# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001752724-23-049468
**Filing Date:** 2023-3
**Character Count:** 37738
**Document Hash:** 109018373832093feecc46fe7cf7f315
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049468.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049468

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230301

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Krane Shares Trust
- **CENTRAL INDEX KEY:** 0001547576
- **IRS NUMBER:** 456861457
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 23691061

**BUSINESS ADDRESS:**
- **STREET 1:** 280 PARK AVENUE
- **STREET 2:** 32ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 646-479-5031

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% ‡** |  |  |
| **Bermuda — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings | 257 | $47347 |
| TOTAL BERMUDA |  | 47347 |
| **United Kingdom — 0.8%** |  |  |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Linde | 144 | 46970 |
| TOTAL UNITED KINGDOM |  | 46970 |
| **United States — 98.2%** |  |  |
| Communication Services — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Activision Blizzard | 641 | 49069 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 1351 | 47244 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies | 1436 | 47833 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Cl A | 265 | 46383 |
| &nbsp;&nbsp;&nbsp;Omnicom Group | 616 | 50247 |
|  |  | 240776 |
| Consumer Discretionary — 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;Genuine Parts | 260 | 45113 |
| &nbsp;&nbsp;&nbsp;McDonald's | 178 | 46908 |
| &nbsp;&nbsp;&nbsp;Polaris | 416 | 42016 |
| &nbsp;&nbsp;&nbsp;Service International | 682 | 47153 |
| &nbsp;&nbsp;&nbsp;Starbucks | 462 | 45830 |
| &nbsp;&nbsp;&nbsp;Tractor Supply | 216 | 48594 |
|  |  | 275614 |
| Consumer Staples — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland | 529 | 49118 |
| &nbsp;&nbsp;&nbsp;Brown-Forman, Cl B | 652 | 42823 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores | 208 | 46665 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 755 | 48025 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale | 99 | 45193 |
| &nbsp;&nbsp;&nbsp;Flowers Foods | 1617 | 46473 |
| &nbsp;&nbsp;&nbsp;Hershey | 207 | 47935 |
| &nbsp;&nbsp;&nbsp;Hormel Foods | 1018 | 46370 |
| &nbsp;&nbsp;&nbsp;J M Smucker | 314 | 49756 |
| &nbsp;&nbsp;&nbsp;Kellogg | 657 | 46805 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 262 | 47333 |
| &nbsp;&nbsp;&nbsp;Sysco | 568 | 43424 |
| &nbsp;&nbsp;&nbsp;Walmart | 317 | 44947 |
|  |  | 604867 |
| Financials — 17.6% |  |  |
| &nbsp;&nbsp;&nbsp;Aflac | 671 | 48272 |
| &nbsp;&nbsp;&nbsp;Allstate | 371 | 50308 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial | 147 | 45771 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** |  |  |
| Financials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Aon, Cl A | 159 | $47722 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher | 241 | 45438 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty | 730 | 45450 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 844 | 45720 |
| &nbsp;&nbsp;&nbsp;BOK Financial | 461 | 47847 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets | 379 | 47553 |
| &nbsp;&nbsp;&nbsp;Chubb | 221 | 48753 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares | 686 | 46682 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers | 343 | 45859 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity, Cl A | 176 | 43775 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems | 104 | 41726 |
| &nbsp;&nbsp;&nbsp;Globe Life | 401 | 48341 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 332 | 44863 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan | 280 | 46334 |
| &nbsp;&nbsp;&nbsp;Nasdaq | 704 | 43190 |
| &nbsp;&nbsp;&nbsp;Primerica | 330 | 46801 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial | 407 | 43488 |
| &nbsp;&nbsp;&nbsp;Travelers | 256 | 47997 |
| &nbsp;&nbsp;&nbsp;W R Berkley | 640 | 46445 |
|  |  | 1018335 |
| Health Care — 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 297 | 47998 |
| &nbsp;&nbsp;&nbsp;AmerisourceBergen, Cl A | 279 | 46233 |
| &nbsp;&nbsp;&nbsp;Amgen | 170 | 44649 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 599 | 43098 |
| &nbsp;&nbsp;&nbsp;Cardinal Health | 600 | 46122 |
| &nbsp;&nbsp;&nbsp;Chemed | 93 | 47470 |
| &nbsp;&nbsp;&nbsp;Elevance Health | 93 | 47706 |
| &nbsp;&nbsp;&nbsp;Humana | 89 | 45585 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 272 | 48049 |
| &nbsp;&nbsp;&nbsp;Merck | 441 | 48929 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 91 | 48246 |
