# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001752724-23-049441
**Filing Date:** 2023-3
**Character Count:** 19998
**Document Hash:** e22a815ee8ebc50c2e9e09dc5eb6e359
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-049441.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001752724-23-049441

**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:** 23691034

**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

### KraneShares Global Carbon Offset Strategy ETF (Series ID: S000075545)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000234731 | KraneShares Global Carbon Offset Strategy ETF | KSET            |

## Nport-Ex

Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Global Carbon Transformation ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.4% ‡** | **COMMON STOCK — 98.4% ‡** | **COMMON STOCK — 98.4% ‡** |
| **Australia — 2.7%** |  |  |
| Materials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Fortescue Metals Group | 4581 | $63716 |
| TOTAL AUSTRALIA |  | 63716 |
| **Canada — 5.1%** |  |  |
| Energy — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cameco | 2111 | 47856 |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ballard Power Systems \* | 2046 | 9800 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Teck Resources, Cl B | 1051 | 39749 |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Atco, Cl I | 761 | 23803 |
| TOTAL CANADA |  | 121208 |
| **France — 14.4%** |  |  |
| Energy — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;TotalEnergies | 1492 | 93390 |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Legrand | 736 | 58771 |
| &nbsp;&nbsp;&nbsp;Rexel | 4500 | 88560 |
|  |  | 147331 |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Air Liquide | 171 | 24135 |
| Utilities — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Engie | 5446 | 77814 |
| TOTAL FRANCE |  | 342670 |
| **Germany — 8.9%** |  |  |
| Industrials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Siemens | 579 | 80109 |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;thyssenkrupp | 5782 | 35149 |
| Utilities — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;RWE | 2186 | 97030 |
| TOTAL GERMANY |  | 212288 |

---

Schedule of Investments (Unaudited) December 31, 2022 (continued)

**KraneShares Global Carbon Transformation ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **Greece — 1.7%** |  |  |
| Energy — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Motor Oil Hellas Corinth Refineries | 1680 | $39123 |
| TOTAL GREECE |  | 39123 |
| **India — 4.6%** |  |  |
| Energy — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Reliance Industries GDR | 1377 | 84352 |
|  |  | 84352 |
| Utilities — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;ReNew Energy Global PLC, Cl A \* | 4564 | 25102 |
| TOTAL INDIA |  | 109454 |
| **Italy — 5.9%** |  |  |
| Energy — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Eni | 6452 | 91486 |
| Industrials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Industrie De Nora \* | 3196 | 48912 |
| TOTAL ITALY |  | 140398 |
| **Luxembourg — 2.2%** |  |  |
| Materials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;ArcelorMittal | 2011 | 52744 |
| TOTAL LUXEMBOURG |  | 52744 |
| **New Zealand — 1.3%** |  |  |
| Utilities — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Contact Energy | 6462 | 31510 |
| TOTAL NEW ZEALAND |  | 31510 |
| **Norway — 7.0%** |  |  |
| Industrials — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aker, Cl A | 499 | 36446 |
| &nbsp;&nbsp;&nbsp;NEL \* | 24018 | 33780 |
|  |  | 70226 |
| Materials — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Norsk Hydro | 12736 | 94793 |
| TOTAL NORWAY |  | 165019 |

---

Schedule of Investments (Unaudited) December 31, 2022 (continued)

**KraneShares Global Carbon Transformation ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| **Portugal — 2.4%** |  |  |
| Utilities — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;EDP - Energias de Portugal | 11296 | $56131 |
| TOTAL PORTUGAL |  | 56131 |
| **South Korea — 2.8%** |  |  |
| Energy — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;SK Innovation \* | 547 | 66618 |
| TOTAL SOUTH KOREA |  | 66618 |
| **Spain — 2.1%** |  |  |
| Utilities — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Iberdrola | 4266 | 49763 |
| TOTAL SPAIN |  | 49763 |
| **United Kingdom — 7.2%** |  |  |
| Energy — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;BP | 16878 | 96417 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Linde PLC | 84 | 27383 |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;SSE PLC | 2233 | 45986 |
| TOTAL UNITED KINGDOM |  | 169786 |
| **United States — 30.1%** |  |  |
| Energy — 10.9% |  |  |
| &nbsp;&nbsp;&nbsp;Baker Hughes, Cl A | 3145 | 92872 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy | 248 | 37190 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Cl A | 746 | 31645 |
| &nbsp;&nbsp;&nbsp;Schlumberger | 1807 | 96602 |
|  |  | 258309 |
| Industrials — 11.9% |  |  |
| &nbsp;&nbsp;&nbsp;Bloom Energy, Cl A \* | 1505 | 28776 |
| &nbsp;&nbsp;&nbsp;Chart Industries \* | 404 | 46553 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Cl A \* | 2107 | 36135 |
| &nbsp;&nbsp;&nbsp;Plug Power \* | 1028 | 12716 |
| &nbsp;&nbsp;&nbsp;Quanta Services | 551 | 78517 |
| &nbsp;&nbsp;&nbsp;Schneider Electric | 567 | 79103 |
|  |  | 281800 |
| Information Technology — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies \* | 80 | 22662 |

---

Schedule of Investments (Unaudited) December 31, 2022 (concluded)

**KraneShares Global Carbon Transformation ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — continued** | **COMMON STOCK — continued** | **COMMON STOCK — continued** |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 161 | $49630 |
| Utilities — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;AES | 3524 | 101350 |
| TOTAL UNITED STATES |  | 713751 |
| TOTAL COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,306,137) |  | 2334179 |
| TOTAL INVESTMENTS — 98.4% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,306,137) |  | 2334179 |
| OTHER ASSETS LESS LIABILITIES – 1.6% |  | 38514 |
| NET ASSETS - 100% |  | $2372693 |

---

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

*Cl — Class* <br> *GDR — Global Depositary Receipt*

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.

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-033-0200

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Global Carbon Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUND — 1.8%** | **EXCHANGE - TRADED FUND — 1.8%** | **EXCHANGE - TRADED FUND — 1.8%** |
| &nbsp;&nbsp;&nbsp;Schwab Short-Term U.S. Treasury ETF <sup>‡</sup> | 215000 | $10371600 |
| TOTAL EXCHANGE - TRADED FUND |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,782,250) |  | 10371600 |
| TOTAL INVESTMENTS — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,782,250) |  | 10371600 |
| OTHER ASSETS LESS LIABILITIES – 98.2% |  | 576266664 |
| NET ASSETS - 100% |  | $586638264 |

---

A list of open futures contracts held by the Fund at December 31, 2022 was 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;ICE ECX Emission 2023^ | 308 | Dec-2024 | $29230150 | $28926670 | $(1392036) |
| &nbsp;&nbsp;Euro FX 2023^ | 500 | Mar-2023 | 66240060 | 67212500 | 972440 |
| &nbsp;&nbsp;RGGI Vintage 2023^ | 2124 | Dec-2023 | 29624635 | 30267000 | 642365 |
| &nbsp;&nbsp;UK Emission Allowance^ | 320 | Dec-2023 | 29142507 | 28196122 | (1252765) |
| &nbsp;&nbsp;CA Carbon Allowance 2022^ | 966 | Dec-2024 | 29673155 | 31317720 | 1644565 |
| &nbsp;&nbsp;CA Carbon Allowance 2022^ | 5172 | Dec-2023 | 146858717 | 156970200 | 10111483 |
| &nbsp;&nbsp;ICE ECX Emission 2023^ | 3564 | Dec-2023 | 322488278 | 319394102 | (14984814) |
|  |  |  | $653257502 | $662284314 | $(4258762) |

---

^ Security is held by the KFA Global Carbon Subsidiary, Ltd. as of December 31, 2022. <br> ‡ For financial information on the Schwab Short-Term U.S. Treasury ETF, please go to the Securities Exchange Commission's website at https://www.sec.gov.

---

| |
|:---|
| *CA— California* |
| *ECX— European Climate Exchange* |
| *ETF — Exchange-Traded Fund* |
| *ICE— Intercontinental Exchange* |
| *RGGI — Regional Greenhouse Gas Initiative* |
| *UK — United Kingdom* |

---

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Investments in Securities | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Exchange - Traded Fund | $10371600 | $— | $— | $10371600 |
| Total Investments in Securities | $10371600 | $— | $— | $10371600 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $13370853 | $— | $— | $13370853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (17629615) |  |  | (17629615) |
| Total Other Financial Instruments | $(4258762) | $— | $— | $(4258762) |

---

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

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

Consolidated Schedule of Investments (Unaudited) December 31, 2022 (continued)

**KraneShares Global Carbon Strategy ETF**

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-020-0400

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KraneShares European Carbon Allowance Strategy ETF**

A list of open futures contracts held by the Fund at December 31, 2022 was 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;Euro FX<sup>^</sup> | 25 | Mar-2023 | $3302628 | $3360625 | $57997 |
| &nbsp;&nbsp;ICE ECX Emission 2023<sup>^</sup> | 242 | Dec-2023 | 21981956 | 21687254 | (1113467) |
|  |  |  | $25284584 | $25047879 | $(1055470) |

---

^ Security is held by the KraneShares European Carbon Subsidiary, Ltd. as of December 31, 2022.

*ECX— European Climate Exchange* <br> *ICE— Intercontinental Exchange*

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-029-0300

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KraneShares California Carbon Allowance Strategy ETF**

A list of open futures contracts held by the Fund at December 31, 2022 was 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;CA Carbon Allowance 2023<sup>^</sup> | 8010 | Dec-2023 | $227551890 | $243103500 | $15551610 |

---

^ Security is held by the KraneShares California Carbon Subsidiary, Ltd. as of December 31, 2022.

*CA— California*

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-030-0300

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Global Carbon Offset Strategy ETF**

A list of open futures contracts held by the Fund at December 31, 2022 was 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;CBL Global Emission Offset 2022<sup>^</sup> | 146 | Dec-2023 | $511222 | $540200 | $28978 |
| &nbsp;&nbsp;CBL Nature-Based Global Emission Offset 2022<sup>^</sup> | 194 | Dec-2023 | 1754055 | 1319200 | (434855) |
|  |  |  | $2265277 | $1859400 | $(405877) |

---

^ Security is held by the KraneShares Global Carbon Offset Strategy Subsidiary, Ltd. as of December 31, 2022.

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-034-0200

Consolidated Schedule of Investments (Unaudited) December 31, 2022

**KraneShares Electrification Metals Strategy ETF**

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<br> Date** | **Notional<br> Amount** | **Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;Aluminum Futures 2023^ | 1 | Mar-2023 | $61240 | $60081 | $(1159) |
| &nbsp;&nbsp;Cobalt Fast Market 2023^ | 33 | Mar-2023 | 1457761 | 1313182 | (144579) |
| &nbsp;&nbsp;Copper 2023^ | 58 | Mar-2023 | 5550662 | 5525225 | (25437) |
| &nbsp;&nbsp;Lithium LiOH COME 2023^ | 14 | Mar-2023 | 1099168 | 1099000 | (168) |
| &nbsp;&nbsp;LME Price Aluminum 2023^ | 69 | Mar-2023 | 4246704 | 4091717 | (154987) |
| &nbsp;&nbsp;LME Nickel 2023^ | 39 | Mar-2023 | 6620910 | 7030530 | 409620 |
| &nbsp;&nbsp;LME Zinc 2023^ | 40 | Mar-2023 | 3320607 | 2976500 | (344107) |
|  |  |  | $22357052 | $22096235 | $(260817) |

---

*^* *Security is held by the KraneShares Electrification Metals Strategy Subsidiary, Ltd. as of December 31, 2022.*

*LiOH — Lithium hydroxide* <br> *LME — London Metal Exchange*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Other Financial Instruments | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $409620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $409620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (670437) |  |  | (670437) |
| Total Other Financial Instruments | $(260817) | $— | $— | $(260817) |

---

*\** *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 statements.

KRS-QH-036-0100

## 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:** KraneShares Global Carbon Offset Strategy ETF

- **b. EDGAR series identifier (if any):** S000075545

- **c. LEI of Series:** 549300QEESP238QMRY27

**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:** $3808905.46

**Total Liabilities:** $2479.76

**Net Assets:** $3806425.70

**Amount of Assets Invested in Other Investment Companies:** $610023.31

**Cash Not Reported:** $3198892.31

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000234731 | -20.26%              | -23.27%              | -16.26%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $0.00                                      |
| Month 2  | $-984.00                 | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CBL GB EMIS OFFSE DEC23 | CBL GB EMIS OFFSE DEC23 PHYSICAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A | N/A              | DCO              |  | US        |       146 | NC      | $540200.00    | 14.19%            |  |  |  | No            |                  1 | On Loan: No      |
| CBL NB G EMIS OFF DEC23 | CBL NB G EMIS OFF DEC23 PHYSICAL COMMODITY FUTURE. | CUSIP: N/A<br>LEI: N/A | N/A              | DCO              |  | US        |       194 | NC      | $1319200.00   | 34.66%            |  |  |  | No            |                  1 | 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