | 1.04 | (0.02) | 1.02 | (1.03) |  |  |
| 2025<sup>(6)</sup> | 25.00 | 0.83 | 0.02 | 0.85 | (0.80) |  |  |
| **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** | **KraneShares China Alpha Index ETF** |
| 2026 | 27.15 | 0.75 | 14.37 | 15.12 | (1.17) | (9.63) |  |
| 2025<sup>(7)</sup> | 25.00 | 0.19 | 2.55 | 2.74 | (0.19) | (0.40) |  |

---

---

| | |
|:---|:---|
| \* | *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.* |
| *‡* | *In addition to the fees and expenses which the Fund bears directly, it also indirectly bears a pro-rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the above expense ratios.* |
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *Effective January 27, 2025, the KraneShares China Internet and Covered Call Strategy ETF was renamed the KraneShares KWEB Covered Call Strategy ETF.* |
| *(2)* | *Share transactions have been adjusted to reflect the effect of a 1 for 3 reverse share split on January 1, 2025 (See Note 9 in the Notes to Financial Statements).* |
| *(3)* | *The Fund's inception date was on January 11, 2023.* |
| *(4)* | *The Fund's inception date was on July 15, 2024.* |
| *(5)* | *The Fund's inception date was on July 17, 2024.* |
| *(6)* | *The Fund's inception date was on July 25, 2024.* |
| *(7)* | *The Fund's inception date was on August 27, 2024.* |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset Value,<br> End of Year/Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Year/Period<br> ($)(000)** | **<br>Ratio of<br> Expenses to<br> Average <br> Net Assets<br> (%)<sup>~</sup>** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)<sup>~</sup>** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average Net<br> Assets<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
| (7.20) | 25.69 | (0.27) | 111303 | 0.26<sup>‡</sup> | 0.26<sup>‡</sup> | 5.99 | 397 |
| (14.20) | 32.85 | 10.51 | 104569 | 0.26<sup>‡</sup> | 0.26<sup>‡</sup> | 2.65 | 424 |
| (26.82) | 43.62 | 14.27 | 163601 | 0.26<sup>‡</sup> | 0.26<sup>‡</sup> | 2.30 | 347 |
| (8.46) | 63.78 | (3.56) | 5314 | 0.26<sup>†‡</sup> | 0.26<sup>†‡</sup> | (0.14)<sup>†</sup> | —<sup>††</sup> |
| (1.77) | 27.42 | 14.92 | 76785 | 0.72 | 0.79 | 0.64 | 30 |
| (0.33) | 25.40 | 2.91 | 13968 | 0.69<sup>†</sup> | 0.79<sup>†</sup> | 0.62<sup>†</sup> | 2<sup>††</sup> |
| (0.44) | 32.35 | 33.06 | 171473 | 1.00 | 1.00 | (0.70) | 70 |
| (0.11) | 24.60 | (1.24) | 22141 | 0.99<sup>†</sup> | 0.99<sup>†</sup> | (0.64)<sup>†</sup> | 49<sup>††</sup> |
| (1.03) | 25.04 | 4.16 | 174017 | 0.20 | 0.30 | 4.15 |  |
| (0.80) | 25.05 | 3.43 | 210407 | 0.20<sup>†</sup> | 0.30<sup>†</sup> | 4.82<sup>†</sup> | —<sup>††</sup> |
| (10.80) | 31.47 | 57.43 | 11014 | 0.79 | 0.79 | 2.34 | 174 |
| (0.59) | 27.15 | 11.02 | 10859 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | 1.17<sup>†</sup> | 149<sup>††</sup> |

---

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

**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,<br> Beginning of Period<br> ($)** | **Net Investment<br> Loss<br> ($)\*** | **Net Realized and<br> Unrealized <br> Gain (Loss) <br> on Investments<br> ($)** | **Total from<br> Operations<br> ($)** | **Distribution from <br> Net Investment<br> Income<br> ($)** | **Distribution from<br> Capital Gains<br> ($)** | **Return of<br> Capital<br> ($)** |
| **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** | **KraneShares Man Buyout Beta Index ETF** |
| 2026 | 22.70 | (0.03) | 4.97 | 4.94 |  |  |  |
| 2025<sup>(1)</sup> | 25.00 |  | (2.29) | (2.29) |  | (0.01) |  |
| **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** | **KraneShares Global Humanoid and Embodied Intelligence Index ETF** |
| 2026<sup>(2)</sup> | 25.00 | (0.02) | 5.84 | 5.82 | (0.01) | (0.26) |  |
| **KraneShares Dragon Capital Vietnam Growth Index ETF** | **KraneShares Dragon Capital Vietnam Growth Index ETF** | **KraneShares Dragon Capital Vietnam Growth Index ETF** | **KraneShares Dragon Capital Vietnam Growth Index ETF** | **KraneShares Dragon Capital Vietnam Growth Index ETF** | **KraneShares Dragon Capital Vietnam Growth Index ETF** | **KraneShares Dragon Capital Vietnam Growth Index ETF** | **KraneShares Dragon Capital Vietnam Growth Index ETF** |
| 2026<sup>(3)</sup> | 25.00 |  | (1.31) | (1.31) | (0.03) |  |  |
| **KraneShares Wahed Alternative Income Index ETF** | **KraneShares Wahed Alternative Income Index ETF** | **KraneShares Wahed Alternative Income Index ETF** | **KraneShares Wahed Alternative Income Index ETF** | **KraneShares Wahed Alternative Income Index ETF** | **KraneShares Wahed Alternative Income Index ETF** | **KraneShares Wahed Alternative Income Index ETF** | **KraneShares Wahed Alternative Income Index ETF** |
| 2026<sup>(4)</sup> | 25.00 | (0.05) | 0.48 | 0.43 |  |  |  |
| **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** | **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** |
| 2026<sup>(5)</sup> | 25.00 |  | (1.52) | (1.52) | (0.33) |  | (0.25) |

---

---

| | |
|:---|:---|
| \* | *Per share data calculated using average shares method.* |
| \*\* | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *The Fund's inception date was on October 7, 2024.* |
| *(2)* | *The Fund's inception date was on June 4, 2025.* |
| *(3)* | *The Fund's inception date was on December 3, 2025.* |
| *(4)* | *The Fund's inception date was on November 4, 2025.* |
| *(5)* | *The Fund's inception date was on January 6, 2026.* |

---

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total from<br> Distributions<br> ($)** | **Net Asset Value, <br> End of Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Period<br> ($)(000)** | **<br>Ratio of<br> Expenses to<br> Average Net<br> Assets<br> (%)<sup>~</sup>** | **Ratio of Expenses<br> to Average Net<br> Assets (Excluding<br> Waivers, as<br> applicable)<br> (%)<sup>~</sup>** | **Ratio of Net<br> Investment<br> Income (Loss)<br> to Average Net<br> Assets<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
|  | 27.64 | 21.78 | 12437 | 0.89 | 0.89 | (0.11) | 76 |
| (0.01) | 22.70 | (9.16) | 10217 | 0.89<sup>†</sup> | 0.89<sup>†</sup> | 0.01<sup>†</sup> | 27<sup>††</sup> |
| (0.27) | 30.55 | 23.27 | 119163 | 0.69<sup>†</sup> | 0.79<sup>†</sup> | (0.06)<sup>†</sup> | 44<sup>††</sup> |
| (0.03) | 23.66 | (5.25) | 13011 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | (0.14)<sup>†</sup> | 29<sup>††</sup> |
|  | 25.43 | 1.72 | 45775 | 0.51<sup>†</sup> | 0.51<sup>†</sup> | (0.51)<sup>†</sup> | 1<sup>††</sup> |
| (0.58) | 22.90 | (6.13) | 2290 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | —<sup>†</sup> | 3<sup>††</sup> |

---

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

**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, 2026, the Trust had 34 operational series. The financial statements herein and the related notes pertain to the following 25 series: KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A 50 Connect 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 USD Bond ETF, KraneShares MSCI Emerging Markets ex China Index ETF, KraneShares Global Carbon Strategy ETF, KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares SSE STAR Market 50 Index ETF, KraneShares Hang Seng TECH Index ETF, KraneShares California Carbon Allowance Strategy ETF, KraneShares KWEB Covered Call Strategy ETF, KraneShares Hedgeye Hedged Equity Index ETF, KraneShares Artificial Intelligence and Technology ETF, KraneShares Sustainable Ultra Short Duration Index ETF, KraneShares China Alpha Index ETF, KraneShares Man Buyout Beta Index ETF, KraneShares Global Humanoid and Embodied Intelligence Index ETF, KraneShares Dragon Capital Vietnam Growth Index ETF, KraneShares Wahed Alternative Income Index ETF and KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (each, a "Fund" and collectively, the "Funds").

KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI Emerging Markets ex China Index ETF and KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity 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, 2026, KFA One Holdings, LLC ("KFA1"), located at 280 Park Avenue, 32nd Floor, New York, New York 10017, held the remaining equity interests in Krane. As of the same date, officers and certain employees of Krane, among others, had agreed to acquire, through KFA Two Holdings, LLC ("KFA2"), at 280 Park Avenue, 32nd Floor, New York, New York 10017, the entire interest of China International Capital Corporation Limited in Krane. Such transaction is expected to close no later than June 30. Jonathan Krane, through his equity interests in KFA1 and KFA2, may be deemed to control Krane. Jonathan Krane, being a Trustee, the Principal Executive Officer and Principal Financial Officer of the Trust, is also an affiliated person of the Trust.

The KFA Global Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares Global Carbon Strategy ETF, KFA MLM Index Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares Mount Lucas Managed Futures Index Strategy ETF, and KraneShares California Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares California Carbon Allowance

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

Strategy ETF (each, a "Subsidiary"). Each Subsidiary is organized under the laws of the Cayman Islands as an exempt limited company. Information regarding the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance Strategy ETF and their respective subsidiaries have been consolidated in the Consolidated Schedules of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights.

Shares of all Funds except KraneShares Artificial Intelligence and Technology ETF and KraneShares Global Humanoid and Embodied Intelligence Index ETF are listed and traded on the NYSE Arca, Inc. (the "NYSE"). Shares of KraneShares Artificial Intelligence and Technology ETF and KraneShares Global Humanoid and Embodied Intelligence Index ETF are listed and traded on the NASDAQ Stock Market LLC ("NASDAQ" and together with NYSE, each an "Exchange"). Market prices for Fund shares ("Shares") may be different from their net asset value ("NAV"). The Funds issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares each called a "Creation Unit". 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, 2026, 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 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 Global Carbon Strategy ETF | S&P Global Carbon Credit Index Excess Return |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | Value Line<sup>®</sup> Dynamic Dividend Equity Index |

---

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

---

| | |
|:---|:---|
| **Fund** | **Index** |
| KraneShares 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 California Carbon Allowance Strategy ETF | S&P Carbon Credit EUA Index Excess Return |
| KraneShares Hedgeye Hedged Equity Index ETF | Hedgeye Hedged Equity Index |
| KraneShares Sustainable Ultra Short Duration Index ETF | Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index |
| KraneShares China Alpha Index ETF | Qi China Alpha Index |
| KraneShares Man Buyout Beta Index ETF | Man Buyout Beta Index |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | MerQube Global Humanoid and Embodied Intelligence Index |
| KraneShares Dragon Capital Vietnam Growth Index ETF | Dragon Capital MerQube Vietnam Growth Index |
| KraneShares Wahed Alternative Income Index ETF | Wahed Shariah Alternative Income Index |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | Nasdaq InspereX Dynamic Buffered High Income™ Index |

---

KraneShares Asia Pacific High Income USD 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 USD Bond ETF is actively managed and does not track an index.

KraneShares KWEB Covered Call Strategy ETF seeks to provide current income. KraneShares KWEB Covered Call Strategy ETF intends to invest in KraneShares CSI China Internet ETF ("Underlying Fund"), which is an exchange-traded fund advised by Krane that seeks to track its Underlying Index, and to write (sell) covered call options on the Underlying Fund. KraneShares KWEB Covered Call Strategy ETF intends to write covered call options on the Underlying Fund on the full amount of its investment in the Underlying Fund. KraneShares KWEB Covered Call Strategy ETF is actively managed and does not track an index.

KraneShares Artificial Intelligence and Technology ETF seeks growth of capital. With respect to its investments in instruments in the Solactive Etna Artificial General Intelligence Index ("Underlying Index"), KraneShares Artificial Intelligence and Technology ETF seeks to provide investment results that, before fees and expenses, track the performance of its Underlying Index. KraneShares Artificial Intelligence and Technology ETF also may invest in the securities of private companies with exposure to artificial intelligence businesses, which are not securities included in its Underlying Index. KraneShares Artificial Intelligence and Technology 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").

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

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

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

Securities listed on a securities exchange (i.e., exchange-traded equity securities), market or automated quotation system for which quotations are readily available (except for securities traded on NASDAQ), including securities traded over the counter, are valued by independent pricing agents at the last reported sale price on the primary exchange or market (foreign or domestic) on which they are traded (or at the time as of which the Fund's NAV is calculated if a security's exchange is normally open at that time). If there is no such reported sale, such securities are valued at the most recently reported bid price. For securities traded on NASDAQ, the NASDAQ Official Closing Price will be used. If a security price cannot be obtained from an independent, third-party pricing agent, the Administrator 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 submission(s) or may determine a fair value using a different methodology. If a broker-dealer is unable or unwilling to provide both bid and ask prices, the Administrator will seek to obtain a bid price.

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

The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. The exchange rates used for valuation are captured as of the close of the London Stock Exchange each day normally at 4:00 p.m. Greenwich Mean Time.

Equity-Linked Notes are derivative instruments which provide exposure to a reference entity, typically a security, basket of securities, or index. The terms of an Equity-Linked Note are negotiated with the counterparty and are tailored to provide the exposure sought by the Advisor. Generally, the value of an Equity-Linked Note is based on the value of the reference entity, less a fee charged by the counterparty for providing the requested exposure.

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

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.

Swaps cleared through a central clearing house ("centrally cleared swaps") are valued at the settlement price established each day by the board of the exchange on which they are listed. The daily settlement prices for centrally cleared swaps are provided by an Independent Pricing Agent. Swaps which are not centrally cleared are priced based on valuations provided by an Independent Pricing Agent.

In a typical equity swap, one party agrees to pay another party the return on a stock, stock index, or basket of stocks (the "equity leg" of the swap) in return for interest payment(s) calculated based on the notional amount of the swap (the "financing leg" of the swap). Each leg of the swap is valued separately, and the net amount of the two legs is included in the Fund's net asset value.

For swaps held by the series within the Trust that seek 2 times (200%) the daily investment results of underlying equities, the value of the equity leg of the swap is provided by an Independent Pricing Agent based on the value of the financial instrument underlying the swap. The value of the financing leg of the swap is systematically calculated by the Fund's accounting agent based on the details of the swap.

Exchange-traded options contracts (other than FLEX Option contracts noted below) are valued at the closing price in the market where such contracts are principally traded. If no closing price is available, exchange-traded options contracts 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) Option contracts are normally valued using a fair value determined model-based price provided by a third-party pricing vendor. However, any day when the Administrator has not received price from third-party pricing vendor by 6:00 p.m. EST, an ad hoc meeting of the Fair Value Pricing Committee will convene to determine the fair valuation. If the committee cannot meet for the ad hoc meeting, the Administrator will fair value the FLEX Option to the price received from third-party vendor on the last business day and the ad hoc committee will be convened the next business day unless the price from third-party vendor becomes available.

Futures are valued at the settlement price established by the board of trade on which they are traded. Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate and the 30-, 60-, 90- and 180-day forward rates provided by an independent pricing agent.