|  |  | 514085 |
| Industrials — 20.2% |  |  |
| &nbsp;&nbsp;&nbsp;AGCO | 357 | 49512 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding, Cl A | 447 | 46720 |
| &nbsp;&nbsp;&nbsp;Carlisle | 187 | 44067 |
| &nbsp;&nbsp;&nbsp;Cummins | 194 | 47005 |
| &nbsp;&nbsp;&nbsp;Donaldson | 798 | 46978 |
| &nbsp;&nbsp;&nbsp;Eaton | 297 | 46614 |
| &nbsp;&nbsp;&nbsp;Emerson Electric | 501 | 48126 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 190 | 47141 |
| &nbsp;&nbsp;&nbsp;HEICO | 296 | 45477 |
| &nbsp;&nbsp;&nbsp;Honeywell International | 222 | 47575 |
| &nbsp;&nbsp;&nbsp;Hubbell, Cl B | 195 | 45763 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries | 203 | 46828 |
| &nbsp;&nbsp;&nbsp;IDEX | 201 | 45894 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 213 | 46924 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Industrials — continued |  |  |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 327 | $47248 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 98 | 47676 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group | 1535 | 46572 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman | 89 | 48559 |
| &nbsp;&nbsp;&nbsp;PACCAR | 459 | 45427 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 345 | 44502 |
| &nbsp;&nbsp;&nbsp;Snap-on | 198 | 45241 |
| &nbsp;&nbsp;&nbsp;Toro | 433 | 49016 |
| &nbsp;&nbsp;&nbsp;Waste Management | 286 | 44868 |
| &nbsp;&nbsp;&nbsp;WW Grainger | 81 | 45056 |
| &nbsp;&nbsp;&nbsp;Xylem | 428 | 47324 |
|  |  | 1166113 |
| Information Technology — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amdocs | 538 | 48904 |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 602 | 45836 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 288 | 47241 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 180 | 42995 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 977 | 46544 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 327 | 46071 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates | 254 | 44592 |
| &nbsp;&nbsp;&nbsp;KLA | 125 | 47129 |
| &nbsp;&nbsp;&nbsp;Mastercard, Cl A | 135 | 46944 |
| &nbsp;&nbsp;&nbsp;Microchip Technology | 629 | 44187 |
| &nbsp;&nbsp;&nbsp;National Instruments | 1161 | 42841 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 224 | 46538 |
|  |  | 549822 |
| Materials — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 153 | 47164 |
| &nbsp;&nbsp;&nbsp;Albemarle | 172 | 37300 |
| &nbsp;&nbsp;&nbsp;Nucor | 316 | 41652 |
| &nbsp;&nbsp;&nbsp;Reliance Steel & Aluminum | 228 | 46156 |
| &nbsp;&nbsp;&nbsp;Royal Gold | 427 | 48131 |
| &nbsp;&nbsp;&nbsp;RPM International | 464 | 45217 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 893 | 46293 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 776 | 47111 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics | 444 | 43379 |
|  |  | 402403 |
| Real Estate — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;American Tower † | 221 | 46821 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties † | 309 | 45750 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties † | 733 | 47352 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage † | 305 | 44890 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust † | 443 | 44761 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust † | 957 | 46185 |
| &nbsp;&nbsp;&nbsp;National Retail Properties † | 1049 | 48002 |
| &nbsp;&nbsp;&nbsp;Realty Income † | 770 | 48841 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Large Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** |  |  |
| Real Estate — continued |  |  |
| &nbsp;&nbsp;&nbsp;WP Carey † | 591 | $46187 |
|  |  | 418789 |
| Utilities — 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;AES | 1688 | 48547 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 510 | 48425 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 416 | 46621 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 497 | 47369 |
| &nbsp;&nbsp;&nbsp;Essential Utilities | 1003 | 47873 |
| &nbsp;&nbsp;&nbsp;IDACORP | 446 | 48101 |
| &nbsp;&nbsp;&nbsp;NextEra Energy | 570 | 47652 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital | 621 | 47221 |
| &nbsp;&nbsp;&nbsp;Sempra Energy | 292 | 45126 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 504 | 47255 |
|  |  | 474190 |
| TOTAL UNITED STATES |  | 5664994 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,578,209) |  | 5759311 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,578,209) |  | 5759311 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 11631 |
| NET ASSETS - 100% |  | $5770942 |

---

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

† Real
 Estate Investment Trust

*Cl — Class*

As of December 31, 2022, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-017-0800

Schedule of Investments (Unaudited) December 31, 2022

**KFA Small Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% ‡** | **COMMON STOCK — 99.9% ‡** | **COMMON STOCK — 99.9% ‡** |
| **United States — 99.9%** |  |  |
| Communication Services — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings | 2284 | $130371 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Cl A | 2800 | 112168 |
|  |  | 242539 |
| Consumer Staples — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods | 803 | 120217 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony | 647 | 127653 |
| &nbsp;&nbsp;&nbsp;SpartanNash | 3901 | 117966 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries | 2844 | 121080 |
| &nbsp;&nbsp;&nbsp;Universal | 2286 | 120724 |
|  |  | 607640 |
| Financials — 28.8% |  |  |
| &nbsp;&nbsp;&nbsp;AMERISAFE | 2432 | 126391 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp | 5379 | 124201 |
| &nbsp;&nbsp;&nbsp;City Holding | 1292 | 120272 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 1047 | 118007 |
| &nbsp;&nbsp;&nbsp;First Financial | 2746 | 126536 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Cl A | 3048 | 117805 |
| &nbsp;&nbsp;&nbsp;Fulton Financial | 7069 | 118971 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp | 2234 | 110404 |
| &nbsp;&nbsp;&nbsp;Independent Bank | 1437 | 121326 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 2505 | 114629 |
| &nbsp;&nbsp;&nbsp;Lakeland Bancorp | 7043 | 124027 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 8682 | 121374 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial | 1591 | 123430 |
| &nbsp;&nbsp;&nbsp;United Bankshares | 3054 | 123657 |
| &nbsp;&nbsp;&nbsp;WesBanco | 3280 | 121295 |
|  |  | 1812325 |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ensign Group | 1393 | 131792 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular | 2774 | 127659 |
|  |  | 259451 |
| Industrials — 17.6% |  |  |
| &nbsp;&nbsp;&nbsp;Alamo Group | 862 | 122059 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises | 2721 | 120976 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 996 | 125526 |
| &nbsp;&nbsp;&nbsp;Griffon | 3646 | 130490 |
| &nbsp;&nbsp;&nbsp;Hillenbrand | 2468 | 105310 |
| &nbsp;&nbsp;&nbsp;Lindsay | 743 | 120997 |
| &nbsp;&nbsp;&nbsp;Matthews International, Cl A | 4138 | 125961 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 1321 | 130435 |
| &nbsp;&nbsp;&nbsp;Trinity Industries | 4158 | 122952 |
|  |  | 1104706 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Small Cap Quality Dividend Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Information Technology — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Badger Meter | 1139 | $124185 |
| &nbsp;&nbsp;&nbsp;Power Integrations | 1673 | 119988 |
|  |  | 244173 |
| Materials — 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;Balchem | 934 | 114051 |
| &nbsp;&nbsp;&nbsp;HB Fuller | 1628 | 116597 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical | 682 | 113826 |
| &nbsp;&nbsp;&nbsp;Stepan | 1156 | 123068 |
| &nbsp;&nbsp;&nbsp;Worthington Industries | 2309 | 114780 |
|  |  | 582322 |
| Real Estate — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty † | 1857 | 131717 |
| &nbsp;&nbsp;&nbsp;STAG Industrial † | 3978 | 128529 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust † | 2436 | 116270 |
|  |  | 376516 |
| Utilities — 16.7% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 1991 | 128439 |
| &nbsp;&nbsp;&nbsp;American States Water | 1333 | 123369 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 2036 | 123463 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 2679 | 132932 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding | 2798 | 133157 |
| &nbsp;&nbsp;&nbsp;SJW Group | 1763 | 143138 |
| &nbsp;&nbsp;&nbsp;South Jersey Industries | 3850 | 136791 |
| &nbsp;&nbsp;&nbsp;Spire | 1901 | 130903 |
|  |  | 1052192 |
| TOTAL UNITED STATES |  | 6281864 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,112,035) |  | 6281864 |
| TOTAL INVESTMENTS — 99.9% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,112,035) |  | 6281864 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 5739 |
| NET ASSETS - 100% |  | $6287603 |