As of and during the period ended March 31, 2026, the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF held swaps.

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 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).

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

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

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

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

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.

With respect to the securities of private companies, the Administrator will obtain the price of private company securities from the Valuation Designee, who will determine their fair value using various inputs, including observable data such as cost basis, primary financing rounds, tender offers, and secondary market activity. The Valuation Designee will also consider pricing from independent pricing experts<sup>1</sup>, comparables of public and private companies, and relevant market news. While primary financing rounds, tender offers, and cost basis are expected to be the main drivers of fair value, all factors will be considered. A daily dashboard will be stored to record data being considered. In addition to conducting a pricing and trend analysis on the data received from the independent pricing experts, the Valuation Designee will take business cycle, market depth, transaction size and other relevant factors into consideration when reviewing observable data and will periodically assess the pricing methodology used by the independent pricing experts.

<sup>1</sup> It is currently expected that the Valuation Designee will get pricing from two independent pricing agents.

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

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

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

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

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.

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

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2026. The disclosures below also include qualitative information on the sensitivity of the fair value measurements to changes in the significant unobservable inputs.

KraneShares Artificial Intelligence and Technology ETF

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| | | | | |
|:---|:---|:---|:---|:---|
| **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** | **Quantitative information about Level 3 fair value measurements** |
| **Assets** | **Fair Value at<br> 3/31/26** | **Valuation<br> Technique(s)** | **Unobservable<br> Input** | **Discount<br> Percentage** |
| Common Stock | $6096333 | As of 3/31/26, valued at 526.59<br> which was fair market value of the fully diluted capital stock of SpaceX based on Merger transaction pursuant to which xAI was acquired by, and became a wholly-owned<br> subsidiary of, SpaceX. | Private Company<br> Valuation | 0.0% |
| Preferred Stock | $4724685 | As of 3/31/26, valued at<br> 265.00 based on Fair Valuation<br> Methodology | Private Company<br> Valuation | 0.0% |

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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, 2026, 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.

**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 Statements of Operations/Consolidated Statements 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/Consolidated 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.

FORWARD FOREIGN CURRENCY CONTRACTS — The Funds may enter into forward foreign currency exchange contracts to protect the value of securities held and related receivables and payables against changes in future foreign exchange rates. A forward currency contract is an agreement between two parties to buy and sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the current forward rate and the change in market value is recorded by the Funds as unrealized gain or loss. The Funds recognize realized gains or losses when the contract is closed, equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Any realized or unrealized appreciation (depreciation) during the year are presented on the Statements of Operations. Risks may arise from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Risks may also arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gain on the contracts at the date of default.

FUTURES — The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance Strategy ETF will each utilize its respective Subsidiary for purposes of investing in commodity futures 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, 2026, the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance Strategy ETF had open futures contracts. Refer to each Fund's Consolidated Schedule of Investments for details regarding open futures contracts as of March 31, 2026.

For the year ended March 31, 2026, the average monthly notional amount of futures contracts were as follows:

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

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| | |
|:---|:---|
| KraneShares Global Carbon Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $143396515.0 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $234792404.0 |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Short | $250606165.0 |
| KraneShares California Carbon Allowance Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $113574606.0 |

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OPTIONS — The KraneShares KWEB Covered Call Strategy ETF writes (sells) at the money FLexible EXchange<sup>®</sup> call options ("FLEX options") on the KraneShares CSI China Internet ETF ("Underlying Fund"). The KraneShares KWEB Covered Call Strategy ETF will cover such options by holding the Underlying Fund. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date. Each FLEX option written by KraneShares KWEB Covered Call Strategy ETF will generally (i) have an expiration date greater than 30 days; (ii) have an exercise price generally at the prevailing market price of the Underlying Fund; and (iii) be traded on a national securities exchange. The KraneShares KWEB Covered Call Strategy ETF will attempt to hold each FLEX option written until expiration. However, if there are redemptions in the KraneShares KWEB Covered Call Strategy ETF it may not be able to hold such options until expiration. In addition, each FLEX option written generally will only be subject to exercise on its expiration date.

KraneShares Hedgeye Hedged Equity Index ETF utilizes both European-style exchange-traded options on the S&P 500 Index and FLEX options on an ETF that seeks to track the S&P 500 Index or a similar large cap securities index. European-style options are option contracts, which are exercisable at the strike price only on the expiration date. The Fund's current index is the Hedgeye Hedged Equity Index (the "Underlying Index"), which uses Hedgeye Risk Management, LLC's Risk Range™ signals to determine whether to buy and/or sell such put and call options, and at what strike prices. The Fund may weight the put and call options differently than the Underlying Index and may buy and sell put and call options on different dates than the Underlying Index.

The KraneShares Wahed Alternative Income Index ETF Underlying Index will create synthetic short positions in those same long positions in approximately a 1:1 to ratio through the use of options, including FLexible EXchange<sup>®</sup> Options ("FLEX options"). This will be done by selling a call option and buying a put option on the long positions to create the synthetic short position while also generating option income, which will be the difference in the amount received for the call option and the price paid for the put option. FLEX options are exchange-traded options contracts with uniquely customizable terms like exercise price, style, and expiration date.

As of March 31, 2026, the KraneShares KWEB Covered Call Strategy ETF, KraneShares Hedgeye Hedged Equity Index ETF and KraneShares Wahed Alternative Income Index ETF had open written option positions. As of March 31, 2026, the KraneShares Hedgeye Hedged Equity Index ETF and KraneShares Wahed Alternative Income Index ETF had open purchased option positions. Refer to the Schedule of Investments for details regarding open options as of March 31, 2026. All options held during the year were equity options.

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

For the year ended March 31, 2026, the average monthly notional amount of written option contracts were as follows:

---

| | |
|:---|:---|
| KraneShares KWEB Covered Call Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $3059454.0 |
| KraneShares Hedgeye Hedged Equity Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $579519.0 |
| KraneShares Wahed Alternative Income Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $1877990.0 |

---

For the year ended March 31, 2026, the average monthly notional amount of purchased option contracts were as follows:

---

| | |
|:---|:---|
| KraneShares Hedgeye Hedged Equity Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $491231.0 |
| KraneShares Wahed Alternative Income Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $4351594.0 |

---

SWAPS — The KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF may invest directly in any component of the Nasdaq-100 Index<sup>®</sup> or may invest in an exchange-traded fund ("ETF") that seeks to track the Nasdaq-100 Index<sup>®</sup>. The Fund utilizes total return swaps to gain exposure to the short call options and the short futures positions in the Underlying Index. However, the Fund may invest directly in any component of the Underlying Index or obtain some or all of the exposures through investments in equity securities or derivative instruments, including swaps, futures, forwards, notes or options. In addition, the Fund may obtain exposures or invest in positions with different terms than the Underlying Index and may weight positions differently than the Underlying Index.

For swaps held by the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF, a preliminary indicative price is provided by Nasdaq each day for the index underlying the swap. This price is used to value the equity leg of the swap.

The following is a summary by counterparty of the market value of swap agreements and collateral (received)/pledged for the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF as of March 31, 2026:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Gross Amounts not offset in the Statements of Assets and Liabilities** | **Gross Amounts not offset in the Statements of Assets and Liabilities** | **Gross Amounts not offset in the Statements of Assets and Liabilities** |
|<br>**Gross Amounts of<br> Recognized Assets** |<br>**Gross Amounts<br> Offset in the Statements of<br> Assets and Liabilities** |<br>**Net Amounts<br> Presented in the Statements of<br> Assets and Liabilities** | **Financial<br> Instruments for<br> Offset** | **Cash<br> Collateral (Received)<br> Pledged<sup>(1)</sup>** | **Net<br> Amount<sup>(2)</sup>** |
| $32079 | $— | $32079 | $— | $— | $— |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Gross Amounts not offset in the Statements of Assets and Liabilities** | **Gross Amounts not offset in the Statements of Assets and Liabilities** | **Gross Amounts not offset in the Statements of Assets and Liabilities** |
|<br>**Gross Amounts of<br> Recognized Liabilities** |<br>**Gross Amounts<br> Offset in the Statements of<br> Assets and Liabilities** |<br>**Net Amounts<br> Presented in the Statements of<br> Assets and Liabilities** | **Financial<br> Instruments for<br> Offset** | **Cash<br> Collateral (Received)<br> Pledged<sup>(1)</sup>** | **Net<br> Amount<sup>(2)</sup>** |
| $— | $— | $— | $— | $— | $— |

---

*(1)* *Excess collateral pledged is not shown for financial reporting purposes.* 

*(2)* *Net Exposures represents the net receivable/(payable) that would be due from/to the counterparty in the event of default. Exposure from OTC financial derivative instruments can only be netted across transactions governed under the same master agreement with the same legal entity.* 

For the year ended March 31, 2026, the average monthly notional balance for total return swap contract held during the period by the KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF was $2,386,365

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund, except for the KraneShares Asia Pacific High Income USD Bond ETF, KraneShares Global Carbon Strategy ETF, KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares California Carbon Allowance Strategy ETF, KraneShares KWEB Covered Call Strategy ETF and KraneShares Sustainable Ultra Short Duration Index ETF, intends to pay out dividends, if any, at least annually; the KraneShares Asia Pacific High Income USD Bond ETF, KraneShares KWEB Covered Call Strategy ETF and KraneShares Sustainable Ultra Short Duration Index ETF intend to pay out net investment income, if any, at least monthly. The KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF typically distributes any net investment income quarterly. The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance 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.

Effective January 1, 2025, KraneShares KWEB Covered Call Strategy ETF currently intends to distribute on a monthly basis its option premium income so that the Fund's monthly distribution percentage does not exceed 2% of net asset value. The Fund's distribution in December may exceed this amount in order for the Fund to continue to qualify as a regulated investment company.

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/Consolidated Statements of Operations.

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

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 securities lending agent or rebated to borrowers) (see Note 4).

The following table discloses the securities on loan as of March 31, 2026:

---

| | | |
|:---|:---|:---|
|  | **Market Value<br> Securities on Loan** | **Cash Collateral for<br> Securities on Loan** |
| KraneShares CSI China Internet ETF | $155603895 | $164050747 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 1944140 | 2043049 |
| KraneShares MSCI All China Health Care Index ETF | 1184963 | 1249300 |

---

CREATION UNITS — The Funds issue and redeem Shares at NAV and only in large specified number of Shares (each called a "Creation Unit" consisting 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.

**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.

SEGMENT REPORTING — An operating segment is defined in Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07") as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. The Funds represent a single operating segment, as the CODM monitors the operating results of the Funds as a whole and the Funds' long-term strategic asset allocation is predetermined in accordance with the Funds' single investment objective which is executed by the Funds' portfolio manager. The financial information in the form of the Funds' schedule of investments, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Funds' comparative benchmarks and to make resource allocation decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the accompanying Statements of Operations.

**3. DERIVATIVES TRANSACTIONS**

The following tables are exposure by type of risk on derivatives held throughout the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of<br> Assets and Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of<br> Assets and Liabilities<br> Location** | **Fair Value** |
| **KraneShares Global Carbon Strategy ETF** |  |  |  |  |
| Foreign exchange contracts | Unrealized appreciation on futures contracts | $— \* | Unrealized depreciation on futures contracts | $120097 \* |
| Commodity contracts | Unrealized appreciation on futures contracts | 235873 \* | Unrealized depreciation on futures contracts | 6263589 \* |
| Total Derivatives not accounted for as hedging instruments |  | $235873 |  | $6383686 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of<br> Assets and Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of<br> Assets and Liabilities<br> Location** | **Fair Value** |
| **KraneShares Mount Lucas Managed Futures Index Strategy ETF** |  |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $22677524 \* | Unrealized depreciation on futures contracts | $2629551 \* |
| Foreign exchange contracts | Unrealized appreciation on futures contracts | 74541 \* | Unrealized depreciation on futures contracts | 1886972 \* |
| Interest rate contracts | Unrealized appreciation on futures contracts | 794210 \* | Unrealized depreciation on futures contracts | 314929 \* |
| Total Derivatives not accounted for as hedging instruments |  | $23546275 |  | $4831452 |
| **KraneShares California Carbon Allowance Strategy ETF** |  |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $— \* | Unrealized depreciation on futures contracts | $7219881 \* |
| Total Derivatives not accounted for as hedging instruments |  | $— |  | $7219881 |
| **KraneShares KWEB Covered Call Strategy ETF** |  |  |  |  |
| Equity contracts | Investments, at value\*\* | $— | Options and Swaptions written, at value | $2177027 |
| Total Derivatives not accounted for as hedging instruments |  | $— |  | $2177027 |
| **KraneShares Hedgeye Hedged Equity Index ETF** |  |  |  |  |
| Equity contracts | Investments, at value\*\* | $1937520 | Options and Swaptions written, at value | $1376405 |
| Total Derivatives not accounted for as hedging instruments |  | $1937520 |  | $1376405 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** |  | **Liability Derivatives** | **Liability Derivatives** |  |
|  | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of<br> Assets and Liabilities<br> Location** | **Fair Value** |  | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of<br> Assets and Liabilities<br> Location** | **Fair Value** |  |
| **KraneShares Wahed Alternative Income Index ETF** |  |  |  |  |  |  |
| Equity contracts | Investments, at value\*\* | $7737745 |  | Options and Swaptions written, at value | $376210 |  |
| Total Derivatives not accounted for as hedging instruments |  | $7737745 |  |  | $376210 |  |
| **KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF** |  |  |  |  |  |  |
| Interest rate contracts | Unrealized appreciation on swap contracts | $32079 | <sup>†</sup> | Unrealized depreciation on swap contracts | $— | <sup>†</sup> |
| Total Derivatives not accounted for as hedging instruments |  | $32079 |  |  | $— |  |

---

---

| | |
|:---|:---|
| \* | *Includes cumulative appreciation/depreciation of futures contracts as reported in the Schedule of Investments or Consolidated Schedule of Investments. Only current day's variation margin is reported within the Statements of Assets and Liabilities or Consolidated Statements of Assets and Liabilities.* |
| \*\* | *Purchased options and/or swaptions only.* |
| *†* | *Includes cumulative appreciation/depreciation of swap contracts as reported in the Consolidated Schedule of Investments. Market Value is reported within the Consolidated Statements of Assets and Liabilities for swap contracts that have paid premiums.* |

---

The effect of derivative instruments on the Statements of Operations/Consolidated Statements of Operations for the year ended March 31, 2026:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Purchased Options<br> and Swaptions** | **Written Options<br> and Swaptions** | **Futures** | **Swaps** |
| KraneShares Global Carbon Strategy ETF |  |  |  |  |
| Foreign exchange contracts | $— | $— | $4719890 | $— |
| Commodity contracts |  |  | 5153900 |  |
| Total | $— | $— | $9873790 | $— |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |  |
| Interest rate contracts | $— | $— | $(6624478) | $— |
| Foreign exchange contracts |  |  | (2416497) |  |
| Commodity contracts |  |  | 6126034 |  |
| Total | $— | $— | $(2914941) | $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Purchased Options<br> and Swaptions** | **Written Options<br> and Swaptions** | **Futures** | **Swaps** |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |  |
| Commodity contracts | $— | $— | $(20015628) | $— |
| Total | $— | $— | $(20015628) | $— |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |  |
| Equity contracts | $— | $27953030 | $— | $— |
| Total | $— | $27953030 | $— | $— |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |  |
| Equity contracts | $4188200 | $(2665740) | $— | $— |
| Total | $4188200 | $(2665740) | $— | $— |
| KraneShares Wahed Alternative Income Index ETF |  |  |  |  |
| Equity contracts | $1401631 | $258287 | $— | $— |
| Total | $1401631 | $258287 | $— | $— |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF |  |  |  |  |
| Interest rate contracts | $— | $— | $— | $2055 |
| Equity contracts |  |  | 199 |  |
| Total | $— | $— | $199 | $2055 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Purchased Options<br> and Swaptions** | **Written Options<br> and Swaptions** | **Futures** | **Swaps** |
| KraneShares Global Carbon Strategy ETF |  |  |  |  |
| Foreign exchange contracts | $— | $— | $(120097) | $— |
| Commodity contracts |  |  | 4034056 |  |
| Total | $— | $— | $3913959 | $— |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |  |
| Interest rate contracts | $— | $— | $(1360232) | $— |
| Foreign exchange contracts |  |  | (2419744) |  |
| Commodity contracts |  |  | 15816293 |  |
| Total | $— | $— | $12036317 | $— |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |  |
| Commodity contracts | $— | $— | $9978896 | $— |
| Total | $— | $— | $9978896 | $— |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |  |
| Equity contracts | $— | $471042 | $— | $— |
| Total | $— | $471042 | $— | $— |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Purchased Options<br> and Swaptions** | **Written Options<br> and Swaptions** | **Futures** | **Swaps** |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |  |
| Equity contracts | $(245070) | $647328 | $— | $— |
| Total | $(245070) | $647328 | $— | $— |
| KraneShares Wahed Alternative Income Index ETF |  |  |  |  |
| Equity contracts | $4367253 | $3582401 | $— | $— |
| Total | $4367253 | $3582401 | $— | $— |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF |  |  |  |  |
| Interest rate contracts | $— | $— | $— | $32079 |
| Total | $— | $— | $— | $32079 |

---

**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.

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

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

---

| | |
|:---|:---|
|  | **Management**<br>**Fee** |
| KraneShares CSI China Internet ETF | 0.68% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 0.78% |
| 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 USD Bond ETF | 0.68% |
| KraneShares MSCI Emerging Markets ex China Index ETF | 0.58% |
| KraneShares Global Carbon Strategy ETF | 0.78% |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 0.55% |
| KraneShares 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 California Carbon Allowance Strategy ETF | 0.78% |
| KraneShares KWEB Covered Call Strategy ETF | 0.25% |
| KraneShares Hedgeye Hedged Equity Index ETF | 0.78% |
| KraneShares Artificial Intelligence and Technology ETF | 0.99% |
| KraneShares Sustainable Ultra Short Duration Index ETF | 0.29% |
| KraneShares China Alpha Index ETF | 0.78% |
| KraneShares Man Buyout Beta Index ETF | 0.88% |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 0.78% |
| KraneShares Dragon Capital Vietnam Growth Index ETF | 0.78% |
| KraneShares Wahed Alternative Income Index ETF | 0.50% |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | 0.78% |

---

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

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

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, 2026. 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**<br>**Fee** |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 0.23% |
| KraneShares Emerging Markets Consumer Technology Index ETF | 0.30% |
| KraneShares MSCI All China Health Care Index ETF | 0.14% |
| KraneShares MSCI Emerging Markets ex China Index ETF | 0.35% |
| KraneShares Hedgeye Hedged Equity Index ETF | 0.10%\* |
| KraneShares Sustainable Ultra Short Duration Index ETF | 0.10% |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 0.10% |

---

*\** *Effective January 20, 2026, Krane terminated the voluntary 0.10% advisory fee waiver previously applicable to the average daily net assets of the KraneShares Hedgeye Hedged Equity Index ETF.*

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.

Amova Asset Management Americas, Inc. ("Amova") serves as the investment sub-adviser to KraneShares Asia Pacific High Income USD Bond ETF. Amova is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board. Amova delegates to its affiliate Amova Asset Management Asia, Ltd. ("Amova 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 Amova pursuant to which Krane has agreed to pay Amova 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.

Climate Finance Partners LLC ("CFP") serves as the Sub-Adviser of the KraneShares Global Carbon Strategy ETF and KraneShares California Carbon Allowance Strategy ETF. CFP provides non-discretionary sub-advisory services to the Funds, which includes advice, research and subject matter expertise related to the Funds' investments and the monitoring of such investments. For the services CFP provides to KraneShares Global Carbon Strategy ETF and KraneShares California Carbon Allowance Strategy ETF, the Adviser pays CFP a fee equal to 32% of the Net Revenue received by Krane from each Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Advisory Agreement minus gross fund-related expenses (including any waiver by Krane of its compensation under the Advisory Agreement and any reimbursements by Krane of the Fund's expenses).

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

Mount Lucas Index Advisers LLC ("MLIA") serves as the Sub-Adviser of the KraneShares 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 total gross advisory paid to Krane by the Fund under the terms of the Advisory Agreement minus any applicable fee waivers entered into between the Fund and Krane.

Etna Capital Management Company Ltd. ("Etna") serves as the Sub-Adviser of the KraneShares Artificial Intelligence and Technology ETF. Etna is responsible for the selection of the Fund's private securities, subject to the supervision of Krane and the Board of Trustees. For the services it will provide, Krane will pay Etna a fee equal to 30% of the total gross advisory fee paid to Krane by the Fund under the terms of the Investment Advisory Agreement.

Numeric Investors LLC ("Numeric"), serves as the index provider and investment sub-adviser of the KraneShares Man Buyout Beta Index ETF and selects investments for the Underlying Index using a systematic process as defined in the index methodology. Krane retains sole responsibility for submitting investment orders and executing trades on behalf of the Fund. Krane will pay Numeric forty-five (45%) percent of the Net Revenue received by Krane from the Fund on the first $1 billion in Assets and fifty (50%) percent on any amounts thereafter. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Sub-Advisory Agreement – (minus) gross fund-related expenses (including any waiver by Krane of its compensation under the Investment Advisory Agreement and any reimbursements by Krane of the Fund's expenses).

Hedgeye Asset Management, LLC ("HAM"), serves as the index provider and investment sub-adviser of the KraneShares Hedgeye Hedged Equity Index ETF and selects investments for the Underlying Index using a process that is set forth in the index methodology of the Underlying Index. Information about the Underlying Index is available on HAM's website, www.hedgeyeam.com. Krane retains sole responsibility for submitting investment orders and executing trades on behalf of the Fund. Krane pays HAM a ten basis points (0.10%) of the Fund's average daily net assets.

Dragon Capital Management (HK) Limited ("Dragon Capital"), serves as the investment sub-adviser of the KraneShares Dragon Capital Vietnam Growth Index ETF. Dragon Capital is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board of Trustees. The Adviser will pay the Sub-Adviser thirty (30%) percent of the advisory fee due to the Adviser from the Fund pursuant to the Investment Advisory Agreement with respect to the first $250 million in assets and thirty-five (35%) percent on any amounts thereafter. To the extent that the Fund invests any assets in an underlying fund managed by the Sub-Adviser or an affiliate of the Sub-Adviser (which, for the avoidance of doubt, includes but is not limited to foreign underlying ETFs managed by the Sub-Adviser or an affiliate of the Sub-Adviser), the assets on which the sub-advisory fee is calculated will not include any assets invested in such underlying fund.

Wahed Invest LLC ("Wahed"), serves as the investment sub-adviser of the KraneShares Wahed Alternative Income Index ETF. Krane retains sole responsibility for submitting investment orders and executing trades on behalf of the Fund. Krane will pay Wahed a sub-advisory fee of fifty (50%) percent of the Net Revenue received by the Adviser from the Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Sub-Advisory Agreement – (minus) gross fund-related expenses (including any waiver by Krane of its compensation under the Investment Advisory Agreement and any reimbursements by Krane of the Fund's expenses).

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

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, 2026, 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 KRANESHARES GLOBAL CARBON STRATEGY ETF, KRANESHARES MOUNT LUCAS MANAGED FUTURES INDEX STRATEGY ETF AND KRANESHARES CALIFORNIA CARBON ALLOWANCE STRATEGY ETF**

The Consolidated Schedule of Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and the Consolidated Financial Highlights of the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance Strategy ETF include the accounts of each Fund's Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation for the Funds. The Subsidiaries have a fiscal year end of March 31 for financial statements consolidation purposes.

The Subsidiaries are classified as controlled foreign corporations under the Code. The Subsidiaries' taxable income is included in the calculation of the Funds' taxable income. Net losses of the Subsidiaries are not deductible by the Funds either in the current period or carried forward to future periods.

The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF and KraneShares California Carbon Allowance Strategy ETF investment in each of their respective 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.

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Inception<br> Date of<br> Subsidiary** | **Subsidiary<br> Net Assets at<br> March 31,**<br> **2026** | **% of Total<br> Net Assets at<br> March 31,<br> 2026** |
| KFA Global Carbon Subsidiary, Ltd. | July 29, 2020 | $11036131 | 8.38% |
| KraneShares MLM Index Subsidiary, Ltd. | December 1, 2020 | $54998060 | 20.18% |
| KraneShares California Carbon, Subsidiary Ltd. | October 4, 2021 | $10823831 | 10.25% |

---

**6. INVESTMENT TRANSACTIONS**

For the year ended March 31, 2026, the following Funds had purchases and sales of investments in securities excluding in-kind transactions, long-term U.S. Government and short-term securities transactions:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales and<br> Maturities** |
| KraneShares CSI China Internet ETF | $3457730915 | $3950326157 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 111396808 | 175641893 |
| KraneShares MSCI One Belt One Road Index ETF | 1101900 | 1101300 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 45275638 | 25574266 |
| KraneShares MSCI China Clean Technology Index ETF | 28360454 | 20347820 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 49472505 | 61031482 |
| KraneShares MSCI All China Health Care Index ETF | 66708912 | 84358007 |
| KraneShares Asia Pacific High Income USD Bond ETF | 30676154 | 34133564 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 34100600 | 20233353 |
| KraneShares Global Carbon Strategy ETF | 105394186 | 59755645 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 29893548 | 31560021 |
| KraneShares SSE STAR Market 50 Index ETF | 149259407 | 101217264 |
| KraneShares Hang Seng TECH Index ETF | 52584993 | 35861629 |
| KraneShares California Carbon Allowance Strategy ETF | 36715028 | 36942344 |
| KraneShares KWEB Covered Call Strategy ETF | 449679537 | 424267983 |
| KraneShares Hedgeye Hedged Equity Index ETF | 11912664 | 12223153 |
| KraneShares Artificial Intelligence and Technology ETF | 69861566 | 60676386 |
| KraneShares China Alpha Index ETF | 17666625 | 22019013 |
| KraneShares Man Buyout Beta Index ETF | 8899243 | 8917085 |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 82855349 | 35232932 |
| KraneShares Dragon Capital Vietnam Growth Index ETF | 16521766 | 3077848 |
| KraneShares Wahed Alternative Income Index ETF | 83918356 | 361749 |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | 2510448 | 78386 |

---

For the year ended March 31, 2026, there were no purchases or sales of long-term U.S. government securities for the Funds.

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

For the year ended March 31, 2026, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gain/<br> (Loss)** |
| KraneShares CSI China Internet ETF | $795416592 | $820418560 | $77388552 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 7647567 | 1196153 | 328875 |
| KraneShares MSCI China Clean Technology Index ETF | 150189 | 22845 | 5503 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 6726328 | 13539637 | 2823081 |
| KraneShares MSCI All China Health Care Index ETF | 324005 | 529407 | (15711) |
| KraneShares MSCI Emerging Markets ex China Index ETF | 5392213 | 2517930 | 485854 |
| KraneShares Global Carbon Strategy ETF |  | 46602462 | 9602462 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 27401732 | 19245288 | 699427 |
| KraneShares KWEB Covered Call Strategy ETF | 45031206 | 8095092 | 1430144 |
| KraneShares Hedgeye Hedged Equity Index ETF | 114186500 | 52682285 | 3886107 |
| KraneShares Artificial Intelligence and Technology ETF | 199813804 | 52388280 | 6614044 |
| KraneShares Sustainable Ultra Short Duration Index ETF | 76031277 | 25573940 | (14531) |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 68872470 |  |  |
| KraneShares Wahed Alternative Income Index ETF | 1264984 | 37611919 | 2357329 |

---

**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"), foreign capital gain reclass, 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, 2026 are primarily related to redemptions in-kind, distributions in excess and net operating loss.

---

| | | |
|:---|:---|:---|
|  | **Distributable<br> Earnings/(Loss)** | **Paid-in <br> Capital** |
| KraneShares CSI China Internet ETF | $106947398 | $(106947398) |
| KraneShares Emerging Markets Consumer Technology Index ETF | (243452) | 243452 |
| KraneShares MSCI China Clean Technology Index ETF | 72 | (72) |

---

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

---

| | | |
|:---|:---|:---|
|  | **Distributable<br> Earnings/(Loss)** | **Paid-in<br> Capital** |
| KraneShares Electric Vehicles and Future Mobility Index ETF | $(1575065) | $1575065 |
| KraneShares MSCI All China Health Care Index ETF | 15711 | (15711) |
| KraneShares MSCI Emerging Markets ex China Index ETF | (416261) | 416261 |
| KraneShares Global Carbon Strategy ETF | (9602462) | 9602462 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | (378901) | 378901 |
| KraneShares SSE STAR Market 50 Index ETF | 164501 | (164501) |
| KraneShares KWEB Covered Call Strategy ETF | (412934) | 412934 |
| KraneShares Artificial Intelligence and Technology ETF | (6207549) | 6207549 |
| KraneShares Sustainable Ultra Short Duration Index ETF | 14531 | (14531) |
| KraneShares Man Buyout Beta Index ETF | 7167 | (7167) |
| KraneShares Dragon Capital Vietnam Growth Index ETF | 12271 | (12271) |
| KraneShares Wahed Alternative Income Index ETF | (2357329) | 2357329 |