---

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

† Real
 Estate Investment Trust

*Cl — Class*

As of December 31, 2022, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-016-0800

Schedule of Investments (Unaudited) December 31, 2022

**KFA Value Line<sup>®</sup> Dynamic Core Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% ‡** | **COMMON STOCK — 99.8% ‡** | **COMMON STOCK — 99.8% ‡** |
| **United States — 99.8%** |  |  |
| Communication Services — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 17775 | $621592 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 16694 | 657743 |
|  |  | 1279335 |
| Consumer Discretionary — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Home Depot | 1803 | 569496 |
| &nbsp;&nbsp;&nbsp;Starbucks | 3342 | 331526 |
|  |  | 901022 |
| Consumer Staples — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Clorox | 3289 | 461545 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 11166 | 710269 |
| &nbsp;&nbsp;&nbsp;Conagra Brands | 12998 | 503023 |
| &nbsp;&nbsp;&nbsp;Kellogg | 6707 | 477807 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 3775 | 512456 |
| &nbsp;&nbsp;&nbsp;PepsiCo | 2439 | 440630 |
|  |  | 3105730 |
| Financials — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management † | 5140 | 108351 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon | 11290 | 513921 |
| &nbsp;&nbsp;&nbsp;BlackRock, Cl A | 811 | 574699 |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 3037 | 510702 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 6355 | 852206 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 11707 | 510542 |
|  |  | 3070421 |
| Health Care — 9.7% |  |  |
| &nbsp;&nbsp;&nbsp;Amgen | 2175 | 571242 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 8279 | 595674 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 6622 | 568499 |
| &nbsp;&nbsp;&nbsp;Merck | 4611 | 511590 |
| &nbsp;&nbsp;&nbsp;Pfizer | 14732 | 754868 |
|  |  | 3001873 |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;3M | 4265 | 511459 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 491 | 108167 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 644 | 313300 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 3201 | 556462 |
| &nbsp;&nbsp;&nbsp;Watsco | 1808 | 450915 |
|  |  | 1940303 |
| Information Technology — 15.6% |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 7653 | 994354 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 13805 | 657670 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services | 4740 | 321609 |
| &nbsp;&nbsp;&nbsp;Intel | 20657 | 545965 |
| &nbsp;&nbsp;&nbsp;Microsoft | 7206 | 1728143 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Value Line<sup>®</sup> Dynamic Core Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Information Technology — continued |  |  |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 3599 | $594627 |
|  |  | 4842368 |
| Materials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 1002 | 308876 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 3564 | 455871 |
| &nbsp;&nbsp;&nbsp;Sonoco Products | 7667 | 465464 |
|  |  | 1230211 |
| Real Estate — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities † | 3273 | 476778 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust † | 4106 | 459379 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities † | 3018 | 473796 |
| &nbsp;&nbsp;&nbsp;Public Storage † | 1772 | 496497 |
| &nbsp;&nbsp;&nbsp;Realty Income † | 8169 | 518159 |
|  |  | 2424609 |
| Utilities — 29.6% |  |  |
| &nbsp;&nbsp;&nbsp;ALLETE | 4456 | 287456 |
| &nbsp;&nbsp;&nbsp;American Electric Power | 5492 | 521465 |
| &nbsp;&nbsp;&nbsp;Atmos Energy | 2515 | 281856 |
| &nbsp;&nbsp;&nbsp;Black Hills | 3591 | 252591 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 5238 | 499234 |
| &nbsp;&nbsp;&nbsp;DTE Energy | 4324 | 508200 |
| &nbsp;&nbsp;&nbsp;Duke Energy | 3076 | 316797 |
| &nbsp;&nbsp;&nbsp;Entergy | 4323 | 486337 |
| &nbsp;&nbsp;&nbsp;Evergy | 8388 | 527857 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 6018 | 504549 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries | 11576 | 484456 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 9814 | 486971 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 12060 | 476973 |
| &nbsp;&nbsp;&nbsp;ONE Gas | 6550 | 495966 |
| &nbsp;&nbsp;&nbsp;Portland General Electric | 9799 | 480151 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 8328 | 510257 |
| &nbsp;&nbsp;&nbsp;Southern | 8097 | 578207 |
| &nbsp;&nbsp;&nbsp;Spire | 6954 | 478852 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 5278 | 494865 |
| &nbsp;&nbsp;&nbsp;Xcel Energy | 7416 | 519936 |
|  |  | 9192976 |
| TOTAL UNITED STATES |  | 30988848 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,279,738) |  | 30988848 |
| TOTAL INVESTMENTS — 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,279,738) |  | 30988848 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 77133 |
| NET ASSETS - 100% |  | $31065981 |

---

Schedule of Investments (Unaudited) December 31, 2022

**KFA Value Line<sup>®</sup> Dynamic Core Equity Index ETF**

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

† Real
 Estate Investment Trust

*Cl — Class*

As of December 31, 2022, all of the Fund's investments were considered Level 1 of the fair value hierarchy, in accordance with the authoritative guidance under U.S. GAAP.

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-026-0400

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KFA Mount Lucas Managed Futures Index Strategy ETF<sup>†</sup>**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 50.3%** | **U.S. TREASURY OBLIGATIONS — 50.3%** | **U.S. TREASURY OBLIGATIONS — 50.3%** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.514%, 10/05/2023<sup>(A)</sup> | 40000000 | $38648528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.432%, 09/07/2023<sup>(A)</sup> | 20000000 | 19399310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.374%, 04/27/2023<sup>(A)</sup> | 35000000 | 34506819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.290%, 08/10/2023<sup>(A)</sup> | 40000000 | 38921100 |
| TOTAL U.S. TREASURY OBLIGATIONS |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $131,574,895) |  | 131475757 |
| TOTAL INVESTMENTS — 50.3% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $131,574,895) |  | 131475757 |
| OTHER ASSETS LESS LIABILITIES – 49.7% |  | 129939101 |
| NET ASSETS - 100% |  | $261414858 |