---

The tax character of dividends and distributions paid during the years or periods ended March 31, 2026 and March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Totals** |
| KraneShares CSI China Internet ETF |  |  |  |  |
| 2026 | $488526635 | $— | $— | $488526635 |
| 2025 | 191767210 |  |  | 191767210 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF |  |  |  |  |
| 2026 | $3575347 | $— | $— | $3575347 |
| 2025 | 4042367 |  |  | 4042367 |
| KraneShares MSCI One Belt One Road Index ETF |  |  |  |  |
| 2026 | $77186 | $— | $— | $77186 |
| 2025 | 122602 |  |  | 122602 |
| KraneShares Emerging Markets Consumer Technology Index ETF |  |  |  |  |
| 2026 | $2012146 | $— | $— | $2012146 |
| 2025 | 109397 |  |  | 109397 |
| KraneShares MSCI China Clean Technology Index ETF |  |  |  |  |
| 2026 | $500467 | $— | $6823 | $507290 |
| 2025 | 716873 |  |  | 716873 |
| KraneShares Electric Vehicles and Future Mobility Index ETF |  |  |  |  |
| 2026 | $145213 | $— | $— | $145213 |
| 2025 | 530712 |  |  | 530712 |
| KraneShares MSCI All China Health Care Index ETF |  |  |  |  |
| 2026 | $3216102 | $— | $— | $3216102 |
| 2025 | 477397 |  |  | 477397 |
| KraneShares Asia Pacific High Income USD Bond ETF |  |  |  |  |
| 2026 | $1588089 | $— | $140410 | $1728499 |
| 2025 | 1826852 |  |  | 1826852 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Totals** |
| KraneShares MSCI Emerging Markets ex China Index ETF |  |  |  |  |
| 2026 | $2310750 | $— | $— | $2310750 |
| 2025 | 2347147 |  |  | 2347147 |
| KraneShares Global Carbon Strategy ETF |  |  |  |  |
| 2026 | $4544120 | $— | $— | $4544120 |
| 2025 | 14365041 |  |  | 14365041 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF |  |  |  |  |
| 2026 | $1117586 | $1270565 | $— | $2388151 |
| 2025 | 1896053 | 681551 |  | 2577604 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |  |
| 2026 | $8537646 | $— | $— | $8537646 |
| 2025 | 2749827 |  |  | 2749827 |
| KraneShares SSE STAR Market 50 Index ETF |  |  |  |  |
| 2026 | $— | $— | $— | $— |
| 2025 |  |  |  |  |
| KraneShares Hang Seng TECH Index ETF |  |  |  |  |
| 2026 | $1891542 | $— | $— | $1891542 |
| 2025 | 32395 |  |  | 32395 |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |  |
| 2026 | $3358310 | $— | $— | $3358310 |
| 2025 | 49060171 |  |  | 49060171 |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |  |
| 2026 | $27033415 | $— | $— | $27033415 |
| 2025 | 22213508 |  | 34762537 | 56976045 |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |  |
| 2026 | $3282555 | $— | $— | $3282555 |
| 2025 | 91874 | 8761 |  | 100635 |
| KraneShares Artificial Intelligence and Technology ETF |  |  |  |  |
| 2026 | $156773 | $1046787 | $— | $1203560 |
| 2025 | 29447 | 3506 |  | 32953 |
| KraneShares Sustainable Ultra Short Duration Index ETF |  |  |  |  |
| 2026 | $8059228 | $— | $— | $8059228 |
| 2025 | 7438872 |  |  | 7438872 |
| KraneShares China Alpha Index ETF |  |  |  |  |
| 2026 | $2047640 | $651685 | $— | $2699325 |
| 2025 | 237089 |  |  | 237089 |
| KraneShares Man Buyout Beta Index ETF |  |  |  |  |
| 2026 | $1548 | $— | $— | $1548 |
| 2025 | 4815 |  |  | 4815 |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF |  |  |  |  |
| 2026 | $787808 | $— | $— | $787808 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Totals** |
| KraneShares Dragon Capital Vietnam Growth Index ETF |  |  |  |  |
| 2026 | $7062 | $— | $— | $7062 |
| KraneShares Wahed Alternative Income Index ETF |  |  |  |  |
| 2026 | $— | $— | $— | $— |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF |  |  |  |  |
| 2026 | $32966 | $— | $25534 | $58500 |

---

As of March 31, 2026, the components of tax basis distributable earnings (distributable losses) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> CSI China<br> Internet ETF** | **KraneShares<br> Bosera MSCI<br> China A 50<br> Connect<br> Index ETF** | **KraneShares<br> MSCI One Belt<br> One Road<br> Index ETF** | **KraneShares<br> Emerging<br> Markets<br> Consumer<br> Technology<br> Index ETF** |
| Undistributed Ordinary Income | $— | $641253 | $14106 | $— |
| Capital Loss Carryforwards | (4682436900) | (205498354) | (3661492) | (41689031) |
| Qualified Late-Year Loss Deferrals |  |  |  | (74159) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (1879144828) | 5287938 | (94568) | (10728192) |
| Other Temporary Differences | (131849758) | (9) |  | (2) |
| Total Distributable Loss | $(6693431486) | $(199569172) | $(3741954) | $(52491384) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI China<br> Clean Technology<br> Index ETF** | **KraneShares<br> Electric<br> Vehicles and<br> Future Mobility<br> Index ETF** | **KraneShares<br> MSCI All China<br> Health Care<br> Index ETF** | **KraneShares<br> Asia Pacific**<br> **High Income<br> USD<br> Bond ETF** |
| Capital Loss Carryforwards | (87347097) | (119040194) | (80498896) | (10562731) |
| Qualified Late-Year Loss Deferrals | (122852) | (78710) |  |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 6443666 | (837378) | (5420378) | (212495) |
| Other Temporary Differences | 2 | (2) | (514508) | 42832 |
| Total Distributable Loss | $(81026281) | $(119956284) | $(86433782) | $(10732394) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI Emerging<br> Markets<br> ex China<br> Index ETF** | **KraneShares<br> Global Carbon<br> Strategy ETF** | **KraneShares<br> Value Line<sup>®</sup><br> Dynamic<br> Dividend Equity<br> Index ETF** | **KraneShares<br> Mount Lucas<br> Managed<br> Futures Index<br> Strategy ETF** |
| Undistributed Ordinary Income | $290272 | $13209955 | $289477 | $21705525 |
| Undistributed Long-Term Capital Gain | 933067 |  |  |  |
| Capital Loss Carryforwards |  | (2854537) |  | (68910271) |
| Post October Losses |  |  | (5429) |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 15440413 | (100719907) | 424220 | (22709649) |
| Other Temporary Differences | (4) | (8) | 60 | (847644) |
| Total Distributable Earnings/(Loss) | $16663748 | $(90364497) | $708328 | $(70762039) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> SSE STAR<br> Market 50<br> Index ETF** | **KraneShares<br> Hang Seng<br> TECH Index ETF** | **KraneShares<br> California<br> Carbon<br> Allowance<br> Strategy ETF** | **KraneShares<br> KWEB Covered<br> Call Strategy<br> ETF** |
| Undistributed Ordinary Income | $— | $— | $626879 | $8130272 |
| Capital Loss Carryforwards | (28066272) | (2718930) | (145708) |  |
| Qualified Late-Year Loss Deferrals | (242594) |  |  |  |
| Unrealized Depreciation on Investments and Foreign Currency | (11241513) | (13600806) | (91783164) | (65474235) |
| Other Temporary Differences | (35) | (561455) |  |  |
| Total Distributable Loss | $(39550414) | $(16881191) | $(91301993) | $(57343963) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Hedgeye<br> Hedged Equity<br> Index ETF** | **KraneShares<br> Artificial<br> Intelligence and<br> Technology ETF** | **Sustainable<br> Ultra Short<br> Duration Index<br> ETF** | **KraneShares<br> China Alpha<br> Index ETF** |
| Undistributed Ordinary Income | $68745 | $— | $178304 | $1073454 |
| Undistributed Long-Term Capital Gain |  | 1431219 |  | 639479 |
| Post October Losses |  | (732719) |  |  |
| Qualified Late-Year Loss Deferrals |  | (305075) |  |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency |  | (19392114) | (176217) | 881236 |
| Other Temporary Differences | 1 | 1 | (1) | 1 |
| Total Distributable Earnings/(Loss) | $68746 | $(18998688) | $2086 | $2594170 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Man Buyout<br> Beta<br> Index ETF** | **KraneShares<br> Global<br> Humanoid and<br> Embodied<br> Intelligence<br> Index ETF** | **KraneShares<br> Dragon Capital<br> Vietnam Growth<br> Index ETF** | **KraneShares<br> Wahed<br> Alternative<br> Income<br> Index ETF** |
| Undistributed Ordinary Income | $— | $1267707 | $— | $316348 |
| Undistributed Long-Term Capital Gain | 120193 |  |  |  |
| Post October Losses |  |  | (1521) |  |
| Qualified Late-Year Loss Deferrals | (5424) | (71050) | (10582) |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 983837 | 815488 | (682194) | (2149867) |
| Other Temporary Differences | (2) |  |  |  |
| Total Distributable Earnings/(Loss) | $1098604 | $2012145 | $(694297) | $(1833519) |

---

---

| | |
|:---|:---|
|  | **KraneShares<br> InspereX<br> Nasdaq Dynamic<br> Buffered<br> High Income<br> Index ETF** |
| Unrealized Depreciation on Investments and Foreign Currency | (184347) |
| Total Distributable Loss | $(184347) |

---

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2026 through March 31, 2026 and November 1, 2025 through March 31, 2026, 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, straddles, perpetual bond adjustments, PFIC mark to market and book adjustments not recognized for tax.

The Funds have capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term**<br> **Loss** | **Long-Term<br> Loss** | **Total** |
| KraneShares CSI China Internet ETF | $778159387 | $3904277513 | $4682436900 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 67494340 | 138004014 | 205498354 |
| KraneShares MSCI One Belt One Road Index ETF | 2418505 | 1242987 | 3661492 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br> Loss** | **Long-Term<br> Loss** | **Total** |
| KraneShares Emerging Markets Consumer Technology Index ETF | $19657783 | $22031248 | $41689031 |
| KraneShares MSCI China Clean Technology Index ETF | 3414949 | 83932148 | 87347097 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 31373891 | 87666303 | 119040194 |
| KraneShares MSCI All China Health Care Index ETF | 1112759 | 79386137 | 80498896 |
| KraneShares Asia Pacific High Income USD Bond ETF | 8867517 | 1695214 | 10562731 |
| KraneShares Global Carbon Strategy ETF | 1195676 | 1658861 | 2854537 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 26659949 | 42250322 | 68910271 |
| KraneShares SSE STAR Market 50 Index ETF | 11091438 | 16974834 | 28066272 |
| KraneShares Hang Seng TECH Index ETF | 2718930 |  | 2718930 |
| KraneShares California Carbon Allowance Strategy ETF | 100489 | 45219 | 145708 |

---

During the year ended March 31, 2026, the following Funds utilized capital loss carryforwards, to offset capital gains:

---

| | |
|:---|:---|
|  | **Amount Utilized** |
| KraneShares MSCI Emerging Markets ex China Index ETF | $2307310 |

---

The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at September March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br> Tax Cost** | **Aggregated<br> Gross<br> Unrealized<br> Appreciation** | **Aggregated<br> Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| KraneShares CSI China Internet ETF | $8069754638 | $188395528 | $(2067540356) | $(1879144828) |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 164284777 | 23817401 | (18529463) | 5287938 |
| KraneShares MSCI One Belt One Road Index ETF | 4140239 | 1133223 | (1224784) | (91561) |
| KraneShares Emerging Markets Consumer Technology Index ETF | 57643556 | 2544373 | (13267105) | (10722732) |
| KraneShares MSCI China Clean Technology Index ETF | 55182329 | 11202566 | (4758900) | 6443666 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 76205598 | 15231756 | (16069134) | (837378) |
| KraneShares MSCI All China Health Care Index ETF | 87019051 | 12874935 | (18295313) | (5420378) |
| KraneShares Asia Pacific High Income USD Bond ETF | 14333354 | 271485 | (483980) | (212495) |
| KraneShares MSCI Emerging Markets ex China Index ETF | 84423735 | 23663345 | (7952730) | 15710615 |
| KraneShares Global Carbon Strategy ETF | 212011865 |  | (100719907) | (100719907) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br> Tax Cost** | **Aggregated<br> Gross<br> Unrealized<br> Appreciation** | **Aggregated<br> Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | $34373061 | $2532523 | $(2108303) | $424220 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 227967184 |  | (22709649) | (22709649) |
| KraneShares SSE STAR Market 50 Index ETF | 91992713 | 3221550 | (14463063) | (11241513) |
| KraneShares Hang Seng TECH Index ETF | 61864091 | 735128 | (14335934) | (13600806) |
| KraneShares California Carbon Allowance Strategy ETF | 178932726 |  | (91783164) | (91783164) |
| KraneShares KWEB Covered Call Strategy ETF | 181723505 |  | (65474235) | (65474235) |
| KraneShares Hedgeye Hedged Equity Index ETF | 76520827 | 707868 | (707868) |  |
| KraneShares Artificial Intelligence and Technology ETF | 190222998 | 10386196 | (29778310) | (19392114) |
| KraneShares Sustainable Ultra Short Duration Index ETF | 164945319 | 18506 | (194723) | (176217) |
| KraneShares China Alpha Index ETF | 10109495 | 1239419 | (358183) | 881236 |
| KraneShares Man Buyout Beta Index ETF | 11444975 | 2095180 | (1111343) | 983837 |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 118531210 | 9276872 | (8461384) | 815488 |
| KraneShares Dragon Capital Vietnam Growth Index ETF | 13449362 | 286374 | (968568) | (682194) |
| KraneShares Wahed Alternative Income Index ETF | 51670082 | 8266185 | (10416052) | (2149867) |
| KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF | 2462755 | 51684 | (236031) | (184347) |

---

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. For the KraneShares Hedgeye Hedged Equity Index ETF, the difference in unrealized depreciation is attributable to straddles.

The Funds did not pay any federal or state and local income taxes. Certain Funds paid income taxes in foreign jurisdictions for the year ended March 31, 2026. Cash paid for income taxes, net of refunds received, were as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Bosera MSCI<br> China A 50<br> Connect<br> Index ETF** | **KraneShares<br> MSCI One Belt<br> One Road<br> Index ETF** | **KraneShares<br> Emerging Markets<br> Consumer Technology<br> Index ETF** | **KraneShares<br> MSCI China<br> Clean Technology<br> Index ETF** |
| **Income Taxes by Foreign Jurisdiction:** |  |  |  |  |
| China | $561514 | $3644 | $— | $38452 |
| Hong Kong |  | 1549 |  | 24321 |
| India |  | 3007 |  |  |
| Israel |  | 1377 |  |  |
| South Africa |  | 2329 |  |  |
| South Korea |  |  | 11650 |  |
| Taiwan |  |  | 16114 |  |
| Thailand. |  | 980 |  |  |
| Other\* |  | 641 | 4032 |  |
| **Total Income Taxes Paid, Net of Refunds** | $561514 | $13527 | $31796 | $62773 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Electric Vehicles and<br> Future Mobility<br> Index ETF** | **KraneShares<br> MSCI All China<br> Health Care<br> Index ETF** | **KraneShares<br> MSCI Emerging**<br> **Markets ex China<br> Index ETF** | **KraneShares<br> SSE STAR<br> Market 50<br> Index ETF** |
| **Income Taxes by Foreign Jurisdiction:** |  |  |  |  |
| Belgium | $3989 | $— | $— | $— |
| Brazil |  |  | 26341 |  |
| China | 26768 | 77067 |  | 15652 |
| France | 2879 |  |  |  |
| Germany | 8084 |  |  |  |
| Hong Kong |  | 14235 |  |  |
| India |  |  | 132599 |  |
| Indonesia | 5711 |  | 23038 |  |
| Japan | 6564 |  |  |  |
| South Africa |  |  | 22303 |  |
| South Korea |  |  | 67097 |  |
| Taiwan |  |  | 103447 |  |
| Other\* | 2116 |  | 48634 |  |
| **Total Income Taxes Paid, Net of Refunds** | $56111 | $91302 | $423459 | $15652 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Hang Seng<br> TECH Index ETF** | **KraneShares<br> Artificial<br> Intelligence and<br> Technology ETF** | **KraneShares<br> China Alpha<br> Index ETF** | **KraneShares<br> Man Buyout<br> Beta Index ETF** |
| **Income Taxes by Foreign Jurisdiction:** |  |  |  |  |
| China | $— | $— | $34665 | $— |
| Hong Kong | 13899 |  |  |  |
| Luxembourg |  |  |  | 709 |
| Netherlands |  | 1257 |  | 99 |
| South Korea |  | 5331 |  |  |
| Taiwan |  | 11942 |  |  |
| Other\* |  | 787 |  | 10 |
| **Total Income Taxes Paid, Net of Refunds** | $13899 | $19317 | $34665 | $818 |

---

---

| | |
|:---|:---|
|  | **KraneShares<br> Global Humanoid<br> and Embodied<br> Intelligence<br> Index ETF** |
| **Income Taxes by Foreign Jurisdiction:** |  |
| Belgium | $4376 |
| Canada | 7282 |
| Germany | 3264 |
| Japan | 19570 |
| Netherlands | 6406 |
| Other\* | 3156 |
| **Total Income Taxes Paid, Net of Refunds** | $44054 |

---

\* *Represents foreign jurisdictions where taxes paid, net of refunds received, were less than 5% of the total income taxes paid by the Fund.*

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

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

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

On November 7, 2018, China's Ministry of Finance and the State Administration of Taxation jointly issued Circular 108. This circular announced a three year exemption from corporate income tax withholding ("WHT") and Value Added Tax ("VAT") for China-sourced bond interest derived by overseas institutional investors. The WHT and VAT exemptions were extended to December 31, 2027.