---

A list of the open futures contracts held by the Fund at December 31, 2022, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration Date** | **Notional Amount** | **Value** | **Unrealized Appreciation/ (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corn^ | 538 | Feb-2023 | $18037717 | $18251650 | $213933 |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bond | 9 | Mar-2023 | 9710326 | 9975160 | (187311) |
| &nbsp;&nbsp;&nbsp;Live Cattle^ | 288 | Feb-2023 | 17915904 | 18190080 | 274176 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD^ | 57 | Feb-2023 | 7276583 | 7611005 | 334422 |
| &nbsp;&nbsp;&nbsp;Soybean^ | 243 | Mar-2023 | 17051018 | 18516600 | 1465582 |
| &nbsp;&nbsp;&nbsp;Sugar No. 11^ | 817 | Feb-2023 | 16871431 | 18337402 | 1465971 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 259 | Mar-2023 | 35180338 | 35295225 | 114887 |
|  |  |  | 122043317 | 126177122 | 3681660 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUDUSD Currency | (628) | Mar-2023 | (43156561) | (42882980) | $273581 |
| &nbsp;&nbsp;&nbsp;British Pound | (566) | Mar-2023 | (43957972) | (42747150) | 1210822 |
| &nbsp;&nbsp;&nbsp;CAD Currency | (574) | Mar-2023 | (42081204) | (42430080) | (348876) |
| &nbsp;&nbsp;&nbsp;Canadian 10-Year Bond | (716) | Mar-2023 | (67602585) | (64804874) | 1936583 |
| &nbsp;&nbsp;&nbsp;Copper^ | (192) | Mar-2023 | (17460205) | (18290400) | (830195) |
| &nbsp;&nbsp;&nbsp;Euro FX | (295) | Mar-2023 | (39596672) | (39655375) | (58703) |
| &nbsp;&nbsp;&nbsp;Euro-Bund | (460) | Mar-2023 | (67954324) | (65455421) | 3858813 |
| &nbsp;&nbsp;&nbsp;Gasoline^ | (178) | Feb-2023 | (16443434) | (18527771) | (2084337) |
| &nbsp;&nbsp;&nbsp;Gold^ | (102) | Feb-2023 | (18064077) | (18627240) | (563163) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | (466) | Mar-2023 | (43596239) | (44893275) | (1297036) |
| &nbsp;&nbsp;&nbsp;Long Gilt 10-Year Bond | (530) | Mar-2023 | (67488899) | (64010591) | 3460826 |
| &nbsp;&nbsp;&nbsp;Natural Gas^ | (263) | Feb-2023 | (12905152) | (10793520) | 2111632 |
| &nbsp;&nbsp;&nbsp;U.S. 10-Year Treasury Note | (592) | Mar-2023 | (67074418) | (66479750) | 594668 |
| &nbsp;&nbsp;&nbsp;Wheat^ | (451) | Mar-2023 | (17968535) | (17859600) | 108935 |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil^ | (222) | Feb-2023 | (17144952) | (17859900) | (714948) |
|  |  |  | (582495229) | (575317927) | 7658602 |
|  |  |  | $(460451912) | $(449140805) | $11340262 |

---

*^* *Security is held by the KFA MLM Index Subsidiary, Ltd. as of December 31, 2022.*

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

*†* *Effective November 11, 2022, the name of the Fund changed from KFA Mount Lucas Index Strategy ETF to KFA Mount Lucas Managed Futures Index Strategy ETF.* 

 

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KFA Mount Lucas Managed Futures Index Strategy ETF<sup>†</sup>**

****

 

*AUD — Australian Dollar*

*CAD — Canadian Dollar*

*ULSD — Ultra-Low Sulfur Diesel*

*USD — U.S. Dollar*

The following summarizes the market value of the Fund's investments and other financial instruments used as of December 31, 2022, based on the inputs used to value them:<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | $— | $131475757 | $— | $131475757 |
| Total Investments in Securities | $— | $131475757 | $— | $131475757 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $17424831 | $— | $— | $17424831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (6084569) |  |  | (6084569) |
| Total Other Financial Instruments | $11340262 | $— | $— | $11340262 |

---

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

 

Amounts designated as "—" are $0 or have been rounded to $*0.*

For information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semi-annual and annual financial statements.