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. PRINCIPAL 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".

ARTIFICAL INTELLIGENCE AND TECHNOLOGY RISK — "AI and Technology" companies typically have high research and capital expenditures and, as a result, their profitability can vary widely, if they are profitable at all. The space in which they are engaged is highly competitive and issuers' products and services may become obsolete very quickly. These companies are heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. The issuers are also subject to legal, regulatory and political changes that may have a large impact on their profitability. A failure in an issuer's product or even questions about the safety of the product could be devastating to the issuer, especially if it is the marquee product of the issuer. It can be difficult to accurately capture what qualifies as an AI and Technology company.

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

Certain AI and Technology companies may face special risks that their products or services may not prove to be commercially successful. Such companies are also strongly affected by worldwide scientific or technological developments. As a result, their products may rapidly become obsolete. Such companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, certain of such companies in which the Fund may invest may not currently be profitable and there can be no assurance that such companies will be profitable in the future.

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.

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 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 errors 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

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

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 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. Because many derivatives are an obligation of the counterparty rather than a direct investment in the reference asset, 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 under the derivative agreement as a result of bankruptcy or otherwise. Any loss would result in a reduction in the NAV of the Fund and will likely impair the Fund's ability to achieve its investment objective. The counterparty risk associated with the Fund's investments will be greater if the Fund uses only a limited number of counterparties. If there are only a couple of potential counterparties, the Fund, subject to applicable law, may enter into transactions with as few as one counterparty at any time.

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

EMERGING MARKETS RISK — Securities issued by entities with substantial operations or holdings in emerging market countries may involve additional risks and 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 in emerging market countries 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 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, including those in foreign countries, or changes in global trade relationships 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

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

temporary or may last for extended periods and can occur suddenly and unexpectedly. 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.

OPERATIONAL AND CYBERSECURITY RISK — The Fund, Krane, its service providers and your ability to transact with the Fund may be negatively impacted due to operational matters arising from, among other problems, human errors, systems and technology disruptions or failures, or cybersecurity incidents. Cybersecurity incidents may allow an unauthorized party to gain access to fund assets, customer data, or proprietary information, or cause the Fund or its service providers, as well as the securities trading venues and their service provides, to suffer data corruption or lose operational functionality. It is not possible for Krane or the other Fund service providers to identify all of the cybersecurity or other operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.

OPTIONS RISK — The use of options involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, or in interest or currency exchange rates, including the anticipated volatility of the underlying instrument (known as implied volatility), which in turn are affected by the performance of the issuer of the underlying instrument, by the time remaining until the expiration of the option contract, by fiscal and monetary policies and by national and international political and economic events. As such, prior to the exercise or expiration of the option, the Fund is exposed to implied volatility risk, meaning the value, as based on implied volatility, of an option may increase due to market and economic conditions or views based on the sector or industry in which issuers of the underlying instrument participate, including company-specific factors.

An option is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from (call) or sell to (put) the seller (writer) of the option the security or currency underlying the option at a specified exercise price at any time during the term of the option (normally not exceeding nine months). The writer of an option has the obligation upon exercise of the option by its purchaser to deliver the underlying security or currency upon payment of the exercise price or to pay the exercise price upon delivery of the underlying security or currency. Options are derivatives, which, as described above, can be illiquid and can imperfectly correlate with the reference asset(s).

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

PRIVATELY-ISSUED SECURITIES RISK — The Fund may invest in privately-issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended (the "Securities Act"). Privately-issued securities are securities that have not been registered under the Securities Act and as a result are subject to legal restrictions on resale. Privately-issued securities are not traded on established markets and may be less liquid, difficult to value and subject to wide fluctuations in value. Delay or difficulty in selling such securities may result in a loss to the Fund. In addition, transaction costs may be higher for privately-issued securities than for more liquid securities. The Fund may have to bear the expense of registering privately-issued securities for resale and the risk of substantial delays in effecting the registration.

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. REVERSE STOCK SPLIT**

The Board of the Trust approved a reverse share split of one to three (1:3) of the issued and outstanding shares of KraneShares KWEB Covered Call Strategy ETF (the "Reverse Split"). The Reverse Share Split was completed after the close of business on December 31, 2024. The effect of this transaction for the Fund was to reduce the number of outstanding Shares of the Fund by one-third, resulting in a corresponding increase in the NAV per Share. The capital share activity presented on the Statement of Changes in Net Assets for each of the years in the period ended, have been given retroactive effect to reflect the reverse share split. There were no changes in net assets, results of operation or total return as a result of this transaction.

**10. 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.

**11. RECENT ACCOUNTING PRONOUNCEMENTS**

In this reporting period, the Funds adopted FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. Adoption of the new standard impacted financial statement disclosures only and did not affect any Funds' financial position or the results of its operations.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (concluded)**

**12. REVISION OF AN IMMATERIAL PRIOR-PERIOD ERROR**

KraneShares Global Carbon Strategy ETF identified an error in certain elements of its 2025 financial statements related to improper recording of foreign exchange rates on futures transactions, interest, and fees. The prior year comparative financial statements herein were adjusted to correct this error. KraneShares Global Carbon Strategy ETF evaluated the error and concluded that it is immaterial to the previously issued financial statements.

The table below reflects the impacted line items as a result of the revisions to the 2025 Statements of Changes in Net Assets as presented in this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025<br> As Reported** | **2025<br> As Revised** | **Amount<br> Revised** |
| Net Investment Income | $7898469 | $7866259 | $(32210) |
| Net Realized Loss | (33307741) | (33566576) | (258835) |
| Net Increase (Decrease) in Net Assets Resulting from Operations | (705837) | (996882) | (291045) |
| Capital Share Transactions: Redeemed | (129766611) | (129641611) | 125000 |
| Decrease in Net Assets from Capital Share Transactions | (116563849) | (116438849) | 125000 |
| Total Decrease in Net Assets | (131634727) | (131800772) | (166045) |
| Net Assets: |  |  |  |
| Beginning of Year | 303812947 | 303649366 | (163581) |
| End of Year | $172178220 | $171848594 | $(329626) |

---

**13. SUBSEQUENT EVENTS**

Please note that the following Funds are changing their respective names, effective on or around June 1, 2026:

- KraneShares Dragon Capital Vietnam Growth Index ETF is changing its name to KraneShares Dragon Capital Growth of Vietnam Index ETF

- KraneShares Emerging Markets Consumer Technology Index ETF is changing its name to KraneShares Public-Private Emerging Markets Internet and Technology ETF

- KraneShares Artificial Intelligence and Technology ETF is changing its name to KraneShares Public-Private AI & Technology ETF

- KraneShares Global Humanoid and Embodied Intelligence Index ETF is changing its name to KraneShares Global Humanoid Robotics and Physical AI Index ETF

Please also note that the name of the Underlying Index for KraneShares Global Humanoid Robotics and Physical AI Index ETF (formerly, KraneShares Global Humanoid and Embodied Intelligence Index ETF) is changing from MerQube Global Humanoid and Embodied Intelligence Index to MerQube Global Humanoid Robotics and Physical AI Index on or about June 16, 2026.

The Funds have evaluated the need for additional disclosures (other than what is disclosed in the preceding paragraph) and/or adjustments resulting from subsequent events through the date the financial statements were issued. Based on this evaluation, no additional disclosures and/or adjustments were required to the financial statements.

**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 consolidated statements of assets and liabilities of the funds listed in the Appendix, twenty-five of the funds comprising KraneShares Trust (collectively, the Funds), including the schedules of investments and consolidated schedules of investments, as of March 31, 2026, 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 statements 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, 2026, the results of their operations for the year or period listed in the Appendix, the changes in their 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, 2026, 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.

![](img_002.jpg)

We have served as the auditor of one or more KraneShares investment companies since 2017.

Philadelphia, Pennsylvania

May 29, 2026

**Report of Independent Registered Public Accounting Firm (continued)**

**Appendix**

***Funds with inception prior to March 31, 2022:***

KraneShares CSI China Internet ETF

KraneShares Bosera MSCI China A 50 Connect 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 USD Bond ETF

KraneShares MSCI Emerging Markets ex China Index ETF

KraneShares Global Carbon Strategy ETF

KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF

KraneShares Mount Lucas Managed Futures Index Strategy ETF

KraneShares SSE STAR Market 50 Index ETF

Statement of operations or consolidated statement of operations for the year ended March 31, 2026

Statements of changes in net assets or consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Financial highlights or consolidated financial highlights for each of the years in the five-year period ended March 31, 2026

***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, 2026

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Financial highlights for each of the years in the four-year period ended March 31, 2026 and the period from June 8, 2021 (inception) through March 31, 2022

KraneShares California Carbon Allowance Strategy ETF

Consolidated statement of operations for the year ended March 31, 2026

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Consolidated financial highlights for each of the years in the four-year period ended March 31, 2026 and the period from October 4, 2021 (inception) through March 31, 2022

***Funds with inception during the year ended March 31, 2023:***

KraneShares KWEB Covered Call Strategy ETF

Statement of operations for the year ended March 31, 2026

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2026

Financial highlights each of the years in the three-year period ended March 31, 2026 and the period from January 11, 2023 (inception) through March 31, 2023

***Funds with inception during the year ended March 31, 2025:***

KraneShares Hedgeye Hedged Equity Index ETF

**Report of Independent Registered Public Accounting Firm (concluded)**

Statement of operations for the year ended March 31, 2026

Statements of changes in net assets for the year ended March 31, 2026 and the period from July 15, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from July 15, 2024 (inception) through March 31, 2025

KraneShares Artificial Intelligence and Technology ETF

Statement of operations for the year ended March 31, 2026

Statements of changes in net assets for the year ended March 31, 2026 and the period from July 17, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from July 17, 2024 (inception) through March 31, 2025

KraneShares Sustainable Ultra Short Duration Index ETF

Statement of operations for the year ended March 31, 2026

Statements of changes in net assets for the year ended March 31, 2026 and the period from July 25, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from July 25, 2024 (inception) through March 31, 2025

KraneShares China Alpha Index ETF

Statement of operations for the year ended March 31, 2026

Statements of changes in net assets for the year ended March 31, 2026 and the period from August 27, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from August 27, 2024 (inception) through March 31, 2025

KraneShares Man Buyout Beta Index ETF

Statement of operations for the year ended March 31, 2026

Statements of changes in net assets for the year ended March 31, 2026 and the period from October 7, 2024 (inception) through March 31, 2025

Financial highlights for the year ended March 31, 2026 and the period from October 7, 2024 (inception) through March 31, 2025

***Funds with inception during the year ended March 31, 2026:***

KraneShares Global Humanoid and Embodied Intelligence Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from June 4, 2025 (inception) through March 31, 2026

KraneShares Dragon Capital Vietnam Growth Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from December 3, 2025 (inception) through March 31, 2026

KraneShares Wahed Alternative Income Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from November 4, 2025 (inception) through March 31, 2026

KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from January 6, 2026 (inception) through March 31, 2026

**Notice To Shareholders (Unaudited)**

For shareholders that do not have a March 31, 2026 tax year end, this notice is for informational purposes only. For shareholders with a March 31, 2026 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended March 31, 2026, the Funds are designating the following items with regard to distributions paid during the year.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Return of<br> Capital<sup>(1)</sup>** | **Long-Term<br> Capital<br> Gain<br> Distributions** | **Ordinary<br> Income<br> Distributions** | **Total<br> Distributions** | **Qualifying<br> for<br> Corporate<br> Dividends<br> Received<br> Deduction<sup>(2)</sup>** | **Qualifying<br> Dividend<br> Income<sup>(3)</sup>** | **Qualifying<br> Dividend<br> Income<sup>(3)</sup>** | **Qualifying<br> Business<br> Income<sup>(4)</sup>** | **U.S.<br> Government<br> Interest<sup>(5)</sup>** | **Interest<br> Related<br> Dividends<sup>(6)</sup>** | **Short Term<br> Capital<br> Gain<br> Dividends<sup>(7)</sup>** | **Foreign Tax<br> Credit<sup>(8)</sup>** |
| *KraneShares CSI China Internet ETF* | *KraneShares CSI China Internet ETF* | *KraneShares CSI China Internet ETF* | *KraneShares CSI China Internet ETF* | *KraneShares CSI China Internet ETF* | *KraneShares CSI China Internet ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 1.14% | 0.00% | 0.00% | 0.20% | 0.00% | 0.00% |
| *KraneShares Bosera MSCI China A 50 Connect Index ETF* | *KraneShares Bosera MSCI China A 50 Connect Index ETF* | *KraneShares Bosera MSCI China A 50 Connect Index ETF* | *KraneShares Bosera MSCI China A 50 Connect Index ETF* | *KraneShares Bosera MSCI China A 50 Connect Index ETF* | *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% | 0.49% | 0.00% | 13.57% |
| *KraneShares MSCI One Belt One Road Index ETF* | *KraneShares MSCI One Belt One Road Index ETF* | *KraneShares MSCI One Belt One Road Index ETF* | *KraneShares MSCI One Belt One Road Index ETF* | *KraneShares MSCI One Belt One Road Index ETF* | *KraneShares MSCI One Belt One Road Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.19% |  | 84.42% | 0.00% | 0.00% | 0.31% | 0.00% | 14.91% |
| *KraneShares Emerging Markets Consumer Technology Index ETF* | *KraneShares Emerging Markets Consumer Technology Index ETF* | *KraneShares Emerging Markets Consumer Technology Index ETF* | *KraneShares Emerging Markets Consumer Technology Index ETF* | *KraneShares Emerging Markets Consumer Technology Index ETF* | *KraneShares Emerging Markets Consumer Technology Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 3.77% | 0.00% | 0.00% | 0.28% | 0.00% | 1.51% |
| *KraneShares MSCI China Clean Technology Index ETF* | *KraneShares MSCI China Clean Technology Index ETF* | *KraneShares MSCI China Clean Technology Index ETF* | *KraneShares MSCI China Clean Technology Index ETF* | *KraneShares MSCI China Clean Technology Index ETF* | *KraneShares MSCI China Clean Technology Index ETF* |  |  |  |  |  |  |
| 1.21% | 0.00% | 98.79% | 100.00% | 0.00% |  | 99.81% | 0.00% | 0.00% | 0.34% | 0.00% | 11.01% |
| *KraneShares Electric Vehicles and Future Mobility Index ETF* | *KraneShares Electric Vehicles and Future Mobility Index ETF* | *KraneShares Electric Vehicles and Future Mobility Index ETF* | *KraneShares Electric Vehicles and Future Mobility Index ETF* | *KraneShares Electric Vehicles and Future Mobility Index ETF* | *KraneShares Electric Vehicles and Future Mobility Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 17.45% |  | 100.00% | 0.00% | 0.00% | 1.28% | 0.00% | 26.71% |
| *KraneShares MSCI All China Health Care Index ETF* | *KraneShares MSCI All China Health Care Index ETF* | *KraneShares MSCI All China Health Care Index ETF* | *KraneShares MSCI All China Health Care Index ETF* | *KraneShares MSCI All China Health Care Index ETF* | *KraneShares MSCI All China Health Care Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 39.31% | 0.00% | 0.00% | 0.49% | 0.00% | 2.76% |
| *KraneShares Asia Pacific High Income Bond ETF* | *KraneShares Asia Pacific High Income Bond ETF* | *KraneShares Asia Pacific High Income Bond ETF* | *KraneShares Asia Pacific High Income Bond ETF* | *KraneShares Asia Pacific High Income Bond ETF* | *KraneShares Asia Pacific High Income Bond ETF* |  |  |  |  |  |  |
| 8.84% | 0.00% | 91.16% | 100.00% | 0.00% |  | 0.00% | 0.00% | 0.00% | 1.61% | 0.00% | 0.00% |
| *KraneShares MSCI Emerging Markets ex China Index ETF* | *KraneShares MSCI Emerging Markets ex China Index ETF* | *KraneShares MSCI Emerging Markets ex China Index ETF* | *KraneShares MSCI Emerging Markets ex China Index ETF* | *KraneShares MSCI Emerging Markets ex China Index ETF* | *KraneShares MSCI Emerging Markets ex China Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.19% |  | 42.87% | 0.00% | 0.00% | 0.40% | 0.00% | 14.67% |
| *KraneShares Global Carbon Strategy ETF* | *KraneShares Global Carbon Strategy ETF* | *KraneShares Global Carbon Strategy ETF* | *KraneShares Global Carbon Strategy ETF* | *KraneShares Global Carbon Strategy ETF* | *KraneShares Global Carbon Strategy ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 0.00% | 0.00% | 0.00% | 2.51% | 0.00% | 0.00% |
| *KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF* | *KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF* | *KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF* | *KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF* | *KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF* | *KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF* |  |  |  |  |  |  |
| 0.00% | 53.20% | 46.80% | 100.00% | 57.05% |  | 54.73% | 2.86% | 0.00% | 0.10% | 100.00% | 0.00% |
| *KFA Mount Lucas Managed Futures Index Strategy ETF* | *KFA Mount Lucas Managed Futures Index Strategy ETF* | *KFA Mount Lucas Managed Futures Index Strategy ETF* | *KFA Mount Lucas Managed Futures Index Strategy ETF* | *KFA Mount Lucas Managed Futures Index Strategy ETF* | *KFA Mount Lucas Managed Futures Index Strategy ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 0.00% | 0.00% | 56.97% | 19.39% | 0.00% | 0.00% |
| *KraneShares SSE Star Market 50 Index ETF* | *KraneShares SSE Star Market 50 Index ETF* | *KraneShares SSE Star Market 50 Index ETF* | *KraneShares SSE Star Market 50 Index ETF* | *KraneShares SSE Star Market 50 Index ETF* | *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* | *KraneShares Hang Seng TECH Index ETF* | *KraneShares Hang Seng TECH Index ETF* | *KraneShares Hang Seng TECH Index ETF* | *KraneShares Hang Seng TECH Index ETF* | *KraneShares Hang Seng TECH Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 5.73% | 0.00% | 0.00% | 1.42% | 0.00% | 0.00% |
| *KraneShares California Carbon Allowance Strategy ETF* | *KraneShares California Carbon Allowance Strategy ETF* | *KraneShares California Carbon Allowance Strategy ETF* | *KraneShares California Carbon Allowance Strategy ETF* | *KraneShares California Carbon Allowance Strategy ETF* | *KraneShares California Carbon Allowance Strategy ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 0.00% | 0.00% | 0.00% | 0.80% | 0.00% | 0.00% |
| *KraneShares KWEB Covered Call Strategy ETF* | *KraneShares KWEB Covered Call Strategy ETF* | *KraneShares KWEB Covered Call Strategy ETF* | *KraneShares KWEB Covered Call Strategy ETF* | *KraneShares KWEB Covered Call Strategy ETF* | *KraneShares KWEB Covered Call Strategy ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 0.22% | 0.00% | 0.00% | 0.10% | 100.00% | 0.00% |
| *KraneShares Hedgeye Hedged Equity Index ETF* | *KraneShares Hedgeye Hedged Equity Index ETF* | *KraneShares Hedgeye Hedged Equity Index ETF* | *KraneShares Hedgeye Hedged Equity Index ETF* | *KraneShares Hedgeye Hedged Equity Index ETF* | *KraneShares Hedgeye Hedged Equity Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 0.00% | 0.00% | 0.00% | 0.02% | 100.00% | 0.00% |
| *KraneShares Artificial Intelligence and Technology ETF* | *KraneShares Artificial Intelligence and Technology ETF* | *KraneShares Artificial Intelligence and Technology ETF* | *KraneShares Artificial Intelligence and Technology ETF* | *KraneShares Artificial Intelligence and Technology ETF* | *KraneShares Artificial Intelligence and Technology ETF* |  |  |  |  |  |  |
| 0.00% | 86.97% | 13.03% | 100.00% | 8.39% |  | 9.09% | 0.00% | 0.00% | 0.24% | 100.00% | 0.00% |
| *KraneShares Sustainability Ultra Short Duration Index ETF* | *KraneShares Sustainability Ultra Short Duration Index ETF* | *KraneShares Sustainability Ultra Short Duration Index ETF* | *KraneShares Sustainability Ultra Short Duration Index ETF* | *KraneShares Sustainability Ultra Short Duration Index ETF* | *KraneShares Sustainability Ultra Short Duration Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% |  | 0.00% | 0.00% | 0.00% | 70.87% | 100.00% | 0.00% |
| *KraneShares China Alpha Index ETF* | *KraneShares China Alpha Index ETF* | *KraneShares China Alpha Index ETF* | *KraneShares China Alpha Index ETF* | *KraneShares China Alpha Index ETF* | *KraneShares China Alpha Index ETF* |  |  |  |  |  |  |
| 0.00% | 23.84% | 76.16% | 100.00% | 0.31% |  | 10.65% | 0.00% | 0.00% | 0.04% | 100.00% | 1.27% |
| *KraneShares Man Buyout Beta Index ETF* | *KraneShares Man Buyout Beta Index ETF* | *KraneShares Man Buyout Beta Index ETF* | *KraneShares Man Buyout Beta Index ETF* | *KraneShares Man Buyout Beta Index ETF* | *KraneShares Man Buyout Beta Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 100.00% |  | 100.00% | 0.00% | 0.00% | 0.33% | 100.00% | 0.00% |
| *KraneShares Global Humanoid and Embodied Intelligence Index ETF* | *KraneShares Global Humanoid and Embodied Intelligence Index ETF* | *KraneShares Global Humanoid and Embodied Intelligence Index ETF* | *KraneShares Global Humanoid and Embodied Intelligence Index ETF* | *KraneShares Global Humanoid and Embodied Intelligence Index ETF* | *KraneShares Global Humanoid and Embodied Intelligence Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 100.00% | 100.00% | 4.10% |  | 18.75% | 0.00% | 0.00% | 0.15% | 100.00% | 5.29% |
| *KraneShares Dragon Capital Vietnam Growth Index ETF* | *KraneShares Dragon Capital Vietnam Growth Index ETF* | *KraneShares Dragon Capital Vietnam Growth Index ETF* | *KraneShares Dragon Capital Vietnam Growth Index ETF* | *KraneShares Dragon Capital Vietnam Growth Index ETF* | *KraneShares Dragon Capital Vietnam Growth Index ETF* |  |  |  |  |  |  |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |  | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |

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**Notice To Shareholders (Unaudited) (concluded)**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Return of<br> Capital<sup>(1)</sup>** | **Long-Term<br> Capital<br> Gain<br> Distributions** | **Ordinary<br> Income<br> Distributions** | **Total<br> Distributions** | **Qualifying<br> for<br> Corporate<br> Dividends<br> Received<br> Deduction<sup>(2)</sup>** | **Qualifying<br> Dividend<br> Income<sup>(3)</sup>** | **Qualifying<br> Business<br> Income<sup>(4)</sup>** | **U.S.<br> Government<br> Interest<sup>(5)</sup>** | **Interest<br> Related<br> Dividends<sup>(6)</sup>** | **Short Term<br> Capital<br> Gain<br> Dividends<sup>(7)</sup>** | **Foreign Tax<br> Credit<sup>(8)</sup>** |
| *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income Index ETF* | *KraneShares Wahed Alternative Income 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 InspereX Nasdaq Dynamic Buffered High Income Index ETF* | *KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF* | *KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF* | *KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF* | *KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF* | *KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF* | *KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF* | *KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF* |  |  |  |
| 43.65% | 0.00% | 56.35% | 100.00% | 10.26% | 10.78% | 0.00% | 0.00% | 1.44% | 100.00% | 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).* 

*(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 tax.* 

*(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 to 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 to foreign investors.* 

*(8)* *The following Funds intend to pass through a foreign tax credit to their shareholders. For the fiscal year ended March 31, 2026, the total amount of foreign source income and amount of foreign tax to be paid is as follows:* 

---

| | | |
|:---|:---|:---|
|  | **Foreign Source<br> Income** | **Foreign Tax<br> Credit Pass<br> Through** |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | $4482497 | $561514 |
| KraneShares MSCI One Belt One Road Index ETF | 97376 | 13527 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 240317 | 30851 |
| KraneShares MSCI China Clean Technology Index ETF | 503045 | 62773 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 162768 | 52911 |
| KraneShares MSCI All China Health Care Index ETF | 919027 | 91235 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 2057022 | 397118 |
| KraneShares China Alpha Index ETF | 337962 | 34665 |
| KraneShares Global Humanoid and Embodied Intelligence Index ETF | 229131 | 43971 |

---

The allocable share of foreign tax credit will be reported on Form 1099-DIV.

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**Other Information (Form N-CSR Items 8-11) (Unaudited)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

On May 7, 2026, at a joint special meeting (the "Special Meeting") of the respective shareholders of each series of the Trust (such series, the "Funds"), the approval of a new investment advisory agreement between the Adviser and the Trust on behalf of each Fund, to be voted on separately by the shareholders of each Fund, was submitted to the shareholders of each Fund. At the Special Meeting, with respect to the KraneShares Bosera MSCI China A 50 Connect Index ETF ("KBA"), authorization for KBA to rely on a manager of managers exemptive order, to be voted on solely by the shareholders of KBA, was also submitted to shareholders of KBA. The Special Meeting has been adjourned to June 4, 2026, as the requisite number of votes had not been cast, and may be further adjourned at the June 4 adjournment.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Remuneration is shown on the Statements of Operations/Consolidated Statements of Operations of the financial statements included in Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Effective March 31, 2026, Krane Fund Advisors, LLC ("Krane") entered into an agreement with China International Capital Corporation Limited ("CICC") whereby Krane's officers and certain of its employees, among others, through KFA Two Holdings, LLC, will acquire a majority interest in Krane from CICC, resulting in a change of control of Krane (the "Transaction"). Under the Investment Company Act of 1940, as amended (the "1940 Act"), the closing of the Transaction ("Closing") will result in an "assignment" and termination of the current investment advisory agreement between Krane and the Trust, on behalf of each Fund (the "Current Advisory Agreement"). The Transaction is expected to close no later than June 30, 2026.

To ensure that the management of each Fund (as defined below) will continue without any interruption following the Closing, at a meeting held on February 20, 2026, the Board of Trustees (the "Board") of the Trust, including all of the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act, (the "Independent Trustees"), considered and approved a new Investment Advisory Agreement (the "New KFA Agreement") between Krane and the Trust on behalf of each of the following separate series of the Trust (each, a "Fund" and collectively, the "Funds"):

○ KraneShares CSI China Internet ETF (KWEB);

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

○ 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 and Future Mobility Index ETF (KARS);

○ KraneShares MSCI All China Health Care Index ETF (KURE);

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

○ KraneShares Asia Pacific High Income USD Bond ETF ("KHYB");

○ KraneShares MSCI Emerging Markets ex China Index ETF (KEMX);

○ KraneShares Global Carbon Strategy ETF ("KRBN");

○ KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF (KVLE);

○ KraneShares Mount Lucas Managed Futures Index Strategy ETF ("KMLM");

○ KraneShares SSE STAR Market 50 Index ETF ("KSTR");

○ KraneShares Hang Seng TECH Index ETF (KTEC);

○ KraneShares California Carbon Allowance Strategy ETF ("KCCA");

○ KraneShares KWEB Covered Call Strategy ETF (KLIP);

○ KraneShares Hedgeye Hedged Equity Index ETF ("KSPY");

○ KraneShares Artificial Intelligence and Technology ETF ("AGIX");

○ KraneShares Sustainable Ultra Short Duration Index ETF (KCSH);

○ KraneShares China Alpha Index ETF (KCAI);

○ KraneShares Man Buyout Beta Index ETF ("BUYO");

○ KraneShares Global Humanoid and Embodied Intelligence Index ETF (KOID);

○ KraneShares Dragon Capital Vietnam Growth Index ETF ("KPHO");

○ KraneShares Wahed Alternative Income Index ETF ("KWIN"); and

○ KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF (KIQQ).

At the same meeting, the Board also considered and approved the following:

● an interim advisory agreement (the "Interim Advisory Agreement") between Krane and the Trust on behalf of each Fund;

● a new sub-advisory agreement and an interim sub-advisory agreement (the "Bosera Agreements") between Bosera Asset Management (International) Co., Ltd. ("Bosera") and Krane, on behalf of KBA and KSTR;

● a new sub-advisory agreement and an interim sub-advisory agreement (the "CFP Agreements") between Climate Finance Partners LLC ("CFP") and Krane, on behalf of each of KRBN and KCCA;

● a new sub-advisory agreement and an interim sub-advisory agreement (the "Etna Agreements") between Etna Capital Management Company Ltd. ("Etna") and Krane on behalf of AGIX;

● a new sub-advisory agreement and an interim sub-advisory agreement (the "MLIA Agreements") between Mount Lucas Index Advisers LLC ("MLIA") and Krane on behalf of KMLM;

● a new sub-advisory agreement and an interim sub-advisory agreement (the "Numeric Agreements") between Numeric Investors, LLC ("Numeric") and Krane on behalf of BUYO;

● a new sub-advisory agreement and an interim sub-advisory agreement (the "HAM Agreements") between Hedgeye Asset Management, LLC ("HAM") and Krane on behalf of KSPY;

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

● a new sub-advisory agreement and an interim sub-advisory agreement (the "Wahed Agreements") between Wahed Invest LLC ("Wahed") and Krane on behalf of KWIN;

● a new sub-advisory agreement and an interim sub-advisory agreement (the "Dragon Capital Agreements") between Dragon Capital Management (HK) Limited ("Dragon Capital") and Krane on behalf of KPHO; and

● a new sub-advisory agreement and an interim sub-advisory agreement (the "Amova Agreements") between Amova Asset Management Americas, Inc. ("Amova") and Krane on behalf of KHYB.

Bosera, CFP, Etna, MLIA, Numeric, HAM, Wahed, Dragon Capital and Amova are referred to collectively herein as the "Sub-Advisers." The Bosera Agreements, the CFP Agreements, the Etna Agreements, the MLIA Agreements, the Numeric Agreements, the HAM Agreements, the Wahed Agreements, the Dragon Capital Agreements and the Amova Agreements are referred to collectively herein as the "Sub-Advisory Agreements." The New KFA Agreement and Interim Advisory Agreement are collectively referred to herein as the "Advisory Agreements." The Sub-Advisory Agreements and the Advisory Agreements are collectively referred to herein as the "Agreements."

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on February 20, 2026, the Board received and considered information provided by Krane in response to the Independent Trustees' written requests relating to the Board's consideration of the Advisory Agreements with respect to each of the Funds. The Board also considered information provided by each Sub-Adviser in response to separate written requests directed to each Sub-Adviser.

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

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

**A.** **Nature, Extent and Quality of Services** 

Based on written and oral reports received by the Board prior to and at the February 20, 2026 executive session of the Independent Trustees and the February 20, 2026 meeting of the Board, the Board considered the nature, quality, and extent of the overall services that will be provided by Krane and (as applicable) the relevant Sub-Adviser under the Agreements. The Board considered that the services currently provided by Krane will continue under the Advisory Agreements, and that there will be no change to the Krane personnel providing such services to the Funds. The Board

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

considered the responsibilities of Krane with respect to each Fund under the Advisory Agreements, including its obligation to oversee the services provided by the Sub-Advisers (as applicable). The Board also discussed the nature, quality and extent of services to be provided by the Sub-Advisers under the Sub-Advisory Agreements.

The Advisory Agreements

● The Board took note of the qualifications, background and responsibilities of Krane's senior personnel who provide services to the Funds managed directly by Krane and also considered the expertise of Krane personnel charged with oversight of the Sub-Advisers. The Board noted management's representation that Krane will retain its investment, compliance and operational personnel after the Transaction.

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

● The Board noted that Krane routinely reevaluates the Funds' performance and whether each series continues to meet investor needs. The Board considered that Krane had recommended the termination of several underperforming series of the Trust during the prior year, eliminating the need for Krane personnel to manage investments, operations and compliance for such series.

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

● The Board also considered that Krane has established and oversees a securities lending program for the benefit of the Funds. The Board recognized that Krane also benefits from the securities lending program through sharing a percentage of the fee. The Board noted that it receives a quarterly report of securities lending activities and the effect of such program on the Funds.

The Bosera Agreements

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

● The Board considered that KSTR provides access to the 50 largest and most liquid companies listed on China's STAR Market, which is focused on innovative, pre-profit technology companies.

● The Board noted the continued evolution of Bosera's compliance function and its long-term relationship with Krane.

The CFP Agreements

● The Board took note that the carbon suite Funds reflect CFP's expertise with respect to carbon credits and developing carbon allocation and offset markets.

● The Board noted that CFP is a non-discretionary sub-adviser to the carbon suite Funds and considered the relative roles of personnel at both Krane and CFP with respect to management of the carbon suite Funds and their wholly-owned subsidiaries (as applicable).

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

● The Board noted that KRBN provides investors with access to investments in carbon allowance futures across the largest, most liquid global emissions trading systems, with exposure to carbon markets in the European Union, California, the United Kingdom, the Northeast power sector, and Washington state.

● The Board noted that KCCA provides investors with unique access to California carbon allowance futures.

The Etna Agreements

● The Board considered that Etna provides investors in AGIX with direct exposure to private artificial intelligence companies, and that this exposure differentiates AGIX from passive exchange-traded funds.

● The Board considered the operational resources, including deal sourcing, oversight of private investments, and analysis related to valuation that are required from Etna.

The MLIA Agreements

● The Board took note of the experience of MLIA portfolio staff managing KMLM's futures portfolio.

● The Board noted that the KMLM structure provides non-institutional investors with access to a managed futures portfolio that can provide uncorrelated returns.

● The Board recognized that KMLM has outperformed peers since inception because the portfolio composition positioned the Fund well against recent global volatility.

The Numeric Agreements

● The Board took note of the qualifications, background and responsibilities of personnel at Numeric who will provide services to BUYO.

● The Board noted that the BUYO strategy was designed to be a closer proxy for private equity performance and risk exposures than an allocation to a standard public equity benchmark. The Board noted that Numeric has successfully managed this strategy in a different type of product for more than six years.

● The Board considered Krane's involvement with Numeric in developing the underlying index and refining the strategy for a registered investment company wrapper.

The HAM Agreements

● The Board took note of the qualifications, background and responsibilities of personnel at HAM who will provide services to KSPY.

● The Board considered that KSPY is designed to provide investors with passive exposure to the S&P 500 Index, while seeking to reduce volatility and to provide downside risk management through a combination of put and call options to hedge its underlying exposure to the S&P 500.

● The Board noted the participation of HAM, a well-known research organization, in developing the Hedgeye Hedged Equity Index, KSPY's underlying index.

The Wahed Agreements

● The Board considered that KWIN is designed to generate Sharia-compliant option income

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

for investors by capturing option premium spreads through short call and long put positions.

● The Board took note of the experience of Wahed personnel, noting that Wahed is a global financial technology company that operates a Sharia-compliant robo-advisor and manages other Sharia-compliant ETFs.

● The Board noted Wahed's involvement in ensuring that the Wahed Shariah Alternative Income Index, the underlying index for KWIN, provides Sharia-compliant income, as well as Krane's responsibility for submitting investment orders and executing trades on behalf of KWIN.

The Dragon Capital Agreements

● The Board noted that Dragon Capital provides investors in KPHO with exposure to Vietnamese companies selected based on fundamental and proprietary growth criteria.

● The Board considered that Dragon Capital is the largest fund manager in Vietnam with over 30 years of experience.

The Amova Agreements

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

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

● The Board considered that the lead portfolio manager of KHYB has a significant tenure at Amova and is supported by a large and experienced fixed income team.

**B.** **Investment Performance** 

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

The Board noted that three of the Funds are actively managed, and it considered that the performance of each actively managed Fund relative to its respective peer group is an appropriate measurement of performance.

● KLIP. The Board noted that KLIP's since-inception performance exceeded the median of its peer group, primarily because most of the funds in the peer group are exposed to U.S. markets, which have underperformed China, the market to which KLIP provides exposure, during the period. The Board noted KLIP's one-year performance was below the peer group median, reflecting the recent rally in U.S. markets.

● KHYB. The Board considered that KHYB's performance was below the median of its peer group for the three- and five-year periods, primarily due to heightened default risks in China's real estate development sector during those periods. The Board noted that KHYB was above the peer group median for the one-year period due to the recent re-rating of developer bonds held

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

by the Fund, as well as strong regional growth trends and corporate balance sheets.

● AGIX. The Board noted that AGIX's one-year and since-inception performance exceeded its peer group's median primarily because the proprietary AI scoring methodology used by AGIX to identify companies with higher AI exposure contributed positively to performance during those periods.

With respect to those Funds that are passively managed and track the performance of an underlying index, the Board considered that the tracking error of each Fund against its underlying index was a more meaningful representation of the Fund's performance. The Board received and reviewed a report from Krane summarizing each passively managed Fund's tracking error versus its benchmark over a one-year period. The Board also considered a tracking error attribution report, noting that tracking error of the passively managed Funds resulted from a variety of factors, including but not limited to a Fund's inability to hold all securities in its benchmark index due to the requirements of the Presidential Executive Order 13959, as amended by Executive Order 14032 (Addressing the Threat From Securities Investments That Finance Certain Companies of the People's Republic of China), the need for a Fund to comply with diversification requirements imposed by the Internal Revenue Code, or whether a Fund follows a sampling approach to tracking its index, rather than a full replication of the index.

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

**C.** **Compensation** 

The Board considered that the unitary fee proposed to be paid by each Fund would be unchanged after the Transaction. The Board considered that under the unitary fee arrangement, Krane is responsible for paying most of each Fund's expenses, including those of its principal service providers and Sub-Adviser (if applicable). The Board reviewed and considered the fees to be paid by each Fund in light of the nature, quality and extent of the services provided or obtained by Krane. The Board also considered that Krane has imposed fee waivers on certain Funds and considered the net expense ratios of the currently operational Funds compared to those of their peer groups.

The Board noted that the management fees to be paid by the Funds under the New KFA Agreement will be the same as those paid under the Current Advisory Agreement. The Board also noted that the management fees to be paid by many of the Funds are higher than the median management fee within their respective Morningstar peer groups and that the total expense ratios of many Funds are managed through the use of expense waivers. The Board considered that the Morningstar peer groups for the Funds do not reflect the unique exposure and thematic approach of the Funds and considered that the Funds' total expense ratios are generally consistent with those of their direct peers. The Board considered that the Funds offer unique investment exposure for investors in U.S. registered funds and considered the operational costs and entrepreneurial risks that will continue to be incurred by Krane under the New KFA Agreement.

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

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

The Board considered that, under the Interim Advisory Agreement, fees to be paid to Krane by a particular Fund would be escrowed, but that Krane would have to continue to pay the Sub-Adviser to such Fund. The Board noted that the total expense ratio of each Fund will not change as a result of the Transaction.

**D.** **Costs and Profitability** 

The Board reviewed a report of Fund-by-Fund profitability prepared by Krane. The Board considered Krane's commitment to the success of each Fund and the use of a unitary fee structure under which Krane bears the risk if certain expenses increase or if a Fund's assets fail to increase to a level sufficient to cover such expenses. The Board recognized that the volatility in asset flows experienced by the Trust overall can directly and materially affect Krane's profitability. The Board also considered that Krane has established a securities lending program for the benefit of the Funds, and that fees earned by Krane from such Funds can affect the profitability of such Funds to Krane.

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

**E.** **Other Benefits** 

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

The Board noted that certain members of management will participate in ownership of Krane subsequent to the Transaction. The Board did not observe any other specific benefits to be realized by Krane or its management as a result of the Transaction.

**F.** **Economies of Scale** 

The Board considered whether fees under the Advisory Agreements reflect the potential for economies of scale for the benefit of Fund shareholders. The Board determined that, at present, economies of scale are not a material factor for the Board to consider in connection with the Advisory Agreements.

**G.** **Conclusion** 

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

**\*\*\*\*\***

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

At a meeting held on May 20, 2025, the Board, including all of the Independent Trustees, approved the following agreements:

● the existing investment advisory agreement (the "Advisory Agreement") between Krane and the Trust, on behalf of each of the following Funds:

● KraneShares Wahed Alternative Income Index ETF (KWIN); and

● KraneShares Dragon Capital Vietnam Growth Index ETF (KPHO);

● a sub-advisory agreement (the "Wahed Agreement") between Wahed and Krane on behalf of KWIN; and

● a sub-advisory agreement (the "Dragon Capital Agreement") between Dragon Capital and Krane on behalf of KPHO.

Wahed and Dragon Capital are referred to herein each as a "Sub-Adviser" and collectively as the "Sub-Advisers." The Wahed Agreement and the Dragon Capital Agreement are referred to collectively herein as the "Sub-Advisory Agreements." The Advisory Agreement and the Sub-Advisory Agreements are collectively referred to herein as the "Agreements."

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on May 20, 2025, the Board received and considered information provided by Krane in response to the Independent Trustees' written requests for information regarding the Funds and the Advisory Agreement. The Board also considered information provided by each Sub-Adviser in response to separate written requests directed to each Sub-Adviser.

The Board considered that its evaluation process with respect to Krane and each Sub-Adviser is an ongoing one, and the Board will consider information at each of its regularly scheduled meetings related to, among other matters, the services provided to each Fund by Krane and the relevant Sub-Adviser. The Board considered that the Independent Trustees also receive additional information outside of regularly scheduled Board meetings and at executive sessions held by the Independent Trustees.

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

**A.** **Nature, Extent and Quality of Services** 

Based on written and oral reports received by the Board prior to and at the May 20, 2025 executive session of the Independent Trustees and the May 20, 2025 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane and the relevant Sub-Adviser to each Fund under the Agreements. The Board took note of the qualifications, background and responsibilities of Krane's senior personnel who provide services to the Funds managed directly by Krane and also considered the expertise of Krane personnel charged with oversight of the Sub-Advisers.

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

The Board recognized that Krane has invested and continues to invest significant time and effort in structuring the Trust and the Funds. The Board noted that Krane, together with the Sub-Advisers, is responsible for assessing the market appeal and the investment strategy of each Fund, and that Krane continually seeks to create new series of the Trust that present unique investment strategies and meet unique investor needs. The Board considered the related entrepreneurial risk assumed by Krane with respect to the Trust and the Funds

With respect to the Wahed Agreement, the Board considered that KWIN is designed to generate Sharia-compliant option income for investors by capturing option premium spreads through short call and long put positions. The Board took note of the experience of Wahed personnel, noting that Wahed is a global financial technology company that operates a Sharia-compliant robo-advisor and manages other Sharia-compliant ETFs. The Board noted Wahed's involvement in ensuring that the Wahed Shariah Alternative Income Index, the underlying index for KWIN, provides Sharia-compliant income, as well as Krane's responsibility for submitting investment orders and executing trades on behalf of KWIN.

With respect to the Dragon Capital Agreement, the Board noted that Dragon Capital provides investors in KPHO with exposure to Vietnamese companies selected based on fundamental and proprietary growth criteria. The Board considered that Dragon Capital is the largest fund manager in Vietnam with over 30 years of experience.

Based on the foregoing, the Board concluded that each Fund is likely to benefit from the nature, extent and quality of the services to be provided by Krane and the Sub-Advisers under the Agreements.

**B.** **Investment Performance** 

The Board noted that, because the Funds have not yet commenced investment operations, they have no investment performance. The Board considered that once the Funds commence operations, the Board will receive regular reports regarding each Fund's performance relative to a broad Morningstar peer group, and potentially a select group of peers identified by Krane. The Board also considered that at its regular meetings it will receive information regarding the performance of each Fund against the performance of its respective underlying index. The Board recognized that there may be limited peers available for the Funds.

**C.** **Compensation** 

The Board considered that, pursuant to the Advisory Agreement, Krane will enter into a unitary advisory fee arrangement for each Fund. The Board also considered that Krane structured the proposed fees for the Funds in a manner that is consistent with other series of the Trust. The Board took note that under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the Funds, including those of the principal service providers, and that Krane takes the risk that the Funds may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

The Board considered the proposed fee for the Funds compared to their respective Morningstar universe, noting that the proposed fees and expenses for the Funds are higher than the median of the peer group. The Board noted that the management fees to be paid by the Funds are higher than the median management fee within their respective Morningstar peer groups. The Board considered Krane's representation that the Funds present highly differentiated strategies and took

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

note of the specialized expertise and structuring required to provide such strategies in a U.S. registered fund wrapper. The Board noted the operational costs and entrepreneurial risks that will be incurred by Krane under the Advisory Agreement.

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

**D.** **Costs and Profitability** 

The Board considered pro-forma projected profit and loss statements for the Funds. The Board recognized that, because the Funds have not yet launched, it is difficult to estimate how profitable they will be to Krane, although the Board recognized that the Funds will leverage procedures and systems put in place in connection with management of other series of the Trust. The Independent Trustees also considered information from Krane regarding its overall profitability and discussed with Krane's management how launching the Funds could impact such profitability. The Board noted Krane's continuing commitment to operating the Trust and its continued use of a unitary fee structure under which it will bear many of the expenses of the Funds. Based on these and other considerations, the Board considered that the profitability of the Funds was not a material factor in its consideration of the Agreements.

**E.** **Other Benefits** 

The Board considered the extent to which Krane could derive ancillary benefits from the operations of the Funds. The Board considered that Krane could benefit if the Funds participate in the Trust's securities lending program or if Krane could use each Fund's assets to engage in soft dollar transactions. The Board determined that, at present, it did not observe any specific benefits to be realized by Krane as a result of launching the Funds.

**F.** **Economies of Scale** 

The Board considered whether fees under the Advisory Agreement reflect the potential for economies of scale for the benefit of Fund shareholders. The Board determined that, at present, economies of scale are not a material factor for the Board to consider in connection with Advisory Agreement.

**G.** **Conclusion** 

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

**\*\*\*\*\***

At a meeting held on September 10, 2025, the Board, including all of the Independent Trustees, approved the Advisory Agreement between Krane and the Trust, on behalf of KraneShares InspereX Nasdaq Dynamic Buffered High Income Index ETF ("KIQQ" or the "Fund").

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on September 10, 2025, the Board received and considered information provided by Krane in response to the Independent Trustees' written requests for information regarding the Fund and the Advisory Agreement.

The Board considered that its evaluation process with respect to Krane is an ongoing one, and the Board will consider information at each of its regularly scheduled meetings related to, among other matters, the services provided to KIQQ by Krane. The Board considered that the Independent Trustees also receive additional information outside of regularly scheduled Board meetings and at executive sessions held by the Independent Trustees.

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

**A.** **Nature, Extent and Quality of Services** 

Based on written and oral reports received by the Board prior to and at the September 10, 2025 executive session of the Independent Trustees and the September 10, 2025 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane to the Fund under the Advisory Agreement. The Board took note of the qualifications, background and responsibilities of Krane's senior personnel who provide services to the Fund, in particular that the Fund's primary portfolio manager has more than 20 years of experience working with equity derivatives in trading, capital markets, and fund management capacities.

The Board recognized that Krane has invested and continues to invest significant time and effort in structuring the Trust and each new series of the Trust. The Board noted that Krane was responsible for assessing the market appeal and the investment strategy of the Fund, and that Krane continually seeks to create new series of the Trust that present unique investment strategies and meet unique investor needs. The Board considered the related entrepreneurial risk assumed by Krane with respect to the Trust and the Fund.

Based on the foregoing, the Board concluded that the Fund is likely to benefit from the nature, extent and quality of the services to be provided by Krane under the Advisory Agreement.

**B.** **Investment Performance** 

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

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

**C.** **Compensation** 

The Board considered that, pursuant to the Advisory Agreement, Krane will enter into a unitary advisory fee arrangement for the Fund. The Board also considered that Krane structured the proposed fees for the Fund in a manner that is consistent with other series of the Trust. The Board took note that under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the Fund, including those of the principal service providers, and that Krane takes the risk that the Fund may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

The Board considered the proposed fee for the Fund compared to its Morningstar universe, noting that the proposed fees and expenses for the Fund are higher than the median of the peer group. The Board considered Krane's representation that the Fund presents a highly differentiated strategy and took note of the specialized expertise and structuring required to provide such strategy in a U.S. registered fund wrapper. The Board noted the operational costs and entrepreneurial risks that will be incurred by Krane under the Advisory Agreement.

**D.** **Costs and Profitability** 

The Board considered pro-forma projected profit and loss statements for the Fund. The Board recognized that, because the Fund has not yet launched, it is difficult to estimate how profitable it will be to Krane, although the Board recognized that the Fund will leverage procedures and systems put in place in connection with management of other series of the Trust. The Independent Trustees also considered information from Krane regarding its overall profitability and discussed with Krane's management how launching the Fund could impact such profitability. The Board noted Krane's continuing commitment to operating the Trust and its continued use of a unitary fee structure under which it will bear many of the expenses of the Fund. Based on these and other considerations, the Board considered that the profitability of the Fund was not currently a material factor in its consideration of the Advisory Agreement.

**E.** **Other Benefits** 

The Board considered the extent to which Krane could derive ancillary benefits from the operations of the Fund. The Board considered that Krane could benefit if the Fund participates in the Trust's securities lending program or if Krane could use the Fund's assets to engage in soft dollar transactions. The Board determined that, at present, it did not observe any specific benefits to be realized by Krane as a result of launching the Fund.

**F.** **Economies of Scale** 

The Board considered whether fees under the Advisory Agreement reflect the potential for economies of scale for the benefit of Fund shareholders. The Board determined that, at present, economies of scale are not a material factor for the Board to consider in connection with the Advisory Agreement.

**G.** **Conclusion** 

The Board did not identify any single factor as being of paramount importance, and different Trustees may have given different weight to different factors in their review of the Advisory Agreement. The Board reviewed a memorandum from Independent Trustee counsel discussing the legal standards and judicial precedent applicable to its consideration of the Advisory Agreement. Based on its

**Other Information (Form N-CSR Items 8-11) (Unaudited) (concluded)**

review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Advisory Agreement, were reasonable in light of the factors considered by the Board.

![](img_001.jpg)

---

| | |
|:---|:---|
| **KraneShares Trust:** | **Sub-Adviser:** |
| 280 Park Avenue 32nd Floor<br> New York, NY 10017 | Numeric Investors LLC<br> 200 Pier 4 Boulevard, Fifth Floor<br> Boston, MA 02210 |
| **Investment Adviser:** | **Sub-Adviser** |
| Krane Funds Advisors, LLC<br> 280 Park Avenue 32nd Floor<br> New York, NY 10017 | Wahed Invest LLC<br> 27 East 28th Street, 8th Floor<br> New York, New York 10016 |
| **Sub-Adviser:** | **Distributor:** |
| Amova Asset Management Americas, Inc. | SEI Investments Distribution Co. |
| 605 Third Avenue 38th Floor | One Freedom Valley Drive |
| New York, NY 10158 | Oaks, PA 19456 |
| **Sub-Adviser:** | **Administrator:** |
| Bosera Asset Management | SEI Investments Global Funds Services |
| (International) Co., Ltd. | One Freedom Valley Drive |
| Suite 4109 | Oaks, PA 19456 |
| Jardine House |  |
| One Connaught Place | **Independent Registered Public Accounting Firm:** |
| Central, Hong Kong | KPMG LLP |
|  | 1735 Market Street |
| **Sub-Adviser:** | Philadelphia, PA 19103 |
| Climate Finance Partners LLC |  |
| 1000 N. West Street |  |
| Wilmington, DE 19801 |  |
| **Sub-Adviser:** |  |
| Dragon Capital Management |  |
| (HK) Limited |  |
| Unit 2406, 24/F |  |
| 9 Queen's Road Central, Hong Kong |  |
| **Sub-Adviser:** |  |
| Etna Capital Management Company Ltd. |  |
| 1532 Nexxus Building |  |
| Connaught Road, Central Hong Kong |  |
| **Sub-Adviser:** |  |
| Hedgeye Asset Management, LLC |  |
| 1 High Ridge Park, Third Floor |  |
| Stamford, Connecticut 06905 |  |

---

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

![](img_001.jpg)

**KraneShares Trust:**

280 Park Avenue, 32nd Floor

New York, NY 10017

KRS-AR-001-1300

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Included under Item 7.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Included under Item 7.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Included under Item 7.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Included under Item 7.

**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 to the Registrant.

(b) Not applicable to the Registrant.

**Item 19. Exhibits.**

[(a)(1) Code of Ethics filed herewith.](kraneshares_ex99codeeth.htm)

(a)(2) Not applicable to the Registrant.

[(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.](kraneshares_ex99cert.htm)

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

(a)(5) Not applicable to the Registrant.

[(b) Officer certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), is filed herewith.](kraneshares_ex99-906cert.htm)

The certification furnished pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act will not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended ("Exchange Act"), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.

**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 8, 2026

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 8, 2026

---

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

---

Date: June 8, 2026

## Ex-99.Code

**Exhibit 99.CODE ETH**

**KRANESHARES TRUST**

**SARBANES-OXLEY CODE OF ETHICS** 

**(Principal Executive Officer/President and Principal Financial Officer/Treasurer)**

**<u>Introduction</u>**

The reputation and integrity of KraneShares Trust (the "Trust") are valuable assets that are vital to the Trust's success. The Board of Trustees (the "Board") of the Trust has adopted this Sarbanes-Oxley Code of Ethics (the "SOX Code") to encourage the Trust's Covered Officers (as defined below) to conduct the Trust's business in a manner that demonstrates a commitment to the highest standards of integrity. Covered Officers include the principal executive officer, the principal financial officer, the comptroller (or principal accounting officer), if any, and any person who performs a similar function.

The Trust has also adopted a Code of Ethics under Rule 17j-1 (the "Rule 17j-1 Code") under the Investment Company Act of 1940, as amended. The Trust's Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future fund transactions, have the power to influence those transactions, and engage in securities transactions in their personal account(s).

This SOX Code should be read in conjunction with the Trust's other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

**<u>Purposes of the SOX Code</u>**

This SOX Code applies to each Covered Officer for the purpose of promoting:

● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

● Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the U.S. Securities and Exchange Commission (the "SEC") ("Reports"), and in other public communications made by the Trust;

● Compliance with applicable laws and governmental rules and regulations;

● The prompt internal reporting of violations of the SOX Code to an appropriate person or persons identified in the SOX Code; and

● Accountability for adherence to the SOX Code.

**<u>Chief Compliance Officer; Questions about the SOX Code</u>**

The Board has designated the Trust's Chief Compliance Officer (the "CCO") to implement and administer this SOX Code. Any questions about this SOX Code should be directed to the CCO.

The CCO is responsible for applying this SOX Code to specific situations in which questions are presented under it and has the authority to interpret this SOX Code in any particular situation. However, any approvals or waivers requested by a Covered Officer with respect to a provision of this SOX Code must be submitted in writing to the CCO for review and will be considered by the Audit Committee of the Board (the "Committee"), which will make a recommendation to the Board.

**<u>Principles for the Handling of Financial Information and Avoiding Conflicts of Interest</u>**

The Trust has adopted the following principles to govern the manner in which Covered Officers perform their duties. Specifically, Covered Officers shall:

● Act with honesty and integrity;

● Avoid violations of this SOX Code, including actual or apparent conflicts of interest with the Trust in personal and professional relationships;

● Provide information to the employees and service providers (e.g., each advisor, each sub-advisor, administrator, independent registered public accounting firm (auditor), outside counsel, custodian, etc.) of the Trust that is accurate, complete, objective, relevant, timely, and understandable;

● Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust's Reports;

● Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code of 1986;

● Act in good faith, responsibly, and with due care, competence and diligence, without knowingly misrepresenting material facts or subordinating independent judgment to another end;

● Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated;

● Record (or cause the recording of) entries in the Trust's books and records that are accurate;

● Refrain from using confidential information for personal advantage; and

● Discuss any material transaction or relationship that could reasonably be expected to give rise to a conflict of interest with the other Covered Officers, CCO or outside counsel, as appropriate.

**<u>Violations of the SOX Code</u>**

Any action that, directly or indirectly, materially contravenes one or more of the principles outlined above shall be treated as a violation of this SOX Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this SOX Code, regardless of whether this SOX Code refers to that particular conduct.

A violation of this SOX Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non-criminal violations.

**<u>Enforcement of SOX Code Violations</u>**

If a Covered Officer or the CCO observes, learns of, or, in good faith, suspects a current or threatened violation of this SOX Code, he or she must immediately report the violation or suspected violation in writing to the CCO, the Trust's senior management, or to the Committee. An example of a possible SOX Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

The CCO will follow the below procedures in investigating and enforcing this SOX Code. The CCO may, in his or her discretion, consult with outside counsel, the Trust's auditors, the Trust's senior management or the Board in determining how to address the suspected violation.

● The CCO will take all appropriate action to investigate any potential violations reported;

● The CCO will review with the outside counsel to the Trust the findings and conclusions of such investigation;

● If, after such investigation and review, the CCO believes that no violation has occurred, the CCO is not required to take any further action;

● If, after such investigation and review, the CCO believes that a violation has occurred, the CCO will report it to the Committee;

● If the Committee concurs that a violation has occurred, it will report the violation to the Board and make a recommendation to the Board as to the appropriate response. An appropriate response may include review of, and modifications to, certain policies and procedures (including this SOX Code), notification of the violation to the investment advisor, the Trust administrator and/or other Trust service providers, or disciplinary action against the Covered Officer, which may include, without limitation, dismissal;

● The Board may grant waivers of the SOX Code, as appropriate; and

● Any changes to or waivers of this SOX Code will, to the extent required, be disclosed as provided by SEC rules.

**<u>Disclosure of Existing or Potential Conflicts of Interest</u>**

Covered Officers shall file a letter (a "Disclosure Letter") regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether the Covered Officer is involved or has only observed the transaction or relationship. All Disclosure Letters shall be addressed and submitted to the CCO, or if it is not possible to disclose the matter to the CCO, then the Disclosure Letter shall be addressed and submitted to the Committee.

The Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the CCO or other appropriate officers of the Trust.

**<u>Outside Service Providers</u>**

Because, as a practical matter, service providers to the Trust, such as the administrator, independent registered public accounting firm, and custodian, are materially responsible for the recording, processing, summarizing and reporting with respect to the Trust's financial statements, Covered Officers should be alert for actions by such service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. Under this SOX Code, Covered Officers must promptly report these actions to the CCO.

**<u>Non-Retaliation Policy</u>**

Covered Officers who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

**<u>Initial and Annual Affirmation of the SOX Code</u>**

The CCO will review with the Covered Officers (i) the contents and importance of this SOX Code and related policies; (ii) the manner in which violations must be reported; and (iii) how Disclosure Letters must be submitted. Each Covered Officer will be asked to affirm in writing that he or she has received, read and understands this SOX Code, and annually thereafter must affirm that he or she has complied with the requirements of this SOX Code. Forms of the initial and annual affirmations are attached hereto as Exhibit A and Exhibit B.

**Exhibit A**

**KraneShares Trust (the "Trust")**<br>

**<u>Initial Covered Officer Affirmation of Understanding</u>**

In accordance with the Trust's Sarbanes-Oxley Code of Ethics (the "SOX Code"), the undersigned Covered Officer (as defined in the SOX Code) of the Trust hereby affirms to the Trust's Board of Trustees that the Covered Officer has received, read, and understands the SOX Code.

---

| | |
|:---|:---|
| Date: | /s/ Jonathan Krane |
| | Principal Executive Officer – Jonathan Krane |
| Date: | /s/ Jonathan Krane |
|  | Principal Financial Officer – Jonathan Krane |

---

**Exhibit B**

**KraneShares Trust (the "Trust")**<br>

**<u>Annual Covered Officer Affirmation</u>**

**For the period April 1, 20_____ to March 31, 20_____**

In accordance with the Trust's Sarbanes-Oxley Code of Ethics (the "SOX Code"), the undersigned Covered Officer (as defined in the SOX Code) of the Trust hereby affirms to the Trust's Board of Trustees that the Covered Officer, at all times during the period for which this affirmation is given, has complied with each of the requirements of the SOX Code.

---

| |
|:---|
| Date: |
| /s/ Jonathan Krane |
| Principal Executive Officer<br> Jonathan Krane |
| /s/ Jonathan Krane |
| Principal Financial Officer<br> Jonathan Krane |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**CERTIFICATION**

**Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940**

**and Section 302 of the Sarbanes-Oxley Act of 2002**

I, Jonathan Krane, certify that:

1. I have reviewed this report on Form N-CSR of the KraneShares Trust (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information, included in this report fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4. The Registrant's other certifying officer(s), if any, and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting 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; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting.

Date: June 8, 2026

---

| |
|:---|
| /s/ Jonathan Krane |
| Jonathan Krane |
| Principal Executive Officer and Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

**CERTIFICATION**

**Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906**

**of the Sarbanes-Oxley Act of 2002**

The undersigned, Jonathan Krane, the Principal Executive Officer and Principal Financial Officer of the KraneShares Trust (the "Fund"), with respect to the Fund's Form N-CSR for the period ended March 31, 2026, as filed with the Securities and Exchange Commission, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. such Form N-CSR fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the information contained in such Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Fund.

Dated: June 8, 2026

---

| |
|:---|
| /s/ Jonathan Krane |
| Jonathan Krane |
| Principal Executive Officer and |
| Principal Financial Officer |

---