KRS-QH-025-0400

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Krane Shares Trust

- **b. Investment Company Act file number:** 811-22698

- **c. CIK number of Registrant:** 0001547576

- **d. LEI of Registrant:** 2549008E1DI99JHCCA80

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 280 Park Ave

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 2129330393

**Item A.2. Information about the Series.**

- **a. Name of Series:** KFA Mount Lucas Managed Futures Index Strategy ETF

- **b. EDGAR series identifier (if any):** S000070143

- **c. LEI of Series:** 549300PX8VC0XNHU3M82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $262659045.59

**Total Liabilities:** $1233172.07

**Net Assets:** $261425873.52

**Amount of Assets Invested in Other Investment Companies:** $56788216.44

**Cash Not Reported:** $50906718.46

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000223083 | 1.16%                | -9.46%               | -0.89%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2583.27                | $86896.40                                  |
| Month 2  | $0.00                    | $-68058.40                                 |
| Month 3  | $-3199523.38             | $3346561.11                                |

### Schedule of Portfolio Investments

| Name                                                 | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Canada                                               | CAN 10YR BOND FUT MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | CA        |      -701 | NC      | $-63447230.43 | -24.27%           |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | TREASURY BILL 0.000000% 04/27/2023                  | CUSIP: 912796YV5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  35000000 | PA      | $34506819.20  | 13.20%            | 2023-04-27      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | CHF CURRENCY FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |       223 | NC      | $30389325.00  | 11.62%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | WHEAT FUTURE(CBT) MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |      -442 | NC      | $-17503200.00 | -6.70%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | GASOLINE RBOB FUT MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |      -175 | NC      | $-18215505.00 | -6.97%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | WTI CRUDE FUTURE  MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |      -218 | NC      | $-17538100.00 | -6.71%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | LIVE CATTLE FUTR  FEB23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       282 | NC      | $17811120.00  | 6.81%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | NATURAL GAS FUTR  MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |      -230 | NC      | $-9439200.00  | -3.61%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SUGAR #11 (WORLD) MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       799 | NC      | $17933395.20  | 6.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Bundesrepublik Deutschland                           | EURO-BUND FUTURE  MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | DE        |      -451 | NC      | $-64174771.73 | -24.55%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | GOLD 100 OZ FUTR  FEB23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |      -100 | NC      | $-18262000.00 | -6.99%            |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | COPPER FUTURE     MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |      -188 | NC      | $-17909350.00 | -6.85%            |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | TREASURY BILL 0.000000% 10/05/2023                  | CUSIP: 912796YJ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $38648527.60  | 14.78%            | 2023-10-05      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Japan                                                | JPN 10Y BOND(OSE) MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | JP        |         9 | NC      | $9975160.01   | 3.82%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | TREASURY BILL 0.000000% 09/07/2023                  | CUSIP: 912796YH6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  20000000 | PA      | $19399309.80  | 7.42%             | 2023-09-07      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| N/A                                                  | CORN FUTURE       MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       527 | NC      | $17878475.00  | 6.84%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | JPN YEN CURR FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -456 | NC      | $-43929900.00 | -16.80%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | AUDUSD CRNCY FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -614 | NC      | $-41926990.00 | -16.04%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | NY HARB ULSD FUT  MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        56 | NC      | $7477478.40   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | C$ CURRENCY FUT   MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -562 | NC      | $-41543040.00 | -15.89%           |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | US 10YR NOTE (CBT)MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |      -579 | NC      | $-65019890.63 | -24.87%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | BP CURRENCY FUT   MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -554 | NC      | $-41840850.00 | -16.00%           |  |  |  | No            |                  1 | On Loan: No      |
| United Kingdom of Great Britain and Northern Ireland | LONG GILT FUTURE  MAR23 FINANCIAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | GB        |      -519 | NC      | $-62682068.77 | -23.98%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | EURO FX CURR FUT  MAR23 CURRENCY FUTURE.            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              |  | US        |      -319 | NC      | $-42881575.00 | -16.40%           |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                                  | SOYBEAN FUTURE    MAR23 PHYSICAL COMMODITY FUTURE.  | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |       238 | NC      | $18135600.00  | 6.94%             |  |  |  | No            |                  1 | On Loan: No      |
| United States of America                             | TREASURY BILL 0.000000% 08/10/2023                  | CUSIP: 912796XY0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  40000000 | PA      | $38921100.40  | 14.89%            | 2023-08-10      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-31

**Name of Applicant:** Krane Funds Advisors, LLC

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO