# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001829126-25-004316
**Filing Date:** 2025-6
**Character Count:** 740691
**Document Hash:** 3bc75959a10cd06958adb1ff0289e8e1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-004316.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001829126-25-004316

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**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:** 251030422

**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 All China Index ETF (Series ID: S000045374)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000141213 | KraneShares MSCI All China Index ETF | KALL            |

### 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 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 European Carbon Allowance Strategy ETF (Series ID: S000072750)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000229248 | KraneShares European Carbon Allowance Strategy ETF | KEUA            |

### KraneShares China Internet and Covered Call Strategy ETF (Series ID: S000079434)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000240471 | KraneShares China Internet and Covered Call Strategy ETF | KLIP            |

### KraneShares Rockefeller Ocean Engagement ETF (Series ID: S000080796)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000243337 | KraneShares Rockefeller Ocean Engagement ETF | KSEA            |

### KraneShares Dynamic Emerging Markets Strategy ETF (Series ID: S000081605)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000244532 | KraneShares Dynamic Emerging Markets Strategy ETF | KEM             |

### KraneShares Global Luxury Index ETF (Series ID: S000081686)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000244621 | KraneShares Global Luxury Index ETF | KLXY            |

### 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 Artificial Intelligence and Technology ETF (Series ID: S000085506)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000250789 | KraneShares Artificial Intelligence and 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            |

?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

K&L Gates LLP

1601 K Street NW

Washington, DC 20006-1600

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

**Date of fiscal year end: March 31, 2025**

**Date of reporting period: March 31, 2025**

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](if7ab79b6658873ce881545e3.jpg)

## KraneShares CSI China Internet ETF

## Ticker: KWEB

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares CSI China Internet ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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.

## 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 | $83 | 0.70% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KWEB | 37.13 | 37.46 | 36.11<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

(a) CSI Overseas China Internet Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

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 outperformed China's equity market more broadly and global equities, broadly defined, due to several positive catalysts for China's internet equities during the Period, including stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. In addition, DeepSeek, China's answer to OpenAI's ChatGPT, was reported to operate at a higher level of efﬁciency and demand fewer chips to train than expected, potentially eliminating concerns over chip shortages for China's internet giants. Earnings reported by China internet companies were also strong during the Period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i082bb61a9e09950f164815ea.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares CSI China Internet ETF - $12197** | **MSCI China All Shares Index (Net) (USD) - $11011** | **CSI Overseas China Internet Index - $12497** |
| **Mar/15** | $10000 | $10000 | $10000 |
| **Mar/16** | $10471 | $7833 | $10645 |
| **Mar/17** | $12514 | $8746 | $12588 |
| **Mar/18** | $18223 | $11342 | $18353 |
| **Mar/19** | $14498 | $10569 | $14704 |
| **Mar/20** | $13940 | $9941 | $14139 |
| **Mar/21** | $23387 | $14496 | $23932 |
| **Mar/22** | $9824 | $10988 | $10090 |
| **Mar/23** | $10400 | $10281 | $10731 |
| **Mar/24** | $8894 | $8571 | $9181 |
| **Mar/25** | $12197 | $11011 | $12497 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| KraneShares CSI China Internet ETF | 37.13% | -2.64% | 2.01% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | 2.07% | 0.97% |
| CSI Overseas China Internet Index | 36.11% | -2.44% | 2.25% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $8047217081 | 30 | $40786079 | 54% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](iecf36922b7fc96116278a6b4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Short-Term Investment<sup>Footnote Reference†</sup> | 2.1% |
| Real Estate | 3.5% |
| Industrials | 3.9% |
| Financials | 4.3% |
| Consumer Staples | 5.3% |
| Communication Services | 40.7% |
| Consumer Discretionary | 42.3% |

---

---

| | |
|:---|:---|
| 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>** |
| Alibaba Group Holding | 12.2% |
| Tencent Holdings | 10.8% |
| PDD Holdings ADR | 6.9% |
| Meituan, Cl B | 6.6% |
| Trip.com Group | 4.7% |
| Kanzhun ADR | 4.5% |
| Kuaishou Technology, Cl B | 4.1% |
| Tencent Music Entertainment Group ADR | 4.0% |
| JD.com, Cl A | 3.9% |
| Full Truck Alliance ADR | 3.9% |

---

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares CSI China Internet ETF: KWEB

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KWEB-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Bosera MSCI China A 50 Connect Index ETF

## Ticker: KBA

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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.

## 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 | $60 | 0.56% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KBA | 12.61 | 12.83 | 13.44<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

(a) MSCI China A 50 Connect Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

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 outpaced global equity markets during the Period, as measured by the MSCI All Country World Index (ACWI). China's A-share market benefited from the stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. Within the Fund, the best-performing sectors were Consumer Discretionary and Financials, while the worst-performing sectors were Real Estate and Energy. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if214c371f07997f52f354443.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Bosera MSCI China A 50 Connect Index ETF - $9034** | **MSCI China All Shares Index (Net) (USD) - $11011** | **Custom Blended KBA Index^ - $9524** |
| **Mar/15** | $10000 | $10000 | $10000 |
| **Mar/16** | $7282 | $7833 | $7512 |
| **Mar/17** | $7133 | $8746 | $7617 |
| **Mar/18** | $8751 | $11342 | $8987 |
| **Mar/19** | $8400 | $10569 | $8469 |
| **Mar/20** | $7897 | $9941 | $8030 |
| **Mar/21** | $11846 | $14496 | $12133 |
| **Mar/22** | $10903 | $10988 | $11201 |
| **Mar/23** | $9526 | $10281 | $9905 |
| **Mar/24** | $8022 | $8571 | $8396 |
| **Mar/25** | $9034 | $11011 | $9524 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<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 | 12.61% | 2.73% | -1.01% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | 2.07% | 0.97% |
| Custom Blended KBA Index^ | 13.44% | 3.47% | -0.49% |

---

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.

^ 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).

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $189121002 | 85 | $1004622 | 77% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i4d05fe2ff4dbbe6f26840e42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 0.9% |
| Communication Services | 1.1% |
| Energy | 3.1% |
| Utilities | 4.4% |
| Health Care | 5.9% |
| Consumer Discretionary | 7.9% |
| Materials | 9.3% |
| Consumer Staples | 11.6% |
| Industrials | 14.6% |
| Information Technology | 17.3% |
| Financials | 23.4% |

---

---

| | |
|:---|:---|
| 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>** |
| Contemporary Amperex Technology, Cl A | 6.6% |
| Kweichow Moutai, Cl A | 6.3% |
| Zijin Mining Group, Cl A | 5.8% |
| BYD, Cl A | 5.4% |
| China Merchants Bank, Cl A | 4.0% |
| Hygon Information Technology, Cl A | 3.7% |
| China Yangtze Power, Cl A | 3.4% |
| Wanhua Chemical Group, Cl A | 3.4% |
| Luxshare Precision Industry, Cl A | 3.3% |
| Jiangsu Hengrui Pharmaceuticals, Cl A | 3.1% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KBA-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares MSCI All China Index ETF

## Ticker: KALL

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares MSCI All China Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kall/. 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 Index ETF | $56 | 0.49% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KALL | 28.62 | 29.01 | 28.47<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

(a) MSCI China All Shares Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category.

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

The Fund outperformed global equities, as measured by the MSCI ACWI, significantly during the Period. Offshore listings in Hong Kong and the United States contributed the most to performance. Unprecedented stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts, were a key catalyst for the Fund during the Period. Offshore-listed internet and technology stocks were top performers within the Fund during the Period, as DeepSeek, China's answer to OpenAI's ChatGPT, was reported to operate at a higher level of efﬁciency and demand fewer chips to train, potentially eliminating concerns over chip shortages for many of China's internet and technology companies. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if8c675eb6655dd82c536d544.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI All China Index ETF - $11965** | **MSCI China All Shares Index (Net) (USD) - $11011** | **Custom Blended KALL Index^ - $11870** |
| **Mar/15** | $10000 | $10000 | $10000 |
| **Mar/16** | $8619 | $7833 | $8647 |
| **Mar/17** | $9564 | $8746 | $9860 |
| **Mar/18** | $11571 | $11342 | $11779 |
| **Mar/19** | $11164 | $10569 | $11394 |
| **Mar/20** | $10461 | $9941 | $10717 |
| **Mar/21** | $15479 | $14496 | $15628 |
| **Mar/22** | $11711 | $10988 | $11846 |
| **Mar/23** | $10957 | $10281 | $11083 |
| **Mar/24** | $9303 | $8571 | $9240 |
| **Mar/25** | $11965 | $11011 | $11870 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| KraneShares MSCI All China Index ETF | 28.62% | 2.72% | 1.81% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | 2.07% | 0.97% |
| Custom Blended KALL Index^ | 28.47% | 2.07% | 1.73% |

---

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/kall/ for current month-end performance.

^ Custom Hybrid for KraneShares MSCI All China Index ETF consists of: FTSE Emerging incl. Overseas non-R/QFII GDP Weighted Index from inception of the Fund through July 31, 2018, and the MSCI China All Shares Index going forward.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $10209728 | 201 | $39611 | 17% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i963477f9a6949d24765d4308.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.1% |
| Utilities | 3.2% |
| Energy | 3.4% |
| Materials | 3.8% |
| Health Care | 4.0% |
| Industrials | 6.2% |
| Information Technology | 6.4% |
| Consumer Staples | 7.5% |
| Communication Services | 14.8% |
| Consumer Discretionary | 24.0% |
| Financials | 24.1% |

---

---

| | |
|:---|:---|
| 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>** |
| Tencent Holdings | 10.2% |
| Alibaba Group Holding | 6.9% |
| Xiaomi, Cl B | 3.0% |
| Meituan, Cl B | 2.8% |
| China Construction Bank, Cl H | 2.3% |
| Kweichow Moutai, Cl A | 2.1% |
| PDD Holdings ADR | 2.0% |
| BYD, Cl H | 1.7% |
| JD.com, Cl A | 1.5% |
| Bank of China, Cl H | 1.4% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kall/#documents or upon request at 1-855-857-2638.

Upon the recommendation of Krane Funds Advisors, LLC, the adviser to the Fund, the Board of Trustees of KraneShares Trust has approved the liquidation and termination of the Fund. Accordingly the Fund ceased operations and liquidated on May 27, 2025.

## 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/kall/.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares MSCI All China Index ETF: KALL

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KALL-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares MSCI One Belt One Road Index ETF

## Ticker: OBOR

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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.

## 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 | $82 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| OBOR | 7.37 | 7.28 | 7.93<sup>Footnote Reference(a)</sup> | 4.83<sup>Footnote Reference(b)</sup> |

---

(a) MSCI Global China Infrastructure Exposure Index

(b) The Fund is in the Morningstar U.S. ETF Infrastructure Category

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.

The shares in the companies involved in or related to China's outbound infrastructure investment initiatives slightly underperformed Emerging Markets equities, as measured by the MSCI Emerging Markets Index, and global equities, as measured by the MSCI ACWI. These companies tend to be concentrated in the Industrial and Financial sectors, which underperformed more growth-oriented sectors, such as Communication Services and Consumer Discretionary, across Emerging Markets, leading the Fund to underperform. Within the Fund, the top-performing countries were South Africa and Israel, while the worst-performing countries were the Philippines and Malaysia. Within the Fund, the top-performing sectors were Financials and Utilities, while the worst-performing sectors were Communication Services and Industrials. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i995de4e2058724bd5a7488e4.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI One Belt One Road Index ETF - $11038** | **MSCI ACWI Index (Net) (USD) - $19643** | **MSCI Global China Infrastructure Exposure Index (Net) - $11911** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** |  **<u>Since Inception</u>** |
| KraneShares MSCI One Belt One Road Index ETF | 7.37% | 7.65% | 1.31% |
| MSCI ACWI Index (Net) (USD) | 7.15% | 15.18% | 9.33% |
| MSCI Global China Infrastructure Exposure Index (Net) | 7.93% | 8.36% | 2.34% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $3249166 | 118 | $27280 | 19% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ie8cc04b12c84c791b9d4821d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.3% |
| Kazakhstan | 0.9% |
| Malaysia | 1.7% |
| Poland | 2.1% |
| Turkey | 2.2% |
| Thailand | 4.3% |
| South Africa | 4.5% |
| Indonesia | 4.6% |
| India | 5.0% |
| Israel | 7.9% |
| Singapore | 10.1% |
| Kuwait | 10.5% |
| China | 44.6% |

---

---

| | |
|:---|:---|
| 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>** |
| Kuwait Finance House | 10.3% |
| Oversea-Chinese Banking | 7.4% |
| China Yangtze Power, Cl A | 4.9% |
| Elbit Systems | 4.7% |
| PTT | 4.3% |
| Impala Platinum Holdings | 2.8% |
| China Petroleum & Chemical, Cl H | 2.2% |
| KGHM Polska Miedz | 2.1% |
| Beijing-Shanghai High Speed Railway, Cl A | 2.0% |
| Turk Hava Yollari AO | 2.0% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### OBOR-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Emerging Markets Consumer Technology Index ETF

## Ticker: KEMQ

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Emerging Markets Consumer Technology Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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 | $62 | 0.55% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KEMQ | 24.41 | 26.55 | 24.96<sup>Footnote Reference(a)</sup> | 6.65<sup>Footnote Reference(b)</sup> |

---

(a) Solactive Emerging Markets Consumer Technology Index

(b) The Fund is in the Morningstar U.S. ETF Diversified Emerging Markets Category

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 Markets consumer technology equities outperformed global equities, as measured by the MSCI ACWI, during the Period. These stocks benefited from stimulus and AI innovation in China, and strong economic growth in Latin America and Southeast Asia. Within the Fund, the best-performing stocks included financial technology companies and online health care platforms. In contrast, the worst-performing stocks included chipmakers, which came off record-high valuations, and payments processors. Within the Fund, the best-performing countries were Singapore and China, while the worst-performing countries were Taiwan and Brazil. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i663fe1a9fe4205be59fe2f6b.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Emerging Markets Consumer Technology Index ETF - $7746** | **MSCI Emerging Markets Index (NR) (USD) - $11779** | **Solactive Emerging Markets Consumer Technology Index (TR) (USD) - $8301** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** |  **<u>Since Inception</u>** |
| KraneShares Emerging Markets Consumer Technology Index ETF | 24.41% | -0.54% | -3.36% |
| MSCI Emerging Markets Index (NR) (USD) | 8.09% | 7.94% | 2.22% |
| Solactive Emerging Markets Consumer Technology Index (TR) (USD) | 24.96% | 0.18% | -2.46% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $20197851 | 53 | $89103 | 63% |

---

## What did the Fund invest in?

## Country/Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i3ee54137d96c6176488bc34e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 1.7% |
| Greece | 0.9% |
| Short-Term Investment<sup>Footnote Reference†</sup> | 2.0% |
| Netherlands | 2.0% |
| Japan | 2.7% |
| Finland | 2.7% |
| India | 3.6% |
| South Africa | 3.7% |
| Singapore | 3.9% |
| Brazil | 4.3% |
| Taiwan | 13.0% |
| South Korea | 17.7% |
| China | 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 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>** |
| Sea ADR | 3.9% |
| JD.com, Cl A | 3.8% |
| PDD Holdings ADR | 3.8% |
| NetEase | 3.7% |
| SK Hynix | 3.7% |
| Naspers, Cl N | 3.7% |
| Alibaba Group Holding | 3.6% |
| Tencent Holdings | 3.6% |
| Meituan, Cl B | 3.5% |
| Taiwan Semiconductor Manufacturing | 3.4% |

---

---

| | |
|:---|:---|
| 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, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kemq/#documents or upon request at 1-855-857-2638.

Effective November 1, 2024, Krane has contractually agreed to waive its management fee by 0.30% of the average daily net assets of the Fund. This contractual fee waiver will continue until August 1, 2025, and may only be terminated prior thereto by the Board. Prior to November 1, 2024, Krane had contractually agreed to waive its management fee by 0.20% of the average daily net assets of the Fund.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KEMQ-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares MSCI China Clean Technology Index ETF

## Ticker: KGRN

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares MSCI China Clean Technology Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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.

## 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 | $90 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KGRN | 27.07 | 28.61 | 28.58<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

(a) MSCI China IMI Environment 10/40 Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category

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 global equities, as represented by the MSCI ACWI, and China equities more broadly, as represented by the MSCI China All Shares Index, during the Period. Within the Fund, electric vehicle (EV) manufacturers, supported by consumer subsidies targeting the automotive industry, outperformed new energy system component suppliers, which were challenged by the potential for increased trade protectionism abroad, including in the U.S., among other factors. Xpeng, an EV manufacturer and top Fund holding, beat earnings per share (EPS) estimates for the fourth quarter of 2024. Meanwhile, Xinyi Solar, a manufacturer of solar panels and equipment, fell short of expectations for its EPS for the second half of 2024, posting a loss for the year after three years of net profits. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if0da9f84d0dbc00660ccccfe.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI China Clean Technology Index ETF - $11552** | **MSCI China All Shares Index (Net) (USD) - $9988** | **MSCI China IMI Environment 10/40 Index (Net) (USD) - $10935** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** |  **<u>Since Inception</u>** |
| KraneShares MSCI China Clean Technology Index ETF | 27.07% | 9.96% | 1.95% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | 2.07% | -0.02% |
| MSCI China IMI Environment 10/40 Index (Net) (USD) | 28.58% | 8.50% | 1.20% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $48392215 | 47 | $404836 | 36% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](ied4db412e2fbcf05678c9eb3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Information Technology | 17.0% |
| Industrials | 18.7% |
| Utilities | 20.6% |
| Consumer Discretionary | 43.7% |

---

---

| | |
|:---|:---|
| 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>** |
| XPeng, Cl A | 10.6% |
| BYD, Cl H | 9.6% |
| Li Auto, Cl A | 8.7% |
| Contemporary Amperex Technology, Cl A | 8.4% |
| China Yangtze Power, Cl A | 4.5% |
| Kingdee International Software Group | 4.1% |
| Zhejiang Leapmotor Technology | 4.0% |
| CGN Power, Cl H | 3.8% |
| NIO, Cl A | 3.7% |
| China Longyuan Power Group, Cl H | 3.0% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KGRN-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Electric Vehicles and Future Mobility Index ETF

## Ticker: KARS

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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.

## 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 | $70 | 0.72% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KARS | -4.86 | -4.78 | -4.71<sup>Footnote Reference(a)</sup> | 2.57<sup>Footnote Reference(b)</sup> |

---

(a) Bloomberg Electric Vehicles Index

(b) The Fund is in the Morningstar U.S. ETF Industrials Category

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 was challenged by waning support for the electrification of transport from the U.S. government following a surge in support with the Biden Administration's 2023 Inflation Reduction Act. Nonetheless, global electric vehicle sales reached another record high of over 17 million units in 2024. Electric vehicle manufacturers in China outperformed those in other regions. Within the Fund, the best-performing industries were vehicle manufacturers and EV components, while the worst-performing industries were hydrogen engines, fuel cells, and EV charging infrastructure. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i27b8827e0e66a90c20c1b422.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Electric Vehicles and Future Mobility Index ETF - $9639** | **MSCI ACWI Index (Net) (USD) - $17465** | **Custom Blended KARS Index^ - $10069** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** |  **<u>Since Inception</u>** |
| KraneShares Electric Vehicles and Future Mobility Index ETF | -4.86% | 4.18% | -0.51% |
| MSCI ACWI Index (Net) (USD) | 7.15% | 15.18% | 8.05% |
| Custom Blended KARS Index^ | -4.71% | 5.21% | 0.10% |

---

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.

^ 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).

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $63659698 | 53 | $544206 | 39% |

---

## What did the Fund invest in?

## Country/Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i4ed863b36055ebf4da8b2fb7.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 0.9% |
| Belgium | 1.5% |
| Germany | 2.3% |
| Chile | 2.8% |
| Japan | 5.2% |
| Short-Term Investment<sup>Footnote Reference†</sup> | 6.0% |
| Australia | 7.4% |
| South Korea | 9.1% |
| United States | 14.5% |
| China | 55.6% |

---

---

| | |
|:---|:---|
| 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 | 4.6% |
| XPeng, Cl A | 4.4% |
| Panasonic Holdings | 4.2% |
| Li Auto, Cl A | 4.1% |
| Contemporary Amperex Technology, Cl A | 4.0% |
| Geely Automobile Holdings | 4.0% |
| Rivian Automotive, Cl A | 4.0% |
| Zhejiang Leapmotor Technology | 3.5% |
| CMOC Group, Cl A | 3.0% |
| Tesla | 3.0% |

---

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KARS-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares MSCI All China Health Care Index ETF

## Ticker: KURE

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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.

## 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 | $68 | 0.65% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KURE | 7.98 | 8.72 | 8.72<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

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

(b) The Fund is in the Morningstar U.S. ETF China Region Category

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 global equities, as measured by the MSCI ACWI, during the Period. China's health care equities benefited from the stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. China's regulators also adopted a more supportive approach to the sector than in the past, releasing plans to induce more private investments in innovative medicine and expand insurance programs to cover the costs of new drug development. In addition, Fund holding Akeso developed a new lung cancer treatment during the Period that could be twice as effective as the current global best-in-class treatments, based on initial clinical trial data driving positive performance for the Fund. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i57629d0748effe7f0f2bcef5.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI All China Health Care Index ETF - $7336** | **MSCI China All Shares Index (Net) (USD) - $8814** | **MSCI China All Shares Healthcare 10/40 Index (Net) (USD) - $7736** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** |  **<u>Since Inception</u>** |
| KraneShares MSCI All China Health Care Index ETF | 7.98% | -5.19% | -4.23% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | 2.07% | -1.75% |
| MSCI China All Shares Healthcare 10/40 Index (Net) (USD) | 8.72% | -4.32% | -3.52% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $86599232 | 51 | $301369 | 77% |

---

## What did the Fund invest in?

## Industry Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i7f4f29958143dbaa8212eb86.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care Providers & Services | 8.8% |
| Health Care Equipment & Supplies | 13.0% |
| Life Sciences Tools & Services | 16.1% |
| Biotechnology | 26.2% |
| Pharmaceuticals | 35.9% |

---

---

| | |
|:---|:---|
| 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>** |
| BeiGene | 8.6% |
| Jiangsu Hengrui Pharmaceuticals, Cl A | 8.0% |
| Wuxi Biologics Cayman | 7.5% |
| Shenzhen Mindray Bio-Medical Electronics, Cl A | 7.2% |
| Innovent Biologics | 4.7% |
| WuXi AppTec, Cl A | 4.3% |
| Akeso | 3.9% |
| Aier Eye Hospital Group, Cl A | 3.2% |
| CSPC Pharmaceutical Group | 3.2% |
| Sino Biopharmaceutical | 3.2% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KURE-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Asia Pacific High Income USD Bond ETF

## Ticker: KHYB

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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 | $72 | 0.69% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KHYB^ | 7.93 | 8.1 | N/A | 7.25<sup>Footnote Reference(1)</sup> |

---

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

(1) The Fund is in the Morningstar U.S. ETF Emerging Markets Bond Category

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 high yield bond market slightly underperformed the global high yield bond market, as measured by the Bloomberg Global High Yield Index, during the Period. China real estate developers' bonds continued to recover on strong government support and backstop measures, contributing positively to the Fund's performance and resulting in real estate issuers doubling as a percentage of the total portfolio. Meanwhile, trade-related uncertainties led to a slight widening of high-yield spreads in Asia. However, relatively benign inflation in local economies and rate cut cycles initiated by multiple regional central banks during the Period supported bond prices, mitigating losses by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i9cdb1c12105cd91745de75fb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Asia Pacific High Income USD Bond ETF - $10533** | **JP Morgan Asia Credit Index (JACI) (TR) (USD) - $11499** | **Custom Blended KHYB Index^ - $10584** |
| **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 | $11499 | $10584 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** |  **<u>Since Inception</u>** |
| KraneShares Asia Pacific High Income USD Bond ETF | 7.93% | 0.69% | 0.77% |
| JP Morgan Asia Credit Index (JACI) (TR) (USD) | 6.63% | 2.07% | 2.85% |
| Custom Blended KHYB Index^ | 10.87% | 0.11% | 0.84% |

---

Since its inception on June 26, 2018. The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since inception. 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.

^ Custom Blended KHYB Index consist of: Solactive USD China Corporate High Yield Bond Index (Inception to 31 Jul 2021) and JP Morgan Asia Credit Index (JACI) Non-Investment Grade Corporate Index (1 Aug 2021 to present.)

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $25273651 | 80 | $121225 | 158% |

---

## What did the Fund invest in?

## Maturity Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](ib08572f98105550b43cb4626.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Perpetual Maturity<sup>Footnote Reference(A)</sup> | 23.6% |
| Greater than 10 Years | 1.1% |
| 5 to 10 Years | 6.3% |
| 3 to 5 Years | 14.8% |
| 1 to 3 Years | 37.5% |
| Less than 1 Year | 9.9% |

---

---

| | |
|:---|:---|
| 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%. |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Perpetual security with no stated maturity date. |

---

## Top Ten Holdings

---

| | | | |
|:---|:---|:---|:---|
| **<u>Holding Name</u>** | **<u>Coupon Rate</u>** | **<u>Maturity Date</u>** | **<u>Percentage of Total Net Assets</u>** |
| Fuqing Investment Management | 3.250% | 06/23/25 | 2.4% |
| Mong Duong Finance Holdings BV | 5.125% | 05/07/29 | 2.2% |
| Standard Chartered, H15T5Y + 3.135% | 4.300% | —<sup>Footnote Reference(A)</sup> | 2.1% |
| Greentown China Holdings | 8.450% | 02/24/28 | 2.0% |
| Pingan Real Estate Capital | 3.450% | 07/29/26 | 1.9% |
| Piramal Finance | 7.800% | 01/29/28 | 1.8% |
| Yanlord Land HK | 5.125% | 05/20/26 | 1.7% |
| VLL International | 7.250% | 07/20/27 | 1.7% |
| Golomt Bank | 11.000% | 05/20/27 | 1.6% |
| Vedanta Resources Finance II | 10.875% | 09/17/29 | 1.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>(A)</sup> | &nbsp;&nbsp;Perpetual security with no stated maturity date. |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/khyb/#documents or upon request at 1-855-857-2638.

Effective August 1, 2024, the name of the Fund changed from the "KraneShares Asia Pacific High Income Bond ETF" to the "KraneShares Asia Pacific High Income USD Bond ETF".

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KHYB-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares MSCI Emerging Markets ex China Index ETF

## Ticker: KEMX

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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.

## 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 | $24 | 0.24% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KEMX | -1.51 | -1.82 | -2.14<sup>Footnote Reference(a)</sup> | 6.65<sup>Footnote Reference(b)</sup> |

---

(a) MSCI Emerging Markets ex China Index

(b) The Fund is in the Morningstar U.S. ETF Diversified Emerging Markets Category

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

Emerging Markets equities, excluding China, underperformed both China, as measured by the MSCI China All Shares Index, and the global equity market, as measured by the MSCI ACWI. U.S. dollar strength and the anticipation of increased U.S. tariffs and protectionism weighed on Emerging Markets during the Period. Meanwhile, a re-rating of semiconductor manufacturers after their valuations reached all-time highs and DeepSeek's demonstration that large language models (LLMs) may require significantly fewer chips to train weighed on key semiconductor-producing countries, Taiwan and South Korea. Within the Fund, the best-performing countries were the Czech Republic and Colombia, while the worst-performing countries were Indonesia and Mexico. Within the Fund, the best-performing sectors were Utilities and Financials, while the worst-performing sectors were Materials and Industrials. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i1f0e5703f99bf0355352cf73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares MSCI Emerging Markets ex China Index ETF - $13383** | **MSCI Emerging Markets Index (NR) (USD) - $11732** | **MSCI Emerging Markets ex China Index (Net) (USD) - $12979** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** | **<u>5 Years</u>** |  **<u>Since Inception</u>** |
| KraneShares MSCI Emerging Markets ex China Index ETF | -1.51% | 12.07% | 5.00% |
| MSCI Emerging Markets Index (NR) (USD) | 8.09% | 7.94% | 2.71% |
| MSCI Emerging Markets ex China Index (Net) (USD) | -2.14% | 11.98% | 4.46% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $63995861 | 291 | $170053 | 3% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](iac0189848f2ac155eb1aa06e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Countries | 5.4% |
| Qatar | 1.2% |
| United Arab Emirates | 1.3% |
| Thailand | 1.6% |
| Poland | 2.1% |
| Malaysia | 2.4% |
| Indonesia | 2.4% |
| Mexico | 3.7% |
| South Africa | 6.5% |
| Brazil | 7.0% |
| South Korea | 15.8% |
| India | 22.3% |
| Taiwan | 28.1% |

---

---

| | |
|:---|:---|
| 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>** |
| Taiwan Semiconductor Manufacturing | 11.9% |
| Samsung Electronics | 3.7% |
| ICICI Bank | 1.8% |
| HDFC Bank | 1.7% |
| Infosys ADR | 1.7% |
| SK Hynix | 1.5% |
| MediaTek | 1.5% |
| Bharti Airtel | 1.4% |
| Hon Hai Precision Industry | 1.3% |
| Naspers, Cl N | 1.3% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KEMX-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Global Carbon Strategy ETF

## Ticker: KRBN

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Global Carbon Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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.

# 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 | $78 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KRBN | -1.46 | -1.26 | 0.77<sup>Footnote Reference(a)</sup> | 12.06<sup>Footnote Reference(b)</sup> |

---

(a) S&P Global Carbon Credit Index

(b) The Morningstar U.S. ETF Commodities Focused Category portfolios primarily invest in physical commodities, such as agricultural goods, precious metals, and energy sources, directly or through futures contracts.

The KraneShares Global Carbon Strategy ETF seeks to provide a total return that, before fees and expenses, tracks the performance of the S&P Global Carbon Credit Index (the "Underlying Index"), which is an index comprised of futures contracts on carbon allowances traded within the largest, most liquid carbon allowance "cap and trade" programs. Such programs seek to reduce greenhouse gas emissions over time by capping the issuance of carbon emission allowances, but allowing them to be traded at market prices, which are expected to reflect their reduced supply, notwithstanding fluctuations in demand.

During the Period, European Union ("E.U.") allowances, the largest exposure in the Fund, closely tracked the swings in natural gas prices for most of the year but contributed positively to Fund performance At the same time, the U.K. cap and trade market was boosted by discussions around linking its emissions trading program with the E.U., resulting in it contributing positively to Fund performance. Washington State also made headway toward linking its program with the California market when the state legislature passed a new law in this regard. Further, the ballot initiative vote in support of the State cap-and-trade program resulted in Washington carbon allowances having the highest returns across the five markets represented in the Fund (i.e. E.U., U.K., California, Washington, and the Northeast U.S.). By contrast, the California market detracted from Fund performance as a result of delays in ongoing rulemaking around California's carbon emissions allowance program and uncertainty surrounding potential policy shifts during the Trump Administration. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the Underlying Index assuming a different return on cash collateral than that earned by the Fund.

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

# Total Return Based on $10,000 Investment
![Growth Chart](i2b8f73c5b76832d44dbdeb1e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Global Carbon Strategy ETF - $20171** | **S&P 500 Index (TR) - $18498** | **S&P Global Carbon Credit Index (USD, TR)^ - $21120** |
| **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 |

---

# Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares Global Carbon Strategy ETF | -1.46% | 16.20% |
| S&P 500 Index (TR) | 8.25% | 14.06% |
| S&P Global Carbon Credit Index (USD, TR)^ | 0.77% | 17.35% |

---

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.

^ As of August 1, 2024, IHS Markit Global Carbon Index's name changed to S&P Global Carbon Credit Index.

# Key Fund Statistics as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $172178220<sub>9</sub> | $2032003 | 45% |

---

# What did the Fund invest in?

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

---

| | |
|:---|:---|
| **<u>Futures Contracts:</u>** |  |
| Futures Contract | 103.4% |
| **<u>Collateral and Currency Management:</u>** |  |
| Short-Term Investment, GVMXX | 0.1% |
| Exchange-Traded Fund<sup>Footnote Reference\*\*</sup> | 68.3% |

---

---

| | |
|:---|:---|
| 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>

#### Data as of 3/31/2025
![Top 10 Chart](i7b3e07af27daeb39c18d2883.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| CCA 2025 Future | 20.0% |
| REG 2025 Future | 5.0% |
| CCA 2026 Future | 5.0% |
| EUA 2025 Future | 54.9% |
| EUA 2026 Future | 5.0% |
| UKA 2025 Future | 5.0% |
| WSH 2025 Future | 5.1% |

---

---

| | |
|:---|:---|
| 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
There were no material changes during the reporting period.

# 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares Global Carbon Strategy ETF: KRBN

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KRBN-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

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

## Ticker: KVLE

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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.

## 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, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KVLE | 11.31 | 11.33 | 10.75<sup>Footnote Reference(a)</sup> | 7.44<sup>Footnote Reference(b)</sup> |

---

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

(b) The Fund is in the Morningstar U.S. ETF Large Value Category

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.

During the Period, large-cap, high-dividend, diversified U.S. stocks outperformed global equities, as represented by the MSCI ACWI, and outperformed broad U.S. equities, as measured by the S&P 500 Index. The Fund's sector-neutral approach proved valuable when high concentrations in other U.S. indexes led them to underperform as uncertainties rose in the first quarter of 2025. Within the Fund, the best-performing sectors were Utilities and Energy, while the worst-performing sectors were Materials and Consumer Discretionary. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i67507c73dd6f9ea179f921b7.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF - $16307** | **S&P 500 Index (TR) - $16751** | **Value Line<sup>®</sup> Dynamic Dividend Equity Index (NR) (USD) - $16083** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 11.31% | 11.89% |
| S&P 500 Index (TR) | 8.25% | 12.58% |
| Value Line<sup>®</sup> Dynamic Dividend Equity Index (NR) (USD) | 10.75% | 11.53% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $28483315 | 80 | $172898 | 80% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i5f692333d6bb7e899861e64b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Real Estate | 2.2% |
| Materials | 2.4% |
| Utilities | 5.0% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 7.7% |
| Energy | 8.8% |
| Communication Services | 9.9% |
| Health Care | 10.4% |
| Financials | 10.6% |
| Industrials | 12.6% |
| Information Technology | 22.6% |

---

---

| | |
|:---|:---|
| 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>** |
| Microsoft | 5.4% |
| NVIDIA | 5.4% |
| Apple | 5.0% |
| Alphabet, Cl C | 4.4% |
| Amazon.com | 2.4% |
| Home Depot | 2.3% |
| Visa, Cl A | 2.1% |
| Cisco Systems | 1.9% |
| Comcast, Cl A | 1.8% |
| Goldman Sachs Group | 1.8% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KVLE-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Mount Lucas Managed Futures Index Strategy ETF

## Ticker: KMLM

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
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, 2024 to March 31, 2025. 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 | $86 | 0.90% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KMLM | -7.88 | -7.98 | -6.80<sup>Footnote Reference(a)</sup> | -5.17<sup>Footnote Reference(b)</sup> |

---

(a) KFA MLM Index

(b) The Fund is in the Morningstar U.S. ETF Systematic Trend Category

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 long position in gold and short positions in natural gas and wheat all contributed positively to performance for the Period. The Fund's frequent rotation between long and short positions in crude oil, which were triggered by changes in the one-year moving averages that the Underlying Index uses to determine long versus short exposure, detracted from performance. In addition, the Fund charges a management fee, which the Underlying Index does not, which detracted from the Fund's performance relative to that of the Underlying Index.

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

## Total Return Based on $10,000 Investment
![Growth Chart](id82d34b3850f430dd869addb.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Mount Lucas Managed Futures Index Strategy ETF - $13311** | **Bloomberg Global Aggregate Index (USD) - $8637** | **KFA MLM Index (PR) (USD) - $14501** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | -7.88% | 6.83% |
| Bloomberg Global Aggregate Index (USD) | 3.05% | -3.33% |
| KFA MLM Index (PR) (USD) | -6.80% | 8.96% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $221264948 | 27 | $2875942 | 0% |

---

## What did the Fund invest in?

## Commodity Exposure<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>

---

| | | | |
|:---|:---|:---|:---|
| **<u>Commodity Exposures as of 3/31/2025</u>** | **<u>Identifier</u>** | **<u>Position</u>** | **<u>% NAV</u>** |
| COPPER FUTURE JUL 25 | HGH5 | Long | 7.58% |
| GOLD 100 OZ FUTR JUN 25 | GCG5 | Long | 7.55% |
| LIVE CATTLE FUTR JUN 25 | LCG5 | Long | 7.40% |
| NATURAL GAS FUTR JUN 25 | NGH25 | Long | 7.21% |
| GASOLINE RBOB FUT JUN 25 | XBH5 | Short | 7.06% |
| WTI CRUDE FUTURE JUN 25 | CLH5 | Short | 7.05% |
| NY HARB ULSD FUT JUN 25 | HOH5 | Short | 6.95% |
| SOYBEAN FUTURE MAY 25 | S H5 | Short | 6.79% |
| WHEAT FUTURE(CBT) MAY 25 | W H5 | Short | 6.63% |
| SUGAR #11 (WORLD) MAY 25 | SBH5 | Long | 2.33% |
| CORN FUTURE MAY 25 | C H5 | Short | 1.59% |

---

---

| | |
|:---|:---|
| 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<sup>Footnote Reference(A)</sup></u>** |
| Wheat - Futures Contract<sup>Footnote Reference(1)</sup> | 0.9% |
| Gold - Futures Contract<sup>Footnote Reference(1)</sup> | 0.8% |
| Copper - Futures Contract<sup>Footnote Reference(1)</sup> | 0.7% |
| Euro-Bund 10-Year Bond - Futures Contract<sup>Footnote Reference(1)</sup> | 0.5% |
| Live Cattle - Futures Contract<sup>Footnote Reference(1)</sup> | 0.4% |
| Long Gilt 10-Year Bond - Futures Contract<sup>Footnote Reference(1)</sup> | 0.4% |
| Soybean - Futures Contract<sup>Footnote Reference(1)</sup> | 0.2% |
| AUD Currency - Futures Contract<sup>Footnote Reference(1)</sup> | 0.2% |
| Japanese Yen - Futures Contract<sup>Footnote Reference(1)</sup> | 0.1% |
| Swiss Franc - Futures Contract<sup>Footnote Reference(1)</sup> | 0.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &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, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kmlm/#documents or upon request at 1-855-857-2638.

Effective August 1, 2024, the name of the Fund changed from the "KFA Mount Lucas Managed Futures Index Strategy ETF" to the "KraneShares Mount Lucas Managed Futures Index Strategy ETF".

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KMLM-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares SSE STAR Market 50 Index ETF

## Ticker: KSTR

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares SSE STAR Market 50 Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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.

## 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 | $101 | 0.89% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KSTR | 26.88 | 27.15 | 34.57<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

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

(b) The Fund is in the Morningstar U.S. ETF China Region Category

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.

Equities listed on China's STAR Market Science & Technology Innovation Board, a sub-board of the Shanghai Stock Exchange, outperformed global equities, as measured by the MSCI ACWI. The top-performing sector within the Fund was the Information Technology sector, driven mainly by optimism over DeepSeek's innovation in AI large language models (LLMs). Within the Fund, the top-performing sectors were Information Technology and Materials, while the worst-performing sectors were Consumer Staples and Industrials. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the index's inclusion of a name indicated in U.S. Executive Order 13959/14032<sup>(1)</sup>, which was not held in the portfolio during the Period.

<sup>(1)</sup> Executive Order 13959/14032, signed by former 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](i90a987408b8528d4390cb504.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares SSE STAR Market 50 Index ETF - $5532** | **MSCI China All Shares Index (Net) (USD) - $6757** | **SSE Science and Technology Innovation Board 50 Index (USD, TR) - $6309** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares SSE STAR Market 50 Index ETF | 26.88% | -13.21% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | -8.96% |
| SSE Science and Technology Innovation Board 50 Index (USD, TR) | 34.57% | -10.44% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $35947595 | 51 | $264084 | 57% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i6503080b97d105a88a3b8e2c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 0.7% |
| Industrials | 2.6% |
| Materials | 2.9% |
| Consumer Discretionary | 5.6% |
| Health Care | 12.1% |
| Information Technology | 75.9% |

---

---

| | |
|:---|:---|
| 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>** |
| Hygon Information Technology, Cl A | 9.6% |
| Cambricon Technologies, Cl A | 9.5% |
| Montage Technology, Cl A | 6.5% |
| Beijing Kingsoft Office Software, Cl A | 5.3% |
| Advanced Micro-Fabrication Equipment China, Cl A | 4.0% |
| Shanghai United Imaging Healthcare, Cl A | 3.9% |
| Shenzhen Transsion Holdings, Cl A | 3.2% |
| Verisilicon Microelectronics Shanghai, Cl A | 2.9% |
| Beijing Roborock Technology, Cl A | 2.8% |
| SUPCON Technology, Cl A | 2.6% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KSTR-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Hang Seng TECH Index ETF

## Ticker: KTEC

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Hang Seng TECH Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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.

## 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 | $86 | 0.69% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KTEC | 50.4 | 49.15 | 57.58<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

(a) Hang Seng TECH Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category.

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.

Internet and technology equities listed on the Hong Kong Stock Exchange significantly outperformed global equities, as represented by the MSCI ACWI, and China's equity markets more broadly, as represented by the MSCI China All Shares Index. Catalysts during the Period included stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts. Meanwhile, DeepSeek, China's answer to OpenAI's ChatGPT, was reported to operate at a higher level of efﬁciency and demand fewer chips to train, potentially eliminating concerns over chip shortages for China's internet and technology firms. The Fund's inclusion of hardware companies, especially Xiaomi, led to its outperformance over China's internet equities, as hardware names were seen as beneficiaries of AI before internet firms. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees and the index's inclusion of a name indicated in U.S. Executive Order 13959/14032<sup>(1)</sup>, which was not held in the portfolio during the Period, and the deduction of management fees.

<sup>(1)</sup> Executive Order 13959/14032, signed by former 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](i77071ab539ac773826ede522.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Hang Seng TECH Index ETF - $6548** | **MSCI China All Shares Index (Net) (USD) - $7346** | **Hang Seng TECH Index (USD) - $6921** |
| **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 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares Hang Seng TECH Index ETF | 50.40% | -10.51% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | -7.77% |
| Hang Seng TECH Index (USD) | 57.58% | -9.20% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $46081718 | 29 | $84353 | 86% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i7ecb45c1da4888a73cab1ef4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Staples | 2.9% |
| Information Technology | 21.4% |
| Communication Services | 24.4% |
| Consumer Discretionary | 44.0% |

---

---

| | |
|:---|:---|
| 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%. |

---

## Top Ten Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| JD.com, Cl A | 8.9% |
| Alibaba Group Holding | 8.8% |
| Tencent Holdings | 8.8% |
| Meituan, Cl B | 8.6% |
| Xiaomi, Cl B | 8.6% |
| NetEase | 4.2% |
| XPeng, Cl A | 4.1% |
| Kuaishou Technology, Cl B | 4.0% |
| Li Auto, Cl A | 4.0% |
| Lenovo Group | 3.7% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KTEC-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares European Carbon Allowance Strategy ETF

## Ticker: KEUA

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares European Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/keua/. You can also request this information by contacting us at 1-855-857-2638.

# 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 European Carbon Allowance Strategy ETF | $82 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KEUA | 8.05 | 7.73 | 10.49<sup>Footnote Reference(a)</sup> | 12.06<sup>Footnote Reference(b)</sup> |

---

(a) S&P Carbon Credit EUA Index

(b) The Fund is in the Morningstar U.S. ETF Commodities Focused Category.

The KraneShares European Carbon Allowance Strategy ETF seeks to provide a total return that, before fees and expenses, tracks the performance of the S&P Carbon Credit EUA Index (the "Underlying Index"), which is an index comprised of futures contracts on European carbon allowances issued by the European Union Emission Trading System that seeks to reduce greenhouse gas emissions over time.

The European carbon market closely tracked natural gas price action for most of the year, where uncertainty around the region's supply drove volatility in the market. Higher natural gas prices led to more gas-to-coal fuel switching, which, in turn, created more demand for carbon allowances and contributing positively to Fund performance. Meanwhile, global trade and tariff uncertainty added some downward pressure on prices near the end of the Period, which detracted from Fund performance. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the Underlying Index assuming a different return on cash collateral than that earned by the Fund.

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

# Total Return Based on $10,000 Investment
![Growth Chart](ia9225bb211e4980f79ede994.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares European Carbon Allowance Strategy ETF - $9733** | **S&P 500 Index (TR) - $13763** | **S&P Carbon Credit EUA Index (USD, TR)^ - $9530** |
| **Oct/21** | $10000 | $10000 | $10000 |
| **Mar/22** | $11524 | $10609 | $11459 |
| **Mar/23** | $13608 | $9789 | $13008 |
| **Mar/24** | $9008 | $12714 | $8625 |
| **Mar/25** | $9733 | $13763 | $9530 |

---

# Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares European Carbon Allowance Strategy ETF | 8.05% | -0.77% |
| S&P 500 Index (TR) | 8.25% | 9.58% |
| S&P Carbon Credit EUA Index (USD, TR)^ | 10.49% | -1.37% |

---

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/keua/ for current month-end performance.

^ As of August 1, 2024, IHS Markit Carbon EUA Index's name changed to S&P Carbon Credit EUA Index.

# Key Fund Statistics as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $7359741<sub>3</sub> | $79253 | 10% |

---

# What did the Fund invest in?

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

---

| | |
|:---|:---|
| **<u>Futures Contracts:</u>** |  |
| Futures Contract | 100.9% |
| **<u>Collateral and Currency Management:</u>** |  |
| Short-Term Investment, GVMXX | 2.7% |
| Exchange-Traded Fund<sup>Footnote Reference\*\*</sup> | 48.8% |

---

---

| | |
|:---|:---|
| 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>

#### Data as of 3/31/2025
![Top 10 Chart](i9f4045222d1523ce404de77d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| European Union | 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. |

---

# Material Fund Changes
There were no material changes during the reporting period.

# 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/keua/.

# 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares European Carbon Allowance Strategy ETF: KEUA

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KEUA-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares California Carbon Allowance Strategy ETF

## Ticker: KCCA

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares California Carbon Allowance Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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.

# 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 | $69 | 0.79% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KCCA | -24.92 | -25.34 | -23.32<sup>Footnote Reference(a)</sup> | 12.06<sup>Footnote Reference(b)</sup> |

---

(a) S&P Carbon Credit CCA Index

(b) The Fund is in the Morningstar U.S. ETF Commodities Focused Category.

The KraneShares California Carbon Allowance Strategy ETF seeks to provide a total return that, before fees and expenses, tracks the performance of the S&P Carbon Credit CCA Index (the "Underlying Index"), which is an index comprised of futures contracts on California carbon allowances issued by the state's "cap and trade" program that seeks to reduce greenhouse gas emissions over time.

The market undergoes periodic reforms every few years, where the latest policy updates introduce supply-tightening measures to better align the program with accelerated emissions reduction targets. From wildfires in Southern California to shifting federal climate policies, the California Air Resources Board (CARB), which issues carbon allowances, faced added pressure and introduced new considerations for the market. That said, Governor Newsom, in collaboration with other state officials, reinforced their support for the program by announcing their intentions to extend the market beyond its sunset clause in 2030. Nonetheless, delays in CARB rulemaking negatively impacted the value of Fund investments tied to California's carbon emission allowances and detracted from Fund performance. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund and the Underlying Index assuming a different return on cash collateral than that earned by the Fund.

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

# Total Return Based on $10,000 Investment
![Growth Chart](ib38b9a00afa1de7908cfb720.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares California Carbon Allowance Strategy ETF - $8903** | **S&P 500 Index (TR) - $13763** | **S&P Carbon Credit CCA Index (USD, TR)^ - $9354** |
| **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 |

---

# Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares California Carbon Allowance Strategy ETF | -24.92% | -3.27% |
| S&P 500 Index (TR) | 8.25% | 9.58% |
| S&P Carbon Credit CCA Index (USD, TR)^ | -23.32% | -1.90% |

---

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.

^ As of August 1, 2024, IHS Markit Carbon CCA Index's name changed to S&P Carbon Credit CCA Index.

# Key Fund Statistics as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Total Net Assets</u>** | **<u>Total Advisory Fees Paid</u>** | **<u>Portfolio Turnover Rate</u>** |
| $109082163<sub>3</sub> | $1500624 | 74% |

---

# What did the Fund invest in?

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

---

| | |
|:---|:---|
| **<u>Futures Contracts:</u>** |  |
| Futures Contract | 115.5% |
| **<u>Collateral and Currency Management:</u>** |  |
| Short-Term Investment, GVMXX | 4.4% |
| Exchange-Traded Fund<sup>Footnote Reference\*\*</sup> | 79.9% |

---

---

| | |
|:---|:---|
| 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>

#### Data as of 3/31/2025
![Top 10 Chart](i5ba267154abacc683d765fef.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. |

---

# Material Fund Changes
There were no material changes during the reporting period.

# 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KCCA-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares KWEB Covered Call Strategy ETF

## Ticker: KLIP

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares KWEB Covered Call Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. 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 | $27 | 0.26% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KLIP^ | 10.51 | 10.46 | N/A | 26.92<sup>Footnote Reference(1)</sup> |

---

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

(1) The Fund is in the Morningstar U.S. ETF China Region Category.

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.

Elevated implied volatility in China's internet equities led to an increase in the options premiums earned by the Fund during the Period. China's internet equities outperformed China's equity market more broadly and global equities, broadly defined, due to several positive catalysts for China's internet equities during the Period, including stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i900af49e30344fcfaffa8a84.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares KWEB Covered Call Strategy ETF - $12179** | **MSCI China All Shares Index (Net) (USD) - $10337** | **CSI Overseas China Internet Index - $10541** |
| **Jan/23** | $10000 | $10000 | $10000 |
| **Mar/23** | $9644 | $9652 | $9052 |
| **Mar/24** | $11021 | $8047 | $7744 |
| **Mar/25** | $12179 | $10337 | $10541 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares KWEB Covered Call Strategy ETF | 10.51% | 9.29% |
| MSCI China All Shares Index (Net) (USD) | 28.47% | 1.50% |
| CSI Overseas China Internet Index | 36.11% | 2.40% |

---

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, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $104568776<sub>9</sub> | $366857 | 424% |

---

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

![Holdings Chart](i49c8ca79431ed3d49217d393.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Insurance | 0.7% |
| Media | 0.8% |
| Short-Term Investment<sup>Footnote Reference†</sup> | 2.1% |
| Diversified Consumer Services | 3.2% |
| Real Estate Management & Development | 3.5% |
| Consumer Finance | 3.6% |
| Ground Transportation | 3.9% |
| Consumer Staples Distribution & Retail | 5.3% |
| Internet & Catalog Retail | 6.6% |
| Hotels, Restaurants & Leisure | 6.6% |
| Entertainment | 11.5% |
| Broadline Retail | 25.9% |
| Interactive Media & Services | 28.4% |

---

---

| | |
|:---|:---|
| 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 KWEB securities on loan. |

---

## 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> | 102.3% |
| Written Option - KWEB US, $36.30, 04/25/25<sup>Footnote Reference(1)</sup> | 0.0% |
| Written Option - KWEB US, $36.17, 05/02/25<sup>Footnote Reference(1)</sup> | 0.0% |
| Written Option - KWEB US, $36.99, 04/11/25<sup>Footnote Reference(1)</sup> | -0.2% |
| Written Option - KWEB US, $36.78, 04/17/25<sup>Footnote Reference(1)</sup> | -0.3% |
| Written Option - KWEB US, $35.58, 04/25/25<sup>Footnote Reference(1)</sup> | -0.7% |
| Written Option - KWEB US, $33.93, 04/04/25<sup>Footnote Reference(1)</sup> | -0.8% |
| Written Option - KWEB US, $35.04, 05/02/25<sup>Footnote Reference(1)</sup> | -0.9% |

---

---

| | |
|:---|:---|
| 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, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/klip/#documents or upon request at 1-855-857-2638.

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 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. There were no changes in net assets, results of operation or total return as a result of this transaction.

Effective January 27, 2025, the KraneShares China Internet and Covered Call Strategy ETF was renamed the KraneShares KWEB Covered Call Strategy ETF.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KLIP-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Dynamic Emerging Markets Strategy ETF

## Ticker: KEM

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Dynamic Emerging Markets Strategy ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/kem/. 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 Dynamic Emerging Markets Strategy ETF | $12 | 0.11% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KEM^ | 14.74 | 14.47 | N/A | 6.65<sup>Footnote Reference(1)</sup> |

---

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

(1) The Fund is in the Morningstar U.S. ETF Diversified Emerging Markets Category.

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

• The KraneShares MSCI All China Index ETF

• The KraneShares MSCI Emerging Markets ex China Index ETF

The Fund outperformed both Emerging Markets equities, as measured by the MSCI Emerging Markets Index, and global equities, as measured by the MSCI ACWI, during the Period. The Fund's consistent overweight to China contributed positively to Fund performance. U.S. dollar strength and the anticipation of increased U.S. tariffs and protectionism weighed on Emerging Markets outside of China during the Period. Meanwhile, a re-rating of semiconductor manufacturers after their valuations reached all-time highs and DeepSeek's demonstration that large language models (LLMs) may require significantly fewer chips to train weighed on key semiconductor-producing countries, Taiwan and South Korea. China's outperformance was driven by stimulus measures announced by China's government in September, which included a stock market stabilization fund, consumer subsidies, and rate cuts, as well as critical advancements in AI technology in the country during the Period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i992137fb1e9af1c9c39b9124.jpg)

---

| | | |
|:---|:---|:---|
| | **KraneShares Dynamic Emerging Markets Strategy ETF - $11739** | **MSCI Emerging Markets Index (NR) (USD) - $11601** |
| **Aug/23** | $10000 | $10000 |
| **Mar/24** | $10231 | $10733 |
| **Mar/25** | $11739 | $11601 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares Dynamic Emerging Markets Strategy ETF | 14.74% | 10.52% |
| MSCI Emerging Markets Index (NR) (USD) | 8.09% | 9.71% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on August 24, 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/kem/ for current month-end performance.

## Key Fund Statistics as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $4862790<sub>2</sub> | $4570 | 3% |

---

## What did the Fund invest in?

## Asset Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i2c15a66ad5bb1c3bffd199b3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange - Traded Fund | 99.1% |

---

---

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

---

## Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| KraneShares MSCI All China Index ETF<sup>Footnote Reference\*\*</sup> | 60.0% |
| KraneShares MSCI Emerging Markets ex China Index ETF<sup>Footnote Reference\*\*</sup> | 39.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Affiliated Investment |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/kem/#documents or upon request at 1-855-857-2638.

Upon the recommendation of Krane Funds Advisors, LLC, the adviser to the Fund, the Board of Trustees of KraneShares Trust has approved the liquidation and termination of the Fund. Accordingly the Fund ceased operations and liquidated on May 27, 2025.

## 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/kem/.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares Dynamic Emerging Markets Strategy ETF: KEM

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KEM-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Global Luxury Index ETF

## Ticker: KLXY

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Global Luxury Index ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/klxy/. You can also request this information by contacting us at 1-855-857-2638.

## 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 Luxury Index ETF | $64 | 0.69% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KLXY | -13.44 | -13.59 | -13.30<sup>Footnote Reference(a)</sup> | 3.50<sup>Footnote Reference(b)</sup> |

---

(a) Solactive Global Luxury Select Index

(b) The Fund is in the Morningstar U.S. ETF Consumer Cyclical Category.

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 Solactive Global Luxury Select Index (the "Underlying Index"). The Underlying Index is a modified, free float-adjusted market capitalization-weighted index designed to measure the equity performance of companies in developed markets from global luxury-related sectors. The Underlying Index includes companies classified by the FactSet Revere Business Industry Classification system ("RBICS") as being in the travel & leisure, premium ware and apparel, luxury goods, and premium consumer goods industries that include certain luxury-related business descriptions. Solactive AG ("Index Provider") defines developed countries as the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland, United Kingdom, or United States.

The KraneShares Global Luxury Index ETF considerably underperformed global markets during the Period. This underperformance can be attributed to lackluster earnings from top luxury names and consumption lulls in key markets like China, the United States, and Europe. Additionally, the potential for increased tariffs and protectionism in the United States is expected to weigh on the sector as macroeconomic uncertainty leads to a cautious consumer. Nonetheless, luxury companies continue to breach new markets with rising incomes in Southeast Asia, India, the Middle East, and South America. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ib92bbea1159bbb2e381969f0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Global Luxury Index ETF - $9269** | **MSCI ACWI Index (Net) (USD) - $12450** | **Solactive Global Luxury Select Index (NR) (USD)^ - $9347** |
| **Sep/23** | $10000 | $10000 | $10000 |
| **Mar/24** | $10708 | $11619 | $10782 |
| **Mar/25** | $9269 | $12450 | $9347 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares Global Luxury Index ETF | -13.44% | -4.73% |
| MSCI ACWI Index (Net) (USD) | 7.15% | 15.01% |
| Solactive Global Luxury Select Index (NR) (USD)^ | -13.30% | -4.22% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on September 6, 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/klxy/ for current month-end performance.

^ As of August 1, 2024, Solactive Global Luxury Index's name changed to Solactive Global Luxury Select Index.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $2870891 | 28 | $21332 | 55% |

---

## What did the Fund invest in?

## Country Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i01ade255fe46a847b9d796c0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| China | 0.7% |
| Germany | 0.8% |
| United Kingdom | 1.0% |
| Denmark | 4.6% |
| Japan | 7.6% |
| Switzerland | 11.3% |
| Italy | 11.5% |
| United States | 23.8% |
| France | 37.0% |

---

---

| | |
|:---|:---|
| 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>** |
| Cie Financiere Richemont, Cl A | 9.5% |
| LVMH Moet Hennessy Louis Vuitton | 9.3% |
| L'Oreal | 9.0% |
| Hermes International | 8.0% |
| EssilorLuxottica | 7.0% |
| Estee Lauder, Cl A | 4.6% |
| Pandora | 4.6% |
| Moncler | 4.6% |
| Tapestry | 4.5% |
| Kao | 4.5% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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/klxy/.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares Global Luxury Index ETF: KLXY

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KLXY-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Rockefeller℠ Ocean Engagement ETF

## Ticker: KSEA

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Rockefeller℠ Ocean Engagement ETF (the "Fund") for the period from April 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://kraneshares.com/ksea/. 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 Rockefeller℠ Ocean Engagement ETF | $86 | 0.86% |

---

#### How did the Fund perform in the last year?
For the 12-month Period ended March 31, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KSEA^ | 0.44 | -0.41 | N/A | -7.73<sup>Footnote Reference(1)</sup> |

---

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

(1) The Fund is in the Morningstar U.S. ETF Miscellaneous Sector Category.

The KraneShares RockefellerSM Ocean Engagement ETF seeks to provide exposure to the rise of the "blue economy" by allocating to public companies whose business activities are materially based in and actively beneficial for the ocean. The Fund's sub-advisor, Rockefeller Asset Management LLC, proactively engages with companies held by the Fund on ocean-related matters in pursuit of healthier oceans and outperformance versus its benchmark, the MSCI All Country World Index. Holdings include companies from diverse sectors such as aquaculture, commercial fishing, waste management, renewable energy, and logistics, among others.

The Fund underperformed global markets during the Period. This underperformance was largely attributable to the energy and healthcare sectors, the worst-performing sectors within the Fund. Industrial and consumer discretionary names did help boost the Fund's overall performance. The waste management space, to which the Fund maintained a meaningful exposure during the Period, experienced solid returns, driven by a focus on technology and automation and multiple mergers and acquisitions to help improve efficiency.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ie5c1273c4422eb2849048c35.jpg)

---

| | | |
|:---|:---|:---|
| | **KraneShares Rockefeller℠ Ocean Engagement ETF - $10786** | **MSCI ACWI Index (Net) (USD) - $12401** |
| **Sep/23** | $10000 | $10000 |
| **Mar/24** | $10739 | $11574 |
| **Mar/25** | $10786 | $12401 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | | |
|:---|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>1 Year</u>** |  **<u>Since Inception</u>** |
| KraneShares Rockefeller℠ Ocean Engagement ETF | 0.44% | 4.99% |
| MSCI ACWI Index (Net) (USD) | 7.15% | 14.86% |

---

The line graph represents historical performance of a hypothetical investment of $10,000 in the Fund since its inception on September 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/ksea/ for current month-end performance.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $2646138 | 41 | $23111 | 46% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](ib1ade566da53c18ade51c70c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Health Care | 4.4% |
| Utilities | 6.1% |
| Information Technology | 8.7% |
| Materials | 11.2% |
| Consumer Discretionary | 11.2% |
| Consumer Staples | 17.9% |
| Industrials | 38.5% |

---

---

| | |
|:---|:---|
| 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>Percentage of Total Net Assets</u>** |
| Waste Management | 4.2% |
| Crown Holdings | 3.9% |
| Teledyne Technologies | 3.7% |
| Loblaw | 3.7% |
| Republic Services, Cl A | 3.5% |
| Trimble | 3.5% |
| SSE PLC | 3.5% |
| Amazon.com | 3.2% |
| Bureau Veritas | 3.2% |
| Jeronimo Martins | 3.2% |

---

## Material Fund Changes
This is a summary of certain changes to the Fund since April 1, 2024. For more complete information, you may review the Fund's prospectus, which is available at https://kraneshares.com/ksea/#documents or upon request at 1-855-857-2638.

Upon the recommendation of Krane Funds Advisors, LLC, the adviser to the Fund, the Board of Trustees of KraneShares Trust has approved the liquidation and termination of the Fund. Accordingly the Fund ceased operations and liquidated on May 27, 2025.

## 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/ksea/.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares Rockefeller℠ Ocean Engagement ETF: KSEA

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KSEA-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Hedgeye Hedged Equity Index ETF

## Ticker: KSPY

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Hedgeye Hedged Equity Index ETF (the "Fund") for the period from July 15, 2024 (commencement of operations) to March 31, 2025. 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.

## 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 Hedgeye Hedged Equity Index ETF | $50 | 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, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KSPY\* | 2.91 | 2.71 | 3.90<sup>Footnote Reference(a)</sup> | 5.71<sup>Footnote Reference(b)</sup> |

---

\*Return since Fund inception on July 15, 2024 (less than one year)

(a) Hedgeye Hedged Equity Index

(b) The Fund is in the Morningstar U.S. ETF Equity Hedged Category.

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 Fund underperformed the U.S. equity market, as measured by the S&P 500 Index, for most of the Period since its inception. However, the Fund began outperforming the U.S. equity market when U.S. equities entered a downtrend in mid-February 2025. At this point, widespread macroeconomic uncertainty spread among investors regarding tariffs, inflation, and the Federal Reserve's rate cut trajectory due to the Fund's use of a downside hedge against broader market declines. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](ie793adf4dbf7eaffa96c249d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Hedgeye Hedged Equity Index ETF - $10291** | **S&P 500 Index (TR) - $10060** | **Hedgeye Hedged Equity Index (PR) (USD) - $10390** |
| **Jul/15/24** | $10000 | $10000 | $10000 |
| **Jul/24** | $10004 | $9810 | $10010 |
| **Aug/24** | $9940 | $10048 | $10001 |
| **Sep/24** | $10064 | $10262 | $10102 |
| **Oct/24** | $10092 | $10169 | $10114 |
| **Nov/24** | $10456 | $10766 | $10514 |
| **Dec/24** | $10368 | $10509 | $10446 |
| **Jan/25** | $10599 | $10802 | $10692 |
| **Feb/25** | $10579 | $10661 | $10673 |
| **Mar/25** | $10291 | $10060 | $10390 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| KraneShares Hedgeye Hedged Equity Index ETF | 2.91% |
| S&P 500 Index (TR) | 0.60% |
| Hedgeye Hedged Equity Index (PR) (USD) | 3.90% |

---

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, 2025

---

| | | |
|:---|:---|:---|
| **Total Net Assets** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $13967769<sub>4</sub> | $40811 | 2% |

---

## What did the Fund invest in?

## S&P 500 Top Constituents<sup>**Footnote Reference \***</sup>
![Holdings Chart](i156cdc4e0bca59f33044804c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| UNITEDHEALTH GROUP INC | 1.0% |
| EXXON MOBIL CORP | 1.1% |
| VISA INC-CLASS A SHARES | 1.3% |
| ELI LILLY & CO | 1.4% |
| JPMORGAN CHASE & CO | 1.4% |
| TESLA INC | 1.5% |
| ALPHABET INC-CL C | 1.6% |
| BROADCOM INC | 1.7% |
| ALPHABET INC-CL A | 1.9% |
| BERKSHIRE HATHAWAY INC-CL B | 2.1% |
| META PLATFORMS INC-CLASS A | 2.7% |
| AMAZON.COM INC | 3.8% |
| NVIDIA CORP | 5.6% |
| MICROSOFT CORP | 5.9% |
| APPLE INC | 7.0% |

---

---

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

---

## Top Holdings

---

| | |
|:---|:---|
| **<u>Holding Name</u>** | **<u>Percentage of Total Net Assets</u>** |
| SPDR S&P 500 ETF Trust | 96.1% |
| Purchased Option - S&P 500 Index, $5,780.00, 04/17/25<sup>Footnote Reference(1)</sup> | 3.3% |
| Written Option - SPDR S&P 500 Index, $576.67, 04/17/25<sup>Footnote Reference(1)</sup> | -0.4% |
| Written Option - S&P 500 Index, $5,520.00, 04/17/25<sup>Footnote Reference(1)</sup> | -1.1% |

---

---

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

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KSPY-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Artificial Intelligence and Technology ETF

## Ticker: AGIX

## Principal Listing Exchange: NASDAQ

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Artificial Intelligence and Technology ETF (the "Fund") for the period from July 17, 2024 (commencement of operations) to March 31, 2025. 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.

## 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 Artificial Intelligence and Technology ETF | $70 | 0.99% |

---

---

| | |
|:---|:---|
| 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, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| AGIX\*^ | -1.24 | -1.52 | N/A | 2.49<sup>Footnote Reference(1)</sup> |

---

\*Return since Fund inception on July 17, 2024 (less than one year)

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

(1) The Fund is in the Morningstar U.S. ETF Technology Category.

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 underperformed global equities, as measured by the MSCI ACWI, during the Period. Uncertainty surrounding tariffs, the U.S. Federal Reserve's rate cut trajectory, and inflation weighed on U.S.-listed equities. The Fund's holdings in AI stocks were disproportionately affected due to their elevated valuations at launch. The Fund acquired a position in the privately-held company Anthropic during the Period.

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

## Total Return Based on $10,000 Investment
![Growth Chart](if959f36db2449ac15df91cc0.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Artificial Intelligence and Technology ETF - $9876** | **S&P 500 Index (TR) - $10138** | **Solactive Etna Artificial General Intelligence Index (NR) (USD) - $9724** |
| **Jul/17/24** | $10000 | $10000 | $10000 |
| **Jul/24** | $9748 | $9885 | $9693 |
| **Aug/24** | $9832 | $10125 | $9764 |
| **Sep/24** | $10164 | $10341 | $10090 |
| **Oct/24** | $10284 | $10247 | $10226 |
| **Nov/24** | $11272 | $10849 | $11211 |
| **Dec/24** | $11389 | $10590 | $11328 |
| **Jan/25** | $12056 | $10885 | $12000 |
| **Feb/25** | $11285 | $10743 | $11172 |
| **Mar/25** | $9876 | $10138 | $9724 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| KraneShares Artificial Intelligence and Technology ETF | -1.24% |
| S&P 500 Index (TR) | 1.38% |
| Solactive Etna Artificial General Intelligence Index (NR) (USD) | -2.76% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $22140948 | 45 | $72002 | 49% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i38b29b0505c969166edb2f96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Industrials | 0.9% |
| Health Care | 1.5% |
| Consumer Discretionary | 10.1% |
| Communication Services | 13.2% |
| Information Technology | 74.1% |

---

---

| | |
|:---|:---|
| 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>** |
| Meta Platforms, Cl A | 8.0% |
| Microsoft | 6.0% |
| Amazon.com | 5.2% |
| Anthropic | 4.5% |
| Apple | 4.1% |
| NVIDIA | 4.0% |
| Alphabet, Cl A | 3.5% |
| Salesforce | 3.5% |
| ServiceNow | 3.3% |
| SAP | 3.2% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NASDAQ

#### Annual Shareholder Report: March 31, 2025

#### AGIX-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Sustainable Ultra Short Duration Index ETF

## Ticker: KCSH

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Sustainable Ultra Short Duration Index ETF (the "Fund") for the period from July 25, 2024 (commencement of operations) to March 31, 2025. 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.

## 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 Sustainable Ultra Short Duration Index ETF | $14 | 0.20% |

---

---

| | |
|:---|:---|
| 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, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | |
|:---|:---|:---|:---|
| Fund | NAV Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KCSH\* | 3.43 | 3.51<sup>Footnote Reference(a)</sup> | 5.51<sup>Footnote Reference(b)</sup> |

---

\*Return since Fund inception on July 25, 2024 (less than one year)

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

(b) The Fund is in the Morningstar U.S. ETF Ultrashort Bond Category

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).

Volatility in global markets led to a shift toward the relative safety of cash-like investments, contributing to the Fund's positive performance for the Period. Furthermore, potential tariffs increased uncertainty around future inflation and interest rate trends, leading to increased demand for ultrashort bonds, which carry less interest rate risk than longer-term fixed income instruments. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

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

## Total Return Based on $10,000 Investment
![Growth Chart](i1e4f32e4a2b8bcf5ba698a62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares Sustainable Ultra Short Duration Index ETF - $10343** | **Bloomberg U.S. Aggregate Bond Index (TR) (USD) - $10366** | **Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (TR) (USD) - $10351** |
| **Jul/25/24** | $10000 | $10000 | $10000 |
| **Jul/24** | $10012 | $10121 | $10012 |
| **Aug/24** | $10065 | $10266 | $10065 |
| **Sep/24** | $10112 | $10404 | $10116 |
| **Oct/24** | $10148 | $10146 | $10153 |
| **Nov/24** | $10185 | $10253 | $10192 |
| **Dec/24** | $10226 | $10085 | $10235 |
| **Jan/25** | $10272 | $10139 | $10277 |
| **Feb/25** | $10304 | $10362 | $10311 |
| **Mar/25** | $10343 | $10366 | $10351 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| KraneShares Sustainable Ultra Short Duration Index ETF | 3.43% |
| Bloomberg U.S. Aggregate Bond Index (TR) (USD) | 3.66% |
| Solactive ISS Sustainable Select 0-1 Year USD Corporate IG Index (TR) (USD) | 3.51% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $210406563 | 177 | $295041 | 0% |

---

## What did the Fund invest in?

## Maturity Weightings<sup>**Footnote Reference \***</sup><sup>**Footnote Reference ^**</sup>
![Holdings Chart](i746addae967340d6062b5803.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| 9-12 Months | 13.8% |
| 6-9 Months | 11.7% |
| 3-6 Months | 21.0% |
| 0-3 Months | 47.6% |

---

---

| | |
|:---|:---|
| 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>** |
| Microsoft | 3.125% | 11/03/25 | 1.4% |
| Manufacturers & Traders Trust | 4.650% | 01/27/26 | 1.3% |
| Truist Financial | 3.700% | 06/05/25 | 1.0% |
| Toronto-Dominion Bank | 1.150% | 06/12/25 | 1.0% |
| American Express | 4.900% | 02/13/26 | 1.0% |
| Bank of Nova Scotia | 4.750% | 02/02/26 | 1.0% |
| Australia & New Zealand Banking Group NY | 5.375% | 07/03/25 | 1.0% |
| Bank of Nova Scotia | 5.450% | 06/12/25 | 1.0% |
| Royal Bank of Canada | 4.950% | 04/25/25 | 1.0% |
| United Parcel Service | 3.900% | 04/01/25 | 1.0% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KCSH-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares China Alpha Index ETF

## Ticker: KCAI

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares China Alpha Index ETF (the "Fund") for the period from August 27, 2024 (commencement of operations) to March 31, 2025. 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.

## 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 China Alpha Index ETF | $50 | 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, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| KCAI\* | 11.02 | 10.93 | 11.78<sup>Footnote Reference(a)</sup> | 26.92<sup>Footnote Reference(b)</sup> |

---

\*Return since Fund inception on August 27, 2024 (less than one year)

(a) Qi China Alpha Index

(b) The Fund is in the Morningstar U.S. ETF China Region Category.

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 underperformed China's broad equity market, as represented by the MSCI China All Shares Index, during the Period, due to its investing only in China's A-shares market during a period when China's offshore issuers recorded higher performance. The Fund's overweight to Financials and Industrials and underweight to both Information Technology and Consumer Discretionary led it to underperform the Benchmark Index.

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

## Total Return Based on $10,000 Investment
![Growth Chart](idddb0c0768b10f8633ef8d65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **KraneShares China Alpha Index ETF - $11102** | **MSCI China All Shares Index (Net) (USD) - $12627** | **Qi China Alpha Index - $11178** |
| **Aug/27/24** | $10000 | $10000 | $10000 |
| **Aug/24** | $10108 | $10086 | $10116 |
| **Sep/24** | $11756 | $12426 | $11808 |
| **Oct/24** | $10988 | $11770 | $11046 |
| **Nov/24** | $10784 | $11390 | $10847 |
| **Dec/24** | $11057 | $11561 | $11128 |
| **Jan/25** | $11098 | $11525 | $11179 |
| **Feb/25** | $10938 | $12454 | $11013 |
| **Mar/25** | $11102 | $12627 | $11178 |

---

## Average Annual Total Returns as of March 31, 2025

---

| | |
|:---|:---|
| **<u>Fund/Index Name</u>** | **<u>Cumulative Since Inception</u>** |
| KraneShares China Alpha Index ETF | 11.02% |
| MSCI China All Shares Index (Net) (USD) | 26.27% |
| Qi China Alpha Index | 11.78% |

---

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, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $10858680 | 35 | $44215 | 149% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](iae0f027a52c6441c9675aab6.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Consumer Discretionary | 8.7% |
| Information Technology | 14.5% |
| Materials | 15.7% |
| Industrials | 17.2% |
| Financials | 43.9% |

---

---

| | |
|:---|:---|
| 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>** |
| Zijin Mining Group, Cl A | 3.6% |
| COSCO SHIPPING Holdings, Cl A | 3.3% |
| Eoptolink Technology, Cl A | 3.3% |
| Huaxia Bank, Cl A | 3.3% |
| Satellite Chemical, Cl A | 3.3% |
| Bank of Shanghai, Cl A | 3.2% |
| China Construction Bank, Cl A | 3.2% |
| China Galaxy Securities, Cl A | 3.2% |
| Fuyao Glass Industry Group, Cl A | 3.2% |
| Shanghai International Port Group, Cl A | 3.2% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

#### KraneShares China Alpha Index ETF: KCAI

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### KCAI-AR-2025

# KraneShares Trust
![Image](if7ab79b6658873ce881545e3.jpg)

## KraneShares Man Buyout Beta Index ETF

## Ticker: BUYO

## Principal Listing Exchange: NYSE Arca

## Annual Shareholder Report: March 31, 2025
This annual shareholder report contains important information about the KraneShares Man Buyout Beta Index ETF (the "Fund") for the period from October 7, 2024 (commencement of operations) to March 31, 2025. 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.

## 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 Man Buyout Beta Index ETF | $41 | 0.89% |

---

---

| | |
|:---|:---|
| 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, 2025 ("Period"), the Fund delivered the following returns:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | NAV Return (%) | Market Price Return (%) | Underlying Index Return (%) | Morningstar Peer Group Median Return (%) |
| BUYO\* | -9.16 | -9.2 | -8.73<sup>Footnote Reference(a)</sup> | 1.24<sup>Footnote Reference(b)</sup> |

---

\*Return since Fund inception on October 7, 2024 (less than one year)

(a) Man Buyout Beta Index

(b) The Fund is in the Morningstar U.S. ETF Mid-Cap Blend Category

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 slightly underperformed the small to mid-capitalization U.S. equity market, as represented by the Russell 2,500 Index, during the Period. Small to mid-capitalization stocks are generally affected disproportionately during times of macroeconomic uncertainty. Heightened levels of uncertainty were introduced in mid-February 2025, which weighed on the companies held within the Fund. During the Period, a New Mexico utility company held by the Fund entered into strategic talks with a private buyer about a potential takeover. The deviation between the Fund's performance and that of the Underlying Index can be mainly attributed to management fees paid by the Fund.

## Key Fund Statistics as of March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **Total Net Assets** | **Number of Holdings** | **Total Advisory Fees Paid** | **Portfolio Turnover Rate** |
| $10216953 | 304 | $46688 | 27% |

---

## What did the Fund invest in?

## Sector Weightings<sup>**Footnote Reference \***</sup>
![Holdings Chart](i6089f81378f928f56040682d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Utilities | 1.9% |
| Energy | 2.7% |
| Consumer Staples | 3.7% |
| Communication Services | 5.0% |
| Materials | 7.6% |
| Financials | 8.7% |
| Health Care | 11.7% |
| Consumer Discretionary | 13.1% |
| Industrials | 20.1% |
| Information Technology | 25.5% |

---

---

| | |
|:---|:---|
| 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>** |
| Elastic | 1.7% |
| Encompass Health | 1.6% |
| News | 1.5% |
| Nutanix, Cl A | 1.4% |
| Q2 Holdings | 1.2% |
| Option Care Health | 1.1% |
| QIAGEN | 1.1% |
| Light & Wonder | 1.0% |
| Pegasystems | 1.0% |
| Pentair | 1.0% |

---

## Material Fund Changes
There were no material changes during the reporting period.

## 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](if7ab79b6658873ce881545e3.jpg)

#### KraneShares Trust

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

#### Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report: March 31, 2025

#### BUYO-AR-2025
(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:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
| | | **All fees and services to the Registrant that were pre-approved** | **All fees and services to service affiliates that were pre-approved** | **All other fees and services to service affiliates that did not require pre-approval** | **All fees and services to the Registrant that were pre-approved** | **All fees and services to service affiliates that were pre-approved** | **All other fees and services to service affiliates that did not require pre-approval** |
| (a) | Audit Fees | $662000 | $0 | N/A | $587250 | $0 | N/A |
| (b) | Audit-Related Fees | $7500 | $0 | N/A | $0 | $0 | N/A |
| (c) | Tax Fees<sup>(1)</sup> | $172195 | $0 | N/A | $178000 | $0 | N/A |
| (d) | All Other Fees | $4076 | $0 | N/A | $9000 | $0 | N/A |

---

Notes:

(1) These services included tax return preparation and tax compliance for the Funds.

(e)(1) Pursuant to the requirements of the Sarbanes-Oxley Act of 2002, the SEC adopted Rule 2-01 under Regulation S-X, which, among other things, requires a fund's audit committee to pre-approve certain audit and non-audit services that are provided by its independent auditors in order to ensure the auditors' independence. The Registrant's Board of Trustees has established an Audit Committee that has been charged with, among other things, assisting the Board of Trustees in its oversight of: the Registrant's independent auditors; preapproving all audit and non-audit services provided by the Registrant's independent auditors; the integrity of the Funds' financial statements; the independent auditors' qualifications and independence; and the use of appropriate accounting principles.

(e)(2) Percentage of fees billed applicable to non-audit services approved pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) were as follows for KPMG:

---

| | | |
|:---|:---|:---|
| | **2025** | **2024** |
| 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;&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 All China 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> **(formerly, KraneShares Asia Pacific High Income 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> **(formerly, KFA Mount Lucas Managed Futures Index Strategy ETF)** <br> **KraneShares SSE STAR Market 50 Index ETF**<br> **KraneShares Hang Seng TECH Index ETF** <br> **KraneShares European Carbon Allowance Strategy ETF** <br> **KraneShares California Carbon Allowance Strategy ETF** <br> **KraneShares KWEB Covered Call Strategy ETF** <br> **(formerly, KraneShares China Internet and Covered Call Strategy ETF)** <br> **KraneShares Dynamic Emerging Markets Strategy ETF**<br> **KraneShares Global Luxury Index ETF**<br> **KraneShares RockefellerSM Ocean Engagement 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> ***March 31, 2025*** <br>

**Table of Contents**

---

| | |
|:---|:---|
| Financial Statements (Form N-CSR Item 7) |  |
| &nbsp;&nbsp;&nbsp;[Schedules of Investments/Consolidated Schedules of Investments](#a_001) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares CSI China Internet ETF](#a_002) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Bosera MSCI China A 50 Connect Index ETF](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI All China Index ETF](#a_004) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI One Belt One Road Index ETF](#a_005) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Emerging Markets Consumer Technology Index ETF](#a_006) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI China Clean Technology Index ETF](#a_007) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Electric Vehicles and Future Mobility Index ETF](#a_008) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI All China Health Care Index ETF](#a_009) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Asia Pacific High Income USD Bond ETF](#a_010) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares MSCI Emerging Markets ex China Index ETF](#a_011) | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Global Carbon Strategy ETF](#a_012) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF](#a_013) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Mount Lucas Managed Futures Index Strategy ETF](#a_014) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares SSE STAR Market 50 Index ETF](#a_015) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Hang Seng TECH Index ETF](#a_016) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares European Carbon Allowance Strategy ETF](#a_017) | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares California Carbon Allowance Strategy ETF](#a_018) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares KWEB Covered Call Strategy ETF](#a_019) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Dynamic Emerging Markets Strategy ETF](#a_020) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Global Luxury Index ETF](#a_021) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Rockefeller℠ Ocean Engagement ETF](#a_022) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Hedgeye Hedged Equity Index ETF](#a_023) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Artificial Intelligence and Technology ETF](#a_024) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Sustainable Ultra Short Duration Index ETF](#a_025) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares China Alpha Index ETF](#a_026) | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[KraneShares Man Buyout Beta Index ETF](#a_027) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Glossary](#a_028) | 103 |
| &nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities](#a_029) | 104 |
| &nbsp;&nbsp;&nbsp;[Statements of Operations/Consolidated Statements of Operations](#a_030) | 113 |
| &nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets/Consolidated Statements of Changes in Net Assets](#a_031) | 122 |
| &nbsp;&nbsp;&nbsp;[Financial Highlights/Consolidated Financial Highlights](#a_032) | 148 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements/Notes to Consolidated Financial Statements](#a_033) | 158 |
| &nbsp;&nbsp;&nbsp;[Report of Independent Registered Public Accounting Firm](#a_034) | 193 |
| [Notice To Shareholders](#a_035) | 197 |
| [Other Information (Form N-CSR Items 8-11) (Unaudited)](#a_036) | 201 |

---

**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, 2025*

**KraneShares CSI China Internet ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%<sup>‡</sup>** |  |  |
| **CHINA — 100.0%** |  |  |
| Communication Services — 40.7% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 3287917 | $91141059 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 25946134 | 299969764 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 12059984 | 230494919 |
| &nbsp;&nbsp;&nbsp;China Literature\* | 20268600 | 67081790 |
| &nbsp;&nbsp;&nbsp;Cloud Music\* | 2720700 | 51649344 |
| &nbsp;&nbsp;&nbsp;iQIYI ADR\*<sup>(A)</sup> | 25018062 | 56540820 |
| &nbsp;&nbsp;&nbsp;JOYY ADR\* | 1455698 | 61110202 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR\* | 18919351 | 362683959 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 38315200 | 185412809 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B\* | 47288700 | 330339556 |
| &nbsp;&nbsp;&nbsp;NetEase | 15159705 | 307858744 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 13673675 | 873464580 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 22283502 | 321105264 |
| &nbsp;&nbsp;&nbsp;Weibo ADR | 4020844 | 38077393 |
|  |  | 3276930203 |
| Consumer Discretionary — 42.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 59489264 | 978705936 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 15074540 | 311554314 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 26765447 | 535976330 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 4669411 | 552624792 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR\* | 19870480 | 262489041 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 56785800 | 152907023 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 5926000 | 376415974 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 14692340 | 230375891 |
|  |  | 3401049301 |
| Consumer Staples — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\*<sup>(A)</sup> | 271106000 | 164120826 |
| &nbsp;&nbsp;&nbsp;East Buy Holding\*<sup>(A)</sup> | 22005000 | 36032505 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 53510587 | 227995830 |
|  |  | 428149161 |
| Financials — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Qifu Technology ADR | 6542659 | 293830816 |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H\*<sup>(A)</sup> | 35469300 | 55709271 |
|  |  | 349540087 |
| Industrials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR | 24355618 | 311021242 |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Real Estate — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings ADR | 13839228 | $278030091 |
| TOTAL CHINA |  | 8044720085 |
| TOTAL COMMON STOCK<br> (Cost $7,227,937,819) |  | 8044720085 |
| **SHORT-TERM INVESTMENT — 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.290%<sup>(B)(C)</sup> | 170008414 | 170008414 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $170,008,414) |  | 170008414 |
| TOTAL INVESTMENTS — 102.1%<br> (Cost $7,397,946,233) |  | 8214728499 |
| OTHER ASSETS LESS LIABILITIES – (2.1)% |  | (167511418) |
| NET ASSETS - 100% |  | $8047217081 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2025.* |
| *(B)* | *The rate shown is the 7-day effective yield as of March 31, 2025.* |
| *(C)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2025 was $170,008,414.* |

---

As of March 31, 2025, 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, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%<sup>‡</sup>** |  |  |
| **CHINA — 99.5%** |  |  |
| Communication Services — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;China United Network Communications, Cl A | 1778100 | $1360635 |
| &nbsp;&nbsp;&nbsp;Focus Media Information Technology, Cl A | 807702 | 780367 |
|  |  | 2141002 |
| Consumer Discretionary — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 203100 | 10479389 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 411100 | 4441480 |
|  |  | 14920869 |
| Consumer Staples — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 216242 | 1207710 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 297012 | 1147841 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 56289 | 12093082 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 68846 | 1229126 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 255045 | 1359486 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 57316 | 1690317 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 182179 | 3293358 |
|  |  | 22020920 |
| Energy — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl A | 1707440 | 1346513 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl A | 349047 | 1842298 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 1137400 | 1286754 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 513016 | 1398705 |
|  |  | 5874270 |
| Financials — 23.4% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 5376407 | 3832944 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 2218500 | 1709850 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 2478799 | 2541606 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 417018 | 1481909 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 1302867 | 7762440 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 432114 | 1912604 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 773521 | 2823295 |
| &nbsp;&nbsp;&nbsp;East Money Information, Cl A | 997031 | 3098440 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 852300 | 2017584 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 3973026 | 3767482 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 1311722 | 3899475 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 1225467 | 1899112 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 679698 | 4829795 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 1853646 | 2660858 |
|  |  | 44237394 |
| Health Care — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 861187 | 5831404 |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 163453 | $5264042 |
|  |  | 11095446 |
| Industrials — 14.6% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 4284600 | 3284551 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 3605018 | 2609780 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 367251 | 12784716 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 1113530 | 2229849 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl A | 2122709 | 2062556 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 700815 | 2112312 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 420259 | 2494057 |
|  |  | 27577821 |
| Information Technology — 17.3% |  |  |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 5763445 | 3291856 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A\* | 65102 | 5582040 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 2065700 | 5646211 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 362448 | 7048528 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 1129050 | 6353907 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 82688 | 4734198 |
|  |  | 32656740 |
| Materials — 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 705599 | 6526832 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 4423142 | 11030613 |
|  |  | 17557445 |
| Real Estate — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings, Cl A | 657800 | 830183 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 869077 | 987982 |
|  |  | 1818165 |
| Utilities — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 1433500 | 1817054 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 1705070 | 6526101 |
|  |  | 8343155 |
| TOTAL CHINA |  | 188243227 |
| TOTAL COMMON STOCK<br> (Cost $183,488,596) |  | 188243227 |

---

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

**Schedule of Investments** *March 31, 2025*

**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;&nbsp;Kangmei Pharma<sup>‡‡</sup>\*<sup>(A)</sup> | 58879 | $— |
| TOTAL CHINA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.5% <br>(Cost $183,488,596) |  | 188243227 |
| OTHER ASSETS LESS LIABILITIES – 0.5% |  | 877775 |
| NET ASSETS - 100% |  | $189121002 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *‡ ‡* | *Expiration date not available.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |

---

The following summarizes the market value of the Fund's investments used as of March 31, 2025, 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 | $188243227 | $— | $— |  | $188243227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 188243227 |  |  |  | 188243227 |
| &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 | $188243227 | $— | $— |  | $188243227 |

---

---

| | |
|:---|:---|
| *^* | *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.* |
| *<sup>‡‡</sup>* | *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, 2025*

**KraneShares MSCI All China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5%<sup>‡</sup>** |  |  |
| **CHINA — 99.3%** |  |  |
| Communication Services — 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 586 | $16244 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 7350 | 84975 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 1420 | 27140 |
| &nbsp;&nbsp;&nbsp;Focus Media Information Technology, Cl A | 32200 | 31110 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR\* | 1346 | 25803 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 11000 | 53231 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B\* | 8100 | 56583 |
| &nbsp;&nbsp;&nbsp;NetEase | 5600 | 113723 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 16258 | 1038549 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 4102 | 59110 |
|  |  | 1506468 |
| Consumer Discretionary — 24.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 42624 | 701242 |
| &nbsp;&nbsp;&nbsp;ANTA Sports Products | 5200 | 57078 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 2100 | 108354 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 3500 | 176703 |
| &nbsp;&nbsp;&nbsp;China Tourism Group Duty Free, Cl A | 2600 | 21542 |
| &nbsp;&nbsp;&nbsp;Chongqing Changan Automobile, Cl A | 16038 | 28761 |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 6100 | 49172 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 26000 | 55607 |
| &nbsp;&nbsp;&nbsp;Great Wall Motor, Cl H | 18500 | 32338 |
| &nbsp;&nbsp;&nbsp;H World Group ADR | 877 | 32458 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 22200 | 76610 |
| &nbsp;&nbsp;&nbsp;Huayu Automotive Systems, Cl A | 5200 | 12925 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 7521 | 155441 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 3900 | 49650 |
| &nbsp;&nbsp;&nbsp;Li Ning | 8500 | 17393 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 14365 | 287658 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group | 6400 | 30066 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 6080 | 22623 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 1704 | 201668 |
| &nbsp;&nbsp;&nbsp;SAIC Motor, Cl A | 13157 | 28592 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings | 4300 | 32276 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR\* | 3240 | 42800 |
| &nbsp;&nbsp;&nbsp;TravelSky Technology, Cl H | 8000 | 11887 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 1800 | 114335 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 2071 | 32473 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings | 1355 | 70541 |
|  |  | 2450193 |
| Consumer Staples — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 30000 | 18161 |
| &nbsp;&nbsp;&nbsp;Anhui Gujing Distillery, Cl A | 1400 | 32804 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI All China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Staples (continued) |  |  |
| &nbsp;&nbsp;&nbsp;China Mengniu Dairy | 16000 | $39484 |
| &nbsp;&nbsp;&nbsp;China Resources Beer Holdings | 8000 | 28894 |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 6533 | 36487 |
| &nbsp;&nbsp;&nbsp;Guangdong Haid Group, Cl A | 5500 | 37810 |
| &nbsp;&nbsp;&nbsp;Henan Shuanghui Investment & Development, Cl A | 5800 | 21529 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 8700 | 33622 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yanghe Distillery, Cl A | 1800 | 18890 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 1000 | 214839 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 2600 | 46418 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 9702 | 51715 |
| &nbsp;&nbsp;&nbsp;New Hope Liuhe, Cl A\* | 15200 | 19372 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 1860 | 54854 |
| &nbsp;&nbsp;&nbsp;Tingyi Cayman Islands Holding | 16000 | 26858 |
| &nbsp;&nbsp;&nbsp;Want Want China Holdings | 26000 | 16374 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 3600 | 65079 |
|  |  | 763190 |
| Energy — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;China Oilfield Services, Cl H | 18000 | 14830 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl A | 52400 | 41324 |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl H | 108500 | 57177 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl H | 13000 | 52717 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 25200 | 28509 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl H | 75984 | 61429 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 13400 | 36534 |
| &nbsp;&nbsp;&nbsp;Shanxi Lu'an Environmental Energy Development, Cl A | 8700 | 14404 |
| &nbsp;&nbsp;&nbsp;Yankuang Energy Group, Cl H | 35300 | 36614 |
|  |  | 343538 |
| Financials — 24.1% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 98600 | 70294 |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl H | 117397 | 70616 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing, Cl A | 31600 | 26268 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 39000 | 30058 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl H | 232396 | 140089 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 49200 | 50447 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl H | 47000 | 42045 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 16000 | 31798 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 25000 | 32687 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 15900 | 22605 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 8100 | 28784 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 20904 | 28338 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl H | 36000 | 28179 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 13500 | 16406 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl H | 269000 | 237873 |
| &nbsp;&nbsp;&nbsp;China Everbright Bank, Cl A | 61900 | 32203 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI All China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities, Cl H | 43500 | $43275 |
| &nbsp;&nbsp;&nbsp;China Life Insurance, Cl H | 26483 | 51058 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 20000 | 119159 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl H | 14500 | 85543 |
| &nbsp;&nbsp;&nbsp;China Merchants Securities, Cl A | 10700 | 26169 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl A | 57400 | 30810 |
| &nbsp;&nbsp;&nbsp;China Minsheng Banking, Cl H | 49500 | 22268 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 8100 | 35852 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl H | 12200 | 38339 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 12745 | 46518 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl H | 9000 | 23424 |
| &nbsp;&nbsp;&nbsp;East Money Information, Cl A | 17700 | 55006 |
| &nbsp;&nbsp;&nbsp;Everbright Securities, Cl A | 11600 | 27220 |
| &nbsp;&nbsp;&nbsp;GF Securities, Cl A | 11400 | 25292 |
| &nbsp;&nbsp;&nbsp;Guosen Securities, Cl A | 12300 | 17368 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 9300 | 22015 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl A | 13400 | 30504 |
| &nbsp;&nbsp;&nbsp;Huatai Securities, Cl H | 10400 | 16682 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 20800 | 22415 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 75400 | 71499 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl H | 186441 | 132756 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 22500 | 66888 |
| &nbsp;&nbsp;&nbsp;Industrial Securities, Cl A | 31169 | 25224 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl A | 4500 | 31895 |
| &nbsp;&nbsp;&nbsp;New China Life Insurance, Cl H | 6200 | 23628 |
| &nbsp;&nbsp;&nbsp;Orient Securities, Cl A | 15900 | 20658 |
| &nbsp;&nbsp;&nbsp;People's Insurance Group of China, Cl H | 61452 | 31752 |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty, Cl H | 33510 | 61935 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 22391 | 34699 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 11500 | 81717 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl H | 21500 | 127945 |
| &nbsp;&nbsp;&nbsp;Postal Savings Bank of China, Cl H | 30000 | 18547 |
| &nbsp;&nbsp;&nbsp;Qifu Technology ADR | 642 | 28832 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 32200 | 46222 |
| &nbsp;&nbsp;&nbsp;Shenwan Hongyuan Group, Cl A | 36900 | 25037 |
|  |  | 2456841 |
| Health Care — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Tong Ren Tang, Cl A | 2444 | 12308 |
| &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group, Cl A | 1600 | 21536 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 51520 | 32712 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech\* | 16000 | 25418 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 3600 | 13110 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 3380 | 17072 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics\* | 3500 | 20963 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI All China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 6316 | $42768 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 4400 | 15036 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 8400 | 21446 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 1200 | 38646 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 7200 | 16695 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman\* | 21000 | 73011 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 2440 | 19074 |
| &nbsp;&nbsp;&nbsp;Zhangzhou Pientzehuang Pharmaceutical, Cl A | 800 | 22269 |
|  |  | 392064 |
| Industrials — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;AECC Aviation Power, Cl A | 4400 | 21928 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 24100 | 18475 |
| &nbsp;&nbsp;&nbsp;China Eastern Airlines, Cl A\* | 27600 | 13789 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 89736 | 28035 |
| &nbsp;&nbsp;&nbsp;China Merchants Port Holdings | 19998 | 34443 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 29000 | 12785 |
| &nbsp;&nbsp;&nbsp;China Southern Airlines, Cl A\* | 25900 | 20247 |
| &nbsp;&nbsp;&nbsp;CITIC | 26780 | 33043 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 3900 | 135767 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 21320 | 42693 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 17400 | 15662 |
| &nbsp;&nbsp;&nbsp;Fosun International | 19000 | 10183 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 45800 | 19036 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 26200 | 17272 |
| &nbsp;&nbsp;&nbsp;Sany Heavy Industry, Cl A | 15200 | 39894 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 5100 | 30266 |
| &nbsp;&nbsp;&nbsp;Shanghai International Airport, Cl A | 2400 | 10679 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl A | 19488 | 44014 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 4300 | 13937 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 2704 | 12679 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 3500 | 14485 |
| &nbsp;&nbsp;&nbsp;Zoomlion Heavy Industry Science and Technology, Cl A | 18100 | 18733 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman | 1400 | 27621 |
|  |  | 635666 |
| Information Technology — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 53900 | 30785 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 12100 | 33073 |
| &nbsp;&nbsp;&nbsp;Iflytek, Cl A | 3600 | 23569 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 18000 | 30446 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 36000 | 48492 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A | 10828 | 23620 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 8774 | 49377 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 3400 | 31180 |
| &nbsp;&nbsp;&nbsp;Unigroup Guoxin Microelectronics, Cl A | 2619 | 23696 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI All China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B\* | 48200 | $304801 |
| &nbsp;&nbsp;&nbsp;Yonyou Network Technology, Cl A\* | 6025 | 12488 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 1200 | 16291 |
| &nbsp;&nbsp;&nbsp;ZTE, Cl H | 8600 | 26363 |
|  |  | 654181 |
| Materials — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl A | 6000 | 20058 |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 8000 | 22621 |
| &nbsp;&nbsp;&nbsp;Baoshan Iron & Steel, Cl A | 32100 | 31809 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 20000 | 10308 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 11800 | 36800 |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl H | 54000 | 44420 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 3520 | 16389 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia BaoTou Steel Union, Cl A\* | 72000 | 17738 |
| &nbsp;&nbsp;&nbsp;Rongsheng Petrochemical, Cl A | 14150 | 16768 |
| &nbsp;&nbsp;&nbsp;Shandong Hualu Hengsheng Chemical, Cl A | 6140 | 18675 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A | 2640 | 11016 |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 3300 | 30525 |
| &nbsp;&nbsp;&nbsp;Zhejiang NHU, Cl A | 7932 | 24432 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 21800 | 54366 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl H | 16000 | 36359 |
|  |  | 392284 |
| Real Estate — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings, Cl A | 10200 | 12873 |
| &nbsp;&nbsp;&nbsp;China Overseas Land & Investment | 18839 | 33657 |
| &nbsp;&nbsp;&nbsp;China Resources Land | 15214 | 50451 |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl A\* | 11743 | 11394 |
| &nbsp;&nbsp;&nbsp;China Vanke, Cl H\* | 27900 | 19866 |
| &nbsp;&nbsp;&nbsp;KE Holdings ADR | 2411 | 48437 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings | 10500 | 13239 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 18700 | 21259 |
|  |  | 211176 |
| Utilities — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 16800 | 15309 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 18000 | 14413 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 8700 | 25942 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 16000 | 37963 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 24100 | 92242 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 3282 | 27082 |
| &nbsp;&nbsp;&nbsp;Guangdong Investment | 18000 | 13233 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 31800 | 25166 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H | 51077 | 29608 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 18000 | 17560 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI All China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 15200 | $33555 |
|  |  | 332073 |
| TOTAL CHINA |  | 10137674 |
| **HONG KONG — 0.2%** |  |  |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 51500 | 24822 |
| TOTAL HONG KONG |  | 24822 |
| TOTAL COMMON STOCK<br> (Cost $10,133,896) |  | 10162496 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Rights** | |
| **RIGHTS — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma<sup>‡‡</sup>\*<sup>(A)</sup> | 428 |  |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $10,133,896) |  | 10162496 |
| OTHER ASSETS LESS LIABILITIES – 0.5% |  | 47232 |
| NET ASSETS - 100% |  | $10209728 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *‡‡* | *Expiration date not available.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |

---

The following summarizes the market value of the Fund's investments used as of March 31, 2025, 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 | $10137674 | $— | $— |  | $10137674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 24822 |  |  |  | 24822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 10162496 |  |  |  | 10162496 |
| &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 | $10162496 | $— | $— |  | $10162496 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI All China Index ETF** (concluded)

---

| | |
|:---|:---|
| *^* | *A reconciliation of Level 3 investments, including certain disclosures related to significant inputs used in valuing Level 3 investments is only presented when the Fund has over 1% of Level 3 investments at the end of the period in relation to net assets.* |
| *<sup>‡‡</sup>* | *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, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%<sup>‡</sup>** |  |  |
| **CHINA — 44.6%** |  |  |
| Energy — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl H | 138000 | $72722 |
| &nbsp;&nbsp;&nbsp;CNOOC Energy Technology & Services, Cl A | 11700 | 6473 |
|  |  | 79195 |
| Financials — 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Changsha, Cl A | 6700 | 8465 |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu, Cl A | 7000 | 16561 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 10200 | 20271 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 30555 | 39950 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 18591 | 26431 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 11146 | 39608 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou, Cl A | 6500 | 7049 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl A | 14800 | 12385 |
|  |  | 170720 |
| Industrials — 16.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 2908 | 11647 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 83900 | 64317 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 14000 | 7665 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 55300 | 17277 |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 9600 | 17493 |
| &nbsp;&nbsp;&nbsp;China National Chemical Engineering, Cl A | 10500 | 10390 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 23500 | 10360 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 70700 | 51182 |
| &nbsp;&nbsp;&nbsp;China XD Electric, Cl A | 8800 | 8030 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl H | 25000 | 15552 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 32032 | 28832 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl A | 4800 | 9889 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 5900 | 7211 |
| &nbsp;&nbsp;&nbsp;Goneo Group, Cl A | 1050 | 10406 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 6000 | 7126 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology, Cl A | 5800 | 11623 |
| &nbsp;&nbsp;&nbsp;Liaoning Port, Cl A | 32000 | 6562 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 30500 | 12677 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 13652 | 41148 |
| &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1100 | 7373 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 2400 | 9767 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 29400 | 19382 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group, Cl A\* | 22300 | 23448 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 2250 | 21110 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge, Cl A | 9900 | 10818 |
| &nbsp;&nbsp;&nbsp;Sieyuan Electric, Cl A | 1200 | 12552 |
| &nbsp;&nbsp;&nbsp;TBEA, Cl A | 8667 | 14338 |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings | 16100 | $28389 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 3700 | 11992 |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 8000 | 6519 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 2600 | 10761 |
|  |  | 525836 |
| Materials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 7000 | 19794 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 27000 | 13916 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 6124 | 19099 |
| &nbsp;&nbsp;&nbsp;China Rare Earth Resources And Technology, Cl A | 1800 | 7846 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power, Cl A | 3700 | 9553 |
| &nbsp;&nbsp;&nbsp;Jinduicheng Molybdenum, Cl A | 5500 | 8001 |
| &nbsp;&nbsp;&nbsp;Shanjin International Gold, Cl A | 4600 | 12155 |
| &nbsp;&nbsp;&nbsp;Western Mining, Cl A | 4100 | 9598 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 2700 | 7179 |
| &nbsp;&nbsp;&nbsp;Yunnan Chihong Zinc & Germanium, Cl A | 8800 | 6613 |
|  |  | 113754 |
| Utilities — 17.2% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 2500 | 9447 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 61000 | 19052 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 15200 | 13852 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 18000 | 14413 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 35100 | 44492 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 25000 | 9415 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 5300 | 15804 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 10635 | 25233 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 48800 | 28410 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 41900 | 160371 |
| &nbsp;&nbsp;&nbsp;Datang International Power Generation, Cl A | 21200 | 8607 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 4500 | 37132 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas, Cl A | 4400 | 11863 |
| &nbsp;&nbsp;&nbsp;GD Power Development, Cl A | 30700 | 18760 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 14742 | 11666 |
| &nbsp;&nbsp;&nbsp;Huaneng Lancang River Hydropower, Cl A | 9300 | 11724 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H | 23000 | 13333 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 22000 | 21462 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 12706 | 25234 |
| &nbsp;&nbsp;&nbsp;Shenergy, Cl A | 8419 | 10324 |
| &nbsp;&nbsp;&nbsp;Shenzhen Energy Group, Cl A | 8200 | 7155 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 8384 | 18508 |
| &nbsp;&nbsp;&nbsp;Wintime Energy Group, Cl A | 38300 | 7591 |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Zhejiang Zheneng Electric Power, Cl A | 19200 | $15062 |
|  |  | 558910 |
| TOTAL CHINA |  | 1448415 |
| **INDIA — 5.0%** |  |  |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 1540 | 16786 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 595 | 23332 |
| &nbsp;&nbsp;&nbsp;GMM Pfaudler | 432 | 5124 |
|  |  | 28456 |
| Materials — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Navin Fluorine International | 440 | 21677 |
| &nbsp;&nbsp;&nbsp;PI Industries | 1135 | 45524 |
| &nbsp;&nbsp;&nbsp;UPL | 6626 | 49323 |
|  |  | 116524 |
| TOTAL INDIA |  | 161766 |
| **INDONESIA — 4.6%** |  |  |
| Energy — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 208400 | 23218 |
| &nbsp;&nbsp;&nbsp;Indo Tambangraya Megah | 5900 | 8177 |
| &nbsp;&nbsp;&nbsp;Medco Energi Internasional | 113000 | 6994 |
|  |  | 38389 |
| Materials — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Amman Mineral Internasional\* | 91200 | 29602 |
| &nbsp;&nbsp;&nbsp;Chandra Asri Pacific | 118800 | 51652 |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 36400 | 10815 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold\* | 158500 | 13687 |
| &nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia | 20600 | 6095 |
|  |  | 111851 |
| TOTAL INDONESIA |  | 150240 |
| **ISRAEL — 7.9%** |  |  |
| Industrials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;Elbit Systems | 395 | 151028 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services | 1882 | 27459 |
|  |  | 178487 |
| Materials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;ICL Group | 11263 | 63131 |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;The Israel Corp | 53 | $14108 |
|  |  | 77239 |
| TOTAL ISRAEL |  | 255726 |
| **KAZAKHSTAN — 0.9%** |  |  |
| Energy — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 947 | 30920 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources\*<sup>(A)</sup> | 7154 |  |
| TOTAL KAZAKHSTAN |  | 30920 |
| **KUWAIT — 10.5%** |  |  |
| Financials — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Kuwait Finance House | 129759 | 334496 |
| &nbsp;&nbsp;&nbsp;Kuwait Projects Holding\* | 26168 | 8315 |
| TOTAL KUWAIT |  | 342811 |
| **MALAYSIA — 1.7%** |  |  |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Sime Darby | 40600 | 20220 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 41300 | 33691 |
| TOTAL MALAYSIA |  | 53911 |
| **PHILIPPINES — 0.4%** |  |  |
| Industrials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;JG Summit | 39842 | 11488 |
| TOTAL PHILIPPINES |  | 11488 |
| **POLAND — 2.1%** |  |  |
| Materials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz | 2143 | 69324 |
| TOTAL POLAND |  | 69324 |
| **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 |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO\*<sup>(A)(B)</sup> | 123900 |  |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Segezha Group PJSC\*<sup>(A)(B)</sup> | 78500 | $— |
| TOTAL RUSSIA |  |  |
| **SINGAPORE — 10.1%** |  |  |
| Financials — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 18712 | 240843 |
| Industrials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 8400 | 42434 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 8600 | 43445 |
|  |  | 85879 |
| TOTAL SINGAPORE |  | 326722 |
| **SOUTH AFRICA — 4.5%** |  |  |
| Materials — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings\* | 13617 | 93229 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore | 949 | 16101 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings | 5356 | 38126 |
| TOTAL SOUTH AFRICA |  | 147456 |
| **THAILAND — 4.3%** |  |  |
| Energy — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;PTT | 149600 | 141111 |
| TOTAL THAILAND |  | 141111 |
| **TÜRKIYE — 2.2%** |  |  |
| Industrials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Otokar Otomotiv Ve Savunma Sanayi A.S | 528 | 6868 |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO\* | 7883 | 64583 |
| TOTAL TÜRKIYE |  | 71451 |
| **UNITED ARAB EMIRATES — 0.9%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Air Arabia PJSC | 33018 | 27867 |
| TOTAL UNITED ARAB EMIRATES |  | 27867 |
| TOTAL COMMON STOCK<br> (Cost $3,896,690) |  | 3239208 |

---

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

**Schedule of Investments** *March 31, 2025*

**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 PJSC<sup>(A)(B)(C)</sup> | 136600 | $— |
| TOTAL PREFERRED STOCK<br> (Cost $74,846) |  |  |
| TOTAL INVESTMENTS — 99.7%<br> (Cost $3,971,536) |  | 3239208 |
| OTHER ASSETS LESS LIABILITIES – 0.3% |  | 9958 |
| NET ASSETS - 100% |  | $3249166 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2025*

**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, 2025, 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 | $1448415 | $— | $— |  | $1448415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 161766 |  |  |  | 161766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 150240 |  |  |  | 150240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 255726 |  |  |  | 255726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kazakhstan |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | 30920 |  |  |  | 30920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kuwait | 342811 |  |  |  | 342811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 53911 |  |  |  | 53911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | 11488 |  |  |  | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 69324 |  |  |  | 69324 |
| &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 | 326722 |  |  |  | 326722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 147456 |  |  |  | 147456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 141111 |  |  |  | 141111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Türkiye | 71451 |  |  |  | 71451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 27867 |  |  |  | 27867 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 3239208 |  |  |  | 3239208 |
| &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 | $3239208 | $— | $— |  | $3239208 |

---

---

| | |
|:---|:---|
| *^* | *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.* |
| *<sup>‡‡</sup>* | *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, 2025*

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.4%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 0.9%** |  |  |
| Consumer Discretionary — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;IDP Education | 29444 | $172655 |
| TOTAL AUSTRALIA |  | 172655 |
| **BRAZIL — 4.3%** |  |  |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre\* | 274 | 534538 |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Cl A\* | 22665 | 172934 |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;TOTVS | 28500 | 166045 |
| TOTAL BRAZIL |  | 873517 |
| **CHINA — 44.2%** |  |  |
| Communication Services — 15.1% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 46164 | 533714 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 23640 | 451817 |
| &nbsp;&nbsp;&nbsp;Cloud Music\* | 7800 | 148074 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B\* | 64100 | 447776 |
| &nbsp;&nbsp;&nbsp;NetEase | 36400 | 739200 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 11575 | 739403 |
|  |  | 3059984 |
| Consumer Discretionary — 19.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 44600 | 733751 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 37175 | 768317 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 34697 | 694805 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR\* | 6494 | 768565 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 62000 | 166947 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 8650 | 549443 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 9963 | 156220 |
|  |  | 3838048 |
| Consumer Staples — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\*<sup>(A)</sup> | 738000 | 446767 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 119500 | 509161 |
| &nbsp;&nbsp;&nbsp;Ping An Healthcare and Technology | 154500 | 139005 |
|  |  | 1094933 |
| Information Technology — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A\* | 114900 | 360341 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor | 34000 | 135689 |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 263000 | $444851 |
|  |  | 940881 |
| TOTAL CHINA |  | 8933846 |
| **FINLAND — 2.7%** |  |  |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nokia | 105499 | 551569 |
| TOTAL FINLAND |  | 551569 |
| **GREECE — 0.9%** |  |  |
| Consumer Discretionary — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 8891 | 176043 |
| TOTAL GREECE |  | 176043 |
| **INDIA — 3.6%** |  |  |
| Consumer Discretionary — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Zomato\* | 229464 | 541494 |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;One 97 Communications\* | 20094 | 184184 |
| TOTAL INDIA |  | 725678 |
| **JAPAN — 2.7%** |  |  |
| Communication Services — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nexon | 39500 | 538852 |
| TOTAL JAPAN |  | 538852 |
| **NETHERLANDS — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A\* | 19629 | 414368 |
| TOTAL NETHERLANDS |  | 414368 |
| **RUSSIA — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;VK GDR\*<sup>(B)(C)</sup> | 49503 |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ozon Holdings PLC ADR\*<sup>(B)(C)</sup> | 58005 |  |
| Industrials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;HeadHunter Group PLC ADR\*<sup>(B)(C)</sup> | 11746 |  |
| TOTAL RUSSIA |  |  |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SINGAPORE — 3.9%** |  |  |
| Communication Services — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Sea ADR\* | 5995 | $782288 |
| TOTAL SINGAPORE |  | 782288 |
| **SOUTH AFRICA — 3.7%** |  |  |
| Consumer Discretionary — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 3013 | 740148 |
| TOTAL SOUTH AFRICA |  | 740148 |
| **SOUTH KOREA — 17.7%** |  |  |
| Communication Services — 14.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kakao | 18012 | 478281 |
| &nbsp;&nbsp;&nbsp;Kakao Games\* | 15592 | 152161 |
| &nbsp;&nbsp;&nbsp;Krafton\* | 2295 | 521343 |
| &nbsp;&nbsp;&nbsp;NAVER | 3736 | 484602 |
| &nbsp;&nbsp;&nbsp;NCSoft | 4988 | 506083 |
| &nbsp;&nbsp;&nbsp;Netmarble | 19828 | 527175 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss\* | 7726 | 157406 |
|  |  | 2827051 |
| Information Technology — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 5787 | 749461 |
| TOTAL SOUTH KOREA |  | 3576512 |
| **TAIWAN — 13.0%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;momo.com | 14765 | 154532 |
| Information Technology — 12.3% |  |  |
| &nbsp;&nbsp;&nbsp;Nanya Technology\* | 463000 | 521533 |
| &nbsp;&nbsp;&nbsp;Powerchip Semiconductor Manufacturing\* | 298000 | 136424 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 25000 | 685189 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 401000 | 539256 |
| &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor | 54000 | 151416 |
| &nbsp;&nbsp;&nbsp;VisEra Technologies | 21000 | 138198 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors\* | 51000 | 151299 |
| &nbsp;&nbsp;&nbsp;WPG Holdings | 83000 | 154988 |
|  |  | 2478303 |
| TOTAL TAIWAN |  | 2632835 |

---

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

**Schedule of Investments** *March 31, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **URUGUAY — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A\* | 19150 | $159711 |
| TOTAL URUGUAY |  | 159711 |
| TOTAL COMMON STOCK<br> (Cost $21,840,845) |  | 20278022 |
| **SHORT-TERM INVESTMENT — 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.290%<sup>(D)(E)</sup> | 404352 | 404352 |
| TOTAL SHORT-TERM INVESTMENT <br> (Cost $404,352) |  | 404352 |
| TOTAL INVESTMENTS — 102.4% <br> (Cost $22,245,197) |  | 20682374 |
| OTHER ASSETS LESS LIABILITIES – (2.4)% |  | (484523) |
| NET ASSETS - 100% |  | $20197851 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2025.* |
| *(B)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(C)* | *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.* |
| *(D)* | *The rate shown is the 7-day effective yield as of March 31, 2025.* |
| *(E)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2025 was $404,352.* |

---

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

**Schedule of Investments** *March 31, 2025*

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

The following summarizes the market value of the Fund's investments used as of March 31, 2025, 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 | $172655 | $— | $— |  | $172655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 873517 |  |  |  | 873517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 8933846 |  |  |  | 8933846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finland | 551569 |  |  |  | 551569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 176043 |  |  |  | 176043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 725678 |  |  |  | 725678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 538852 |  |  |  | 538852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 414368 |  |  |  | 414368 |
| &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 | 782288 |  |  |  | 782288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 740148 |  |  |  | 740148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 3576512 |  |  |  | 3576512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 2632835 |  |  |  | 2632835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Uruguay | 159711 |  |  |  | 159711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 20278022 |  |  |  | 20278022 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 404352 |  |  |  | 404352 |
| Total Investments in Securities | $20682374 | $— | $— |  | $20682374 |

---

---

| | |
|:---|:---|
| *^* | *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.* |
| *<sup>‡‡</sup>* | *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, 2025*

**KraneShares MSCI China Clean Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%<sup>‡</sup>** |  |  |
| **CHINA — 99.3%** |  |  |
| Consumer Discretionary — 43.7% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A\* | 200300 | $237077 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 9000 | 464375 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 92000 | 4644757 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 332300 | 4230469 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 476920 | 1774589 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 54200 | 939077 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International | 406000 | 359541 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 507500 | 5140033 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 720694 | 1398722 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology\* | 301100 | 1944690 |
|  |  | 21133330 |
| Industrials — 18.7% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 1767000 | 1354573 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 860000 | 854440 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 2212216 | 978114 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 117350 | 4085180 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 124135 | 151711 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 64800 | 194242 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 23232 | 292435 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 74660 | 713215 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 77300 | 250542 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weiming Environment Protection, Cl A | 61299 | 179783 |
|  |  | 9054235 |
| Information Technology — 17.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 258526 | 200319 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group, Cl A | 68400 | 167566 |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A\* | 399200 | 1251941 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology, Cl A | 119068 | 188945 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A | 359820 | 320901 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding ADR | 20726 | 386333 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 1173000 | 1984073 |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings\* | 1256000 | 1186535 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A | 272446 | 594320 |
| &nbsp;&nbsp;&nbsp;Sanan Optoelectronics, Cl A | 179400 | 293572 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology, Cl A | 145500 | 178023 |
| &nbsp;&nbsp;&nbsp;Tuya ADR | 132084 | 400214 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 2719588 | 1048644 |
|  |  | 8201386 |
| Utilities — 19.9% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 2414500 | 695151 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl A | 532600 | 266084 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 5824000 | 1818994 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI China Clean Technology Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;China Datang Renewable Power, Cl H | 1352000 | $387512 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 1837800 | 1471601 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 739800 | 937744 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 1029500 | 599345 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 562100 | 2151420 |
| &nbsp;&nbsp;&nbsp;Huaneng Lancang River Hydropower, Cl A | 194200 | 244825 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 268300 | 532841 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 175300 | 386987 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings | 1256000 | 153362 |
|  |  | 9645866 |
| TOTAL CHINA |  | 48034817 |
| **HONG KONG — 0.7%** |  |  |
| Utilities — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Canvest Environmental Protection Group | 293000 | 178505 |
| &nbsp;&nbsp;&nbsp;Concord New Energy Group | 3110000 | 179877 |
| TOTAL HONG KONG |  | 358382 |
| TOTAL COMMON STOCK <br> (Cost $40,964,744) |  | 48393199 |
| TOTAL INVESTMENTS — 100.0% <br> (Cost $40,964,744) |  | 48393199 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | (984) |
| NET ASSETS - 100% |  | $48392215 |

---

---

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

---

As of March 31, 2025, 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, 2025*

**KraneShares Electric Vehicles and Future Mobility Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 94.2%<sup>‡</sup>** |  |  |
| **AUSTRALIA — 7.4%** |  |  |
| Materials — 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;IGO | 352520 | $869905 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths\* | 389063 | 1675292 |
| &nbsp;&nbsp;&nbsp;Mineral Resources\* | 46100 | 688591 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals\* | 1413897 | 1484603 |
| TOTAL AUSTRALIA |  | 4718391 |
| **BELGIUM — 1.5%** |  |  |
| Materials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Umicore | 95113 | 981182 |
| TOTAL BELGIUM |  | 981182 |
| **CHINA — 55.6%** |  |  |
| Consumer Discretionary — 30.8% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A\* | 724300 | 857289 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 56400 | 2910081 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 1204000 | 2575037 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl H | 1132000 | 467041 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 202600 | 2579275 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\*<sup>(A)</sup> | 353080 | 1313788 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 107100 | 1855630 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kedali Industry, Cl A | 35036 | 587558 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 278800 | 2823727 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 510000 | 989808 |
| &nbsp;&nbsp;&nbsp;ZEEKR Intelligent Technology Holding ADR\*<sup>(A)</sup> | 16597 | 399822 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology\* | 344500 | 2224994 |
|  |  | 19584050 |
| Industrials — 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 63800 | 364576 |
| &nbsp;&nbsp;&nbsp;China Baoan Group, Cl A | 333207 | 371917 |
| &nbsp;&nbsp;&nbsp;CNGR Advanced Material, Cl A | 117770 | 570218 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 74120 | 2580260 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 260860 | 1691341 |
| &nbsp;&nbsp;&nbsp;GEM, Cl A | 662240 | 594256 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 233889 | 701097 |
| &nbsp;&nbsp;&nbsp;Hunan Yuneng New Energy Battery Material, Cl A | 101200 | 496675 |
| &nbsp;&nbsp;&nbsp;Qingdao TGOOD Electric, Cl A | 135800 | 452860 |
| &nbsp;&nbsp;&nbsp;Wuxi Lead Intelligent Equipment, Cl A | 202800 | 586973 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 219263 | 1028130 |
|  |  | 9438303 |
| Materials — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 1837600 | 1922096 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 210557 | 980353 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Electric Vehicles and Future Mobility Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Guangzhou Tinci Materials Technology, Cl A | 249894 | $641080 |
| &nbsp;&nbsp;&nbsp;Ningbo Shanshan, Cl A | 293900 | 286380 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology, Cl A | 272299 | 688065 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A | 193900 | 809129 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 201551 | 535923 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material, Cl A | 126200 | 534786 |
|  |  | 6397812 |
| TOTAL CHINA |  | 35420165 |
| **JAPAN — 5.2%** |  |  |
| Consumer Discretionary — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 226600 | 2684378 |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec | 38700 | 644914 |
| TOTAL JAPAN |  | 3329292 |
| **SOUTH KOREA — 9.1%** |  |  |
| Industrials — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;Ecopro\* | 19090 | 1247170 |
| &nbsp;&nbsp;&nbsp;L&F\* | 10322 | 419189 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution\* | 6992 | 1588336 |
| &nbsp;&nbsp;&nbsp;POSCO Future M\* | 12818 | 1047202 |
|  |  | 4301897 |
| Information Technology — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 11419 | 1461787 |
| TOTAL SOUTH KOREA |  | 5763684 |
| **SWEDEN — 0.9%** |  |  |
| Consumer Discretionary — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Volvo Car, Cl B\*<sup>(A)</sup> | 296876 | 567147 |
| TOTAL SWEDEN |  | 567147 |
| **UNITED STATES — 14.5%** |  |  |
| Consumer Discretionary — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;Lucid Group\*<sup>(A)</sup> | 513680 | 1243105 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A\* | 202937 | 2526566 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 7408 | 1919857 |
|  |  | 5689528 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Plug Power\*<sup>(A)</sup> | 431826 | 582965 |
| Materials — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 21854 | 1573925 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Electric Vehicles and Future Mobility Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials\* | 55546 | $1355878 |
|  |  | 2929803 |
| TOTAL UNITED STATES |  | 9202296 |
| TOTAL COMMON STOCK<br> (Cost $77,397,378) |  | 59982157 |
| **PREFERRED STOCK — 5.1%** |  |  |
| **CHILE — 2.8%** |  |  |
| Materials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile<sup>(B)</sup> | 44436 | 1764417 |
| **GERMANY — 2.3%** |  |  |
| Consumer Discretionary — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Dr Ing hc F Porsche<sup>(B)</sup> | 29296 | 1454120 |
| TOTAL PREFERRED STOCK<br> (Cost $5,249,414) |  | 3218537 |
| **SHORT-TERM INVESTMENT — 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.290%<sup>(C)(D)</sup> | 3848110 | 3848110 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $3,848,110) |  | 3848110 |
| TOTAL INVESTMENTS — 105.3%<br> (Cost $86,494,902) |  | 67048804 |
| OTHER ASSETS LESS LIABILITIES – (5.3)% |  | (3389106) |
| NET ASSETS - 100% |  | $63659698 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2025.* |
| *(B)* | *Currently, no stated interest rate.* |
| *(C)* | *The rate shown is the 7-day effective yield as of March 31, 2025.* |
| *(D)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of March 31, 2025 was $3,848,110.* |

---

As of March 31, 2025, 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, 2025*

**KraneShares MSCI All China Health Care Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%<sup>‡</sup>** |  |  |
| **CHINA — 95.3%** |  |  |
| Health Care — 95.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 1538663 | $2812239 |
| &nbsp;&nbsp;&nbsp;Akeso\* | 345000 | 3378918 |
| &nbsp;&nbsp;&nbsp;BeiGene\* | 347718 | 7427828 |
| &nbsp;&nbsp;&nbsp;Beijing Tiantan Biological Products, Cl A | 313089 | 873869 |
| &nbsp;&nbsp;&nbsp;Beijing Tong Ren Tang, Cl A | 217390 | 1094744 |
| &nbsp;&nbsp;&nbsp;Beijing Wantai Biological Pharmacy Enterprise, Cl A | 173142 | 1526749 |
| &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group, Cl A | 64608 | 869632 |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group | 986000 | 641255 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 205447 | 1190681 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A | 392972 | 1312629 |
| &nbsp;&nbsp;&nbsp;CSPC Innovation Pharmaceutical, Cl A | 221557 | 1139513 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 4406889 | 2798097 |
| &nbsp;&nbsp;&nbsp;Dong-E-E-Jiao, Cl A | 103040 | 857260 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech\* | 618000 | 981772 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 221740 | 807503 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting, Cl A | 57450 | 401744 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 648000 | 2040538 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 287641 | 1452872 |
| &nbsp;&nbsp;&nbsp;Hualan Biological Engineering, Cl A | 289247 | 618231 |
| &nbsp;&nbsp;&nbsp;Hubei Jumpcan Pharmaceutical, Cl A | 144900 | 554401 |
| &nbsp;&nbsp;&nbsp;Humanwell Healthcare Group, Cl A | 258300 | 732322 |
| &nbsp;&nbsp;&nbsp;Imeik Technology Development, Cl A | 48840 | 1206229 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics\* | 676000 | 4048893 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 1020228 | 6908328 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yuyue Medical Equipment & Supply, Cl A | 158310 | 759968 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl A | 235175 | 871318 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 1304400 | 999219 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 335829 | 1147640 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 459712 | 1173655 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl H | 362300 | 521543 |
| &nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products, Cl A | 1054034 | 995152 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 135191 | 2269774 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 193655 | 6236704 |
| &nbsp;&nbsp;&nbsp;Shenzhen New Industries Biomedical Engineering, Cl A | 123300 | 987975 |
| &nbsp;&nbsp;&nbsp;Shenzhen Salubris Pharmaceuticals, Cl A | 177465 | 801852 |
| &nbsp;&nbsp;&nbsp;Shijiazhuang Yiling Pharmaceutical, Cl A | 265690 | 513396 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 256915 | 1139621 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 741600 | 1719531 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 399720 | 3703485 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H | 163484 | 1454069 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman\* | 1861635 | 6472402 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 293823 | 2296914 |

---

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

**Schedule of Investments** *March 31, 2025*

**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 | 99034 | $2756662 |
| TOTAL CHINA |  | 82497127 |
| **HONG KONG — 3.2%** |  |  |
| Health Care — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 5670750 | 2733225 |
| TOTAL HONG KONG |  | 2733225 |
| **UNITED STATES — 1.5%** |  |  |
| Health Care — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR\* | 39080 | 1325985 |
| TOTAL UNITED STATES |  | 1325985 |
| TOTAL COMMON STOCK <br> (Cost $84,243,675) |  | 86556337 |

---

---

| | | |
|:---|:---|:---|
|  | **Number of<br> Rights** | |
| **RIGHTS — 0.0%** |  |  |
| **CHINA — 0.0%** |  |  |
| Health Care — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma<sup>‡‡</sup>\*<sup>(A)</sup> | 105188 |  |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $84,243,675) |  | 86556337 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | 42895 |
| NET ASSETS - 100% |  | $86599232 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *<sup>‡‡</sup>* | *Expiration date not available.* |
| *(A)* | *Level 3 security in accordance with fair value hierarchy.* |

---

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

**Schedule of Investments** *March 31, 2025*

**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, 2025, 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 | $82497127 | $— | $— |  | $82497127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 2733225 |  |  |  | 2733225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 1325985 |  |  |  | 1325985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 86556337 |  |  |  | 86556337 |
| &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 | $86556337 | $— | $— |  | $86556337 |

---

---

| | |
|:---|:---|
| *^* | *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.* |
| *<sup>‡‡</sup>* | *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, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF<sup>†</sup>**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 93.2%** |  |  |
| **AUSTRALIA — 1.6%** |  |  |
| Industrials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;CIMIC Finance USA Pty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, 03/25/2034 | $200000 | $212431 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Mineral Resources |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, 05/01/2027 | 200000 | 198027 |
| TOTAL AUSTRALIA |  | 410458 |
| **CHINA — 27.4%** |  |  |
| Consumer Discretionary — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Star BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/27/2027 | 400000 | 379805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/18/2026 | 400000 | 387030 |
|  |  | 766835 |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;CFAMC III, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 11/07/2047 | 300000 | 266235 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 01/10/2028 | 200000 | 205097 |
| Real Estate — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;Central Plaza Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.150%, 03/21/2028 | 350000 | 354673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 01/19/2026 | 400000 | 397616 |
| &nbsp;&nbsp;&nbsp;Franshion Brilliant |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 5.584%<sup>(A)(B)</sup> | 400000 | 391192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/23/2029 | 200000 | 177529 |
| &nbsp;&nbsp;&nbsp;Fuqing Investment Management, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/23/2025 | 600000 | 593998 |
| &nbsp;&nbsp;&nbsp;GLP China Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 03/29/2026 | 400000 | 375291 |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, 02/24/2028 | 500000 | 510069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 07/13/2025 | 400000 | 399189 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/16/2028 | 200000 | 173250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/13/2027 | 400000 | 351079 |
| &nbsp;&nbsp;&nbsp;Pingan Real Estate Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/29/2026 | 500000 | 472680 |
| &nbsp;&nbsp;&nbsp;Shui On Development Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/29/2026 | 400000 | 388159 |
| &nbsp;&nbsp;&nbsp;Vanke Real Estate Hong Kong, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.975%, 11/09/2027 | 200000 | 139615 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF<sup>†</sup>** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Real Estate (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Wanda Properties Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 01/12/2026 | $150000 | $144442 |
| &nbsp;&nbsp;&nbsp;Yanlord Land HK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/20/2026 | 450000 | 440199 |
|  |  | 5308981 |
| Utilities — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;China Oil & Gas Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/30/2026 | 400000 | 388442 |
| TOTAL CHINA |  | 6935590 |
| **HONG KONG — 10.8%** |  |  |
| Consumer Discretionary — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/17/2027 | 200000 | 195759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 12/04/2029 | 400000 | 366876 |
|  |  | 562635 |
| Financials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;FWD Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.045%, H15T5Y + 4.865%<sup>(A)(B)</sup> | 400000 | 395240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.675%, H15T5Y + 3.075%<sup>(A)(B)</sup> | 400000 | 388911 |
| &nbsp;&nbsp;&nbsp;PCGI Intermediate Holdings III |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 08/23/2026 | 200000 | 192500 |
|  |  | 976651 |
| Real Estate — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Elect Global Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200%, H15T5Y + 3.277%<sup>(A)(B)</sup> | 400000 | 402015 |
| &nbsp;&nbsp;&nbsp;NWD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 02/08/2028 | 400000 | 304060 |
| &nbsp;&nbsp;&nbsp;NWD Finance BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%<sup>(A)(B)</sup> | 400000 | 216674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%<sup>(A)(B)</sup> | 200000 | 85290 |
| &nbsp;&nbsp;&nbsp;PCPD Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/18/2026 | 200000 | 187905 |
|  |  | 1195944 |
| TOTAL HONG KONG |  | 2735230 |
| **INDIA — 20.4%** |  |  |
| Energy — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Azure Power Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.575%, 08/19/2026 | 150913 | 142127 |
| &nbsp;&nbsp;&nbsp;Continuum Green Energy India Pvt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 06/26/2033 | 195450 | 200825 |
| &nbsp;&nbsp;&nbsp;India Clean Energy Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/18/2027 | 400000 | 379512 |
| &nbsp;&nbsp;&nbsp;India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/10/2026 | 237000 | 231330 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF<sup>†</sup>** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Energy (continued) |  |  |
| &nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/14/2028 | $200000 | $185702 |
|  |  | 1139496 |
| Financials — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, H15T5Y + 3.315%<sup>(A)(B)</sup> | 400000 | 386279 |
| &nbsp;&nbsp;&nbsp;IIFL Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 07/24/2028 | 400000 | 398000 |
| &nbsp;&nbsp;&nbsp;Manappuram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/12/2028 | 200000 | 201022 |
| &nbsp;&nbsp;&nbsp;Piramal Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.800%, 01/29/2028 | 450000 | 446742 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 04/03/2028 | 200000 | 197500 |
|  |  | 1629543 |
| Industrials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;IRB Infrastructure Developers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.110%, 03/11/2032 | 400000 | 402716 |
| Information Technology — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 10/31/2026 | 400000 | 392817 |
| Materials — 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;UPL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, H15T5Y + 3.865%<sup>(A)(B)</sup> | 200000 | 195045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 06/16/2030 | 200000 | 177317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/08/2028 | 200000 | 186489 |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 12/03/2031 | 200000 | 210977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 09/17/2029 | 400000 | 412372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.250%, 06/03/2028 | 200000 | 206095 |
|  |  | 1388295 |
| Utilities — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Diamond II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 07/28/2026 | 200000 | 201452 |
| TOTAL INDIA |  | 5154319 |
| **INDONESIA — 4.1%** |  |  |
| Energy — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Indika Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 05/07/2029 | 250000 | 246134 |
| &nbsp;&nbsp;&nbsp;Medco Bell Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.375%, 01/30/2027 | 200000 | 198679 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF<sup>†</sup>** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Energy (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sorik Marapi Geothermal Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/05/2031 | $197460 | $192983 |
|  |  | 637796 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Nickel Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 10/21/2028 | 200000 | 209410 |
| Real Estate — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Kawasan Industri Jababeka, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.000%, 12/15/2025 | 200000 | 194257 |
| TOTAL INDONESIA |  | 1041463 |
| **JAPAN — 2.3%** |  |  |
| Information Technology — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.250%<sup>(A)(B)</sup> | 200000 | 197553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.578%<sup>(A)(B)</sup> | 400000 | 388822 |
| TOTAL JAPAN |  | 586375 |
| **MACAU — 5.4%** |  |  |
| Consumer Discretionary — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;MGM China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/26/2031 | 200000 | 204113 |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2028 | 200000 | 194206 |
| &nbsp;&nbsp;&nbsp;Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/26/2028 | 200000 | 192418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2026 | 200000 | 198665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2027 | 400000 | 390591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2029 | 200000 | 184814 |
| TOTAL MACAU |  | 1364807 |
| **MONGOLIA — 4.1%** |  |  |
| Energy — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Mongolian Mining |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.500%, 09/13/2026 | 200000 | 217500 |
| Financials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Golomt Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 05/20/2027 | 400000 | 414680 |
| &nbsp;&nbsp;&nbsp;Trade & Development Bank of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/23/2027 | 400000 | 391044 |
|  |  | 805724 |
| TOTAL MONGOLIA |  | 1023224 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF<sup>†</sup>** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **PHILIPPINES — 5.8%** |  |  |
| Energy — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Petron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950%<sup>(A)(B)</sup> | $400000 | $397610 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Rizal Commercial Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, H15T5Y + 6.236%<sup>(A)(B)</sup> | 200000 | 199607 |
| Real Estate — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;VLL International, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.250%, 07/20/2027 | 450000 | 427491 |
| Utilities — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;San Miguel Global Power Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T1Y + 6.404%<sup>(A)(B)</sup> | 250000 | 250625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%<sup>(A)(B)</sup> | 200000 | 193423 |
|  |  | 444048 |
| TOTAL PHILIPPINES |  | 1468756 |
| **SINGAPORE — 0.8%** |  |  |
| Real Estate — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;GLP Pte, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 06/04/2025 | 200000 | 197422 |
| **THAILAND — 3.9%** |  |  |
| Financials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.337%<sup>(A)(B)</sup> | 400000 | 383536 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, H15T5Y + 3.530%<sup>(A)(B)</sup> | 400000 | 392510 |
| &nbsp;&nbsp;&nbsp;Muangthai Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/30/2028 | 210000 | 211715 |
| TOTAL THAILAND |  | 987761 |
| **UNITED KINGDOM — 4.4%** |  |  |
| Financials — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.976%<sup>(A)(B)</sup> | 200000 | 207136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.805%<sup>(A)(B)</sup> | 400000 | 353402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, H15T5Y + 3.135%<sup>(A)(B)</sup> | 600000 | 539275 |
| TOTAL UNITED KINGDOM |  | 1099813 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF<sup>†</sup>** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **VIETNAM — 2.2%** |  |  |
| Utilities — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/07/2029 | $571838 | $553871 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $23,095,594) |  | 23559089 |
| TOTAL INVESTMENTS — 93.2%<br> (Cost $23,095,594) |  | 23559089 |
| OTHER ASSETS LESS LIABILITIES – 6.8% |  | 1714562 |
| NET ASSETS - 100% |  | $25273651 |

---

*†* *Formerly KraneShares Asia Pacific High Income Bond ETF, effective August 1, 2024.* 

*(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.* 

As of March 31, 2025, 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, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.9%<sup>‡</sup>** |  |  |
| **BRAZIL — 5.0%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 9300 | $80909 |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 85200 | 200815 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 23168 | 77056 |
|  |  | 277871 |
| Energy — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro | 71100 | 506718 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 20600 | 61537 |
|  |  | 568255 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 94300 | 199873 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 45387 | 89940 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 41400 | 203760 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 11600 | 81618 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Cl A\* | 20322 | 208097 |
|  |  | 783288 |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;CCR | 18200 | 36987 |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 13220 | 77529 |
| &nbsp;&nbsp;&nbsp;Rumo | 18200 | 51540 |
| &nbsp;&nbsp;&nbsp;WEG | 27300 | 215821 |
|  |  | 381877 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Klabin | 12740 | 41505 |
| &nbsp;&nbsp;&nbsp;Suzano | 13700 | 126628 |
| &nbsp;&nbsp;&nbsp;Vale | 59700 | 590991 |
|  |  | 759124 |
| Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 16700 | 118931 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 4600 | 81918 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 20600 | 115091 |
|  |  | 315940 |
| TOTAL BRAZIL |  | 3167264 |
| **CHILE — 0.7%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 6066 | 41737 |
| &nbsp;&nbsp;&nbsp;Falabella | 11664 | 48519 |
|  |  | 90256 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 1033698 | $136274 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones | 1008 | 37155 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile | 1028899 | 58374 |
|  |  | 231803 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 19727 | 32327 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas | 444420 | 43136 |
| &nbsp;&nbsp;&nbsp;Enel Chile | 1115094 | 73139 |
|  |  | 116275 |
| TOTAL CHILE |  | 470661 |
| **COLOMBIA — 0.2%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bancolombia | 11427 | 128103 |
| TOTAL COLOMBIA |  | 128103 |
| **CZECHIA — 0.3%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 1126 | 54367 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CEZ | 2392 | 118183 |
| TOTAL CZECHIA |  | 172550 |
| **EGYPT — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank - Egypt (CIB) | 40960 | 66782 |
| TOTAL EGYPT |  | 66782 |
| **GREECE — 0.1%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 3588 | 58137 |
| TOTAL GREECE |  | 58137 |
| **HUNGARY — 0.5%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 5589 | 43888 |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 3422 | 229280 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 2760 | $75893 |
| TOTAL HUNGARY |  | 349061 |
| **INDIA — 22.3%** |  |  |
| Communication Services — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 42724 | 866452 |
| Consumer Discretionary — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Auto | 1270 | 117068 |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 2414 | 151035 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 14380 | 448497 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 2327 | 313692 |
| &nbsp;&nbsp;&nbsp;Tata Motors | 28191 | 222451 |
| &nbsp;&nbsp;&nbsp;Titan | 5465 | 195867 |
|  |  | 1448610 |
| Consumer Staples — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Dabur India | 26137 | 154885 |
| &nbsp;&nbsp;&nbsp;Godrej Consumer Products | 14191 | 192470 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever | 14061 | 371601 |
| &nbsp;&nbsp;&nbsp;ITC | 67636 | 324243 |
| &nbsp;&nbsp;&nbsp;Nestle India | 6252 | 164634 |
|  |  | 1207833 |
| Energy — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 32028 | 104347 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 94068 | 140542 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 68744 | 198159 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 24996 | 372897 |
|  |  | 815945 |
| Financials — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank | 42844 | 552389 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance | 3923 | 410583 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 7859 | 184571 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 50035 | 1070216 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance | 15594 | 125102 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 72243 | 1139651 |
| &nbsp;&nbsp;&nbsp;Jio Financial Services\* | 34013 | 90536 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 20667 | 524990 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 33804 | 305125 |
|  |  | 4403163 |
| Health Care — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma | 7972 | 108240 |
| &nbsp;&nbsp;&nbsp;Cipla | 9200 | 155234 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 8838 | $118312 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 16878 | 342546 |
|  |  | 724332 |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 11189 | 457169 |
| Information Technology — 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 20294 | 378112 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 59588 | 1087481 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 14749 | 622272 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 11650 | 193309 |
| &nbsp;&nbsp;&nbsp;Wipro | 56344 | 172877 |
|  |  | 2454051 |
| Materials — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 7554 | 206865 |
| &nbsp;&nbsp;&nbsp;Grasim Industries | 5095 | 155650 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 31455 | 251150 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 13343 | 165975 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 1813 | 244135 |
| &nbsp;&nbsp;&nbsp;UPL | 8393 | 62477 |
| &nbsp;&nbsp;&nbsp;Vedanta | 20480 | 111035 |
|  |  | 1197287 |
| Utilities — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;GAIL India | 47367 | 101437 |
| &nbsp;&nbsp;&nbsp;NTPC | 75588 | 316245 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 73971 | 251279 |
|  |  | 668961 |
| TOTAL INDIA |  | 14243803 |
| **INDONESIA — 2.4%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero | 1035900 | 150756 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Indonesia | 141900 | 37618 |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur | 20800 | 12780 |
|  |  | 50398 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 520000 | 57935 |
| &nbsp;&nbsp;&nbsp;United Tractors | 32500 | 46218 |
|  |  | 104153 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 978900 | $502455 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 809500 | 254191 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero | 301800 | 77272 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 1125100 | 275160 |
|  |  | 1109078 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 449400 | 133517 |
| TOTAL INDONESIA |  | 1547902 |
| **MALAYSIA — 2.4%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CelcomDigi Bhd | 67000 | 52543 |
| &nbsp;&nbsp;&nbsp;Maxis | 67000 | 51184 |
|  |  | 103727 |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Genting | 43800 | 32079 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;SD Guthrie | 50700 | 56099 |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings | 185155 | 292076 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 11700 | 53101 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 125816 | 286931 |
| &nbsp;&nbsp;&nbsp;Public Bank | 291600 | 290450 |
|  |  | 922558 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 43800 | 68303 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 67000 | 54657 |
| Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Gas | 11400 | 43365 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional | 83000 | 250263 |
|  |  | 293628 |
| TOTAL MALAYSIA |  | 1531051 |
| **MEXICO — 3.7%** |  |  |
| Communication Services — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;America Movil | 356400 | 253996 |
| Consumer Staples — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano | 37000 | 361405 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Staples (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo, Ser A | 25000 | $67992 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 96400 | 265570 |
|  |  | 694967 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 50700 | 351733 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa, Cl O\* | 34100 | 76657 |
|  |  | 428390 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 9290 | 171830 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, Cl B | 5915 | 161976 |
|  |  | 333806 |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex | 281800 | 159094 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico | 50700 | 253571 |
| &nbsp;&nbsp;&nbsp;Southern Copper | 1647 | 153929 |
|  |  | 566594 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fibra Uno Administracion<sup>†</sup> | 63600 | 74331 |
| TOTAL MEXICO |  | 2352084 |
| **PERU — 0.7%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 1494 | 278123 |
| Materials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA ADR | 12790 | 199908 |
| TOTAL PERU |  | 478031 |
| **PHILIPPINES — 1.0%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 61024 | 163477 |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala | 7180 | 74152 |
| &nbsp;&nbsp;&nbsp;SM Investments | 7180 | 98870 |
|  |  | 173022 |
| Real Estate — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala Land | 248500 | 99878 |
| &nbsp;&nbsp;&nbsp;SM Prime | 339500 | 142385 |
|  |  | 242263 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Manila Electric | 3100 | $29795 |
| TOTAL PHILIPPINES |  | 608557 |
| **POLAND — 2.1%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 1359 | 74223 |
| Consumer Discretionary — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;LPP | 57 | 258837 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 6308 | 110707 |
| Financials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 3723 | 168774 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 18603 | 360739 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 13515 | 195162 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska | 721 | 103074 |
|  |  | 827749 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz | 2596 | 83979 |
| TOTAL POLAND |  | 1355495 |
| **QATAR — 1.2%** |  |  |
| Financials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Masraf Al Rayan | 88114 | 54451 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank QPSC | 25839 | 145979 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank | 91603 | 405056 |
|  |  | 605486 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Industries Qatar | 41096 | 145489 |
| TOTAL QATAR |  | 750975 |
| **ROMANIA — 0.2%** |  |  |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;NEPI Rockcastle | 21067 | 151795 |
| TOTAL ROMANIA |  | 151795 |
| **RUSSIA — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC ADR<sup>(A)(B)</sup> | 3839 |  |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| 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 — 6.5%** |  |  |
| Communication Services — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;MTN Group | 31566 | 211500 |
| &nbsp;&nbsp;&nbsp;Vodacom Group | 16569 | 113016 |
|  |  | 324516 |
| Consumer Discretionary — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 3495 | 858552 |
| &nbsp;&nbsp;&nbsp;Woolworths Holdings | 34789 | 96469 |
|  |  | 955021 |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bid | 6308 | 150721 |
| &nbsp;&nbsp;&nbsp;Clicks Group | 3786 | 69728 |
| &nbsp;&nbsp;&nbsp;Shoprite Holdings | 12038 | 178496 |
|  |  | 398945 |
| Financials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 13520 | 130107 |
| &nbsp;&nbsp;&nbsp;Capitec Bank | 1955 | 329803 |
| &nbsp;&nbsp;&nbsp;Discovery | 13444 | 145829 |
| &nbsp;&nbsp;&nbsp;FirstRand | 84251 | 329090 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 8524 | 119226 |
| &nbsp;&nbsp;&nbsp;Old Mutual | 161014 | 104180 |
| &nbsp;&nbsp;&nbsp;Remgro | 16433 | 140993 |
| &nbsp;&nbsp;&nbsp;Sanlam | 27397 | 123266 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 24805 | $322890 |
|  |  | 1745384 |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 5050 | 64663 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum | 1317 | 52586 |
| &nbsp;&nbsp;&nbsp;Gold Fields | 20066 | 442323 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining | 8334 | 120756 |
| &nbsp;&nbsp;&nbsp;Sasol\* | 10473 | 43562 |
|  |  | 659227 |
| TOTAL SOUTH AFRICA |  | 4147756 |
| **SOUTH KOREA — 15.2%** |  |  |
| Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Kakao | 4819 | 127961 |
| &nbsp;&nbsp;&nbsp;NAVER | 2367 | 307027 |
| &nbsp;&nbsp;&nbsp;NCSoft | 350 | 35511 |
|  |  | 470499 |
| Consumer Discretionary — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 812 | 44667 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 1291 | 228391 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 2824 | 378195 |
| &nbsp;&nbsp;&nbsp;Kia | 5624 | 352527 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 2143 | 112353 |
|  |  | 1116133 |
| Consumer Staples — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific | 790 | 54402 |
| &nbsp;&nbsp;&nbsp;KT&G | 3167 | 217442 |
| &nbsp;&nbsp;&nbsp;LG H&H | 189 | 40110 |
|  |  | 311954 |
| Energy — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 1976 | 97290 |
| &nbsp;&nbsp;&nbsp;SK Innovation\* | 1221 | 93202 |
| &nbsp;&nbsp;&nbsp;S-Oil | 698 | 26593 |
|  |  | 217085 |
| Financials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 766 | 46090 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 6763 | 273735 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 3928 | 37933 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 5912 | 317180 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 1020 | 247640 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance | 1062 | $59789 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 8624 | 275558 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 11321 | 126857 |
|  |  | 1384782 |
| Health Care — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 2914 | 334465 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics\* | 329 | 226558 |
|  |  | 561023 |
| Industrials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 2658 | 202893 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries | 3422 | 174295 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering | 584 | 79718 |
| &nbsp;&nbsp;&nbsp;LG | 2457 | 107791 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution\* | 934 | 212172 |
| &nbsp;&nbsp;&nbsp;Samsung C&T | 2189 | 173782 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries\* | 21213 | 194194 |
| &nbsp;&nbsp;&nbsp;SK | 880 | 77452 |
| &nbsp;&nbsp;&nbsp;SK Square\* | 1630 | 103390 |
|  |  | 1325687 |
| Information Technology — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;LG Display\* | 3332 | 19935 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 1500 | 131511 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 60470 | 2373627 |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 1016 | 130062 |
| &nbsp;&nbsp;&nbsp;Samsung SDS | 532 | 41982 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 7531 | 975322 |
|  |  | 3672439 |
| Materials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Zinc | 118 | 62346 |
| &nbsp;&nbsp;&nbsp;LG Chemical | 903 | 150245 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 1538 | 290888 |
|  |  | 503479 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 9562 | 140589 |
| TOTAL SOUTH KOREA |  | 9703670 |
| **TAIWAN — 28.1%** |  |  |
| Communication Services — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 91000 | 352187 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications | 69000 | 191191 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Communication Services (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Taiwan Mobile | 67000 | $235088 |
|  |  | 778466 |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;President Chain Store | 23000 | 173872 |
| &nbsp;&nbsp;&nbsp;Uni-President Enterprises | 91000 | 220631 |
|  |  | 394503 |
| Financials — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding | 138000 | 254366 |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 46607 | 162832 |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank | 361282 | 193141 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 340000 | 403976 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding | 296735 | 256942 |
| &nbsp;&nbsp;&nbsp;First Financial Holding | 300103 | 244493 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding | 134668 | 345973 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings | 235091 | 196839 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding | 414000 | 213842 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding | 193516 | 232551 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank | 141000 | 191100 |
| &nbsp;&nbsp;&nbsp;Shin Kong Financial Holding\* | 688000 | 252800 |
| &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings | 165591 | 110968 |
| &nbsp;&nbsp;&nbsp;Taishin Financial Holding | 327312 | 169559 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding | 266882 | 193314 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 285310 | 287437 |
|  |  | 3710133 |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century | 204000 | 202141 |
| Information Technology — 19.0% |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 9000 | 156133 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding | 71000 | 305790 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 17000 | 311814 |
| &nbsp;&nbsp;&nbsp;AUO | 183600 | 74375 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 23000 | 145125 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 35000 | 379489 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 187000 | 822287 |
| &nbsp;&nbsp;&nbsp;Innolux | 208400 | 94777 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 91000 | 249135 |
| &nbsp;&nbsp;&nbsp;MediaTek | 23000 | 962879 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 16000 | 262631 |
| &nbsp;&nbsp;&nbsp;Pegatron | 70000 | 176884 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 54000 | 365123 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 278000 | 7619306 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 182000 | $244750 |
|  |  | 12170498 |
| Materials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 91000 | 127993 |
| &nbsp;&nbsp;&nbsp;China Steel | 300000 | 202395 |
| &nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre | 69000 | 54136 |
| &nbsp;&nbsp;&nbsp;Formosa Plastics | 91000 | 100312 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics | 114000 | 103004 |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings | 135404 | 130704 |
|  |  | 718544 |
| TOTAL TAIWAN |  | 17974285 |
| **THAILAND — 1.6%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service | 21900 | 177524 |
|  |  | 177524 |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CP ALL | 114600 | 167213 |
|  |  | 167213 |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;PTT | 236600 | 223175 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production | 32400 | 111263 |
|  |  | 334438 |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services, Cl F | 209500 | 134623 |
|  |  | 134623 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand | 105400 | 117284 |
|  |  | 117284 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement | 10800 | 49662 |
|  |  | 49662 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Central Pattana | 32200 | 44610 |
|  |  | 44610 |
| TOTAL THAILAND |  | 1025354 |
| **TÜRKIYE — 0.7%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | 15755 | 190192 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri | 31542 | $114667 |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Akbank | 112714 | 155144 |
| TOTAL TÜRKIYE |  | 460003 |
| **UNITED ARAB EMIRATES — 1.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 49307 | 226865 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 50039 | 148494 |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 73748 | 277480 |
|  |  | 425974 |
| Real Estate — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 55242 | 200782 |
| TOTAL UNITED ARAB EMIRATES |  | 853621 |
| **UNITED KINGDOM — 0.4%** |  |  |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 7431 | 277500 |
| TOTAL UNITED KINGDOM |  | 277500 |
| **UNITED STATES — 0.2%** |  |  |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;JBS | 13800 | 99049 |
| TOTAL UNITED STATES |  | 99049 |
| TOTAL COMMON STOCK <br>(Cost $60,480,157) |  | 61973489 |
| **PREFERRED STOCK — 2.9%** |  |  |
| **BRAZIL — 2.0%** |  |  |
| Energy — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro<sup>(C)</sup> | 76100 | 493724 |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco<sup>(C)</sup> | 39071 | 86428 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding<sup>(C)</sup> | 80740 | 442772 |
| &nbsp;&nbsp;&nbsp;Itausa<sup>(C)</sup> | 101530 | 167513 |
|  |  | 696713 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau<sup>(C)</sup> | 19690 | 55622 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais<sup>(C)</sup> | 24500 | 43887 |
| TOTAL BRAZIL |  | 1289946 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK (continued)** |  |  |
| **CHILE — 0.2%** |  |  |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile<sup>(C)</sup> | 2859 | $113522 |
| **COLOMBIA — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Bancolombia<sup>(C)</sup> | 6922 | 69575 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC<sup>(A)(B)(C)</sup> | 50900 |  |
| **SOUTH KOREA — 0.6%** |  |  |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics<sup>(C)</sup> | 12378 | 396769 |
| TOTAL PREFERRED STOCK <br> (Cost $2,108,423) |  | 1869812 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $62,588,580) |  | 63843301 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 152560 |
| NET ASSETS - 100% |  | $63995861 |

---

---

| | |
|:---|:---|
| *‡* | *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 accompanying notes are an integral part of the financial statements.*

**Schedule of Investments** *March 31, 2025*

**KraneShares MSCI Emerging Markets ex China Index ETF** (concluded)

The following summarizes the market value of the Fund's investments used as of March 31, 2025, 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 | $3167264 | $— | $— |  | $3167264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 470661 |  |  |  | 470661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 128103 |  |  |  | 128103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Czechia | 172550 |  |  |  | 172550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Egypt | 66782 |  |  |  | 66782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greece | 58137 |  |  |  | 58137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hungary | 349061 |  |  |  | 349061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 14243803 |  |  |  | 14243803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indonesia | 1547902 |  |  |  | 1547902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Malaysia | 1531051 |  |  |  | 1531051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 2352084 |  |  |  | 2352084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Peru | 478031 |  |  |  | 478031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippines | 608557 |  |  |  | 608557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poland | 1355495 |  |  |  | 1355495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Qatar | 750975 |  |  |  | 750975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Romania | 151795 |  |  |  | 151795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Africa | 4147756 |  |  |  | 4147756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 9703670 |  |  |  | 9703670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 17974285 |  |  |  | 17974285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thailand | 1025354 |  |  |  | 1025354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Türkiye | 460003 |  |  |  | 460003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Arab Emirates | 853621 |  |  |  | 853621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 277500 |  |  |  | 277500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 99049 |  |  |  | 99049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 61973489 |  |  |  | 61973489 |
| &nbsp;&nbsp;&nbsp;Preferred Stock |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 1289946 |  |  |  | 1289946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chile | 113522 |  |  |  | 113522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Colombia | 69575 |  |  |  | 69575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russia |  |  |  | <sup>‡‡</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 396769 |  |  |  | 396769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock | 1869812 |  |  |  | 1869812 |
| Total Investments in Securities | $63843301 | $— | $— |  | $63843301 |

---

---

| | |
|:---|:---|
| *^* | *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, 2025*

**KraneShares Global Carbon Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 68.4%** | | |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 4698500 | $117673932 |
| TOTAL EXCHANGE-TRADED FUND <br> (Cost $117,934,121) |  | 117673932 |
| **SHORT-TERM INVESTMENT — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.290%<sup>(D)</sup> | 200582 | 200582 |
| TOTAL SHORT-TERM INVESTMENT <br> (Cost $200,582) |  | 200582 |
| TOTAL INVESTMENTS — 68.5% <br> (Cost $118,134,703) |  | 117874514 |
| OTHER ASSETS LESS LIABILITIES – 31.5% |  | 54303706 |
| NET ASSETS - 100% |  | $172178220 |

---

A list of the open futures contracts held by the Fund at March 31, 2025, 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^ | 981 | Dec-2025 | $35530858 | $30204990 | $(5325868) |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance Vintage^ | 231 | Dec-2026 | 8964884 | 7567560 | (1397324) |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission^ | 1317 | Dec-2025 | 97819731 | 96710407 | (4373589) |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission^ | 116 | Dec-2026 | 8861249 | 8758736 | (398668) |
| &nbsp;&nbsp;&nbsp;RGGI Vintage^ | 376 | Dec-2025 | 8823549 | 8896160 | 72611 |
| &nbsp;&nbsp;&nbsp;UK Emission Allowance^ | 182 | Dec-2025 | 8943505 | 10585384 | 1404070 |
| &nbsp;&nbsp;&nbsp;WA Carbon Allowance Vintage^ | 149 | Dec-2025 | 9060484 | 9017480 | (43004) |
|  |  |  | $178004260 | $171740717 | $(10061772) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA Global Carbon Subsidiary, Ltd. as of March 31, 2025.* |
| *(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, 2025.* |

---

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

**Consolidated Schedule of Investments** *March 31, 2025*

**KraneShares Global Carbon Strategy ETF** (concluded)

The following summarizes the market value of the Fund's investments and other financial instruments used as of March 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $117673932 | $— | $— | $117673932 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 200582 |  |  | 200582 |
| Total Investments in Securities | $117874514 | $— | $— | $117874514 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $1476681 | $— | $— | $1476681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (11538453) |  |  | (11538453) |
| Total Other Financial Instruments | $(10061772) | $— | $— | $(10061772) |

---

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

Transactions with affiliated companies during the year ended March 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of**<br> **3/31/2024** | **Purchases at**<br> **Cost** | **Proceeds**<br> **from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value as of**<br> **3/31/2025** | **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 |  |  |  |  |  |
| $— | $157074274 | $(39042944) | $(260189) | $(97209) | $117673932 | $4080647 | $— |

---

*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, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%<sup>‡</sup>** |  |  |
| **UNITED STATES — 99.8%** |  |  |
| Communication Services — 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 8059 | $1259058 |
| &nbsp;&nbsp;&nbsp;AT&T | 5257 | 148668 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 13858 | 511360 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 805 | 463970 |
| &nbsp;&nbsp;&nbsp;T-Mobile US | 156 | 41607 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 8701 | 394677 |
|  |  | 2819340 |
| Consumer Discretionary — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com\* | 3665 | 697303 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 412 | 83043 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 16993 | 170440 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1753 | 642457 |
| &nbsp;&nbsp;&nbsp;McDonald's | 523 | 163369 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 441 | 27995 |
| &nbsp;&nbsp;&nbsp;Tapestry | 637 | 44851 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 1427 | 369821 |
|  |  | 2199279 |
| Consumer Staples — 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 8380 | 502967 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 5096 | 463226 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 1230 | 88093 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 1226 | 114876 |
| &nbsp;&nbsp;&nbsp;General Mills | 566 | 33841 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 2717 | 386412 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 527 | 83651 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 1401 | 238759 |
| &nbsp;&nbsp;&nbsp;Walmart | 2865 | 251518 |
|  |  | 2163343 |
| Energy — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;Black Stone Minerals | 29230 | 446342 |
| &nbsp;&nbsp;&nbsp;Chevron | 1740 | 291084 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 4784 | 461560 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Partners | 5792 | 197739 |
| &nbsp;&nbsp;&nbsp;Hess Midstream, Cl A | 10588 | 447767 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 10776 | 307439 |
| &nbsp;&nbsp;&nbsp;ONEOK | 1258 | 124819 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 776 | 95820 |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings, Cl A | 5896 | 125939 |
|  |  | 2498509 |
| Financials — 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 551 | 146175 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 963 | $526077 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 1913 | 469259 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 2053 | 239523 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 3295 | 71600 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 3903 | 358569 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 5592 | 213167 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 1740 | 609801 |
| &nbsp;&nbsp;&nbsp;Western Union | 37873 | 400696 |
|  |  | 3034867 |
| Health Care — 10.4% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 1659 | 347594 |
| &nbsp;&nbsp;&nbsp;Amgen | 702 | 218708 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 8090 | 493409 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 4184 | 468817 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 1592 | 264017 |
| &nbsp;&nbsp;&nbsp;Merck | 1558 | 139846 |
| &nbsp;&nbsp;&nbsp;Organon | 15851 | 236022 |
| &nbsp;&nbsp;&nbsp;Pfizer | 18917 | 479357 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 588 | 307965 |
|  |  | 2955735 |
| Industrials — 12.6% |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 1629 | 497708 |
| &nbsp;&nbsp;&nbsp;Cummins | 778 | 243856 |
| &nbsp;&nbsp;&nbsp;Fastenal | 6158 | 477553 |
| &nbsp;&nbsp;&nbsp;General Dynamics | 144 | 39252 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1758 | 436002 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 671 | 299742 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 1952 | 151612 |
| &nbsp;&nbsp;&nbsp;Paychex | 3037 | 468548 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 285 | 69016 |
| &nbsp;&nbsp;&nbsp;Robert Half | 676 | 36876 |
| &nbsp;&nbsp;&nbsp;Snap-on | 539 | 181649 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1084 | 256084 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 3949 | 434350 |
|  |  | 3592248 |
| Information Technology — 22.6% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 7572 | 496647 |
| &nbsp;&nbsp;&nbsp;Apple | 6418 | 1425630 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 8793 | 542616 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 1610 | 400343 |
| &nbsp;&nbsp;&nbsp;Microsoft | 4103 | 1540225 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 14084 | 1526424 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A\* | 1142 | 96385 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 2366 | $425170 |
|  |  | 6453440 |
| Materials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 1370 | 404041 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 1416 | 280396 |
|  |  | 684437 |
| Real Estate — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Public Storage<sup>†</sup> | 1276 | 381894 |
| &nbsp;&nbsp;&nbsp;Simon Property Group<sup>†</sup> | 1423 | 236332 |
|  |  | 618226 |
| Utilities — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 1780 | 194501 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 2294 | 253693 |
| &nbsp;&nbsp;&nbsp;Entergy | 3734 | 319220 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 2383 | 196121 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 4189 | 456517 |
|  |  | 1420052 |
| TOTAL UNITED STATES |  | 28439476 |
| TOTAL COMMON STOCK<br> (Cost $26,090,933) |  | 28439476 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $26,090,933) |  | 28439476 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 43839 |
| NET ASSETS - 100% |  | $28483315 |

---

---

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

---

As of March 31, 2025, 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, 2025*

**KraneShares Mount Lucas Managed Futures Index Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 67.5%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.240%, 04/15/2025<sup>(A)(B)</sup> | $30000000 | $29950446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.226%, 04/29/2025<sup>(A)(B)</sup> | 30000000 | 29901066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.220%, 05/06/2025<sup>(A)(B)</sup> | 30000000 | 29876290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.211%, 05/15/2025<sup>(A)(B)</sup> | 30000000 | 29844625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.205%, 05/29/2025<sup>(A)(B)</sup> | 30000000 | 29795179 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $149,375,617) |  | 149367606 |
| TOTAL INVESTMENTS — 67.5%<br> (Cost $149,375,617) |  | 149367606 |
| OTHER ASSETS LESS LIABILITIES – 32.5% |  | 71897342 |
| NET ASSETS - 100% |  | $221264948 |

---

A list of the open futures contracts held by the Fund at March 31, 2025, 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;British Pound | 372 | Jun-2025 | $30073098 | $30018075 | $(55023) |
| &nbsp;&nbsp;&nbsp;Canadian 10-Year Bond | 657 | Jun-2025 | 56861479 | 56680831 | (5735) |
| &nbsp;&nbsp;&nbsp;Copper^ | 132 | Jul-2025 | 15246799 | 16767300 | 1520501 |
| &nbsp;&nbsp;&nbsp;Gold^ | 53 | Jun-2025 | 14870990 | 16696590 | 1825600 |
| &nbsp;&nbsp;&nbsp;Live Cattle^ | 201 | Jun-2025 | 15474578 | 16373460 | 898882 |
| &nbsp;&nbsp;&nbsp;Natural Gas^ | 375 | Jun-2025 | 16346975 | 15963750 | (383225) |
| &nbsp;&nbsp;&nbsp;Sugar No. 11^ | 244 | May-2025 | 5277528 | 5154061 | (123467) |
|  |  |  | 154151447 | 157654067 | 3677533 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;AUD Currency | (583) | Jun-2025 | (36838096) | (36457905) | 380191 |
| &nbsp;&nbsp;&nbsp;CAD Currency | (520) | Jun-2025 | (36217310) | (36311600) | (94290) |
| &nbsp;&nbsp;&nbsp;Corn^ | (154) | May-2025 | (3497208) | (3520825) | (23617) |
| &nbsp;&nbsp;&nbsp;Euro FX | (40) | Jun-2025 | (5469440) | (5431000) | 38440 |
| &nbsp;&nbsp;&nbsp;Euro-Bund 10-Year Bond | (413) | Jun-2025 | (57555444) | (57532672) | 1108047 |
| &nbsp;&nbsp;&nbsp;Gasoline^ | (163) | Jun-2025 | (14773179) | (15612303) | (839124) |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bond | (61) | Jun-2025 | (57082049) | (56286419) | (55777) |
| &nbsp;&nbsp;&nbsp;Japanese Yen | (143) | Jun-2025 | (12179286) | (12010212) | 169074 |
| &nbsp;&nbsp;&nbsp;Long Gilt 10-Year Bond | (483) | Jun-2025 | (57062063) | (57207056) | 952875 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD^ | (162) | Jun-2025 | (14740149) | (15370916) | (630767) |
| &nbsp;&nbsp;&nbsp;Soybean^ | (296) | May-2025 | (15573958) | (15018300) | 555658 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | (258) | Jun-2025 | (36956496) | (36787575) | 168921 |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note | (355) | Jun-2025 | (40354478) | (40514375) | (159897) |
| &nbsp;&nbsp;&nbsp;Wheat^ | (546) | May-2025 | (16726591) | (14660100) | 2066491 |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil^ | (220) | Jun-2025 | (14973748) | (15609000) | (635252) |
|  |  |  | (419999495) | (418330258) | 3000973 |
|  |  |  | $(265848048) | $(260676191) | $6678506 |

---

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

**Consolidated Schedule of Investments** *March 31, 2025*

**KraneShares Mount Lucas Managed Futures Index Strategy ETF** (concluded)

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA MLM Index Subsidiary, Ltd. as of March 31, 2025.* |
| *(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, 2025, 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 | $— | $149367606 | $— | $149367606 |
| Total Investments in Securities | $— | $149367606 | $— | $149367606 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Appreciation | $9684680 | $— | $— | $9684680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (3006174) |  |  | (3006174) |
| Total Other Financial Instruments | $6678506 | $— | $— | $6678506 |

---

*\** *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, 2025*

**KraneShares SSE STAR Market 50 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8%<sup>‡</sup>** |  |  |
| **CHINA — 99.8%** |  |  |
| Consumer Discretionary — 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Roborock Technology, Cl A | 29831 | $998404 |
| &nbsp;&nbsp;&nbsp;Ninebot, Cl A | 101330 | 909277 |
| &nbsp;&nbsp;&nbsp;Tianneng Battery Group, Cl A | 27137 | 103231 |
|  |  | 2010912 |
| Consumer Staples — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bloomage Biotechnology, Cl A | 38893 | 258862 |
| Health Care — 12.1% |  |  |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 11853 | 631810 |
| &nbsp;&nbsp;&nbsp;MGI Tech, Cl A\* | 42039 | 452738 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 45418 | 533197 |
| &nbsp;&nbsp;&nbsp;Shanghai Junshi Biosciences, Cl A\* | 108293 | 448619 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 83182 | 1396575 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A\* | 16189 | 517605 |
| &nbsp;&nbsp;&nbsp;Xiamen Amoytop Biotech, Cl A | 32847 | 352615 |
|  |  | 4333159 |
| Industrials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;AVIC Chengdu UAS, Cl A | 40377 | 217336 |
| &nbsp;&nbsp;&nbsp;Baimtec Material, Cl A | 26918 | 189310 |
| &nbsp;&nbsp;&nbsp;Sany Renewable Energy, Cl A | 48908 | 183896 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl A | 52619 | 342325 |
|  |  | 932867 |
| Information Technology — 75.9% |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research Shanghai, Cl A | 17497 | 245554 |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A | 82823 | 2101494 |
| &nbsp;&nbsp;&nbsp;Amlogic Shanghai, Cl A\* | 67621 | 776638 |
| &nbsp;&nbsp;&nbsp;Beijing Kingsoft Office Software, Cl A | 46683 | 1921829 |
| &nbsp;&nbsp;&nbsp;Biwin Storage Technology, Cl A\* | 60935 | 599714 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A\* | 39681 | 3402368 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 522071 | 404528 |
| &nbsp;&nbsp;&nbsp;China Resources Microelectronics, Cl A | 106866 | 658913 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 297801 | 398795 |
| &nbsp;&nbsp;&nbsp;Everdisplay Optronics Shanghai, Cl A\* | 827460 | 249403 |
| &nbsp;&nbsp;&nbsp;GalaxyCore, Cl A | 155572 | 321169 |
| &nbsp;&nbsp;&nbsp;Guobo Electronics, Cl A | 15451 | 112769 |
| &nbsp;&nbsp;&nbsp;Hangzhou EZVIZ Network, Cl A | 31407 | 166158 |
| &nbsp;&nbsp;&nbsp;Hwatsing Technology, Cl A | 28671 | 652466 |
| &nbsp;&nbsp;&nbsp;Hygon Information Technology, Cl A | 176753 | 3437317 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A | 807858 | 720478 |
| &nbsp;&nbsp;&nbsp;Loongson Technology, Cl A\* | 32378 | 555148 |
| &nbsp;&nbsp;&nbsp;Montage Technology, Cl A | 217209 | 2340126 |
| &nbsp;&nbsp;&nbsp;National Silicon Industry Group, Cl A | 332727 | 850375 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares SSE STAR Market 50 Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Nexchip Semiconductor, Cl A\* | 161983 | $484885 |
| &nbsp;&nbsp;&nbsp;Piotech, Cl A | 28091 | 608956 |
| &nbsp;&nbsp;&nbsp;Qi An Xin Technology Group, Cl A\* | 54651 | 257463 |
| &nbsp;&nbsp;&nbsp;Shanghai BOCHU Electronic Technology, Cl A | 16589 | 416009 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 92076 | 1148748 |
| &nbsp;&nbsp;&nbsp;SICC, Cl A\* | 34697 | 296070 |
| &nbsp;&nbsp;&nbsp;Smartsens Technology Shanghai, Cl A | 56480 | 754321 |
| &nbsp;&nbsp;&nbsp;SUPCON Technology, Cl A | 127671 | 933034 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A | 219963 | 509500 |
| &nbsp;&nbsp;&nbsp;United Nova Technology, Cl A\* | 854967 | 571868 |
| &nbsp;&nbsp;&nbsp;Verisilicon Microelectronics Shanghai, Cl A\* | 70701 | 1031435 |
| &nbsp;&nbsp;&nbsp;Xinjiang Daqo New Energy, Cl A | 129909 | 346858 |
|  |  | 27274389 |
| Materials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Biotech, Cl A | 58880 | 407774 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 91799 | 585596 |
| &nbsp;&nbsp;&nbsp;Zhongfu Shenying Carbon Fiber, Cl A | 19739 | 56724 |
|  |  | 1050094 |
| TOTAL CHINA |  | 35860283 |
| TOTAL COMMON STOCK<br> (Cost $35,296,984) |  | 35860283 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $35,296,984) |  | 35860283 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 87312 |
| NET ASSETS - 100% |  | $35947595 |

---

---

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

---

As of March 31, 2025, 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, 2025*

**KraneShares Hang Seng TECH Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 92.7%<sup>‡</sup>** |  |  |
| **CHINA — 91.9%** |  |  |
| Communication Services — 24.4% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A\* | 131550 | $1520882 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z\* | 49060 | 937653 |
| &nbsp;&nbsp;&nbsp;China Literature\* | 69800 | 231013 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 146400 | 708451 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B\* | 261300 | 1825335 |
| &nbsp;&nbsp;&nbsp;NetEase | 94205 | 1913087 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 63800 | 4075498 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 5400 | 38382 |
|  |  | 11250301 |
| Consumer Discretionary — 44.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 247000 | 4063597 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 376826 | 1210834 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 197409 | 4079967 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A\* | 143400 | 1825607 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B\* | 197880 | 3962534 |
| &nbsp;&nbsp;&nbsp;Midea Group\* | 77500 | 786923 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A\* | 53500 | 199070 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 222000 | 597779 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 26150 | 1661032 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A\* | 187000 | 1893963 |
|  |  | 20281306 |
| Consumer Staples — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology\* | 1012000 | 612640 |
| &nbsp;&nbsp;&nbsp;JD Health International\* | 174000 | 741372 |
|  |  | 1354012 |
| Information Technology — 20.6% |  |  |
| &nbsp;&nbsp;&nbsp;BYD Electronic International | 118500 | 613800 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics\* | 178800 | 153284 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor | 107000 | 427021 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group\* | 466000 | 788217 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 1252000 | 1686434 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Cl B\* | 4322000 | 827703 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 109740 | 1006381 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B\* | 627400 | 3967467 |
|  |  | 9470307 |
| TOTAL CHINA |  | 42355926 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Hang Seng TECH Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **HONG KONG — 0.8%** |  |  |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;ASMPT | 51500 | $359758 |
| TOTAL HONG KONG |  | 359758 |
| TOTAL COMMON STOCK<br> (Cost $41,941,385) |  | 42715684 |
| TOTAL INVESTMENTS — 92.7%<br> (Cost $41,941,385) |  | 42715684 |
| OTHER ASSETS LESS LIABILITIES – 7.3% |  | 3366034 |
| NET ASSETS - 100% |  | $46081718 |

---

---

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

---

As of March 31, 2025, 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, 2025*

**KraneShares European Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 48.8%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 143300 | $3588948 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $3,597,348) |  | 3588948 |
| **SHORT-TERM INVESTMENT — 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.290%<sup>(D)</sup> | 200455 | 200455 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $200,455) |  | 200455 |
| TOTAL INVESTMENTS — 51.5%<br> (Cost $3,797,803) |  | 3789403 |
| OTHER ASSETS LESS LIABILITIES – 48.5% |  | 3570338 |
| NET ASSETS - 100% |  | $7359741 |

---

A list of the open futures contracts held by the Fund at March 31, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **<br>Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission^ | 100 | Dec-2025 | $7428496 | $7343235 | $(333655) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares European Carbon Subsidiary, Ltd. as of March 31, 2025.* |
| *(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, 2025.* |

---

The following summarizes the market value of the Fund's investments and other financial instruments used as of March 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $3588948 | $— | $— | $3588948 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 200455 |  |  | 200455 |
| Total Investments in Securities | $3789403 | $— | $— | $3789403 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (333655) |  |  | (333655) |
| Total Other Financial Instruments | $(333655) | $— | $— | $(333655) |

---

*\** *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, 2025*

**KraneShares European Carbon Allowance Strategy ETF** (concluded)

Transactions with affiliated companies during the period ended March 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of<br> 3/31/2024** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Value as of<br> 3/31/2025** | **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 | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |  |  |
| $— | $3843916 | $(245483) | $(8400) | $(1085) | $3588948 | $112674 | $— |

---

*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, 2025*

**KraneShares California Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 79.9%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF<sup>(A)(B)(C)</sup> | 3481600 | $87196672 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $87,371,004) |  | 87196672 |
| **SHORT-TERM INVESTMENT — 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.290%<sup>(D)</sup> | 4781185 | 4781185 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $4,781,185) |  | 4781185 |
| TOTAL INVESTMENTS — 84.3%<br> (Cost $92,152,189) |  | 91977857 |
| OTHER ASSETS LESS LIABILITIES – 15.7% |  | 17104306 |
| NET ASSETS - 100% |  | $109082163 |

---

A list of the open futures contracts held by the Fund at March 31, 2025, is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Type of Contract** | **Number of<br> Contracts** | **Expiration<br> Date** | **Notional<br> Amount** | **<br>Value** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
| Long Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance^ | 3534 | Dec-2025 | $126010637 | $108811860 | $(17198777) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares California Carbon Subsidiary, Ltd. as of March 31, 2025.* |
| *(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, 2025.* |

---

The following summarizes the market value of the Fund's investments and other financial instruments used as of March 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange-Traded Fund | $87196672 | $— | $— | $87196672 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 4781185 |  |  | 4781185 |
| Total Investments in Securities | $91977857 | $— | $— | $91977857 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Futures Contracts\* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized Depreciation | (17198777) |  |  | (17198777) |
| Total Other Financial Instruments | $(17198777) | $— | $— | $(17198777) |

---

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

**Consolidated Schedule of Investments** *March 31, 2025*

**KraneShares California Carbon Allowance Strategy ETF** (concluded)

Transactions with affiliated companies during the period ended March 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of**<br> **3/31/2024** | **Purchases at**<br> **Cost** | **Proceeds**<br> **from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value as of**<br> **3/31/2025** | **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 | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |  |  |  |
| $— | $138489244 | $(51073160) | $(174332) | $(45080) | $87196672 | $3191094 | $— |

---

*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, 2025*

**KraneShares KWEB Covered Call Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUND — 102.3%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF<sup>(A)</sup> | 3065012 | $106999569 |
| TOTAL EXCHANGE - TRADED FUND<br> (Cost $106,238,646) |  | 106999569 |
| **SHORT-TERM INVESTMENT — 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.290%<sup>(B)</sup> | 215478 | 215478 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $215,478) |  | 215478 |
| TOTAL INVESTMENTS — 102.5%<br> (Cost $106,454,124) |  | 107215047 |
| OTHER ASSETS LESS LIABILITIES – (2.5)% |  | (2646271) |
| NET ASSETS - 100% |  | $104568776 |
| WRITTEN OPTIONS — (2.9)%<br> (Premiums Received $(5528396)) |  | $(3003942) |

---

*(A)* *Affiliated Investment.* 

*(B)* *The rate shown is the 7-day effective yield as of March 31, 2025.* 

Written options contracts outstanding as of March 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market Value** |
| WRITTEN OPTIONS — (2.9)% |  |  |  |  |  |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6225) | $(21731475) | $33.93 | 04/04/25 | $(795368) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6286) | (21944426) | 36.99 | 04/11/25 | (205929) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5220) | (18223020) | 36.78 | 04/17/25 | (288405) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6446) | (22502986) | 35.58 | 04/25/25 | (728656) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (225) | (785475) | 36.30 | 04/25/25 | (19440) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6015) | (20998365) | 35.04 | 05/02/25 | (940686) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (233) | (813403) | 36.17 | 05/02/25 | (25458) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(106999150) |  |  | $(3003942) |

---

*\** *KraneShares CSI China Internet ETF.*

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

**Schedule of Investments** *March 31, 2025*

**KraneShares KWEB Covered Call Strategy ETF** (concluded)

The following summarizes the market value of the Fund's investments used as of March 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange - Traded Fund | $106999569 | $— | $— | $106999569 |
| &nbsp;&nbsp;&nbsp;Short-Term Investment | 215478 |  |  | 215478 |
| Total Investments in Securities | $107215047 | $— | $— | $107215047 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Written Options | $— | $(3003942) | $— | $(3003942) |
| Total Liabilities | $— | $(3003942) | $— | $(3003942) |

---

Transactions with affiliated companies during the year ended March 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of<br> 3/31/2024** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Value as of<br> 3/31/2025** | **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 |  |  |  |  |
| $167701065 | $670942610 | $(694645081) | $(2978649) | $(34020376) | $106999569 | $4061767 | $— |

---

*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, 2025*

**KraneShares Dynamic Emerging Markets Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUNDS — 99.1%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares MSCI All China Index ETF<sup>(A)</sup> | 128554 | $2917854 |
| &nbsp;&nbsp;&nbsp;KraneShares MSCI Emerging Markets ex China Index ETF<sup>(A)</sup> | 68202 | 1901315 |
| TOTAL EXCHANGE - TRADED FUNDS<br> (Cost $4,381,520) |  | 4819169 |
| TOTAL INVESTMENTS — 99.1%<br> (Cost $4,381,520) |  | 4819169 |
| OTHER ASSETS LESS LIABILITIES – 0.9% |  | 43621 |
| NET ASSETS - 100% |  | $4862790 |

---

*(A)* *Affiliated Investment.* 

As of March 31, 2025, 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.

Transactions with affiliated companies during the period ended March 31, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value as of<br> 3/31/2024** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized<br> Gain/(Loss)** | **Value as of<br> 3/31/2025** | **Dividend<br> Income** | **Capital<br> Gain<br> Distributions** |
| KraneShares MSCI All China Index ETF | KraneShares MSCI All China Index ETF | KraneShares MSCI All China Index ETF | KraneShares MSCI All China Index ETF | KraneShares MSCI All China Index ETF |  |  |  |
| $2027280 | $413544 | $(90682) | $569515 | $(1803) | $2917854 | $63231 | $— |
| 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 |  |  |  |
| 1668176 | 362946 | (30740) | (100370) | 1303 | 1901315 | 61693 |  |
| $3695456 | $776490 | $(121422) | $469145 | $(500) | $4819169 | $124924 | $— |

---

*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, 2025*

**KraneShares Global Luxury Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.3%<sup>‡</sup>** |  |  |
| **CHINA — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Chow Tai Fook Jewellery Group | 18000 | $20382 |
| TOTAL CHINA |  | 20382 |
| **DENMARK — 4.6%** |  |  |
| Consumer Discretionary — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Pandora | 853 | 130172 |
| TOTAL DENMARK |  | 130172 |
| **FRANCE — 37.0%** |  |  |
| Consumer Discretionary — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International | 88 | 229185 |
| &nbsp;&nbsp;&nbsp;Kering | 511 | 105385 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 433 | 267401 |
|  |  | 601971 |
| Consumer Staples — 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal | 702 | 259985 |
| Health Care — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica | 700 | 200680 |
| TOTAL FRANCE |  | 1062636 |
| **GERMANY — 0.8%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;HUGO BOSS | 598 | 22518 |
| TOTAL GERMANY |  | 22518 |
| **ITALY — 11.5%** |  |  |
| Consumer Discretionary — 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli | 365 | 41635 |
| &nbsp;&nbsp;&nbsp;Ferrari | 291 | 123284 |
| &nbsp;&nbsp;&nbsp;Moncler | 2139 | 130778 |
| &nbsp;&nbsp;&nbsp;PRADA | 4900 | 34104 |
| TOTAL ITALY |  | 329801 |
| **JAPAN — 7.6%** |  |  |
| Consumer Staples — 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;Kao | 3000 | 129858 |
| &nbsp;&nbsp;&nbsp;Shiseido | 4700 | 88632 |
| TOTAL JAPAN |  | 218490 |
| **SWITZERLAND — 11.3%** |  |  |
| Consumer Discretionary — 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont, Cl A | 1572 | 271757 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Global Luxury Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Swatch Group | 312 | $53496 |
| TOTAL SWITZERLAND |  | 325253 |
| **UNITED KINGDOM — 1.0%** |  |  |
| Consumer Discretionary — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Burberry Group | 2956 | 29448 |
| TOTAL UNITED KINGDOM |  | 29448 |
| **UNITED STATES — 23.8%** |  |  |
| Consumer Discretionary — 17.8% |  |  |
| &nbsp;&nbsp;&nbsp;Capri Holdings\* | 2229 | 43978 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor\* | 748 | 83634 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 370 | 81674 |
| &nbsp;&nbsp;&nbsp;Samsonite International | 15300 | 36223 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 437 | 25372 |
| &nbsp;&nbsp;&nbsp;Tapestry | 1815 | 127794 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 345 | 55207 |
| &nbsp;&nbsp;&nbsp;VF | 3607 | 55981 |
|  |  | 509863 |
| Consumer Staples — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Coty, Cl A\* | 3993 | 21842 |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 2018 | 133188 |
| &nbsp;&nbsp;&nbsp;Inter Parfums | 151 | 17194 |
|  |  | 172224 |
| TOTAL UNITED STATES |  | 682087 |
| TOTAL COMMON STOCK<br> (Cost $3,331,711) |  | 2820787 |
| TOTAL INVESTMENTS — 98.3%<br> (Cost $3,331,711) |  | 2820787 |
| OTHER ASSETS LESS LIABILITIES – 1.7% |  | 50104 |
| NET ASSETS - 100% |  | $2870891 |

---

---

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

---

As of March 31, 2025, 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, 2025*

**KraneShares Rockefeller℠ Ocean Engagement ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.0%<sup>‡</sup>** |  |  |
| **CANADA — 6.6%** |  |  |
| Consumer Staples — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Loblaw | 691 | $96819 |
| Industrials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;Stantec | 928 | 76910 |
| TOTAL CANADA |  | 173729 |
| **CHINA — 2.6%** |  |  |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Yum China Holdings | 1329 | 69188 |
| TOTAL CHINA |  | 69188 |
| **DENMARK — 5.6%** |  |  |
| Industrials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Svitzer Group\* | 1645 | 51910 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems\* | 1598 | 21962 |
|  |  | 73872 |
| Materials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes) B, Cl B | 1269 | 73677 |
| TOTAL DENMARK |  | 147549 |
| **FAROE ISLANDS — 1.4%** |  |  |
| Consumer Staples — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bakkafrost | 758 | 35631 |
| TOTAL FAROE ISLANDS |  | 35631 |
| **FINLAND — 1.8%** |  |  |
| Industrials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Konecranes | 756 | 48018 |
| TOTAL FINLAND |  | 48018 |
| **FRANCE — 9.2%** |  |  |
| Consumer Discretionary — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Sodexo | 768 | 49278 |
| Industrials — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bureau Veritas | 2789 | 84174 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain | 707 | 70032 |
|  |  | 154206 |
| Information Technology — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Capgemini | 273 | 40711 |
| TOTAL FRANCE |  | 244195 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Rockefeller℠ Ocean Engagement ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **ITALY — 2.2%** |  |  |
| Industrials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;Prysmian | 1083 | $58914 |
| TOTAL ITALY |  | 58914 |
| **JAPAN — 1.1%** |  |  |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical | 1000 | 28327 |
| TOTAL JAPAN |  | 28327 |
| **LUXEMBOURG — 2.4%** |  |  |
| Health Care — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific | 1178 | 62632 |
| TOTAL LUXEMBOURG |  | 62632 |
| **MEXICO — 2.8%** |  |  |
| Consumer Staples — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Arca Continental | 7200 | 75311 |
| TOTAL MEXICO |  | 75311 |
| **PORTUGAL — 3.2%** |  |  |
| Consumer Staples — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins | 4043 | 85598 |
| TOTAL PORTUGAL |  | 85598 |
| **SPAIN — 2.1%** |  |  |
| Consumer Discretionary — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil | 1117 | 55322 |
| TOTAL SPAIN |  | 55322 |
| **SWEDEN — 1.7%** |  |  |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Alfa Laval | 1070 | 45686 |
| TOTAL SWEDEN |  | 45686 |
| **SWITZERLAND — 3.3%** |  |  |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Accelleron Industries | 575 | 26503 |
| Materials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich | 628 | 61976 |
| TOTAL SWITZERLAND |  | 88479 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Rockefeller℠ Ocean Engagement ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **UNITED KINGDOM — 5.6%** |  |  |
| Consumer Staples — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | 840 | $56705 |
| Utilities — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;SSE PLC | 4432 | 91187 |
| TOTAL UNITED KINGDOM |  | 147892 |
| **UNITED STATES — 46.4%** |  |  |
| Consumer Discretionary — 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com\* | 440 | 83714 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises | 188 | 38623 |
|  |  | 122337 |
| Consumer Staples — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;Albertsons, Cl A | 2394 | 52644 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings\* | 635 | 72454 |
|  |  | 125098 |
| Health Care — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Agilent Technologies | 451 | 52758 |
| Industrials — 20.3% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 644 | 69971 |
| &nbsp;&nbsp;&nbsp;Chart Industries\* | 249 | 35946 |
| &nbsp;&nbsp;&nbsp;Nordson | 273 | 55070 |
| &nbsp;&nbsp;&nbsp;Republic Services, Cl A | 378 | 91536 |
| &nbsp;&nbsp;&nbsp;Tetra Tech | 1874 | 54814 |
| &nbsp;&nbsp;&nbsp;Veralto | 791 | 77083 |
| &nbsp;&nbsp;&nbsp;Waste Management | 480 | 111125 |
| &nbsp;&nbsp;&nbsp;Xylem | 342 | 40855 |
|  |  | 536400 |
| Information Technology — 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies\* | 198 | 98547 |
| &nbsp;&nbsp;&nbsp;Trimble\* | 1410 | 92566 |
|  |  | 191113 |
| Materials — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Crown Holdings | 1150 | 102649 |
| &nbsp;&nbsp;&nbsp;Sealed Air | 971 | 28062 |
|  |  | 130711 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Rockefeller℠ Ocean Engagement ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;American Water Works | 466 | $68744 |
| TOTAL UNITED STATES |  | 1227161 |
| TOTAL COMMON STOCK<br> (Cost $2,465,839) |  | 2593632 |
| TOTAL INVESTMENTS — 98.0%<br> (Cost $2,465,839) |  | 2593632 |
| OTHER ASSETS LESS LIABILITIES – 2.0% |  | 52506 |
| NET ASSETS - 100% |  | $2646138 |

---

---

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

---

As of March 31, 2025, 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, 2025*

**KraneShares Hedgeye Hedged Equity Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUND — 96.1%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust<sup>(A)</sup> | 24000 | $13425360 |
| TOTAL EXCHANGE - TRADED FUND<br> (Cost $14,262,847) |  | 13425360 |
| PURCHASED OPTION<sup>(B)</sup> — 3.3% |  |  |
| TOTAL PURCHASED OPTION<br> (Cost $208,441) |  | 461880 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $14,471,288) |  | 13887240 |
| OTHER ASSETS LESS LIABILITIES – 0.6% |  | 80529 |
| NET ASSETS - 100% |  | $13967769 |
| WRITTEN OPTIONS<sup>(B)</sup> — (1.5)%<br> (Premiums Received $(267388)) |  | $(215218) |

---

*(A)* *For financial information on the 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, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTION — 3.3%** |  |  |  |  |  |
| **Put Options** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | 24 | $13468440 | $5780.00 | 04/17/25 | $461880 |
| **WRITTEN OPTIONS — (1.5)%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | (24) | (13468440) | $5520.00 | 04/17/25 | (155040) |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 Index | (240) | (13425360) | $576.67 | 04/17/25 | (60178) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(26893800) |  |  | $(215218) |

---

The following summarizes the market value of the Fund's investments used as of March 31, 2025, based on the inputs used to value them:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Exchange - Traded Fund | $13425360 | $— | $— | $13425360 |
| &nbsp;&nbsp;&nbsp;Purchased Option | 461880 |  |  | 461880 |
| Total Investments in Securities | $13887240 | $— | $— | $13887240 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liabilities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp;Written Options | $(155040) | $(60178) | $— | $(215218) |
| Total Liabilities | $(155040) | $(60178) | $— | $(215218) |

---

*See "Glossary" for abbreviations.*

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Artificial Intelligence and Technology ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 95.3%<sup>‡</sup>** |  |  |
| **CANADA — 1.8%** |  |  |
| Information Technology — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A\* | 4255 | $404731 |
| TOTAL CANADA |  | 404731 |
| **GERMANY — 3.2%** |  |  |
| Information Technology — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 2687 | 709374 |
| TOTAL GERMANY |  | 709374 |
| **NETHERLANDS — 2.9%** |  |  |
| Information Technology — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 486 | 318138 |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A\* | 15585 | 328999 |
| TOTAL NETHERLANDS |  | 647137 |
| **SOUTH KOREA — 1.9%** |  |  |
| Information Technology — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 3259 | 422065 |
| TOTAL SOUTH KOREA |  | 422065 |
| **TAIWAN — 3.0%** |  |  |
| Information Technology — 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 4000 | 167457 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 18000 | 493337 |
| TOTAL TAIWAN |  | 660794 |
| **UNITED STATES — 82.5%** |  |  |
| Communication Services — 13.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 5099 | 788509 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 3063 | 1765391 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A\* | 6331 | 369034 |
|  |  | 2922934 |
| Consumer Discretionary — 10.1% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com\* | 6002 | 1141940 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A\* | 1672 | 519223 |
| &nbsp;&nbsp;&nbsp;Tesla\* | 2212 | 573262 |
|  |  | 2234425 |
| Health Care — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A\* | 7082 | 341636 |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 2744 | 198117 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Artificial Intelligence and Technology ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology — 56.8% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe\* | 1391 | $533490 |
| &nbsp;&nbsp;&nbsp;Apple | 4090 | 908512 |
| &nbsp;&nbsp;&nbsp;Arista Networks\* | 2905 | 225079 |
| &nbsp;&nbsp;&nbsp;ARM Holdings ADR\* | 1364 | 145662 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A\* | 1541 | 327016 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2696 | 451391 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A\* | 2874 | 323871 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A\* | 10742 | 251792 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A\* | 3881 | 385034 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Cl C | 3348 | 305170 |
| &nbsp;&nbsp;&nbsp;Elastic\* | 5029 | 448084 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A\* | 5522 | 259534 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 3096 | 190621 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 2726 | 236862 |
| &nbsp;&nbsp;&nbsp;Microsoft | 3512 | 1318370 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A\* | 1235 | 216619 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 8245 | 893593 |
| &nbsp;&nbsp;&nbsp;Oracle | 3516 | 491572 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A\* | 5840 | 492896 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks\* | 2183 | 372507 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A\* | 4908 | 217277 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 1431 | 219816 |
| &nbsp;&nbsp;&nbsp;Salesforce | 2864 | 768583 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A\* | 12646 | 484721 |
| &nbsp;&nbsp;&nbsp;ServiceNow\* | 925 | 736430 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A\* | 2724 | 398140 |
| &nbsp;&nbsp;&nbsp;Synopsys\* | 476 | 204133 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A\* | 1831 | 427593 |
| &nbsp;&nbsp;&nbsp;Zscaler\* | 1667 | 330766 |
|  |  | 12565134 |
| TOTAL UNITED STATES |  | 18262246 |
| TOTAL COMMON STOCK<br> (Cost $24,113,329) |  | 21106347 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Artificial Intelligence and Technology ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 4.5%** |  |  |
| **UNITED STATES — 4.5%** |  |  |
| Information Technology — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Anthropic\*<sup>(A)(B)</sup> | 17829 | $999966 |
| TOTAL PREFERRED STOCK<br> (Cost $999,966) |  | 999966 |
| TOTAL INVESTMENTS — 99.8%<br> (Cost $25,113,295) |  | 22106313 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 34635 |
| NET ASSETS - 100% |  | $22140948 |

---

---

| | |
|:---|:---|
| *‡* | *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, 2025, 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 | $404731 | $— | $— | $404731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 709374 |  |  | 709374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 647137 |  |  | 647137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Korea | 422065 |  |  | 422065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 660794 |  |  | 660794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | 18262246 |  |  | 18262246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Common Stock | 21106347 |  |  | 21106347 |
| &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 |  |  | 999966 | 999966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Preferred Stock |  |  | 999966 | 999966 |
| Total Investments in Securities | $21106347 | $— | $999966 | $22106313 |

---

---

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

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Artificial Intelligence and Technology ETF** (concluded)

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, 2024 | $— |
| Realized gain/(loss) |  |
| Change in unrealized appreciation/(depreciation) |  |
| Purchases | 999966 |
| Sales |  |
| Net transfer into Level 3 |  |
| Net transfer out of Level 3 |  |
| Ending balance as of March 31, 2025 | $999966 |
| Changes in unrealized gains/(losses) included in earnings related to securities still held at reporting date |  |

---

See "Glossary" for abbreviations.

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 94.1%** |  |  |
| **AUSTRALIA — 2.6%** |  |  |
| Financials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/03/2025 | $2000000 | $2003965 |
| &nbsp;&nbsp;&nbsp;National Australia Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.255%, 6/9/2025, SOFRRATE + 0.860%<sup>(A)</sup> | 1000000 | 1001310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.140%, 5/13/2025, SOFRRATE + 0.760%<sup>(A)</sup> | 1000000 | 1000670 |
| &nbsp;&nbsp;&nbsp;Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.735%, 08/26/2025 | 1400000 | 1395246 |
| TOTAL AUSTRALIA |  | 5401191 |
| **CANADA — 11.6%** |  |  |
| Consumer Discretionary — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Magna International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 10/01/2025 | 500000 | 498521 |
| Financials — 11.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.920%, 09/25/2025 | 1000000 | 1006783 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 05/01/2025 | 1500000 | 1496610 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450%, 06/12/2025 | 2000000 | 2002685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/02/2026 | 2000000 | 2005044 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/11/2025 | 2000000 | 1999292 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.292%, 4/7/2025, SOFRINDX + 0.940%<sup>(A)</sup> | 1000000 | 1000115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.144%, 04/28/2025 | 500000 | 500186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.945%, 08/04/2025 | 1000000 | 998430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 10/23/2025 | 1000000 | 980638 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.950%, 04/25/2025 | 2000000 | 2000449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/12/2026 | 1000000 | 1003795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/14/2025 | 1000000 | 999504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 06/10/2025 | 1000000 | 993442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 01/20/2026 | 1000000 | 973272 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.766%, 06/06/2025 | 2000000 | 1996156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 06/12/2025 | 2100000 | 2085610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/06/2026 | 1000000 | 972567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 09/11/2025 | 1000000 | 983764 |
|  |  | 23998342 |
| TOTAL CANADA |  | 24496863 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **FINLAND — 0.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.600%, 06/06/2025 | $1400000 | $1397210 |
| **FRANCE — 0.2%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Societe Generale |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 04/14/2025 | 274390 | 274255 |
| &nbsp;&nbsp;&nbsp;Societe Generale, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.351%, 06/13/2025 | 100000 | 99936 |
| TOTAL FRANCE |  | 374191 |
| **GERMANY — 0.8%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;BMW US Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/09/2025 | 83000 | 82984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/01/2025 | 471000 | 471000 |
|  |  | 553984 |
| Financials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2025 | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.162%, 05/13/2025 | 1000000 | 999455 |
|  |  | 1099455 |
| TOTAL GERMANY |  | 1653439 |
| **HONG KONG — 0.5%** |  |  |
| Financials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Swire Pacific Financing, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/21/2025 | 1000000 | 996504 |
| **JAPAN — 1.4%** |  |  |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.412%, 07/17/2025 | 1000000 | 990599 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.474%, 07/08/2025 | 2000000 | 1984097 |
| TOTAL JAPAN |  | 2974696 |
| **MEXICO — 0.5%** |  |  |
| Materials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Southern Copper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/23/2025 | 1000000 | 998683 |
| **NETHERLANDS — 1.5%** |  |  |
| Financials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/09/2026 | 1000000 | 1003172 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/18/2025 | $1000000 | $1003259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/21/2025 | 1100000 | 1098161 |
| TOTAL NETHERLANDS |  | 3104592 |
| **SINGAPORE — 0.2%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.059%, 04/07/2025 | 412000 | 411892 |
| **SPAIN — 1.8%** |  |  |
| Financials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 09/18/2025 | 1000000 | 983943 |
| &nbsp;&nbsp;&nbsp;Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.179%, 11/19/2025 | 1800000 | 1802806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.746%, 05/28/2025 | 1000000 | 996683 |
| TOTAL SPAIN |  | 3783432 |
| **SWEDEN — 0.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 06/09/2025 | 1000000 | 998031 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 06/10/2025 | 111000 | 110774 |
| &nbsp;&nbsp;&nbsp;Swedbank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.356%, 04/04/2025 | 200000 | 199983 |
| TOTAL SWEDEN |  | 1308788 |
| **SWITZERLAND — 0.5%** |  |  |
| Financials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;UBS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 04/09/2025 | 1000000 | 999557 |
| **UNITED KINGDOM — 1.7%** |  |  |
| Financials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/12/2026 | 1000000 | 998195 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/18/2025 | 1000000 | 997658 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.450%, 05/08/2025 | 1000000 | 999568 |
| &nbsp;&nbsp;&nbsp;Standard Chartered, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 04/17/2025 | 546000 | 545017 |
| TOTAL UNITED KINGDOM |  | 3540438 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **UNITED STATES — 69.6%** |  |  |
| Communication Services — 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.908%, 07/23/2025 | $1000000 | $998695 |
| &nbsp;&nbsp;&nbsp;Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 10/15/2025 | 1000000 | 997272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 08/15/2025 | 1000000 | 995452 |
| &nbsp;&nbsp;&nbsp;Fox |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 04/07/2025 | 1000000 | 999816 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/15/2025 | 1000000 | 999474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/2026 | 1000000 | 979497 |
| &nbsp;&nbsp;&nbsp;TWDC Enterprises 18, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 09/17/2025 | 1000000 | 994235 |
| &nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850%, 11/20/2025 | 500000 | 488802 |
| &nbsp;&nbsp;&nbsp;Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/13/2026 | 1000000 | 979695 |
|  |  | 8432938 |
| Consumer Discretionary — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;American Honda Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 04/17/2025 | 1000000 | 999929 |
| &nbsp;&nbsp;&nbsp;AutoZone |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 04/15/2025 | 1266900 | 1266224 |
| &nbsp;&nbsp;&nbsp;DR Horton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 10/15/2025 | 500000 | 494818 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 06/16/2025 | 1000000 | 999317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.687%, 06/09/2025 | 2000000 | 1997242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.134%, 08/04/2025 | 1000000 | 994228 |
| &nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 07/13/2025 | 1000000 | 998303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 06/20/2025 | 2000000 | 1990505 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson Financial Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 06/08/2025 | 673000 | 670212 |
| &nbsp;&nbsp;&nbsp;Lennar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 05/30/2025 | 1000000 | 999784 |
| &nbsp;&nbsp;&nbsp;Marriott International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 05/01/2025 | 600000 | 600131 |
| &nbsp;&nbsp;&nbsp;McDonald's, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 05/26/2025 | 500000 | 498985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 07/01/2025 | 1000000 | 996446 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/10/2025 | 1000000 | 1006414 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.740%, 4/14/2025, SOFRRATE + 0.350%<sup>(A)</sup> | 437000 | 437015 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 10/24/2025 | $1000000 | $995661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 08/18/2025 | 1000000 | 996369 |
|  |  | 16941583 |
| Consumer Staples — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;General Mills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 04/17/2025 | 1000000 | 999596 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.417%, 05/25/2025 | 1000000 | 998948 |
| &nbsp;&nbsp;&nbsp;Mondelez International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 05/04/2025 | 1000000 | 996854 |
| &nbsp;&nbsp;&nbsp;PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/10/2025 | 1000000 | 1005566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/17/2025 | 1000000 | 997328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 04/30/2025 | 1000000 | 998566 |
| &nbsp;&nbsp;&nbsp;Target |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/15/2025 | 1000000 | 998981 |
|  |  | 6995839 |
| Financials — 24.4% |  |  |
| &nbsp;&nbsp;&nbsp;Allstate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 12/15/2025 | 1000000 | 974117 |
| &nbsp;&nbsp;&nbsp;Ally Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.800%, 05/01/2025 | 1841800 | 1843044 |
| &nbsp;&nbsp;&nbsp;American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/13/2026 | 2000000 | 2008715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 11/06/2025 | 1000000 | 998795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 08/01/2025 | 1000000 | 997637 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/02/2025 | 1000000 | 999690 |
| &nbsp;&nbsp;&nbsp;Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 07/15/2025 | 2000000 | 1990868 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.600%, 04/24/2025 | 1793000 | 1789613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/28/2026 | 1000000 | 970875 |
| &nbsp;&nbsp;&nbsp;Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 05/21/2025 | 444500 | 444018 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.864%, 09/29/2025 | 1000000 | 1006190 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 06/10/2025 | 1100000 | 1099843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/12/2026 | 1000000 | 993761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/27/2025 | 1000000 | 998863 |
| &nbsp;&nbsp;&nbsp;Citizens Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 04/28/2025 | 210000 | 209554 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/30/2025 | 1000000 | 1000143 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 09/22/2025 | $1000000 | $982675 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 07/28/2025 | 1000000 | 997580 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/25/2026 | 1000000 | 994156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 05/22/2025 | 1000000 | 998699 |
| &nbsp;&nbsp;&nbsp;Invesco Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/15/2026 | 500000 | 496760 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 07/15/2025 | 1000000 | 997716 |
| &nbsp;&nbsp;&nbsp;KeyBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 08/08/2025 | 1000000 | 997339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 06/01/2025 | 1000000 | 997017 |
| &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/21/2025 | 500000 | 501466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 01/27/2026 | 2800000 | 2798609 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 08/25/2025 | 1020000 | 1018082 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/24/2025 | 1000000 | 1003262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/23/2025 | 1000000 | 998474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/27/2026 | 2000000 | 1989633 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 06/24/2025 | 1000000 | 991586 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.650%, 06/01/2025 | 1000000 | 996005 |
| &nbsp;&nbsp;&nbsp;PNC Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/10/2025 | 2000000 | 1999586 |
| &nbsp;&nbsp;&nbsp;PNC Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 06/01/2025 | 1000000 | 997068 |
| &nbsp;&nbsp;&nbsp;Regions Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 05/18/2025 | 1422800 | 1417555 |
| &nbsp;&nbsp;&nbsp;Santander Holdings USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/02/2025 | 1000000 | 997365 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 08/18/2025 | 1000000 | 996585 |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/16/2025 | 2000000 | 1990036 |
| &nbsp;&nbsp;&nbsp;Truist Financial, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 06/05/2025 | 2100000 | 2095770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 08/05/2025 | 1000000 | 988301 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 05/12/2025 | 2000000 | 1992447 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Visa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/14/2025 | $1000000 | $992227 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/29/2025 | 900000 | 896291 |
|  |  | 51448016 |
| Health Care — 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;Boston Scientific |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.900%, 06/01/2025 | 2000000 | 1990064 |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2025 | 1000000 | 998407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 04/15/2025 | 1000000 | 999335 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/20/2025 | 1000000 | 997074 |
| &nbsp;&nbsp;&nbsp;HCA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/15/2025 | 1000000 | 1000059 |
| &nbsp;&nbsp;&nbsp;Humana |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/01/2025 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;McKesson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 12/03/2025 | 500000 | 487880 |
| &nbsp;&nbsp;&nbsp;Stryker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/01/2025 | 1000000 | 992525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 06/15/2025 | 1608000 | 1595918 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/15/2025 | 1000000 | 998041 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 01/15/2026 | 1000000 | 988237 |
| &nbsp;&nbsp;&nbsp;Zoetis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/13/2025 | 1000000 | 999465 |
|  |  | 13047005 |
| Industrials — 6.6% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 07/01/2025 | 1000000 | 996810 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 09/15/2025 | 1000000 | 995256 |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 05/23/2025 | 1000000 | 998698 |
| &nbsp;&nbsp;&nbsp;CRH America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 05/18/2025 | 1000000 | 998039 |
| &nbsp;&nbsp;&nbsp;Cummins |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 09/01/2025 | 1000000 | 983736 |
| &nbsp;&nbsp;&nbsp;Deere |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.750%, 04/15/2025 | 1000000 | 999286 |
| &nbsp;&nbsp;&nbsp;John Deere Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 01/09/2026 | 1000000 | 1003150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 09/08/2025 | 1000000 | 999251 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Otis Worldwide |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.056%, 04/05/2025 | $1000000 | $999443 |
| &nbsp;&nbsp;&nbsp;United Parcel Service |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 04/01/2025 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2025 | 1000000 | 999474 |
| &nbsp;&nbsp;&nbsp;Waste Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 11/15/2025 | 2000000 | 1955782 |
|  |  | 13928925 |
| Information Technology — 10.9% |  |  |
| &nbsp;&nbsp;&nbsp;Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/23/2026 | 2000000 | 1982541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.200%, 05/13/2025 | 500000 | 499209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 05/11/2025 | 2000000 | 1992322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 02/08/2026 | 2000000 | 1940286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550%, 08/20/2025 | 1000000 | 985182 |
| &nbsp;&nbsp;&nbsp;Applied Materials |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/01/2025 | 500000 | 498604 |
| &nbsp;&nbsp;&nbsp;Cisco Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/15/2025 | 1000000 | 997738 |
| &nbsp;&nbsp;&nbsp;Flex |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 06/15/2025 | 1000000 | 999272 |
| &nbsp;&nbsp;&nbsp;HP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.200%, 06/17/2025 | 1000000 | 994014 |
| &nbsp;&nbsp;&nbsp;Intuit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 07/15/2025 | 1000000 | 989367 |
| &nbsp;&nbsp;&nbsp;Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/03/2025 | 3000000 | 2981623 |
| &nbsp;&nbsp;&nbsp;NetApp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.875%, 06/22/2025 | 1000000 | 993470 |
| &nbsp;&nbsp;&nbsp;Oracle |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 05/15/2025 | 1000000 | 997740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 04/01/2025 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;QUALCOMM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 05/20/2025 | 1000000 | 998600 |
| &nbsp;&nbsp;&nbsp;VeriSign |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/2025 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;VMware |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 05/15/2025 | 2000000 | 1998658 |
|  |  | 22848626 |
| Real Estate — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 04/30/2025 | 1420000 | 1418382 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 06/01/2025 | 1000000 | 997849 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Real Estate (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Boston Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 02/01/2026 | $1000000 | $989113 |
| &nbsp;&nbsp;&nbsp;Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 07/15/2025 | 1000000 | 989911 |
| &nbsp;&nbsp;&nbsp;Essex Portfolio |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 04/01/2025 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/15/2025 | 1000000 | 999096 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 02/15/2026 | 2000000 | 1939215 |
| &nbsp;&nbsp;&nbsp;Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/01/2025 | 1000000 | 999573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 04/15/2025 | 1500000 | 1499321 |
| &nbsp;&nbsp;&nbsp;Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2025 | 1000000 | 995673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/15/2026 | 1000000 | 989751 |
|  |  | 12817884 |
| TOTAL UNITED STATES |  | 146460816 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $197,952,491) |  | 197902292 |
| TOTAL INVESTMENTS — 94.1%<br> (Cost $197,952,491) |  | 197902292 |
| OTHER ASSETS LESS LIABILITIES – 5.9% |  | 12504271 |
| NET ASSETS - 100% |  | $210406563 |

---

*(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, 2025, 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, 2025*

**KraneShares China Alpha Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%<sup>‡</sup>** |  |  |
| **CHINA — 100.0%** |  |  |
| Consumer Discretionary — 8.7% |  |  |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 42901 | $345823 |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 32200 | 256017 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 19600 | 339592 |
|  |  | 941432 |
| Financials — 43.9% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 470700 | 335571 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing, Cl A | 411100 | 341739 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 443700 | 341970 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 334100 | 342565 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 260500 | 340598 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 238000 | 338367 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 258100 | 349893 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl A | 351100 | 343567 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 283000 | 343920 |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities, Cl A | 150400 | 344025 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 134400 | 318155 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 331300 | 357021 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 351100 | 332936 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 236900 | 340063 |
|  |  | 4770390 |
| Industrials — 17.2% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 176200 | 321073 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 177800 | 356045 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 359000 | 323134 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl A | 157200 | 330588 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 64600 | 194710 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 434000 | 346440 |
|  |  | 1871990 |
| Information Technology — 14.5% |  |  |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A | 21600 | 107853 |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 26100 | 352459 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 114000 | 311598 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 22100 | 124371 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 4000 | 229015 |
| &nbsp;&nbsp;&nbsp;WUS Printed Circuit Kunshan, Cl A | 29300 | 132267 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 23400 | 317673 |
|  |  | 1575236 |
| Materials — 15.7% |  |  |
| &nbsp;&nbsp;&nbsp;Aluminum Corp of China, Cl A | 328900 | 337686 |
| &nbsp;&nbsp;&nbsp;Ningxia Baofeng Energy Group, Cl A | 141700 | 283365 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares China Alpha Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Satellite Chemical, Cl A | 113100 | $357859 |
| &nbsp;&nbsp;&nbsp;Zhejiang Juhua, Cl A | 99900 | 339742 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 153700 | 383303 |
|  |  | 1701955 |
| TOTAL CHINA |  | 10861003 |
| TOTAL COMMON STOCK<br> (Cost $10,249,226) |  | <br> 10861003 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $10,249,226) |  | <br> 10861003 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | (2323) |
| NET ASSETS - 100% |  | $10858680 |

---

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

As of March 31, 2025, 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, 2025*

**KraneShares Man Buyout Beta Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0%<sup>‡</sup>** |  |  |
| **BRAZIL — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A\* | 1590 | $16663 |
| TOTAL BRAZIL |  | 16663 |
| **GERMANY — 0.1%** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Orion | 1021 | 13201 |
| TOTAL GERMANY |  | 13201 |
| **MONACO — 0.1%** |  |  |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Safe Bulkers | 1925 | 7103 |
| TOTAL MONACO |  | 7103 |
| **NORWAY — 0.1%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Seadrill\* | 291 | 7275 |
| TOTAL NORWAY |  | 7275 |
| **PUERTO RICO — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Cl C\* | 4537 | 28175 |
| TOTAL PUERTO RICO |  | 28175 |
| **UNITED KINGDOM — 1.2%** |  |  |
| Communication Services — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Global\* | 3140 | 37586 |
| Energy — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC | 2658 | 84232 |
| TOTAL UNITED KINGDOM |  | 121818 |
| **UNITED STATES — 98.1%** |  |  |
| Communication Services — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A\* | 2951 | 38658 |
| &nbsp;&nbsp;&nbsp;Bumble, Cl A\* | 3972 | 17239 |
| &nbsp;&nbsp;&nbsp;IAC\* | 449 | 20627 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 404 | 11037 |
| &nbsp;&nbsp;&nbsp;Magnite\* | 8018 | 91485 |
| &nbsp;&nbsp;&nbsp;News | 5507 | 149901 |
| &nbsp;&nbsp;&nbsp;Playtika Holding | 2457 | 12703 |
| &nbsp;&nbsp;&nbsp;Stagwell, Cl A\* | 356 | 2154 |
| &nbsp;&nbsp;&nbsp;TEGNA | 1318 | 24014 |
| &nbsp;&nbsp;&nbsp;Telephone and Data Systems | 160 | 6198 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Communication Services (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Toro Combineco\* | 2233 | $33071 |
| &nbsp;&nbsp;&nbsp;TripAdvisor\* | 706 | 10004 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A\* | 3256 | 32560 |
|  |  | 449651 |
| Consumer Discretionary — 13.1% |  |  |
| &nbsp;&nbsp;&nbsp;Adient\* | 470 | 6044 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings\* | 1703 | 6931 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters | 572 | 6647 |
| &nbsp;&nbsp;&nbsp;Aramark | 244 | 8423 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group\* | 113 | 24955 |
| &nbsp;&nbsp;&nbsp;AutoNation\* | 260 | 42099 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 907 | 27500 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants\* | 500 | 17130 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 1522 | 43605 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming | 945 | 62209 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions\* | 213 | 27059 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Cl A | 293 | 11354 |
| &nbsp;&nbsp;&nbsp;Dana | 1484 | 19782 |
| &nbsp;&nbsp;&nbsp;Dorman Products\* | 448 | 54002 |
| &nbsp;&nbsp;&nbsp;Etsy\* | 1473 | 69496 |
| &nbsp;&nbsp;&nbsp;Frontdoor\* | 1704 | 65468 |
| &nbsp;&nbsp;&nbsp;Funko, Cl A\* | 1839 | 12616 |
| &nbsp;&nbsp;&nbsp;Gap | 1820 | 37510 |
| &nbsp;&nbsp;&nbsp;Gentherm\* | 93 | 2487 |
| &nbsp;&nbsp;&nbsp;Hanesbrands\* | 1620 | 9347 |
| &nbsp;&nbsp;&nbsp;Hasbro | 1045 | 64257 |
| &nbsp;&nbsp;&nbsp;J Jill | 403 | 7871 |
| &nbsp;&nbsp;&nbsp;Lear | 754 | 66518 |
| &nbsp;&nbsp;&nbsp;Light & Wonder\* | 1191 | 103152 |
| &nbsp;&nbsp;&nbsp;M/I Homes\* | 171 | 19525 |
| &nbsp;&nbsp;&nbsp;Mattel\* | 4105 | 79760 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries\* | 137 | 15643 |
| &nbsp;&nbsp;&nbsp;Phinia | 968 | 41072 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 306 | 67546 |
| &nbsp;&nbsp;&nbsp;Savers Value Village\* | 2084 | 14380 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A | 307 | 17487 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products | 699 | 17426 |
| &nbsp;&nbsp;&nbsp;Tapestry | 293 | 20630 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 322 | 34000 |
| &nbsp;&nbsp;&nbsp;TopBuild\* | 144 | 43913 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings\* | 2314 | 12681 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 120 | 5555 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes\* | 820 | 26174 |
| &nbsp;&nbsp;&nbsp;Upbound Group | 1010 | 24200 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 210 | $33604 |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A\* | 1507 | 48269 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 273 | 24709 |
|  |  | 1343036 |
| Consumer Staples — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A\* | 651 | 21307 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 15 | 20250 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients\* | 758 | 23680 |
| &nbsp;&nbsp;&nbsp;Dole | 1893 | 27354 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 574 | 17174 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 218 | 14199 |
| &nbsp;&nbsp;&nbsp;Ingredion | 510 | 68957 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 334 | 13427 |
| &nbsp;&nbsp;&nbsp;Performance Food Group\* | 119 | 9357 |
| &nbsp;&nbsp;&nbsp;Primo Water | 706 | 25056 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 264 | 6299 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands | 893 | 53080 |
| &nbsp;&nbsp;&nbsp;Universal | 22 | 1233 |
| &nbsp;&nbsp;&nbsp;US Foods Holding\* | 1207 | 79010 |
|  |  | 380383 |
| Energy — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources | 1643 | 9989 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 187 | 6975 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Cl A | 325 | 5145 |
| &nbsp;&nbsp;&nbsp;NOV | 2453 | 37335 |
| &nbsp;&nbsp;&nbsp;Oceaneering International\* | 839 | 18298 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 960 | 41088 |
| &nbsp;&nbsp;&nbsp;Range Resources | 318 | 12698 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties, Cl A | 364 | 7233 |
| &nbsp;&nbsp;&nbsp;Weatherford International | 545 | 29185 |
| &nbsp;&nbsp;&nbsp;World Kinect | 563 | 15967 |
|  |  | 183913 |
| Financials — 8.6% |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 167 | 28061 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 609 | 35060 |
| &nbsp;&nbsp;&nbsp;Assurant | 111 | 23282 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 991 | 99338 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 656 | 20710 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions\* | 837 | 36585 |
| &nbsp;&nbsp;&nbsp;Enova International\* | 118 | 11394 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 161 | 8652 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide\* | 929 | 99264 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 35 | 6563 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;First Merchants | 243 | $9827 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 143 | 17206 |
| &nbsp;&nbsp;&nbsp;FNB | 354 | 4761 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 108 | 5665 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 114 | 19830 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 318 | 8990 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 298 | 18792 |
| &nbsp;&nbsp;&nbsp;Mercury General | 656 | 36670 |
| &nbsp;&nbsp;&nbsp;Morningstar | 153 | 45880 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 219 | 3644 |
| &nbsp;&nbsp;&nbsp;Open Lending\* | 7287 | 20112 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 90 | 3120 |
| &nbsp;&nbsp;&nbsp;Primerica | 332 | 94464 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 106 | 7560 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 285 | 56117 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 587 | 53734 |
| &nbsp;&nbsp;&nbsp;SLM | 1083 | 31808 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares\* | 120 | 8964 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners | 272 | 46882 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 277 | 14279 |
|  |  | 877214 |
| Health Care — 11.7% |  |  |
| &nbsp;&nbsp;&nbsp;10X Genomics, Cl A\* | 831 | 7255 |
| &nbsp;&nbsp;&nbsp;Accolade\* | 1954 | 13639 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals\* | 7923 | 66395 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners\* | 217 | 2984 |
| &nbsp;&nbsp;&nbsp;AtriCure\* | 1423 | 45906 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings\* | 2010 | 10894 |
| &nbsp;&nbsp;&nbsp;Axogen\* | 429 | 7936 |
| &nbsp;&nbsp;&nbsp;Biote, Cl A\* | 1019 | 3393 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 148 | 8677 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services\* | 2316 | 41896 |
| &nbsp;&nbsp;&nbsp;Certara\* | 1400 | 13860 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International\* | 98 | 14751 |
| &nbsp;&nbsp;&nbsp;Community Health Systems\* | 4603 | 12428 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent | 190 | 4123 |
| &nbsp;&nbsp;&nbsp;CONMED | 601 | 36294 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare, Cl A\* | 6210 | 17947 |
| &nbsp;&nbsp;&nbsp;DocGo\* | 2706 | 7144 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health\* | 5199 | 54590 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 1505 | 152426 |
| &nbsp;&nbsp;&nbsp;Enhabit\* | 751 | 6601 |
| &nbsp;&nbsp;&nbsp;ICU Medical\* | 270 | 37492 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group\* | 2103 | 14006 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;LivaNova\* | 1287 | $50553 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 287 | 34055 |
| &nbsp;&nbsp;&nbsp;National Research | 477 | 6106 |
| &nbsp;&nbsp;&nbsp;NeoGenomics\* | 682 | 6472 |
| &nbsp;&nbsp;&nbsp;Option Care Health\* | 3195 | 111665 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 385 | 8224 |
| &nbsp;&nbsp;&nbsp;QIAGEN | 2953 | 118563 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology\* | 2305 | 30472 |
| &nbsp;&nbsp;&nbsp;Teladoc Health\* | 12637 | 100591 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 395 | 74221 |
| &nbsp;&nbsp;&nbsp;Waystar Holding\* | 1907 | 71246 |
|  |  | 1192805 |
| Industrials — 20.0% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems | 160 | 17384 |
| &nbsp;&nbsp;&nbsp;AECOM | 559 | 51836 |
| &nbsp;&nbsp;&nbsp;Allegion | 72 | 9393 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 406 | 38842 |
| &nbsp;&nbsp;&nbsp;API Group\* | 2012 | 71949 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 22 | 4958 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 947 | 34783 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group\* | 269 | 20417 |
| &nbsp;&nbsp;&nbsp;AZZ | 522 | 43644 |
| &nbsp;&nbsp;&nbsp;Brink's | 570 | 49111 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 261 | 25748 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 129 | 2184 |
| &nbsp;&nbsp;&nbsp;CRA International | 36 | 6235 |
| &nbsp;&nbsp;&nbsp;Crane | 133 | 20373 |
| &nbsp;&nbsp;&nbsp;CSG Systems International | 206 | 12457 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 95 | 30141 |
| &nbsp;&nbsp;&nbsp;Donaldson | 539 | 36145 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 349 | 8107 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 277 | 12426 |
| &nbsp;&nbsp;&nbsp;EnerSys | 924 | 84620 |
| &nbsp;&nbsp;&nbsp;Federal Signal | 320 | 23536 |
| &nbsp;&nbsp;&nbsp;Flowserve | 1263 | 61685 |
| &nbsp;&nbsp;&nbsp;Fluor\* | 1030 | 36895 |
| &nbsp;&nbsp;&nbsp;Gates Industrial\* | 2268 | 41754 |
| &nbsp;&nbsp;&nbsp;Generac Holdings\* | 665 | 84222 |
| &nbsp;&nbsp;&nbsp;Genpact | 1019 | 51337 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp | 121 | 4247 |
| &nbsp;&nbsp;&nbsp;Griffon | 342 | 24453 |
| &nbsp;&nbsp;&nbsp;GXO Logistics\* | 225 | 8793 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings\* | 298 | 4148 |
| &nbsp;&nbsp;&nbsp;Hexcel | 806 | 44137 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Hillman Solutions\* | 4271 | $37542 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group\* | 227 | 32563 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings\* | 391 | 9521 |
| &nbsp;&nbsp;&nbsp;ICF International | 167 | 14190 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 723 | 14344 |
| &nbsp;&nbsp;&nbsp;ITT | 124 | 16016 |
| &nbsp;&nbsp;&nbsp;John Bean Technologies | 29 | 3544 |
| &nbsp;&nbsp;&nbsp;KBR | 809 | 40296 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 36 | 6810 |
| &nbsp;&nbsp;&nbsp;MasTec\* | 373 | 43533 |
| &nbsp;&nbsp;&nbsp;Maximus | 303 | 20662 |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 262 | 45418 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 474 | 69531 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 2950 | 74989 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 43 | 6141 |
| &nbsp;&nbsp;&nbsp;Pentair | 1186 | 103751 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 199 | 11425 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 360 | 40986 |
| &nbsp;&nbsp;&nbsp;Ryder System | 677 | 97359 |
| &nbsp;&nbsp;&nbsp;Science Applications International | 246 | 27618 |
| &nbsp;&nbsp;&nbsp;SkyWest\* | 602 | 52597 |
| &nbsp;&nbsp;&nbsp;Textron | 880 | 63580 |
| &nbsp;&nbsp;&nbsp;TriNet Group | 169 | 13392 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding, Cl B | 233 | 13789 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 100 | 28537 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A\* | 1750 | 39393 |
| &nbsp;&nbsp;&nbsp;Viad\* | 203 | 7184 |
| &nbsp;&nbsp;&nbsp;WESCO International | 358 | 55597 |
| &nbsp;&nbsp;&nbsp;Willdan Group\* | 670 | 27282 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings | 1469 | 40838 |
| &nbsp;&nbsp;&nbsp;Woodward | 124 | 22629 |
|  |  | 2047017 |
| Information Technology — 25.4% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide\* | 1166 | 63792 |
| &nbsp;&nbsp;&nbsp;Alkami Technology\* | 771 | 20239 |
| &nbsp;&nbsp;&nbsp;Amkor Technology | 1011 | 18259 |
| &nbsp;&nbsp;&nbsp;Appfolio, Cl A\* | 57 | 12534 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A\* | 847 | 24402 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies\* | 1115 | 11005 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A\* | 1420 | 20689 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies\* | 646 | 32087 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Cl B | 147 | 11004 |
| &nbsp;&nbsp;&nbsp;Belden | 339 | 33985 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 491 | 18673 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings\* | 7676 | $44214 |
| &nbsp;&nbsp;&nbsp;BILL Holdings\* | 240 | 11014 |
| &nbsp;&nbsp;&nbsp;BlackLine\* | 1283 | 62123 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A\* | 3988 | 13360 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings\* | 2046 | 18475 |
| &nbsp;&nbsp;&nbsp;Ciena\* | 683 | 41274 |
| &nbsp;&nbsp;&nbsp;Coherent\* | 632 | 41042 |
| &nbsp;&nbsp;&nbsp;CTS | 508 | 21107 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf\* | 233 | 10187 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings\* | 1201 | 40101 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings\* | 846 | 11311 |
| &nbsp;&nbsp;&nbsp;Dropbox, Cl A\* | 217 | 5796 |
| &nbsp;&nbsp;&nbsp;Dynatrace\* | 1266 | 59692 |
| &nbsp;&nbsp;&nbsp;Elastic\* | 1795 | 159935 |
| &nbsp;&nbsp;&nbsp;FormFactor\* | 1180 | 33382 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A\* | 440 | 20680 |
| &nbsp;&nbsp;&nbsp;Informatica, Cl A\* | 1935 | 33766 |
| &nbsp;&nbsp;&nbsp;Itron\* | 564 | 59085 |
| &nbsp;&nbsp;&nbsp;Jabil | 709 | 96474 |
| &nbsp;&nbsp;&nbsp;Jamf Holding\* | 2703 | 32841 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings\* | 157 | 15760 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A\* | 1323 | 19184 |
| &nbsp;&nbsp;&nbsp;MKS Instruments | 594 | 47609 |
| &nbsp;&nbsp;&nbsp;N-able\* | 6958 | 49332 |
| &nbsp;&nbsp;&nbsp;nCino\* | 990 | 27195 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A\* | 2048 | 142971 |
| &nbsp;&nbsp;&nbsp;Onto Innovation\* | 512 | 62126 |
| &nbsp;&nbsp;&nbsp;PagerDuty\* | 3986 | 72824 |
| &nbsp;&nbsp;&nbsp;PDF Solutions\* | 897 | 17142 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 1532 | 106505 |
| &nbsp;&nbsp;&nbsp;Photronics\* | 701 | 14553 |
| &nbsp;&nbsp;&nbsp;Plexus\* | 348 | 44589 |
| &nbsp;&nbsp;&nbsp;Procore Technologies\* | 1101 | 72688 |
| &nbsp;&nbsp;&nbsp;PROS Holdings\* | 2495 | 47480 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A\* | 1244 | 55072 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings\* | 1569 | 125536 |
| &nbsp;&nbsp;&nbsp;Rambus\* | 123 | 6368 |
| &nbsp;&nbsp;&nbsp;Rapid7\* | 1840 | 48778 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A\* | 2972 | 73587 |
| &nbsp;&nbsp;&nbsp;Sanmina\* | 135 | 10284 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A\* | 3811 | 31822 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A\* | 268 | 5893 |
| &nbsp;&nbsp;&nbsp;Synaptics\* | 326 | 20773 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX | 564 | 58633 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings\* | 1886 | 65972 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;TTM Technologies\* | 1499 | $30744 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A\* | 5418 | 55805 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings\* | 1195 | 25585 |
| &nbsp;&nbsp;&nbsp;Unity Software\* | 635 | 12440 |
| &nbsp;&nbsp;&nbsp;Universal Display | 438 | 61092 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions\* | 93 | 1041 |
| &nbsp;&nbsp;&nbsp;Weave Communications\* | 2426 | 26904 |
| &nbsp;&nbsp;&nbsp;Xperi\* | 730 | 5636 |
| &nbsp;&nbsp;&nbsp;Yext\* | 7534 | 46409 |
|  |  | 2590860 |
| Materials — 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup | 391 | 58017 |
| &nbsp;&nbsp;&nbsp;Ashland | 1089 | 64567 |
| &nbsp;&nbsp;&nbsp;ATI\* | 942 | 49012 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 367 | 65315 |
| &nbsp;&nbsp;&nbsp;Avient | 1553 | 57709 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems\* | 2446 | 81134 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 382 | 17576 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A\* | 210 | 2119 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 2575 | 14317 |
| &nbsp;&nbsp;&nbsp;Huntsman | 1974 | 31169 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 545 | 33038 |
| &nbsp;&nbsp;&nbsp;Knife River\* | 884 | 79746 |
| &nbsp;&nbsp;&nbsp;Materion | 409 | 33374 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 647 | 41130 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 327 | 64752 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro | 113 | 6203 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 887 | 66019 |
|  |  | 765197 |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Avista | 150 | 6280 |
| &nbsp;&nbsp;&nbsp;Black Hills | 425 | 25776 |
| &nbsp;&nbsp;&nbsp;IDACORP, Cl Rights | 88 | 10227 |
| &nbsp;&nbsp;&nbsp;NiSource | 724 | 29025 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 354 | 20486 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 448 | 20590 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 519 | 37264 |
| &nbsp;&nbsp;&nbsp;Spire | 75 | 5869 |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 572 | 30591 |

---

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

**Schedule of Investments** *March 31, 2025*

**KraneShares Man Buyout Beta Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Unitil | 66 | $3808 |
|  |  | 189916 |
| TOTAL UNITED STATES |  | 10019992 |
| TOTAL COMMON STOCK<br> (Cost $11,199,944) |  | <br> 10214227 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $11,199,944) |  | <br> 10214227 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | 2726 |
| NET ASSETS - 100% |  | $10216953 |

---

---

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

---

As of March 31, 2025, 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.*

**Schedules of Investments/Consolidated Schedules of Investments**

*March 31, 2025*

**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

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

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

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

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, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> CSI China<br> Internet ETF** | **KraneShares<br> Bosera MSCI China<br> A 50 Connect<br> Index ETF** | **KraneShares<br> MSCI All China<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $8214728499 \* | $188243227 | $10162496 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 6082191 | 9754234 | 43659 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  | 8959932 | 103 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 1540503 |  | 457 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  |  | 7296 |
| &nbsp;&nbsp;&nbsp;Due from Broker |  | 19186 |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  |  | 72 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  | 10866 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 8222351193 | 206987445 | 10214083 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 170008414 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 4894468 | 84531 | 4255 |
| &nbsp;&nbsp;&nbsp;Payable for Securities Lending Fees | 148241 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 82989 | 1655 | 100 |
| &nbsp;&nbsp;&nbsp;Payable for Capital Shares Redeemed |  | 17780257 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 175134112 | 17866443 | 4355 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $8047217081 | $189121002 | $10209728 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $12885129891 | $434589168 | $17347220 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (4837912810) | (245468166) | (7137492) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $8047217081 | $189121002 | $10209728 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 231000000 | 8000000 | 450000 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $34.84 | $23.64 | $22.69 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $7397946233 | $183488596 | $10133896 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  | 8959920 | 97 |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan | 161015033 |  |  |

---

*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**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **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** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $3239208 | $20682374 \* | $48393199 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 4543 |  | 25031 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 1017 |  | 215 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 11889 | 19195 | 8199 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 144 | 8479 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 3256801 | 20710048 | 48426644 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax | 5451 | 21903 |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 2153 | 7355 | 33931 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 31 | 200 | 498 |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral |  | 404352 |  |
| &nbsp;&nbsp;&nbsp;Payable to Custodian |  | 78042 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Payable at Value |  | 12 |  |
| &nbsp;&nbsp;&nbsp;Payable for Securities Lending Fees |  | 333 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 7635 | 512197 | 34429 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $3249166 | $20197851 | $48392215 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $7806916 | $70990375 | $134417805 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (4557750) | (50792524) | (86025590) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $3249166 | $20197851 | $48392215 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 150002 | 1100002 | 1900002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $21.66 | $18.36 | $25.47 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $3971536 | $22245197 | $40964744 |
| &nbsp;&nbsp;&nbsp;Cost (Proceeds) of Foreign Currency | 1026 | (8) | 213 |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan |  | 382567 |  |

---

*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**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Electric Vehicles<br> and 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 Bond ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $67048804 \* | $86556337 | $23559089 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 56050 | 91108 | 1654680 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 402 | 60 | 1204 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 385945 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 56907 | 5424 | 364376 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  |  | 1351211 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 67548108 | 86652929 | 26930560 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Obligation to Return Securities Lending Collateral | 3848110 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 38470 | 52706 | 12985 |
| &nbsp;&nbsp;&nbsp;Payable for Securities Lending Fees | 1190 | 18 |  |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 640 | 973 | 188 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  |  | 1643736 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 3888410 | 53697 | 1656909 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $63659698 | $86599232 | $25273651 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $210460948 | $181892079 | $35912671 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (146801250) | (95292847) | (10639020) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $63659698 | $86599232 | $25273651 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 3000002 | 5550002 | 1050001 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $21.22 | $15.60 | $24.07 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $86494902 | $84243675 | $23095594 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 405 | 61 | 1205 |
| &nbsp;&nbsp;&nbsp;\*Includes Market Value of Securities on Loan | 3545732 |  |  |

---

*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**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI Emerging<br> Markets ex China**<br> **Index ETF** | **KraneShares<br> Global Carbon<br> Strategy ETF<sup>(1)</sup>** | **KraneShares<br> Value Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $63843301 | $200582 | $28439476 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value |  | 117673932 |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 243732 | 16298422 | 28056 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 34589 | 7260500 |  |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts |  | 5854118 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Collateral on Futures Contracts at Value |  | 26427814 |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 281115 | 36234 | 29535 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable | 6570 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts | 4 |  |  |
| &nbsp;&nbsp;&nbsp;Variation Margin Receivable on Future Contracts |  | 22560 |  |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 64409311 | 173774162 | 28497067 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Foreign Capital Gains Tax | 400104 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 12715 | 116444 | 13467 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 631 | 1724 | 285 |
| &nbsp;&nbsp;&nbsp;Variation Margin Payable on Future Contracts |  | 1477774 |  |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 413450 | 1595942 | 13752 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $63995861 | $172178220 | $28483315 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $65919386 | $260720107 | $25569413 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (1923525) | (88541887) | 2913902 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $63995861 | $172178220 | $28483315 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 2300002 | 6100000 | 1150002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $27.82 | $28.23 | $24.77 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $62588580 | $200582 | $26090933 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments |  | 117934121 |  |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 60892 | 6938717 |  |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency Collateral on Futures Contracts |  | 25710273 |  |

---

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global 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/Consolidated Statement of Assets and Liabilities**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Mount Lucas<br> Managed Futures<br> Index Strategy ETF<sup>(1)</sup>** | **KraneShares<br> SSE STAR<br> Market 50<br> Index ETF** | **KraneShares<br> Hang Seng TECH<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $149367606 | $35860283 | $42715684 |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts | 46703571 |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 23227092 | 2277 | 74785 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Collateral on Futures Contracts at Value | 2014522 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  | 113710 | 770 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 167242 | 312 | 3163 |
| &nbsp;&nbsp;&nbsp;Receivable for Capital Shares Sold |  |  | 25 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  |  | 3308465 |
| &nbsp;&nbsp;&nbsp;Unrealized Appreciation on Spot Contracts |  |  | 638 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 221480033 | 35976582 | 46103530 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 211866 | 28588 | 21537 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 3219 | 399 | 275 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 215085 | 28987 | 21812 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $221264948 | $35947595 | $46081718 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $298263922 | $72193503 | $50051939 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (76998974) | (36245908) | (3970221) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $221264948 | $35947595 | $46081718 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 8100002 | 2600000 | 2850002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $27.32 | $13.83 | $16.17 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $149375617 | $35296984 | $41941385 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  | 34675 | 770 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency Collateral on Futures Contracts | 2020425 |  |  |

---

*(1)* *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.*

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

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> European Carbon<br> Allowance Strategy<br> ETF<sup>(1)</sup>** | **KraneShares<br> California Carbon<br> Allowance Strategy<br> ETF<sup>(2)</sup>** | **KraneShares<br> KWEB Covered Call<br> Strategy<br> ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $200455 | $4781185 | $215478 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value | 3588948 | 87196672 | 106999569 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 2281190 | 327207 | 376786 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Collateral on Futures Contracts at Value | 1551330 |  |  |
| &nbsp;&nbsp;&nbsp;Cash Collateral on Futures Contracts |  | 16834210 |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 2640 | 17420 | 4876 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 7624563 | 109156694 | 107596709 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options at Value |  |  | 3003942 |
| &nbsp;&nbsp;&nbsp;Variation Margin Payable on Future Contracts | 259478 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 5262 | 73413 | 22891 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 82 | 1118 | 1100 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 264822 | 74531 | 3027933 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $7359741 | $109082163 | $104568776 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $16397000 | $189999180 | $131038710 |
| &nbsp;&nbsp;&nbsp;Total Distributable Loss | (9037259) | (80917017) | (26469934) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $7359741 | $109082163 | $104568776 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 350006 | 6525002 | 3183309 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $21.03 | $16.72 | $32.85 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $200455 | $4781185 | $215478 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 3597348 | 87371004 | 106238646 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 1482395 |  |  |
| &nbsp;&nbsp;&nbsp;Written Options, Premiums Received |  |  | 5528396 |

---

*(1)* *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* 

*(2)* *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**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Dynamic Emerging<br> Markets Strategy<br> ETF** | **KraneShares<br> Global Luxury<br> Index<br> ETF** | **KraneShares<br> Rockefeller** **℠<br> Ocean Engagement<br> ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $— | $2820787 | $2593632 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments at Value | 4819169 |  |  |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 43947 | 26703 | 49746 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  | 1376 | 75 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 140 | 1077 | 2281 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 18184 |  |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 4562 | 2378 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 4863256 | 2872689 | 2648112 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 418 | 1766 | 1948 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 48 | 32 | 26 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 466 | 1798 | 1974 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4862790 | $2870891 | $2646138 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $4432174 | $3423930 | $2500050 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | 430616 | (553039) | 146088 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $4862790 | $2870891 | $2646138 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 175002 | 125002 | 100002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $27.79 | $22.97 | $26.46 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $— | $3331711 | $2465839 |
| &nbsp;&nbsp;&nbsp;Cost of Affiliated Investments | 4381520 |  |  |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  | 1352 | 170 |

---

*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**

*March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Hedgeye Hedged<br> Equity Index<br> ETF** | **KraneShares<br> Artificial Intelligence<br> and Technology<br> ETF** | **KraneShares<br> Sustainable Ultra<br> Short Duration<br> Index ETF** |
| **Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $13887240 | $22106313 | $197902292 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents |  | 49812 | 10536771 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value |  | 30 | 105 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold | 839591 |  |  |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable | 40693 | 4205 | 2010993 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 14767524 | 22160360 | 210450161 |
| **Liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Written Options at Value | 215218 |  |  |
| &nbsp;&nbsp;&nbsp;Payable to Custodian | 408584 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased | 166997 |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 8794 | 19184 | 34499 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 162 | 228 | 2099 |
| &nbsp;&nbsp;&nbsp;Payable to Broker |  |  | 7000 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 799755 | 19412 | 43598 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $13967769 | $22140948 | $210406563 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $14133400 | $25204541 | $210357081 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | (165631) | (3063593) | 49482 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $13967769 | $22140948 | $210406563 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 550002 | 900002 | 8400002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $25.40 | $24.60 | $25.05 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $14471288 | $25113295 | $197952491 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency |  | 6 | 101 |
| &nbsp;&nbsp;&nbsp;Written Options, Premiums Received | 267388 |  |  |

---

*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**

*March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> China Alpha<br> Index ETF** | **KraneShares<br> Man Buyout Beta<br> Index ETF** |
| **Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments at Value | $10861003 | $10214227 |
| &nbsp;&nbsp;&nbsp;Cash and Cash Equivalents | 4432 | 9948 |
| &nbsp;&nbsp;&nbsp;Foreign Currency at Value | 531 | 7 |
| &nbsp;&nbsp;&nbsp;Receivable for Investment Securities Sold |  | 671284 |
| &nbsp;&nbsp;&nbsp;Dividend and Interest Receivable |  | 5577 |
| &nbsp;&nbsp;&nbsp;Reclaim Receivable |  | 134 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 10865966 | 10901177 |
| **Liabilities:** |  |  |
| &nbsp;&nbsp;&nbsp;Payable for Management Fees | 7180 | 7875 |
| &nbsp;&nbsp;&nbsp;Payable for Trustees' Fees | 106 | 105 |
| &nbsp;&nbsp;&nbsp;Payable for Investment Securities Purchased |  | 676244 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 7286 | 684224 |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10858680 | $10216953 |
| **Net Assets Consist of:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in Capital | $10268357 | $11345281 |
| &nbsp;&nbsp;&nbsp;Total Distributable Earnings/(Loss) | 590323 | (1128328) |
| &nbsp;&nbsp;&nbsp;**Net Assets** | $10858680 | $10216953 |
| &nbsp;&nbsp;&nbsp;Outstanding Shares of Beneficial Interest (unlimited authorization - no par value) | 400002 | 450002 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Offering and Redemption Price Per Share | $27.15 | $22.70 |
| &nbsp;&nbsp;&nbsp;Cost of Investments | $10249226 | $11199944 |
| &nbsp;&nbsp;&nbsp;Cost of Foreign Currency | 533 | 7 |

---

*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**

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> CSI China Internet<br> ETF** | **KraneShares<br> Bosera MSCI China A 50<br> Connect Index ETF** | **KraneShares<br> MSCI All China<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $103063513 | $6108846 | $260958 |
| &nbsp;&nbsp;&nbsp;Interest Income | 885212 | 47996 | 1615 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 8636248 |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (610885) | (21612) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 112584973 | 5545957 | 240961 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 40786079 | 1424739 | 56116 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 640152 | 19051 | 873 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 857238 |  |  |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 89151 | 3138 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 42372620 | 1446928 | 57092 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> |  | (420117) | (16505) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 42372620 | 1026811 | 40587 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 70212353 | 4519146 | 200374 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (796170198) | (15678410) | (655434) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (208302) | (223602) | (2220) |
| &nbsp;&nbsp;&nbsp;**Net Realized Loss** | (796378500) | (15902012) | (657654) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 2291630801 | 27314732 | 2109653 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | 9131 | 3 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 2291630801 | 27323863 | 2109656 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 1495252301 | 11421851 | 1452002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $1565464654 | $15940997 | $1652376 |

---

*†* *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**

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **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** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $158962 | $255476 | $1260023 |
| &nbsp;&nbsp;&nbsp;Interest Income | 1710 | 2965 | 6305 |
| &nbsp;&nbsp;&nbsp;Security Lending Income |  | 10929 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (15066) | (15842) | (74580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 145606 | 253528 | 1191748 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 27280 | 129542 | 404836 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 364 | 1690 | 5462 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> |  | 336 |  |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 68 | 1067 | 982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 27712 | 132635 | 411280 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> |  | (40439) |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 27712 | 92196 | 411280 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 117894 | 161332 | 780468 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (14577) | 1531992 | (10482058) |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax | (36) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (731) | (2358) | (8904) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (15344) | 1529634 | (10490962) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 160542 | 1518541 | 21600581 |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | (540) | 3854 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 96 | 253 |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 160098 | 1522648 | 21600581 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain** | 144754 | 3052282 | 11109619 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $262648 | $3213614 | $11890087 |

---

*†* *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**

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Electric Vehicles<br> and 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 Bond ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $1015889 | $835380 | $— |
| &nbsp;&nbsp;&nbsp;Interest Income | 11613 | 12922 | 2180243 |
| &nbsp;&nbsp;&nbsp;Security Lending Income | 232367 | 9507 |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (68135) | (69200) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 1191734 | 788609 | 2180243 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 544206 | 367293 | 121225 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 8477 | 4876 | 1848 |
| &nbsp;&nbsp;&nbsp;Security Lending Fees<sup>†</sup> | 22696 | 941 |  |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 1755 | 802 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 577134 | 373912 | 123314 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> |  | (65924) |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 577134 | 307988 | 123314 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 614600 | 480621 | 2056929 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (30440020) | (14704613) | (850468) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (66019) | (32281) | 779 |
| &nbsp;&nbsp;&nbsp;**Net Realized Loss** | (30506039) | (14736894) | (849689) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 24464857 | 18938932 | 65561 |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 574 |  | (20) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 24465431 | 18938932 | 65541 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (6040608) | 4202038 | (784148) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(5426008) | $4682659 | $1272781 |

---

*†* *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/Consolidated Statement of Operations**

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> MSCI Emerging<br> Markets ex China<br> Index ETF** | **KraneShares<br> Global Carbon<br> Strategy** **<br> ETF<sup>(1)</sup>** | **KraneShares Value** **<br> Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $2437047 | $— | $845982 |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment |  | 4080647 |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 13109 | 5882263 | 1896 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (329693) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 2120463 | 9962910 | 847878 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 428825 | 2032003 | 172898 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 7777 | 27391 | 3273 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 1154 | 5047 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 437756 | 2064441 | 176684 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (258772) |  |  |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 178984 | 2064441 | 176684 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 1941479 | 7898469 | 671194 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (272879) |  | 3409758 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  | (97209) |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | (33438045) |  |
| &nbsp;&nbsp;&nbsp;Capital Gains Tax | (104122) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 3398 | 227513 | 233 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (373603) | (33307741) | 3409991 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (2436566) |  | (491116) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments |  | (260189) |  |
| &nbsp;&nbsp;&nbsp;Accrued Foreign Capital Gains Tax on Appreciated Securities | (183022) |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts |  | 24749996 |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (18558) | 213628 |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (2638146) | 24703435 | (491116) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (3011749) | (8604306) | 2918875 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(1070270) | $(705837) | $3590069 |

---

*†* *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.* 

*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**

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares Mount** **<br> Lucas Managed<br> Futures Index<br> Strategy ETF<sup>(1)</sup>** | **KraneShares SSE<br> STAR Market 50<br> Index ETF** | **KraneShares<br> Hang Seng TECH<br> Index ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $187029 | $89849 |
| &nbsp;&nbsp;&nbsp;Interest Income | 15298592 | 8496 | 8863 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (18706) | (877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 15298592 | 176819 | 97835 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 2875942 | 264084 | 84353 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 34497 | 3198 | 1234 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 4143 | 421 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 2914582 | 267703 | 85675 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 12384010 | (90884) | 12160 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (9236) | (5512791) | 199375 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (40972492) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 456053 | 8352 | (12027) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (40525675) | (5504439) | 187348 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (4816) | 10941073 | 1093058 |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 938415 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (431862) | 1670 | (206) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 501737 | 10942743 | 1092852 |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | (40023938) | 5438304 | 1280200 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(27639928) | $5347420 | $1292360 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *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.*

**Statement of Operations/Consolidated Statements of Operations**

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares** **<br> European Carbon<br> Allowance Strategy<br> ETF<sup>(1)</sup>** | **KraneShares** **<br> California Carbon<br> Allowance Strategy<br> ETF<sup>(2)</sup>** | **KraneShares<br> KWEB Covered Call<br> Strategy ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment | $112674 | $3191094 | $4061767 |
| &nbsp;&nbsp;&nbsp;Interest Income | 206795 | 5492358 | 220575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 319469 | 8683452 | 4282342 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 79253 | 1500624 | 366857 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 1064 | 20016 | 15266 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 200 | 4248 | 2502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 80517 | 1524888 | 384625 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 238952 | 7158564 | 3897717 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (1) |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (1085) | (45080) | (34020376) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | (875709) | (49868149) |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (66304) |  | (12771) |
| &nbsp;&nbsp;&nbsp;Written Options |  |  | 41093213 |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (943099) | (49913229) | 7060066 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (8400) | (174332) | (2978649) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 1677277 | (6618936) |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 60808 |  |  |
| &nbsp;&nbsp;&nbsp;Written Options |  |  | 1872588 |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 1729685 | (6793268) | (1106061) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 786586 | (56706497) | 5954005 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $1025538 | $(49547933) | $9851722 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* 

*(2)* *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**

*For the Year Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares Dynamic Emerging Markets<br> Strategy ETF** | **KraneShares<br> Global Luxury<br> Index ETF** | **KraneShares<br> Rockefeller** **℠ Ocean<br> Engagement ETF** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $— | $54261 | $48188 |
| &nbsp;&nbsp;&nbsp;Dividend from Affiliated Investment | 124924 |  |  |
| &nbsp;&nbsp;&nbsp;Interest Income | 1931 | 639 | 2245 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (5514) | (4048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 126855 | 49386 | 46385 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 4570 | 21332 | 23111 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 479 | 359 | 283 |
| &nbsp;&nbsp;&nbsp;Insurance Expense | 60 | 51 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 5109 | 21742 | 23437 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 121746 | 27644 | 22948 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | 786027 | 66412 |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (500) |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 1 | (528) | (1768) |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | (499) | 785499 | 64644 |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments |  | (756798) | (74852) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | 469145 |  |  |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | (34) | (91) |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 469145 | (756832) | (74943) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 468646 | 28667 | (10299) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | $590392 | $56311 | $12649 |

---

*†* *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**

*For the Period Ended March 31, 2025*

---

| | | | |
|:---|:---|:---|:---|
|  | **KraneShares<br> Hedgeye Hedged<br> Equity<br> Index ETF<sup>(1)</sup>** | **KraneShares** **<br> Artificial Intelligence<br> and Technology<br> ETF<sup>(2)</sup>** | **KraneShares** **<br> Sustainable Ultra<br> Short Duration Index<br> ETF<sup>(3)</sup>** |
| **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $77175 | $26917 | $— |
| &nbsp;&nbsp;&nbsp;Interest Income | 1446 | 631 | 7842998 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld |  | (1899) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 78621 | 25649 | 7842998 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 46813 | 72002 | 450323 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 617 | 709 | 15899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 47430 | 72711 | 466222 |
| &nbsp;&nbsp;&nbsp;Management Fee Waiver<sup>†</sup> | (6002) |  | (155282) |
| &nbsp;&nbsp;&nbsp;**Net Expenses** | 41428 | 72711 | 310940 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income (Loss)** | 37193 | (47062) | 7532058 |
| **Net Realized Gain (Loss) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 241480 | 25505 | (2992) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | 14 | (2075) | 18 |
| &nbsp;&nbsp;&nbsp;Written Options | 188195 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 429689 | 23430 | (2974) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | (584048) | (3006982) | (50199) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations |  | (26) | 4 |
| &nbsp;&nbsp;&nbsp;Written Options | 52170 |  |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | (531878) | (3007008) | (50195) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss** | (102189) | (2983578) | (53169) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $(64996) | $(3030640) | $7478889 |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *The Fund's inception date was on July 15, 2024.* 

*(2)* *The Fund's inception date was on July 17, 2024.* 

*(3)* *The Fund's inception date was on July 25, 2024.* 

*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**

*For the Period Ended March 31, 2025*

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> China Alpha<br> Index ETF<sup>(1)</sup>** | **KraneShares<br> Man Buyout Beta<br> Index ETF<sup>(2)</sup>** |
| **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividend Income | $123242 | $48069 |
| &nbsp;&nbsp;&nbsp;Interest Income | 427 | 179 |
| &nbsp;&nbsp;&nbsp;Less: Foreign Taxes Withheld | (12324) | (161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Income** | 111345 | 48087 |
| **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;Management Fees<sup>†</sup> | 44215 | 46688 |
| &nbsp;&nbsp;&nbsp;Trustees' Fees | 588 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Expenses** | 44803 | 47308 |
| &nbsp;&nbsp;&nbsp;**Net Investment Income** | 66542 | 779 |
| **Net Realized Gain (Loss) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 149176 | (138575) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (81) |  |
| &nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss)** | 149095 | (138575) |
| **Net Change in Unrealized Appreciation (Depreciation) on:** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 611777 | (985717) |
| &nbsp;&nbsp;&nbsp;Foreign Currency Translations | (2) |  |
| &nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation)** | 611775 | (985717) |
| &nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Gain (Loss)** | 760870 | (1124292) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | $827412 | $(1123513) |

---

*†* *See Note 4 in Notes to Financial Statements.* 

*(1)* *The Fund's inception date was on August 27, 2024.* 

*(2)* *The Fund's inception date was on October 7, 2024.* 

*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 China Internet ETF** | **KraneShares CSI China Internet ETF** |
|  | **Year Ended <br> March 31,<br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $70212353 | $12673699 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (796378500) | (540400352) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 2291630801 | (454948205) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 1565464654 | (982674858) |
| **Distributions:** | (191767210) | (94044849) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4055934107 | 1577944139 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2813400801) | (1181907489) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 1242533306 | 396036650 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 2616230750 | (680683057) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 5430986331 | 6111669388 |
| &nbsp;&nbsp;&nbsp;End of Year | $8047217081 | $5430986331 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 121550000 | 55900000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (97300000) | (44750000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 24250000 | 11150000 |

---

*(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<br> MSCI China A 50<br> Connect Index ETF** | **KraneShares Bosera<br> MSCI China A 50<br> Connect Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $4519146 | $7559128 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (15902012) | (128360616) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 27323863 | 37591345 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 15940997 | (83210143) |
| **Distributions:** | (4042367) | (6619090) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 92497035 | 45259571 |
| &nbsp;&nbsp;&nbsp;Redeemed | (106140603) | (235437465) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (13643568) | (190177894) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (1744938) | (280007127) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 190865940 | 470873067 |
| &nbsp;&nbsp;&nbsp;End of Year | $189121002 | $190865940 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3750000 | 1900000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4650000) | (11050000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (900000) | (9150000) |

---

*(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 All China Index ETF** | **KraneShares MSCI All China Index ETF** |
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $200374 | $164750 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (657654) | (942543) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 2109656 | (487545) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 1652376 | (1265338) |
| **Distributions:** | (215059) | (215050) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3522547 | 8973 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1067928) | (1005314) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 2454619 | (996341) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 3891936 | (2476729) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 6317792 | 8794521 |
| &nbsp;&nbsp;&nbsp;End of Year | $10209728 | $6317792 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 150000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (50000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 100000 | (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 MSCI<br> One Belt One Road<br> Index ETF**  | **KraneShares MSCI<br> One Belt One Road<br> Index ETF**  |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $117894 | $117516 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (15344) | (441704) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 160098 | 164619 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 262648 | (159569) |
| **Distributions:** | (122602) | (137606) |
| **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 Decrease in Net Assets** | (938892) | (297175) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 4188058 | 4485233 |
| &nbsp;&nbsp;&nbsp;End of Year | $3249166 | $4188058 |
| **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<br> Consumer Technology<br> Index ETF** | **KraneShares<br> Emerging Markets<br> Consumer Technology<br> Index ETF** |
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $161332 | $31365 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 1529634 | (11744186) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1522648 | 11694849 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 3213614 | (17972) |
| **Distributions:** | (109397) | (27452) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3629383 | 13097618 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5112835) | (25036681) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (1483452) | (11939063) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 1620765 | (11984487) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 18577086 | 30561573 |
| &nbsp;&nbsp;&nbsp;End of Year | $20197851 | $18577086 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 200000 | 950000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (350000) | (1700000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (150000) | (750000) |

---

*(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> China Clean Technology<br> Index ETF** | **KraneShares MSCI<br> China Clean Technology<br> Index ETF** |
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $780468 | $543865 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (10490962) | (41459536) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 21600581 | 15930993 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 11890087 | (24984678) |
| **Distributions:** | (716873) | (496202) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1066620 | 29519 |
| &nbsp;&nbsp;&nbsp;Redeemed | (20799351) | (13207448) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (19732731) | (13177929) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (8559517) | (38658809) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 56951732 | 95610541 |
| &nbsp;&nbsp;&nbsp;End of Year | $48392215 | $56951732 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 50000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (950000) | (550000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (900000) | (550000) |

---

*(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<br> Future Mobility<br> Index ETF** | **KraneShares Electric<br> Vehicles and<br> Future Mobility<br> Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $614600 | $1193104 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (30506039) | (43673367) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 24465431 | (3114157) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (5426008) | (45594420) |
| **Distributions:** | (530712) | (1252258) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 15797 | 4457911 |
| &nbsp;&nbsp;&nbsp;Redeemed | (36017741) | (37098611) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (36001944) | (32640700) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (41958664) | (79487378) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 105618362 | 185105740 |
| &nbsp;&nbsp;&nbsp;End of Year | $63659698 | $105618362 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 150000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1700000) | (1500000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (1700000) | (1350000) |

---

*(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<br> All China Health Care<br> Index ETF** | **KraneShares MSCI<br> All China Health Care<br> Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended <br> March 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $480621 | $504658 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (14736894) | (23644703) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 18938932 | 1017919 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 4682659 | (22122126) |
| **Distributions:** | (477397) | (383670) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 63358581 | 25068 |
| &nbsp;&nbsp;&nbsp;Redeemed | (27769025) | (25206898) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 35589556 | (25181830) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 39794818 | (47687626) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 46804414 | 94492040 |
| &nbsp;&nbsp;&nbsp;End of Year | $86599232 | $46804414 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 4200000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (1850000) | (1350000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2350000 | (1350000) |

---

*(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 Asia Pacific<br> High Income USD<br> Bond ETF** | **KraneShares Asia Pacific<br> High Income USD<br> Bond ETF** |
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $2056929 | $1998210 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (849689) | (1965464) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 65541 | 786683 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 1272781 | 819429 |
| **Distributions:** | (1826852) | (2334194) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 12269728 | 468 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1226480) | (3746502) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 11043248 | (3746034) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 10489177 | (5260799) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 14784474 | 20045273 |
| &nbsp;&nbsp;&nbsp;End of Year | $25273651 | $14784474 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 500000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (50000) | (150000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 450000 | (150000) |

---

*(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<br> Emerging Markets ex China<br> Index ETF** | **KraneShares MSCI<br> Emerging Markets ex China<br> Index ETF** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended <br> March 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $1941479 | $1185905 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (373603) | (262202) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (2638146) | 6923619 |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (1070270) | 7847322 |
| **Distributions:** | (2347147) | (910616) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 21468 | 41704010 |
| &nbsp;&nbsp;&nbsp;Redeemed | (11360541) |  |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (11339073) | 41704010 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (14756490) | 48640716 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 78752351 | 30111635 |
| &nbsp;&nbsp;&nbsp;End of Year | $63995861 | $78752351 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued |  | 1500000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (400000) |  |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (400000) | 1500000 |

---

*(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**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** |
|  | **Year Ended<br> March 31,<br> 2025** | **Year Ended <br> March 31, <br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $7898469 | $13546302 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (33307741) | (21700322) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 24703435 | (72822077) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (705837) | (80976097) |
| **Distributions:** | (14365041) | (37810059) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 13202762 | 11333355 |
| &nbsp;&nbsp;&nbsp;Redeemed | (129766611) | (224012169) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (116563849) | (212678814) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (131634727) | (331464970) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 303812947 | 635277917 |
| &nbsp;&nbsp;&nbsp;End of Year | $172178220 | $303812947 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 400000 | 350000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (4150000) | (6500000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (3750000) | (6150000) |

---

*(1)* *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global 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**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Value<br> Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** | **KraneShares Value<br> Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** |
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $671194 | $840880 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 3409991 | 889919 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (491116) | 1941048 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 3590069 | 3671847 |
| **Distributions:** | (2577604) | (1177428) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1287470 | 1125953 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5191532) | (3419756) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (3904062) | (2293803) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (2891597) | 200616 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 31374912 | 31174296 |
| &nbsp;&nbsp;&nbsp;End of Year | $28483315 | $31374912 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 50000 | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (200000) | (150000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (150000) | (100000) |

---

*(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**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Mount<br> Lucas Managed Futures<br> Index Strategy ETF<sup>(1)</sup>** | **KraneShares Mount<br> Lucas Managed Futures<br> Index Strategy ETF<sup>(1)</sup>** |
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $12384010 | $11272473 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (40525675) | (19050002) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 501737 | 6360555 |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (27639928) | (1416974) |
| **Distributions:** | (2749827) |  |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 153157589 | 135546332 |
| &nbsp;&nbsp;&nbsp;Redeemed | (166128710) | (147777132) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (12971121) | (12230800) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (43360876) | (13647774) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 264625824 | 278273598 |
| &nbsp;&nbsp;&nbsp;End of Year | $221264948 | $264625824 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 5250000 | 4400000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (6000000) | (4950000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (750000) | (550000) |

---

*(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.* 

*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 SSE STAR Market 50 Index ETF** | **KraneShares SSE STAR Market 50 Index ETF** |
|  | **Year Ended <br> March 31,<br> 2025** | **Year Ended<br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(90884) | $(15090) |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (5504439) | (10165484) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 10942743 | (6016928) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 5347420 | (16197502) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 16597675 | 850878 |
| &nbsp;&nbsp;&nbsp;Redeemed | (10531651) | (8248735) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 6066024 | (7397857) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 11413444 | (23595359) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 24534151 | 48129510 |
| &nbsp;&nbsp;&nbsp;End of Year | $35947595 | $24534151 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1150000 | 50000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (800000) | (650000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 350000 | (600000) |

---

*(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 TECH Index ETF** | **KraneShares Hang Seng TECH Index ETF** |
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $12160 | $1494 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 187348 | (161143) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1092852 | (1131876) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 1292360 | (1291525) |
| **Distributions:** | (32395) | (46489) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 41519600 | 988 |
| &nbsp;&nbsp;&nbsp;Redeemed | (2088587) | (587039) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | 39431013 | (586051) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | 40690978 | (1924065) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 5390740 | 7314805 |
| &nbsp;&nbsp;&nbsp;End of Year | $46081718 | $5390740 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 2500000 |  |
| &nbsp;&nbsp;&nbsp;Redeemed | (150000) | (50000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | 2350000 | (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.*

**Consolidated Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **KraneShares European Carbon<br> Allowance Strategy ETF<sup>(1)</sup>**  | **KraneShares European Carbon<br> Allowance Strategy ETF<sup>(1)</sup>**  |
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $238952 | $458282 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (943099) | (5635864) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 1729685 | (3530130) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | 1025538 | (8707712) |
| **Distributions:** | (669523) | (1055315) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1100297 | 1618793 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5736176) | (11688291) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (4635879) | (10069498) |
| &nbsp;&nbsp;&nbsp;**Total Decrease in Net Assets** | (4279864) | (19832525) |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 11639605 | 31472130 |
| &nbsp;&nbsp;&nbsp;End of Year | $7359741 | $11639605 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 50000 | 75000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (250000) | (450000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | (200000) | (375000) |

---

*(1)* *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* 

*(2)* *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> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $7158564 | $9156670 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (49913229) | 73344551 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (6793268) | (30218468) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Net Assets Resulting from Operations** | (49547933) | 52282753 |
| **Distributions:** | (49060171) | (8439069) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 64593052 | 18489400 |
| &nbsp;&nbsp;&nbsp;Redeemed | (118168197) | (30377360) |
| &nbsp;&nbsp;&nbsp;**Decrease in Net Assets from Capital Share Transactions** | (53575145) | (11887960) |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (152183249) | 31955724 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 261265412 | 229309688 |
| &nbsp;&nbsp;&nbsp;End of Year | $109082163 | $261265412 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 3075000 | 625000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (5675000) | (1075000) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Shares Outstanding from Share Transactions** | 2600000) | (450000) |

---

*(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**

---

| | | |
|:---|:---|:---|
|  | **KraneShares KWEB<br> Covered Call Strategy ETF<sup>‡</sup>** | **KraneShares KWEB<br> Covered Call Strategy ETF<sup>‡</sup>** |
|  | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31,<br> 2024** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $3897717 | $1853946 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 7060066 | 6177594 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (1106061) | 4919516 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 9851722 | 12951056 |
| **Distributions:** | (22213508) | (24792799) |
| **Return of Capital** | (34762537) | (20258230) |
| **Capital Share Transactions:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 55263809 | 238876549 |
| &nbsp;&nbsp;&nbsp;Redeemed | (67171782) | (48489488) |
| &nbsp;&nbsp;&nbsp;**Increase (Decrease) in Net Assets from Capital Share Transactions** | (11907973) | 190387061 |
| &nbsp;&nbsp;&nbsp;**Total Increase (Decrease) in Net Assets** | (59032296) | 158287088 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 163601072 | 5313984 |
| &nbsp;&nbsp;&nbsp;End of Year | $104568776 | $163601072 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 1316667 | 13900000 |
| &nbsp;&nbsp;&nbsp;Redeemed | (1883359) | (2900000) |
| &nbsp;&nbsp;&nbsp;**Net Increase (Decrease) in Shares Outstanding from Share Transactions** | (566692) | 11000000 |

---

*‡* *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).* 

*(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 Dynamic Emerging**<br> **Markets Strategy ETF** | **KraneShares Dynamic Emerging**<br> **Markets Strategy ETF** |
|  | **Year Ended <br> March 31, <br> 2025** | **Period Ended <br> March 31,<br> 2024<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $121746 | $104646 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | (499) | 57287 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 469145 | (31496) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 590392 | 130437 |
| **Distributions:** | (122054) | (105254) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 664992 | 7491762 |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (3787485) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 664992 | 3704277 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 1133330 | 3729460 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 3729460 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $4862790 | $3729460 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 25000 | 300002 |
| &nbsp;&nbsp;&nbsp;Redeemed |  | (150000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 25000 | 150002 |

---

*(1)* *The Fund's inception date was on August 24, 2023.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** |
|  | **Year Ended <br> March 31, <br> 2025** | **Period Ended <br> March 31,<br> 2024<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $27644 | $8497 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 785499 | 104566 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (756832) | 245884 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 56311 | 358947 |
| **Distributions:** | (48304) | (4643) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 13511531 | 2990439 |
| &nbsp;&nbsp;&nbsp;Redeemed | (13321421) | (671969) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 190110 | 2318470 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 198117 | 2672774 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 2672774 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $2870891 | $2672774 |
| **Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;Issued | 550000 | 125002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (525000) | (25000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 25000 | 100002 |

---

*(1)* *The Fund's inception date was on September 6, 2023.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

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

**Statements of Changes in Net Assets (continued)**

---

| | | |
|:---|:---|:---|
|  | **KraneShares Rockefeller** **℠ <br> Ocean Engagement ETF** | **KraneShares Rockefeller** **℠ <br> Ocean Engagement ETF** |
|  | **Year Ended <br> March 31, <br> 2025** | **Period Ended<br> March 31, <br> 2024<sup>(1)</sup>** |
| **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $22948 | $7854 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain (Loss) | 64644 | (25700) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (74943) | 202625 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 12649 | 184779 |
| **Distributions:** | (47815) | (3525) |
| **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 (Decrease) in Net Assets** | (35166) | 2681304 |
| **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 2681304 |  |
| &nbsp;&nbsp;&nbsp;End of Year | $2646138 | $2681304 |
| **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 September 11, 2023.* 

*(2)* *Includes transaction costs related to creations and redemptions.* 

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

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

**Statement of Changes in Net Assets (continued)**

---

| | |
|:---|:---|
|  | **KraneShares Hedgeye Hedged Equity<br> Index ETF** |
|  | **Period Ended<br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $37193 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 429689 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (531878) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (64996) |
| **Distributions:** | (100635) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 21648946 |
| &nbsp;&nbsp;&nbsp;Redeemed | (7515546) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 14133400 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 13967769 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $13967769 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 850002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (300000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 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.*

**Statement of Changes in Net Assets (continued)**

---

| | |
|:---|:---|
|  | **KraneShares Artificial<br> Intelligence and<br> Technology ETF** |
|  | **Period Ended<br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Loss | $(47062) |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 23430 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (3007008) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (3030640) |
| **Distributions:** | (32953) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 25204541 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 25204541 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 22140948 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $22140948 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 900002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 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.*

**Statement of Changes in Net Assets (continued)**

---

| | |
|:---|:---|
|  | **KraneShares Sustainable <br> Ultra Short Duration<br> Index ETF** |
|  | **Period Ended <br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $7532058 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (2974) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (50195) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 7478889 |
| **Distributions:** | (7438872) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 300806989 |
| &nbsp;&nbsp;&nbsp;Redeemed | (90440443) |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 210366546 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 210406563 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $210406563 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 12000002 |
| &nbsp;&nbsp;&nbsp;Redeemed | (3600000) |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 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.*

**Statement of Changes in Net Assets (continued)**

---

| | |
|:---|:---|
|  | **KraneShares China**<br> **Alpha Index ETF** |
|  | **Period Ended**<br> **March 31,**<br> **2025<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $66542 |
| &nbsp;&nbsp;&nbsp;Net Realized Gain | 149095 |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | 611775 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Net Assets Resulting from Operations** | 827412 |
| **Distributions:** | (237089) |
| **Capital Share Transactions:<sup>(2)</sup>** |  |
| &nbsp;&nbsp;&nbsp;Issued | 10268357 |
| &nbsp;&nbsp;&nbsp;**Increase in Net Assets from Capital Share Transactions** | 10268357 |
| &nbsp;&nbsp;&nbsp;**Total Increase in Net Assets** | 10858680 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $10858680 |
| **Share Transactions:** |  |
| &nbsp;&nbsp;&nbsp;Issued | 400002 |
| &nbsp;&nbsp;&nbsp;**Net Increase in Shares Outstanding from Share Transactions** | 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.*

**Statement of Changes in Net Assets (concluded)**

---

| | |
|:---|:---|
|  | **KraneShares Man Buyout Beta Index ETF** |
|  | **Period Ended<br> March 31,<br> 2025<sup>(1)</sup>** |
| **Operations:** |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | $779 |
| &nbsp;&nbsp;&nbsp;Net Realized Loss | (138575) |
| &nbsp;&nbsp;&nbsp;Net Change in Unrealized Appreciation (Depreciation) | (985717) |
| &nbsp;&nbsp;&nbsp;**Net Decrease in Net Assets Resulting from Operations** | (1123513) |
| **Distributions:** | (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** | 10216953 |
| **Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;Beginning of Period |  |
| &nbsp;&nbsp;&nbsp;End of Period | $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.*

**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<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 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** |  |
| 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) |  |
| 2021 | 45.19 | (0.28) | 30.90 | 30.62 | (0.22) |  |  |
| **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** |  |
| 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) |  |
| 2021 | 29.51 | 0.30 | 14.46 | 14.76 | (0.30) |  |  |
| **KraneShares MSCI All China Index ETF** | **KraneShares MSCI All China Index ETF** | **KraneShares MSCI All China Index ETF** | **KraneShares MSCI All China Index ETF** | **KraneShares MSCI All China Index ETF** | **KraneShares MSCI All China Index ETF** | **KraneShares MSCI All China Index ETF** |  |
| 2025 | 18.05 | 0.50 | 4.62 | 5.12 | (0.48) |  |  |
| 2024 | 21.99 | 0.45 | (3.78) | (3.33) | (0.61) |  |  |
| 2023 | 24.89 | 0.50 | (2.15) | (1.65) | (0.77) | (0.48) |  |
| 2022 | 34.46 | 0.47 | (8.71) | (8.24) | (0.40) | (0.93) |  |
| 2021 | 23.53 | 0.22 | 11.06 | 11.28 | (0.35) |  |  |
| **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** |  |
| 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) |  |  |
| 2021 | 17.76 | 0.48 | 11.16 | 11.64 | (0.55) |  |  |
| **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** |  |
| 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) |  |
| 2021 | 19.55 | 0.11 | 13.14 | 13.25 | (0.74) |  |  |

---

---

| | |
|:---|:---|
| \* | *Per share data calculated using average shares method.* |
| \*\* | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *The expense ratios include $857,238, $600,758, $301,354, $337,352 and $376,498, respectively, in security lending fees paid to the Adviser. Had these fees been excluded, the expense ratios would have been 0.69%, 0.70%, 0.69%, 0.68%, and 0.69%, respectively.* |
| *(2)* | *The expense ratios include $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 0.55%, 0.59%, and 0.58%, respectively.* |

---

*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)** | **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> (%)** |
| (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 |
| (0.22) | 75.59 | 67.77 | 3662260 | 0.70<sup>(1)</sup> | 0.70 | (0.39) | 89 |
| (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 |
| (0.30) | 43.97 | 50.00 | 802364 | 0.59 | 0.79 | 0.74 | 35 |
| (0.48) | 22.69 | 28.62 | 10210 | 0.49 | 0.69 | 2.42 | 17 |
| (0.61) | 18.05 | (15.09) | 6318 | 0.49 | 0.69 | 2.33 | 4 |
| (1.25) | 21.99 | (6.44) | 8795 | 0.49 | 0.69 | 2.19 | 55 |
| (1.33) | 24.89 | (24.35) | 16181 | 0.48 | 0.68 | 1.49 | 18 |
| (0.35) | 34.46 | 47.97 | 22402 | 0.49 | 0.69 | 0.67 | 45 |
| (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 |
| (0.55) | 28.85 | 65.82 | 10099 | 0.79 | 0.79 | 2.07 | 39 |
| (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 |
| (0.74) | 32.06 | 67.85 | 110604 | 0.59 | 0.79 | 0.36 | 112 |

---

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

**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<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 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** |  |
| 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) |  |  |
| 2021 | 16.60 | (0.28) | 24.02 | 23.74 | —# |  |  |
| **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** |  |
| 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) |  |
| 2021 | 19.02 | 0.08 | 23.21 | 23.29 | (0.06) |  |  |
| **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** |  |
| 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) |  |
| 2021 | 23.78 | (0.09) | 14.61 | 14.52 | —# |  |  |
| **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** |  |
| 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) |
| 2021 | 37.32 | 2.10 | 2.44 | 4.54 | (2.58) | (0.14) |  |
| **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** |  |
| 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) |  |
| 2021 | 18.41 | 0.55 | 12.53 | 13.08 | (0.50) |  |  |

---

---

| | |
|:---|:---|
| \* | *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.* |
| *#* | *Amount represents less than $0.005 per share.* |
| *~* | *During the periods, certain fees were waived. (See Note 4 in the Notes to Financial Statements).* |
| *(1)* | *The expense ratio includes $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 0.69%, 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 $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% and 0.64%, respectively.* |

---

*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> ($)** | **<br>Net Asset Value,<br> End of Year<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Year<br> ($)(000)** | **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> (%)** |
| (0.33) | 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 |
|  | 40.34 | 143.03 | 141173 | 0.78 | 0.78 | (0.65) | 164 |
| (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 |
| (0.06) | 42.25 | 122.46 | 198570 | 0.70 | 0.70 | 0.21 | 81 |
| (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 |
|  | 38.30 | 61.06 | 214464 | 0.65 | 0.79 | (0.25) | 45 |
| (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 |
| (2.72) | 39.14 | 12.32 | 9786 | 0.69 | 0.69 | 5.32 | 53 |
| (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 |
| (0.50) | 30.99 | 71.19 | 30991 | 0.30 | 0.58 | 1.90 | 19 |

---

*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 Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** | **KraneShares Global Carbon Strategy ETF<sup>(1)</sup>** |  |
| 2025 | 30.84 | 0.96 | (1.49) | (0.53) | (2.08) |  |  |
| 2024 | 39.70 | 1.01 | (7.10) | (6.09) | (2.77) |  |  |
| 2023 | 46.53 | (0.06) | 1.59 | 1.53 | (8.36) |  |  |
| 2022 | 28.39 | (0.38) | 18.77 | 18.39 | (0.25) |  |  |
| 2021<sup>(2)</sup> | 20.00 | (0.12) | 8.51 | 8.39 |  |  |  |
| **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** |  |
| 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) |  |
| 2021<sup>(3)</sup> | 20.00 | 0.20 | 2.88 | 3.08 | (0.07) |  |  |
| **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(4)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(4)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(4)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(4)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(4)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(4)</sup>** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF<sup>(4)</sup>** |  |
| 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) |  |
| 2021<sup>(5)</sup> | 25.00 | (0.06) | 2.61 | 2.55 |  |  |  |
| **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** |  |
| 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) |  |  |  |
| 2021<sup>(6)</sup> | 25.00 | (0.03) | (3.91) | (3.94) |  |  |  |
| **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** |  |
| 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>(7)</sup> | 25.00 | 0.01 | (11.08) | (11.07) |  |  |  |

---

---

| | |
|:---|:---|
| \* | *Per share data calculated using average shares method.* |
| \*\* | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *(1)* | *KraneShares Global Carbon Strategy ETF includes the account of the Fund's Subsidiary, KFA Global Carbon Subsidiary, Ltd.* |
| *(2)* | *The Fund's inception date was on July 29, 2020.* |
| *(3)* | *The Fund's inception date was on November 23, 2020.* |
| *(4)* | *KraneShares Mount Lucas Managed Futures Index Strategy ETF includes the account of the Fund's Subsidiary, KFA MLM Index Subsidiary, Ltd.* |
| *(5)* | *The Fund's inception date was on December 1, 2020.* |
| *(6)* | *The Fund's inception date was on January 26, 2021.* |
| *(7)* | *The Fund's inception date was on June 8, 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> ($)** | **Net Asset Value,<br> End of Year<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Year<br> ($)(000)** | **Ratio of<br> Expenses to<br> Average <br> Net 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 Rate<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
| (2.08) | 28.23 | (1.46) | 172178 | 0.79 | 0.79 | 3.03 | 45 |  |
| (2.77) | 30.84 | (16.16) | 303813 | 0.79 | 0.79 | 2.78 |  |  |
| (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) |  |  |
|  | 28.39 | 41.95 | 93701 | 0.78<sup>†</sup> | 0.78<sup>†</sup> | (0.72)<sup>†</sup> |  | <sup>††</sup> |
| (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 |  |
| (0.07) | 23.01 | 15.46 | 25315 | 0.55<sup>†</sup> | 0.55<sup>†</sup> | 2.68<sup>†</sup> | 55 | <sup>††</sup> |
| (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 |  |
|  | 27.55 | 10.20 | 28923 | 0.89<sup>†</sup> | 0.89<sup>†</sup> | (0.63)<sup>†</sup> |  | <sup>††</sup> |
|  | 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 |  |
|  | 21.06 | (15.76) | 93722 | 0.88<sup>†</sup> | 0.88<sup>†</sup> | (0.88)<sup>†</sup> | 12 | <sup>††</sup> |
| (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> |

---

*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 European Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(1)</sup>** | **KraneShares European Carbon Allowance Strategy ETF<sup>(1)</sup>** |  |
| 2025 | 21.16 | 0.54 | 1.00 | 1.54 | (1.67) |  |  |
| 2024 | 34.02 | 0.61 | (11.91) | (11.30) | (1.56) |  |  |
| 2023 | 28.81 | (0.15) | 5.36 | 5.21 |  |  |  |
| 2022<sup>(2)(3)</sup> | 25.00 | (0.13) | 3.94 | 3.81 |  |  |  |
| **KraneShares California Carbon Allowance Strategy ETF<sup>(4)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(4)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(4)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(4)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(4)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(4)</sup>** | **KraneShares California Carbon Allowance Strategy ETF<sup>(4)</sup>** |  |
| 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>(3)</sup> | 25.00 | (0.11) | 0.88 | 0.77 |  |  |  |
| **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** |  |
| 2025<sup>(5)(6)</sup> | 43.62 | 0.99 | 2.44 | 3.43 | (5.54) |  | (8.66) |
| 2024<sup>(6)</sup> | 63.78 | 1.14 | 5.52 | 6.66 | (14.76) |  | (12.06) |
| 2023<sup>(6)(7)</sup> | 75.00 | (0.03) | (2.73) | (2.76) | (6.27) |  | (2.19) |
| **KraneShares Dynamic Emerging Markets Strategy ETF** | **KraneShares Dynamic Emerging Markets Strategy ETF** | **KraneShares Dynamic Emerging Markets Strategy ETF** | **KraneShares Dynamic Emerging Markets Strategy ETF** | **KraneShares Dynamic Emerging Markets Strategy ETF** | **KraneShares Dynamic Emerging Markets Strategy ETF** | **KraneShares Dynamic Emerging Markets Strategy ETF** |  |
| 2025 | 24.86 | 0.71 | 2.92 | 3.63 | (0.70) |  |  |
| 2024<sup>(8)</sup> | 25.00 | 0.66 | (0.10) | 0.56 | (0.70) |  |  |
| **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** | **KraneShares Global Luxury Index ETF** |  |
| 2025 | 26.73 | 0.21 | (3.79) | (3.58) | (0.13) | (0.05) |  |
| 2024<sup>(9)</sup> | 25.00 | 0.07 | 1.70 | 1.77 | (0.04) |  |  |

---

---

| | |
|:---|:---|
| \* | *Per share data calculated using average shares method.* |
| \*\* | *Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Excludes effects of standard creation and redemption transaction fees associated with creation units.* |
| *†* | *Annualized.* |
| *††* | *Portfolio turnover rate is for the period indicated and periods of less than one year have not been annualized. Excludes effect of in-kind transfers.* |
| *‡* | *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.* |
| *(1)* | *KraneShares European Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares European Carbon Subsidiary, Ltd.* |
| *(2)* | *All per share amounts and net asset values have been adjusted as a result of a 3 to 1 forward stock split on December 10, 2021.* |
| *(3)* | *The Fund's inception date was on October 4, 2021.* |
| *(4)* | *KraneShares California Carbon Allowance Strategy ETF includes the account of the Fund's Subsidiary, KraneShares California Carbon Subsidiary, Ltd.* |
| *(5)* | *Effective January 27, 2025, the KraneShares China Internet and Covered Call Strategy ETF was renamed the KraneShares KWEB Covered Call Strategy ETF.* |
| *(6)* | *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).* |
| *(7)* | *The Fund's inception date was on January 11, 2023.* |
| *(8)* | *The Fund's inception date was on August 24, 2023.* |
| *(9)* | *The Fund's inception date was on September 6, 2023.* |

---

*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)** | **Ratio of<br> Expenses to<br> Average<br> Net 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 Rate<br> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
| (1.67) | 21.03 | 8.05 | 7360 | 0.79 | 0.79 | 2.35 | 10 |  |
| (1.56) | 21.16 | (33.81) | 11640 | 0.79 | 0.79 | 2.09 |  |  |
|  | 34.02 | 18.08 | 31472 | 0.79 | 0.79 | (0.49) |  |  |
|  | 28.81 | 15.24 | 28810 | 0.87<sup>†</sup> | 0.87<sup>†</sup> | (0.87)<sup>†</sup> |  | <sup>††</sup> |
| (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> |
| (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> |
| (0.70) | 27.79 | 14.74 | 4863 | 0.11 | 0.11 | 2.66 | 3 |  |
| (0.70) | 24.86 | 2.31 | 3729 | 0.11<sup>†</sup> | 0.11<sup>†</sup> | 4.48<sup>†</sup> | 11 | <sup>††</sup> |
| (0.18) | 22.97 | (13.44) | 2871 | 0.69 | 0.69 | 0.88 | 55 |  |
| (0.04) | 26.73 | 7.08 | 2673 | 0.69<sup>†</sup> | 0.69<sup>†</sup> | 0.53<sup>†</sup> | 14 | <sup>††</sup> |

---

*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 Period<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 Rockefeller** **℠ Ocean Engagement ETF** | **KraneShares Rockefeller** **℠ Ocean Engagement ETF** | **KraneShares Rockefeller** **℠ Ocean Engagement ETF** | **KraneShares Rockefeller** **℠ Ocean Engagement ETF** | **KraneShares Rockefeller** **℠ Ocean Engagement ETF** | **KraneShares Rockefeller** **℠ Ocean Engagement ETF** | **KraneShares Rockefeller** **℠ Ocean Engagement ETF** |  |
| 2025 | 26.81 | 0.23 | (0.10) | 0.13 | (0.25) | (0.23) |  |
| 2024<sup>(1)</sup> | 25.00 | 0.08 | 1.77 | 1.85 | (0.04) |  |  |
| **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** |  |
| 2025<sup>(2)</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** |  |
| 2025<sup>(3)</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** |  |
| 2025<sup>(4)</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** |  |
| 2025<sup>(5)</sup> | 25.00 | 0.19 | 2.55 | 2.74 | (0.19) | (0.40) |  |
| **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** |  |
| 2025<sup>(6)</sup> | 25.00 |  | (2.29) | (2.29) |  | (0.01) |  |

---

---

| | |
|:---|:---|
| \* | *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 3 in the Notes to Financial Statements).* |
| *(1)* | *The Fund's inception date was on September 11, 2023.* |
| *(2)* | *The Fund's inception date was on July 15, 2024.* |
| *(3)* | *The Fund's inception date was on July 17, 2024.* |
| *(4)* | *The Fund's inception date was on July 25, 2024.* |
| *(5)* | *The Fund's inception date was on August 27, 2024.* |
| *(6)* | *The Fund's inception date was on October 7, 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> ($)** | **Net Asset Value,<br> End of Period<br> ($)** | **Total Return<br> (%)\*\*** | **Net Assets,<br> End of Period<br> ($)(000)** | **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> (%)** | **Portfolio<br> Turnover Rate<br> (%)** |
| (0.48) | 26.46 | 0.44 | 2646 | 0.86 | 0.86 | 0.84 | 46 |  |
| (0.04) | 26.81 | 7.39 | 2681 | 0.86<sup>†</sup> | 0.86<sup>†</sup> | 0.57<sup>†</sup> | 16 | <sup>††</sup> |
| (0.33) | 25.40 | 2.91 | 13968 | 0.69<sup>†</sup> | 0.79<sup>†</sup> | 0.62<sup>†</sup> | 2 | <sup>††</sup> |
| (0.11) | 24.60 | (1.24) | 22141 | 0.99<sup>†</sup> | 0.99<sup>†</sup> | (0.64)<sup>†</sup> | 49 | <sup>††</sup> |
| (0.80) | 25.05 | 3.43 | 210407 | 0.20<sup>†</sup> | 0.30<sup>†</sup> | 4.82<sup>†</sup> |  | <sup>††</sup> |
| (0.59) | 27.15 | 11.02 | 10859 | 0.79<sup>†</sup> | 0.79<sup>†</sup> | 1.17<sup>†</sup> | 149 | <sup>††</sup> |
| (0.01) | 22.70 | (9.16) | 10217 | 0.89<sup>†</sup> | 0.89<sup>†</sup> | 0.01<sup>†</sup> | 27 | <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, 2025, the Trust had 32 operational series. The financial statements herein and the related notes pertain to the following 26 series: KraneShares CSI China Internet ETF, KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI One Belt One Road Index ETF, KraneShares Emerging Markets Consumer Technology Index ETF, KraneShares MSCI China Clean Technology Index ETF, KraneShares Electric Vehicles and Future Mobility Index ETF, KraneShares MSCI All China Health Care Index ETF, KraneShares Asia Pacific High Income USD Bond ETF (formerly, KraneShares Asia Pacific High Income 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 (formerly, KFA Mount Lucas Managed Futures Index Strategy ETF), KraneShares SSE STAR Market 50 Index ETF, KraneShares Hang Seng TECH Index ETF, KraneShares European Carbon Allowance Strategy ETF, KraneShares California Carbon Allowance Strategy ETF, KraneShares KWEB Covered Call Strategy ETF (formerly, KraneShares China Internet and Covered Call Strategy ETF), KraneShares Dynamic Emerging Markets Strategy ETF, KraneShares Global Luxury Index ETF, KraneShares Rockefeller℠ Ocean Engagement 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 and KraneShares Man Buyout Beta Index ETF (each, a "Fund" and collectively, the "Funds"). KraneShares Bosera MSCI China A 50 Connect Index ETF, KraneShares MSCI All China Index ETF, KraneShares MSCI 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, KraneShares Value Line Dynamic Dividend Equity Index ETF and KraneShares Dynamic Emerging Markets Strategy 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, 2025, Central Huijin Investment Limited, a mainland Chinese-domiciled entity, and HKSCC Nominees Limited, held approximately 40.1% and 39.4%, respectively, of the shares of China International Capital Corporation Limited. Central Huijin Investment Limited is a wholly-owned subsidiary of China Investment Corporation, which is a mainland Chinese sovereign wealth fund. KFA One Holdings, LLC, located at 280 Park Avenue 32<sup>nd</sup> Floor, New York, New York, 10017, holds the remaining equity interests in Krane and Jonathan Krane, through his equity interests in KFA One Holdings, LLC, beneficially owns more than 10% of the equity interests in Krane.

The KFA 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, KraneShares European Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares European Carbon Allowance

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

Strategy ETF and KraneShares California Carbon Subsidiary, Ltd. is a wholly-owned subsidiary of the KraneShares California Carbon Allowance 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, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF and their respective subsidiaries have been consolidated in the Consolidated Schedule 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 are listed and traded on the NYSE Arca, Inc. (the "NYSE"). Shares of KraneShares Artificial Intelligence and Technology 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, 2025, 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"):

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| | |
|:---|:---|
| **Fund** | **Index** |
| KraneShares CSI China Internet ETF | CSI Overseas China Internet Index |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | MSCI China A 50 Connect Index |
| KraneShares MSCI All China Index ETF | MSCI China All Shares Index |
| KraneShares MSCI One Belt One Road Index ETF | MSCI Global China Infrastructure Exposure Index |
| KraneShares Emerging Markets Consumer Technology Index ETF | Solactive Emerging Markets Consumer Technology Index |
| KraneShares MSCI China Clean Technology Index ETF | MSCI China IMI Environment 10/40 Index |
| KraneShares Electric Vehicles and Future Mobility Index ETF | Bloomberg Electric Vehicles Index |
| KraneShares MSCI All China Health Care Index ETF | MSCI China All Shares Health Care 10/40 Index |
| KraneShares MSCI Emerging Markets ex China Index ETF | MSCI Emerging Markets ex China Index |
| KraneShares Global Carbon Strategy ETF | S&P Global Carbon Credit Index |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | Value Line<sup>®</sup> Dynamic Dividend Equity Index |

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

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| | |
|:---|:---|
| **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 European Carbon Allowance Strategy ETF | S&P Carbon Credit EUA Index |
| KraneShares California Carbon Allowance Strategy ETF | S&P Carbon Credit CCA Index |
| KraneShares Global Luxury Index ETF | Solactive Global Luxury Select Index |
| 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 |

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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 Dynamic Emerging Markets Strategy ETF seeks growth of capital. KraneShares Dynamic Emerging Markets Strategy 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 Rockefeller℠ Ocean Engagement ETF seeks long-term growth of capital. The KraneShares Rockefeller℠ Ocean Engagement 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 Fund seeks to obtain bid and ask prices from two broker-dealers who make a market in the portfolio instrument and determines the average of the two.

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

The prices for foreign securities are reported in local currency and converted to U.S. dollars using currency exchange rates. The exchange rates used for valuation are captured as of the close of the London Stock Exchange each day normally at 4:00 p.m. Greenwich Mean Time.

The value of a swap contract is equal to the obligation (or rights) under the swap contract, which will generally be equal to the net amounts to be paid or received under the contract based upon the relative values of the positions held by each party to the contract as determined by the applicable independent, third party pricing agent.

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

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. 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, except as discussed below for FLEX options, are valued at the mean of their most recent bid and asked price, if available, and otherwise, long positions will be valued at the most-recent bid price, and short positions will be valued at the most-recent ask price. Over-the-counter ("OTC") options are valued based upon prices determined by the applicable independent, third party pricing agent. FLEX (short for flexible) options are normally valued using a model-based price provided by a third-party pricing vendor. On days when a trade in a FLEX option occurs, the trade price will be used to value such FLEX options in lieu of the model price.

Futures are valued at the settlement price established by the board of trade on which they are traded. Foreign currency forward contracts are valued at the current day's interpolated foreign exchange rate, as calculated using the current day's spot rate and the 30-, 60-, 90- and 180-day forward rates provided by an independent pricing agent.

As of and during the year ended March 31, 2025, the Funds did not hold swaps or foreign currency forward contracts. 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).

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.

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

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.

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

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

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.

The following table summarizes the quantitative inputs and assumptions used for items categorized as material Level 3 investments as of March 31, 2025. 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> 3/31/25** | **Valuation<br> Technique(s)** | **Unobservable<br> Input** | **Discount<br> Percentage** |
| Preferred Stock | $999966 | Financing Round – Recent Transaction | Private Company Valuation | 0.0% |

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

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, 2025, management of the Funds has reviewed all open tax years since inception and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next 12 months.

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

Dividend income received from affiliated funds is recognized on the ex-dividend date and is recorded as income distributions in the 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.

FUTURES — The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance Strategy ETF and KraneShares California Carbon Allowance Strategy ETF will each utilize its respective Subsidiary for purposes of

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

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, 2025, the KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance 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, 2025.

For the year ended March 31, 2025, the average monthly notional amount of futures contracts were as follows:

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| | |
|:---|:---|
| KraneShares Global Carbon Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $355033190.0 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $286957790.0 |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Short | $514204475.0 |
| KraneShares European Carbon Allowance Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $16291140.0 |
| KraneShares California Carbon Allowance Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value Long | $186217899.0 |

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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.

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

As of March 31, 2025, the KraneShares KWEB Covered Call Strategy ETF and KraneShares Hedgeye Hedged Equity Index ETF had open written option positions. As of March 31, 2025, the KraneShares Hedgeye Hedged Equity Index ETF had open purchased option positions. Refer to the Schedule of Investments for details regarding open options as of March 31, 2025. All options held during the year were equity options.

For the year ended March 31, 2025, the average monthly notional amount of written option contracts were as follows:

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| | |
|:---|:---|
| KraneShares KWEB Covered Call Strategy ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $6456368.0 |
| KraneShares Hedgeye Hedged Equity Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $107143.0 |

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For the year ended March 31, 2025, the average monthly notional amount of purchased option contracts were as follows:

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| | |
|:---|:---|
| KraneShares Hedgeye Hedged Equity Index ETF |  |
| &nbsp;&nbsp;&nbsp;Average Monthly Notional Value | $142109.0 |

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DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund, except for the KraneShares Asia Pacific High Income USD Bond ETF, KraneShares KWEB Covered Call Strategy ETF, KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance Strategy ETF, KraneShares California Carbon Allowance 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, KraneShares European Carbon Allowance 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 custodian and/or securities lending agent or rebated to borrowers) (see Note 4).

The following table discloses the securities on loan as of March 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Market Value<br> Securities on Loan** | **Cash Collateral for<br> Securities on Loan** |
| KraneShares CSI China Internet ETF | $161015033 | $170008414 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 382567 | 404352 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 3545732 | 3848110 |

---

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

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

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

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.

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

**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 Assets<br> and Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of Assets<br> and Liabilities<br> Location** | **Fair Value** |
| **KraneShares Global Carbon Strategy ETF** | **KraneShares Global Carbon Strategy ETF** |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $1476681 \* | Unrealized depreciation on futures contracts | $11538453 \* |
| Total Derivatives not accounted for as hedging instruments |  | $1476681 |  | $11538453 |
| **KraneShares Mount Lucas Managed Futures Index Strategy ETF** | **KraneShares Mount Lucas Managed Futures Index Strategy ETF** |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $6867132 \* | Unrealized depreciation on futures contracts | $2635452 \* |
| Foreign exchange contracts | Unrealized appreciation on futures contracts | 756626 \* | Unrealized depreciation on futures contracts | 149313 \* |
| Interest rate contracts | Unrealized appreciation on futures contracts | 2060922 \* | Unrealized depreciation on futures contracts | 221409 \* |
| Total Derivatives not accounted for as hedging instruments |  | $9684680 |  | $3006174 |
| **KraneShares European Carbon Allowance Strategy ETF** | **KraneShares European Carbon Allowance Strategy ETF** |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $— \* | Unrealized depreciation on futures contracts | $333655 \* |
| Total Derivatives not accounted for as hedging instruments |  | $— |  | $333655 |
| **KraneShares California Carbon Allowance Strategy ETF** | **KraneShares California Carbon Allowance Strategy ETF** |  |  |  |
| Commodity contracts | Unrealized appreciation on futures contracts | $— \* | Unrealized depreciation on futures contracts | $17198777 \* |
| Total Derivatives not accounted for as hedging instruments |  | $— |  | $17198777 |

---

**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 Assets<br> and Liabilities<br> Location** | **Fair Value** | **Statements of Assets<br> and Liabilities/<br> Consolidated<br> Statements of Assets<br> and Liabilities<br> Location** | **Fair Value** |
| **KraneShares KWEB Covered Call Strategy ETF** | **KraneShares KWEB Covered Call Strategy ETF** |  |  |  |
| Equity contracts | Investments, at value\*\* | $— | Options and Swaptions written, at value | $3003942 |
| Total Derivatives not accounted for as hedging instruments |  | $— |  | $3003942 |
| **KraneShares Hedgeye Hedged Equity Index ETF** | **KraneShares Hedgeye Hedged Equity Index ETF** |  |  |  |
| Equity contracts | Investments, at value\*\* | $461880 | Options and Swaptions written, at value | $215218 |
| Total Derivatives not accounted for as hedging instruments |  | $461880 |  | $215218 |

---

\* *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.*

The effect of derivative instruments on the Consolidated Statement of Operations for the year ended March 31, 2025:

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

---

| | | |
|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Written Options<br> and Swaptions** | **Futures** |
| KraneShares Global Carbon Strategy ETF |  |  |
| Foreign exchange contracts | $— | $(1686827) |
| Commodity contracts |  | (31751218) |
| Total | $— | $(33438045) |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |
| Interest rate contracts | $— | $(12034299) |
| Foreign exchange contracts |  | (10570041) |
| Commodity contracts |  | (18368152) |
| Total | $— | $(40972492) |
| KraneShares European Carbon Allowance Strategy ETF |  |  |
| Foreign exchange contracts | $— | $(175678) |
| Commodity contracts |  | (700031) |
| Total | $— | $(875709) |

---

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

---

| | | |
|:---|:---|:---|
| **Derivatives Not Accounted for as Hedging Instruments** | **Written Options<br> and Swaptions** | **Futures** |
| KraneShares California Carbon Allowance Strategy ETF |  |  |
| Commodity contracts | $— | $(49868149) |
| Total | $— | $(49868149) |
| KraneShares KWEB Covered Call Strategy ETF |  |  |
| Equity contracts | $41093213 | $— |
| Total | $41093213 | $— |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |
| Equity contracts | $188195 | $— |
| Total | $188195 | $— |

---

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** |
| KraneShares Global Carbon Strategy ETF |  |  |  |
| Foreign exchange contracts | $— | $— | $3693 |
| Commodity contracts |  |  | 24746303 |
| Total | $— | $— | $24749996 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |
| Interest rate contracts | $— | $— | $1714427 |
| Foreign exchange contracts |  |  | (2105727) |
| Commodity contracts |  |  | 1329715 |
| Total | $— | $— | $938415 |
| KraneShares European Carbon Allowance Strategy ETF |  |  |  |
| Foreign exchange contracts | $— | $— | $1847 |
| Commodity contracts |  |  | 1675430 |
| Total | $— | $— | $1677277 |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |
| Commodity contracts | $— | $— | $(6618936) |
| Total | $— | $— | $(6618936) |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |
| Equity contracts | $— | $1872588 | $— |
| Total | $— | $1872588 | $— |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |
| Equity contracts | $253439 | $52170 | $— |
| Total | $253439 | $52170 | $— |

---

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

**4. RELATED PARTY TRANSACTIONS**

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

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

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

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

---

| | |
|:---|:---|
|  | **Management<br> Fee** |
| KraneShares CSI China Internet ETF | 0.68% |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 0.78% |
| KraneShares MSCI All China Index ETF | 0.68% |
| KraneShares MSCI One Belt One Road Index ETF | 0.78% |
| KraneShares Emerging Markets Consumer Technology Index ETF | 0.78% |
| KraneShares MSCI China Clean Technology Index ETF | 0.78% |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 0.68% |
| KraneShares MSCI All China Health Care Index ETF | 0.78% |
| KraneShares Asia Pacific High Income 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 European Carbon Allowance Strategy ETF | 0.78% |
| KraneShares California Carbon Allowance Strategy ETF | 0.78% |
| KraneShares KWEB Covered Call Strategy ETF | 0.25% |
| KraneShares Dynamic Emerging Markets Strategy ETF | 0.10% |
| KraneShares Global Luxury Index ETF | 0.68% |
| KraneShares Rockefeller℠ Ocean Engagement ETF | 0.85% |
| 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% |

---

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

Pursuant to the terms of Fee Waiver Agreements, Krane has contractually agreed to waive its management fee for the below listed Funds by the following amounts of the Fund's average daily net assets until August 1, 2025. 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 MSCI All China Index ETF | 0.20% |
| 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% |

---

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

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

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.

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

Climate Finance Partners LLC ("CFP") serves as the Sub-Adviser of the KraneShares Global Carbon Strategy ETF, KraneShares European Carbon Allowance 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, KraneShares European Carbon Allowance 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).

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 Net Revenue received by Krane from the Fund. Net Revenue is defined for these purposes as gross revenue under Schedule A of the Agreement minus gross fund-related expenses (including any waiver by Krane of its compensation under the Agreement and any reimbursements by Krane of the Fund's expenses).

Rockefeller & Co. LLC ("Rockefeller") serves as the investment sub-adviser to the KraneShares Rockefeller℠ Ocean Engagement ETF. Rockefeller is responsible for the day-to-day investment management of the Fund, subject to the supervision of Krane and the Board. For the services it will provide, Krane pays Rockefeller a fee equal to thirty five percent (35%) of the difference of: (i) the total gross advisory fee paid to Krane by the Fund under the terms of the Agreement minus (ii) any applicable fee waivers on the first $1 billion of Fund's average daily net assets (the "Sub-Advisory Fee"). The Sub-Advisory Fee increases to forty percent (40%) of the difference of: (i) the total gross advisory fee paid to Krane by the Fund under the terms of the Agreement minus (ii) any applicable fee waivers on any amounts over $1 billion of the Fund's average daily net assets.

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

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" or "Sub-Adviser"), 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).

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, 2025, 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, KRANESHARES EUROPEAN CARBON ALLOWANCE 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, KraneShares European Carbon Allowance 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.

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

The KraneShares Global Carbon Strategy ETF, KraneShares Mount Lucas Managed Futures Index Strategy ETF, KraneShares European Carbon Allowance 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.

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> 2025** | **% of Total<br> Net Assets at<br> March 31,<br> 2025** |
| KFA Global Carbon Subsidiary, Ltd. | July 29, 2020 | $30826717 | 17.90% |
| KraneShares MLM Index Subsidiary, Ltd. | December 1, 2020 | $41350428 | 18.69% |
| KraneShares European Carbon, Subsidiary Ltd. | October 4, 2021 | $1291852 | 17.55% |
| KraneShares California Carbon, Subsidiary Ltd. | October 4, 2021 | $16834210 | 15.43% |

---

**6. INVESTMENT TRANSACTIONS**

For the year ended March 31, 2025, 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 | $3961648310 | $3229415113 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 140926915 | 153747121 |
| KraneShares MSCI All China Index ETF | 3621656 | 1357123 |
| KraneShares MSCI One Belt One Road Index ETF | 660504 | 1378269 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 10570824 | 11518846 |
| KraneShares MSCI China Clean Technology Index ETF | 18782049 | 37705131 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 30960432 | 52510332 |
| KraneShares MSCI All China Health Care Index ETF | 73192959 | 38181646 |
| KraneShares Asia Pacific High Income USD Bond ETF | 24337678 | 17491089 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 2287787 | 11737259 |
| KraneShares Global Carbon Strategy ETF | 157074274 | 39042944 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 24954005 | 26842099 |
| KraneShares SSE STAR Market 50 Index ETF | 23383876 | 17304196 |
| KraneShares Hang Seng TECH Index ETF | 47967227 | 11244033 |
| KraneShares European Carbon Allowance Strategy ETF | 3843916 | 245483 |
| KraneShares California Carbon Allowance Strategy ETF | 138489244 | 51073160 |
| KraneShares KWEB Covered Call Strategy ETF | 616107429 | 604737209 |
| KraneShares Dynamic Emerging Markets Strategy ETF | 117749 | 121422 |
| KraneShares Global Luxury Index ETF | 1598563 | 1629559 |
| KraneShares Rockefeller℠ Ocean Engagement ETF | 1221224 | 1256615 |
| KraneShares Hedgeye Hedged Equity Index ETF | 168578 | 299811 |
| KraneShares Artificial Intelligence and Technology ETF | 6317617 | 5440697 |
| KraneShares China Alpha Index ETF | 23822323 | 13722273 |
| KraneShares Man Buyout Beta Index ETF | 2990108 | 2957004 |

---

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

For the year ended March 31, 2025, there were no purchases or sales of long-term U.S. government securities for the Funds.

For the year ended March 31, 2025, in-kind transactions associated with creations and redemptions were:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gain/<br> (Loss)** |
| KraneShares CSI China Internet ETF | $1353989321 | $960270333 | $177521494 |
| KraneShares MSCI All China Index ETF | 195890 | 56939 | 9437 |
| KraneShares MSCI One Belt One Road Index ETF |  | 366462 | 17087 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 880057 | 1221619 | 79953 |
| KraneShares MSCI China Clean Technology Index ETF | 17979 | 732762 | (204224) |
| KraneShares Electric Vehicles and Future Mobility Index ETF |  | 14353779 | (76702) |
| KraneShares MSCI All China Health Care Index ETF | 1021746 | 529932 | 12941 |
| KraneShares MSCI Emerging Markets ex China Index ETF |  | 2321996 | 358666 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 1284236 | 5168893 | 954188 |
| KraneShares KWEB Covered Call Strategy ETF | 54835181 | 66062496 | 8114543 |
| KraneShares Dynamic Emerging Markets Strategy ETF | 658741 |  |  |
| KraneShares Global Luxury Index ETF | 12996482 | 12781043 | 811680 |
| KraneShares Hedgeye Hedged Equity Index ETF | 21601030 | 7448430 | 236981 |
| KraneShares Artificial Intelligence and Technology ETF | 24210865 |  |  |
| KraneShares Sustainable Ultra Short Duration Index ETF | 297445273 | 48612593 | (9465) |
| KraneShares Man Buyout Beta Index ETF | 11327755 |  |  |

---

**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, 2025 are primarily related to redemptions in-kind, distributions in excess and net operating loss.

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

---

| | | |
|:---|:---|:---|
|  | **Distributable<br> Earnings/(Loss)** | **Paid-in<br> Capital** |
| KraneShares CSI China Internet ETF | $112208032 | $(112208032) |
| KraneShares MSCI All China Index ETF | (2930) | 2930 |
| KraneShares MSCI One Belt One Road Index ETF | (7014) | 7014 |
| KraneShares Emerging Markets Consumer Technology Index ETF | (76442) | 76442 |
| KraneShares MSCI China Clean Technology Index ETF | 210740 | (210740) |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 520112 | (520112) |
| KraneShares MSCI All China Health Care Index ETF | (12941) | 12941 |
| KraneShares MSCI Emerging Markets ex China Index ETF | (299574) | 299574 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | (867707) | 867707 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 2589860 | (2589860) |
| KraneShares SSE STAR Market 50 Index ETF | 64772 | (64772) |
| KraneShares European Carbon Allowance Strategy ETF | 229792 | (229792) |
| KraneShares KWEB Covered Call Strategy ETF | (766277) | 766277 |
| KraneShares Global Luxury Index ETF | (810770) | 810770 |
| KraneShares Sustainable Ultra Short Duration Index ETF | 9465 | (9465) |

---

The tax character of dividends and distributions paid during the years or periods ended March 31, 2025 and March 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Totals** |
| KraneShares CSI China Internet ETF |  |  |  |  |
| 2025 | $191767210 | $— | $— | $191767210 |
| 2024 | 94044849 |  |  | 94044849 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF |  |  |  |  |
| 2025 | $4042367 | $— | $— | $4042367 |
| 2024 | 6619090 |  |  | 6619090 |
| KraneShares MSCI All China Index ETF |  |  |  |  |
| 2025 | $215059 | $— | $— | $215059 |
| 2024 | 215050 |  |  | 215050 |
| KraneShares MSCI One Belt One Road Index ETF |  |  |  |  |
| 2025 | $122602 | $— | $— | $122602 |
| 2024 | 137606 |  |  | 137606 |
| KraneShares Emerging Markets Consumer Technology Index ETF |  |  |  |  |
| 2025 | $109397 | $— | $— | $109397 |
| 2024 | 27452 |  |  | 27452 |
| KraneShares MSCI China Clean Technology Index ETF |  |  |  |  |
| 2025 | $716873 | $— | $— | $716873 |
| 2024 | 496202 |  |  | 496202 |
| KraneShares Electric Vehicles and Future Mobility Index ETF |  |  |  |  |
| 2025 | $530712 | $— | $— | $530712 |
| 2024 | 1252258 |  |  | 1252258 |

---

**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 All China Health Care Index ETF |  |  |  |  |
| 2025 | $477397 | $— | $— | $477397 |
| 2024 | 383670 |  |  | 383670 |
| KraneShares Asia Pacific High Income USD Bond ETF |  |  |  |  |
| 2025 | $1826852 | $— | $— | $1826852 |
| 2024 | 2334194 |  |  | 2334194 |
| KraneShares MSCI Emerging Markets ex China Index ETF |  |  |  |  |
| 2025 | $2347147 | $— | $— | $2347147 |
| 2024 | 910616 |  |  | 910616 |
| KraneShares Global Carbon Strategy ETF |  |  |  |  |
| 2025 | $14365041 | $— | $— | $14365041 |
| 2024 | 37810059 |  |  | 37810059 |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF |  |  |  |  |
| 2025 | $1896053 | $681551 | $— | $2577604 |
| 2024 | 868772 | 308656 |  | 1177428 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF |  |  |  |  |
| 2025 | $2749827 | $— | $— | $2749827 |
| 2024 |  |  |  |  |
| KraneShares SSE STAR Market 50 Index ETF |  |  |  |  |
| 2025 | $— | $— | $— | $— |
| 2024 |  |  |  |  |
| KraneShares Hang Seng TECH Index ETF |  |  |  |  |
| 2025 | $32395 | $— | $— | $32395 |
| 2024 | 46489 |  |  | 46489 |
| KraneShares European Carbon Allowance Strategy ETF |  |  |  |  |
| 2025 | $669523 | $— | $— | $669523 |
| 2024 | 1055315 |  |  | 1055315 |
| KraneShares California Carbon Allowance Strategy ETF |  |  |  |  |
| 2025 | $49060171 | $— | $— | $49060171 |
| 2024 | 8439069 |  |  | 8439069 |
| KraneShares KWEB Covered Call Strategy ETF |  |  |  |  |
| 2025 | $22213508 | $— | $34762537 | $56976045 |
| 2024 | 24792799 |  | 20258230 | 45051029 |
| KraneShares Dynamic Emerging Markets Strategy ETF |  |  |  |  |
| 2025 | $122054 | $— | $— | $122054 |
| 2024 | 105254 |  |  | 105254 |
| KraneShares Global Luxury Index ETF |  |  |  |  |
| 2025 | $42198 | $6106 | $— | $48304 |
| 2024 | 4643 |  |  | 4643 |
| KraneShares Rockefeller℠ Ocean Engagement ETF |  |  |  |  |
| 2025 | $40722 | $7093 | $— | $47815 |
| 2024 | 3525 |  |  | 3525 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Totals** |
| KraneShares Hedgeye Hedged Equity Index ETF |  |  |  |  |
| 2025 | $91874 | $8761 | $— | $100635 |
| KraneShares Artificial Intelligence and Technology ETF |  |  |  |  |
| 2025 | $29447 | $3506 | $— | $32953 |
| KraneShares Sustainable Ultra Short Duration Index ETF |  |  |  |  |
| 2025 | $7438872 | $— | $— | $7438872 |
| KraneShares China Alpha Index ETF |  |  |  |  |
| 2025 | $237089 | $— | $— | $237089 |
| KraneShares Man Buyout Beta Index ETF |  |  |  |  |
| 2025 | $4815 | $— | $— | $4815 |

---

As of March 31, 2025, 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 All China<br> Index ETF** | **KraneShares<br> MSCI One Belt<br> One Road<br> Index ETF** |
| Undistributed Ordinary Income | $274757276 | $197223 | $57641 | $3144 |
| Capital Loss Carryforwards | (4123110723) | (227317107) | (7059903) | (3693493) |
| Unrealized Depreciation on Investments and Foreign Currency | (989559358) | (18348270) | (135230) | (867400) |
| Other Temporary Differences | (5) | (12) |  | (1) |
| Total Distributable Loss | $(4837912810) | $(245468166) | $(7137492) | $(4557750) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Emerging Markets<br> Consumer Technology<br> Index ETF** | **KraneShares<br> MSCI China<br> Clean Technology<br> Index ETF** | **KraneShares<br> Electric Vehicles and<br> Future Mobility<br> Index ETF** | **KraneShares<br> MSCI All China<br> Health Care<br> Index ETF** |
| Undistributed Ordinary Income | $753641 | $25043 | $— | $478884 |
| Capital Loss Carryforwards | (48742238) | (90614366) | (118300055) | (77073987) |
| Qualified Late-Year Loss Deferrals |  |  | (35778) |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (2803925) | 4563730 | (28465415) | (18697743) |
| Other Temporary Differences | (2) | 3 | (2) | (1) |
| Total Distributable Loss | $(50792524) | $(86025590) | $(146801250) | $(95292847) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Asia Pacific High<br> Income USD<br> Bond ETF** | **KraneShares<br> MSCI Emerging<br> Markets ex China<br> Index ETF** | **KraneShares<br> Global Carbon<br> Strategy ETF** | **KraneShares<br> Value Line<sup>®</sup> Dynamic<br> Dividend Equity<br> Index ETF** |
| Undistributed Ordinary Income | $39983 | $391687 | $1269522 | $177833 |
| Undistributed Long-Term Capital Gain |  |  |  | 724114 |
| Capital Loss Carryforwards | (10848135) | (2307310) | (2671014) |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 82884 | (7901) | (87140393) | 2011896 |
| Other Temporary Differences | 86248 | (1) | (2) | 59 |
| Total Distributable Earnings/(Loss) | $(10639020) | $(1923525) | $(88541887) | $2913902 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Mount Lucas<br> Managed<br> Futures Index<br> Strategy ETF** | **KraneShares<br> SSE STAR<br> Market 50<br> Index ETF** | **KraneShares<br> Hang Seng<br> TECH Index ETF** | **KraneShares<br> European Carbon<br> Allowance<br> Strategy ETF** |
| Undistributed Ordinary Income | $— | $— | $337647 | $— |
| Capital Loss Carryforwards | (53479709) | (33293827) | (2852858) |  |
| Post October Losses |  |  |  | (1086) |
| Qualified Late-Year Loss Deferrals |  | (81210) |  |  |
| Unrealized Depreciation on Investments and Foreign Currency | (23349891) | (2870862) | (1455005) | (9036174) |
| Other Temporary Differences | (169374) | (9) | (5) | 1 |
| Total Distributable Loss | $(76998974) | $(36245908) | $(3970221) | $(9037259) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> California Carbon<br> Allowance<br> Strategy ETF** | **KraneShares<br> KWEB Covered<br> Call Strategy ETF** | **KraneShares<br> Dynamic Emerging<br> Markets<br> Strategy ETF** | **KraneShares<br> Global Luxury<br> Index ETF** |
| Undistributed Ordinary Income | $855229 | $— | $— | $— |
| Capital Loss Carryforwards |  |  | (808) |  |
| Post October Losses | (45081) |  |  | (446) |
| Qualified Late-Year Loss Deferrals |  |  | (915) |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | (81727166) | (26469934) | 432338 | (552591) |
| Other Temporary Differences | 1 |  | 1 | (2) |
| Total Distributable Earnings/(Loss) | $(80917017) | $(26469934) | $430616 | $(553039) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **KraneShares<br> Rockefeller** **℠<br> Ocean<br> Engagement ETF** | **KraneShares<br> Hedgeye<br> Hedged Equity<br> Index ETF** | **KraneShares<br> Artificial<br> Intelligence and<br> Technology ETF** | **KraneShares<br> Sustainable<br> Ultra Short<br> Duration<br> Index ETF** |
| Undistributed Ordinary Income | $7175 | $21619 | $156774 | $99678 |
| Undistributed Long-Term Capital Gain | 13098 |  |  |  |
| Post October Losses |  | (187250) |  |  |
| Qualified Late-Year Loss Deferrals |  |  | (31022) |  |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 125815 |  | (3189344) | (50195) |
| Other Temporary Differences |  |  | (1) | (1) |
| Total Distributable Earnings/(Loss) | $146088 | $(165631) | $(3063593) | $49482 |

---

---

| | | |
|:---|:---|:---|
|  | **KraneShares<br> China Alpha<br> Index ETF** | **KraneShares<br> Man Buyout<br> Beta Index ETF** |
| Undistributed Ordinary Income | $81988 | $1548 |
| Post October Losses |  | (120917) |
| Qualified Late-Year Loss Deferrals |  | (1) |
| Unrealized Appreciation (Depreciation) on Investments and Foreign Currency | 508335 | (1008958) |
| Total Distributable Earnings/(Loss) | $590323 | $(1128328) |

---

Qualified late year ordinary and Post-October capital losses (including currency and specified gain/loss items) represent losses realized from January 1, 2025 through March 31, 2025 and November 1, 2024 through March 31, 2025, respectively, that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year.

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

The Funds have capital loss carryforwards as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term<br> Loss** | **Long-Term<br> Loss** | **Total** |
| KraneShares CSI China Internet ETF | $748413164 | $3374697559 | $4123110723 |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 76897157 | 150419950 | 227317107 |
| KraneShares MSCI All China Index ETF | 227776 | 6832127 | 7059903 |
| KraneShares MSCI One Belt One Road Index ETF | 2449025 | 1244468 | 3693493 |

---

**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 | $21422828 | $27319410 | $48742238 |
| KraneShares MSCI China Clean Technology Index ETF | 3342359 | 87272007 | 90614366 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 32538587 | 85761468 | 118300055 |
| KraneShares MSCI All China Health Care Index ETF | 4920386 | 72153601 | 77073987 |
| KraneShares Asia Pacific High Income USD Bond ETF | 8959239 | 1888896 | 10848135 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 151122 | 2156188 | 2307310 |
| KraneShares Global Carbon Strategy ETF | 1090225 | 1580789 | 2671014 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 20554471 | 32925238 | 53479709 |
| KraneShares SSE STAR Market 50 Index ETF | 8676743 | 24617084 | 33293827 |
| KraneShares Hang Seng TECH Index ETF | 2145573 | 707285 | 2852858 |
| KraneShares Dynamic Emerging Markets Strategy ETF |  | 808 | 808 |

---

During the year ended March 31, 2025, the following Funds utilized capital loss carryforwards, to offset capital gains:

---

| | |
|:---|:---|
|  | **Amount<br> Utilized** |
| KraneShares MSCI One Belt One Road Index ETF | $1082 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 927602 |
| KraneShares MSCI China Clean Technology Index ETF | 157997 |
| KraneShares Asia Pacific High Income USD Bond ETF | 2280 |
| KraneShares Hang Seng TECH Index ETF | 231094 |
| KraneShares Dynamic Emerging Markets Strategy ETF | 1149 |
| KraneShares RockefellerSM Ocean Engagement ETF | 5784 |

---

The differences between book and tax-basis unrealized appreciation and depreciation are attributable primarily to the tax deferral of losses on wash sales, investments in PFICs, perpetual bonds and investments in CFC. The federal tax cost and aggregate gross unrealized appreciation and depreciation on investments held by the Funds at March 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> 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 | $9204287857 | $1097574838 | $(2087134196) | $(989559358) |
| KraneShares Bosera MSCI China A 50 Connect Index ETF | 206593342 | 13171585 | (31519855) | (18348270) |
| KraneShares MSCI All China Index ETF | 10297714 | 1112644 | (1247874) | (135230) |
| KraneShares MSCI One Belt One Road Index ETF | 4101129 | 553299 | (1415248) | (861949) |
| KraneShares Emerging Markets Consumer Technology Index ETF | 23464048 | 3530056 | (6312077) | (2782021) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br> Cost** | **Aggregated<br> Gross<br> Unrealized<br> Appreciation** | **Aggregated<br> Gross<br> Unrealized<br> Depreciation** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| KraneShares MSCI China Clean Technology Index ETF | $43829469 | $10485893 | $(5922163) | $4563730 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 95510304 | 8513358 | (36978773) | (28465415) |
| KraneShares MSCI All China Health Care Index ETF | 105254080 | 5556392 | (24254135) | (18697743) |
| KraneShares Asia Pacific High Income USD Bond ETF | 23476204 | 685507 | (602623) | 82884 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 63429097 | 8976780 | (8584576) | 392204 |
| KraneShares Global Carbon Strategy ETF | 196026979 |  | (87140393) | (87140393) |
| KraneShares Value Line<sup>®</sup> Dynamic Dividend Equity Index ETF | 26427580 | 3386542 | (1374646) | 2011896 |
| KraneShares Mount Lucas Managed Futures Index Strategy ETF | 177056561 |  | (23349880) | (23349880) |
| KraneShares SSE STAR Market 50 Index ETF | 38723039 | 4406148 | (7277010) | (2870862) |
| KraneShares Hang Seng TECH Index ETF | 44170540 | 2017037 | (3472042) | (1455005) |
| KraneShares European Carbon Allowance Strategy ETF | 12561862 |  | (9036174) | (9036174) |
| KraneShares California Carbon Allowance Strategy ETF | 156506245 |  | (81727166) | (81727166) |
| KraneShares KWEB Covered Call Strategy ETF | 136209435 | 3285377 | (29755311) | (26469934) |
| KraneShares Dynamic Emerging Markets Strategy ETF | 4386831 | 437649 | (5311) | 432338 |
| KraneShares Global Luxury Index ETF | 3373354 | 32814 | (585381) | (552567) |
| KraneShares Rockefeller℠ Ocean Engagement ETF | 2467706 | 270037 | (144222) | 125815 |
| KraneShares Hedgeye Hedged Equity Index ETF | 13672022 | 403483 | (403483) |  |
| KraneShares Artificial Intelligence and Technology ETF | 25295631 | 233139 | (3422483) | (3189344) |
| KraneShares Sustainable Ultra Short Duration Index ETF | 197952491 | 48297 | (98492) | (50195) |
| KraneShares China Alpha Index ETF | 10352666 | 853679 | (345344) | 508335 |
| KraneShares Man Buyout Beta Index ETF | 11223185 | 300361 | (1309319) | (1008958) |

---

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

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.

Uncertainties in the Chinese tax rules governing the taxation of income distributions and capital gains from investments in A Shares could result in unexpected tax liabilities for the Funds. China generally imposes withholding tax at a rate of 10% on dividends and interest derived by non-Chinese resident investors (including, for example, Qualified Foreign Institutional Investors ("QFII")) from Chinese companies and those companies which are not Chinese tax residents, but which are deemed to be Chinese tax residents (e.g., under Notice 7). China also imposes withholding tax at a rate of 10% on capital gains derived by non-residents from investment in actual and constructive Chinese resident companies. The Chinese withholding taxes applied to dividends, interest and capital gains may, in principle, be subject to a reduced rate under an applicable Chinese tax treaty, but the application of such treaties in the case of a non-resident (e.g., in the case of a QFII acting on behalf of non-resident investors, such as the Funds) is also uncertain. The imposition of such taxes could have a material adverse effect on the Funds' returns. The People's Republic of China (the "PRC") rules regarding the taxation of non-resident investors are quickly evolving and certain of the tax regulations to be issued by the PRC State Administration of Taxation and/or the PRC Ministry of Finance to clarify matters may apply retrospectively. Such retroactively applied rules may be adverse to the Funds and their shareholders. It is also unclear how China's value added tax ("VAT") may be affected by tax treaty provisions. If such a tax is collected, the expenses will be passed on and borne by the Funds. The imposition of such taxes, as well as future changes in applicable PRC tax law, may adversely affect the Funds. If the Funds expect VAT to be imposed, they reserve the right to establish a reserve for such tax. If the Funds establish such a reserve but are not ultimately subject to the tax, shareholders who redeemed or sold their shares while the reserve was in place will effectively bear the tax and may not benefit from the later release, if any, of the reserve. Conversely, if the Funds do not establish such a reserve but ultimately are subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from investments in a Fund. Effective November 17, 2014, QFIIs, RQFIIs (i.e., QFIIs investing in Yuan, rather than foreign currency) and non-Chinese resident investors investing through the Hong Kong-Shanghai Stock Connect are exempted temporarily from the 10% capital gains tax that normally applies to sales of A Shares on a public Chinese exchange (such as the Shanghai Stock Exchange). However, such investors are still required to pay capital gains tax for gains realized on trades executed before November 17, 2014.

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

In 2020, the PRC government eliminated QFII and RQFII quotas, meaning that entities registered with the appropriate Chinese regulator will no longer be subject to quotas when investing in PRC securities (but will remain subject to foreign shareholder limits), and merged the two programs into the Qualified Foreign Investor regime ("QFI").

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

**8. CONCENTRATION OF RISKS**

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

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.

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

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

currently hold relatively large amounts of non-performing debt. Thus, there exists a possibility that widespread defaults could occur, which could trigger a financial crisis, freeze Chinese debt and finance markets and make certain Chinese securities illiquid.

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

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

the counterparty to an agreement fails to make required payments or otherwise comply with the terms of derivative. In that case, the Fund may suffer losses potentially equal to, or greater than, the full value of the derivative if the counterparty fails to perform its obligations. That risk is generally thought to be greater with over-the-counter (OTC) derivatives than with derivatives that are exchange traded or centrally cleared. Counterparty risks are compounded by the fact that there are only a limited number of ways available to invest in certain reference assets and, therefore, there may be few counterparties to swaps or options based on those reference assets.

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

EQUITY SECURITIES RISK — The values of equity securities are subject to factors such as market fluctuations, changes in interest rates and perceived trends in stock prices. Equity securities are subject to volatile changes in value and their values may be more volatile than other asset classes. In the event of liquidation, equity securities are generally subordinate in rank to debt and other securities of the same issuer.

FUTURES STRATEGY RISK — The use of futures contracts is subject to special risk considerations. The primary risks associated with the use of futures contracts include: (a) an imperfect correlation between the change in market value of the reference asset and the price of the futures contract; (b) possible lack of a liquid secondary market for a futures contract and the resulting inability to close a futures contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the inability to predict correctly the direction of market prices, interest rates, currency exchange rates and other economic factors; and (e) if the Fund has insufficient cash, it may have to sell securities or financial instruments from its portfolio to meet daily variation margin requirements, which may lead to the Fund selling securities or financial instruments at a loss.

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

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

MARKET RISK — The values of the Fund's holdings could decline generally or could underperform other investments. In addition, there is a risk that policy changes by the U.S. Government, Federal Reserve, and/or other government actors could cause volatility in global financial markets, negative sentiment and higher levels of Fund redemptions, which could have a negative impact on the Fund and could result in losses. Geopolitical and other risks, including environmental and public health risks may add to instability in world economies and markets generally. Changes in value may be temporary or may last for extended periods. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. Market developments may also cause the Fund's investments to become less liquid and subject to erratic price movements. Such market developments may also cause the Fund to encounter difficulties in timely honoring redemptions, especially if market events cause an increased incidence of shareholder redemptions.

NEW FUND RISK — If the Fund does not grow in size, it will be at greater risk than larger funds of wider bid-ask spreads for its shares, trading at a greater premium or discount to NAV, liquidation and/or a stop to trading.

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

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).

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

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

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 PRONOUNCEMENT**

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. Krane Funds Advisors, LLC acts as each Fund's CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with each Fund's single investment objective which is executed by each Fund's portfolio managers. The financial information in the form of each Fund's 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 each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within each Fund's financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities/Consolidated Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations/Consolidated Statements of Operations.

**Notes to Financial Statements/Notes to Consolidated Financial Statements (concluded)**

**12. SUBSEQUENT EVENTS**

Upon the recommendation of Krane Funds Advisors, LLC, the adviser to KraneShares MSCI All China Index ETF, KraneShares Dynamic Emerging Markets Strategy ETF and KraneShares Rockefeller℠ Ocean Engagement ETF, each a series of the Trust, the Board has approved the liquidation and termination of each Fund. Accordingly the Funds ceased operations and scheduled for liquidation on or around May 27, 2025.

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 or adjustments were required to the financial statements as of the date the financial statements were issued.

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

KraneShares Trust:

*Opinion on the Financial Statements*

We have audited the accompanying statements of assets and liabilities and the consolidated statements of assets and liabilities of the funds listed in the Appendix, twenty-six of the funds comprising KraneShares Trust (collectively, the Funds), including the schedules of investments and the consolidated schedules of investments, as of March 31, 2025, 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, 2025, the results of its operations for the year or period listed in the Appendix, the changes in its net assets for each of the years or periods in the two-year period listed in the Appendix, and the financial highlights for each of the years or periods in the five-year period listed in the Appendix, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of March 31, 2025, 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 27, 2025

**Report of Independent Registered Public Accounting Firm (continued)**

**Appendix**

***Funds with inception prior to March 31, 2021:***

KraneShares CSI China Internet ETF

KraneShares Bosera MSCI China A 50 Connect Index ETF

KraneShares MSCI All China Index ETF

KraneShares MSCI One Belt One Road Index ETF

KraneShares Emerging Markets Consumer Technology Index ETF

KraneShares MSCI China Clean Technology Index ETF

KraneShares Electric Vehicles and Future Mobility Index ETF

KraneShares MSCI All China Health Care Index ETF

KraneShares Asia Pacific High Income USD Bond ETF (formerly KraneShares Asia Pacific High Income Bond ETF)

KraneShares MSCI Emerging Markets ex China Index ETF

Statement of operations for the year ended March 31, 2025

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights each of the years in the five-year period ended March 31, 2025

***Funds with inception during the year ended March 31, 2021:***

KraneShares Global Carbon Strategy ETF

Consolidated statement of operations for the year ended March 31, 2025

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Consolidated financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from July 29, 2020 (inception) through March 31, 2021

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

Statement of operations for the year ended March 31, 2025

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from November 23, 2020 (inception) through March 31, 2021

KraneShares Mount Lucas Managed Futures Index Strategy ETF (formerly KFA Mount Lucas Managed Futures Index Strategy ETF)

Consolidated statement of operations for the year ended March 31, 2025

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Consolidated financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from December 1, 2020 (inception) through March 31, 2021

KraneShares SSE STAR Market 50 Index ETF

Statement of operations for the year ended March 31, 2025

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights for each of the years in the four-year period ended March 31, 2025 and the period from January 26, 2021 (inception) through March 31, 2021

**Report of Independent Registered Public Accounting Firm (continued)**

***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, 2025

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights for each of the years in the three-year period ended March 31, 2025 and the period from June 8, 2021 (inception) through March 31, 2022

KraneShares European Carbon Allowance Strategy ETF

KraneShares California Carbon Allowance Strategy ETF

Consolidated statement of operations for the year ended March 31, 2025

Consolidated statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Consolidated financial highlights for each of the years in the three-year period ended March 31, 2025 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 (formerly KraneShares China Internet and Covered Call Strategy ETF)

Statement of operations for the year ended March 31, 2025

Statements of changes in net assets for each of the years in the two-year period ended March 31, 2025

Financial highlights each of the years in the two-year period ended March 31, 2025 and the period from January 11, 2023 (inception) through March 31, 2023

***Funds with inception during the year ended March 31, 2024:***

KraneShares Dynamic Emerging Markets Strategy ETF

Statement of operations for the year ended March 31, 2025

Statements of changes in net assets for the year ended March 31, 2025 and the period from August 24, 2023 (inception) through March 31, 2024

Financial highlights for the year ended March 31, 2025 and the period from August 24, 2023 (inception) through March 31, 2024

KraneShares Global Luxury Index ETF

Statement of operations for the year ended March 31, 2025

Statements of changes in net assets for the year ended March 31, 2025 and the period from September 6, 2023 (inception) through March 31, 2024

Financial highlights for the year ended March 31, 2025 and the period from September 6, 2023 (inception) through March 31, 2024

KraneShares Rockefeller℠ Ocean Engagement ETF

Statement of operations for the year ended March 31, 2025

Statements of changes in net assets for the year ended March 31, 2025 and the period from September 11, 2023 (inception) through March 31, 2024

Financial highlights for the year ended March 31, 2025 and the period from September 11, 2023 (inception) through March 31, 2024

**Report of Independent Registered Public Accounting Firm (concluded)**

***Funds with inception during the year ended March 31, 2025:***

KraneShares Hedgeye Hedged Equity Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from July 15, 2024 (inception) through March 31, 2025

KraneShares Artificial Intelligence and Technology ETF

Statements of operations and changes in net assets and the financial highlights for the period from July 17, 2024 (inception) through March 31, 2025

KraneShares Sustainable Ultra Short Duration Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from July 25, 2024 (inception) through March 31, 2025

KraneShares China Alpha Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from August 27, 2024 (inception) through March 31, 2025

KraneShares Man Buyout Beta Index ETF

Statements of operations and changes in net assets and the financial highlights for the period from October 7, 2024 (inception) through March 31, 2025

**Notice To Shareholders (Unaudited)**

For shareholders that do not have a March 31, 2025 tax year end, this notice is for informational purposes only. For shareholders with a March 31, 2025 tax year end, please consult your tax advisor as to the pertinence of this notice. For the fiscal year ended March 31, 2025, the Funds are designating the following items with regard to distributions paid during the year.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Return of<br> Capital<sup>(1)</sup>** | **Long-Term Capital Gain Distributions** | **Ordinary Income Distributions** | **Total<br> Distributions** | **Qualifying for Corporate Dividends Received Deduction<sup>(2)</sup>** | **Qualifying Dividend Income<sup>(3)</sup>** | **Qualifying Business Income<sup>(4)</sup>** | **U.S. Government Interest<sup>(5)</sup>** | **Interest Related Dividends<sup>(6)</sup>** | **Short Term Capital Gain Dividends<sup>(7)</sup>** | **Foreign<br> Tax 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* | *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% | 0.00% | 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* | *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% | 0.82% | 0.00% | 13.12% |
| *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* | *KraneShares MSCI All China Index ETF* |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.32% | 78.55% | 0.00% | 0.00% | 0.50% | 0.00% | 9.13% |
| *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* | *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% | 0.00% | 67.96% | 0.00% | 0.00% | 1.03% | 0.00% | 10.97% |
| *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* | *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% | 0.00% | 0.00% | 0.00% | 0.31% | 0.00% | 11.47% |
| *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* | *KraneShares MSCI China Clean Technology Index ETF* | *KraneShares MSCI China Clean Technology Index ETF* | *KraneShares MSCI China Clean Technology Index ETF* |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 95.75% | 0.00% | 0.00% | 0.51% | 0.00% | 9.42% |
| *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* | *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% | 6.75% | 100.00% | 0.00% | 0.00% | 0.99% | 0.00% | 11.22% |
| *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* | *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% | 88.60% | 0.00% | 0.00% | 1.05% | 0.00% | 12.66% |
| *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* | *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* |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.86% | 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* | *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% | 0.10% | 32.94% | 0.00% | 0.00% | 0.54% | 0.00% | 15.60% |
| *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* | *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% | 15.16% | 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* | *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% | 26.44% | 73.56% | 100.00% | 50.51% | 49.14% | 4.37% | 0.00% | 0.11% | 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* | *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% | 23.83% | 29.10% | 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* | *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* | *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% | 2.37% | 0.00% | 0.00% | 1.94% | 0.00% | 0.00% |
| *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* | *KraneShares European Carbon Allowance Strategy ETF* |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 10.11% | 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* | *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% | 6.09% | 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* | *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* |
| 61.01% | 0.00% | 38.99% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.16% | 100.00% | 0.00% |
| *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* | *KraneShares Dynamic Emerging Markets Strategy ETF* |
| 0.00% | 0.00% | 100.00% | 100.00% | 0.19% | 61.38% | 0.00% | 0.00% | 1.52% | 0.00% | 0.00% |
| *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* | *KraneShares Global Luxury Index ETF* |
| 0.00% | 12.64% | 87.36% | 100.00% | 36.36% | 100.00% | 0.00% | 0.00% | 1.12% | 100.00% | 0.00% |
| *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* | *KraneShares Rockefeller Ocean Engagement ETF* |
| 0.00% | 14.83% | 85.17% | 100.00% | 29.51% | 100.00% | 0.00% | 0.00% | 4.36% | 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* | *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% | 8.71% | 91.29% | 100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.93% | 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* | *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% | 10.64% | 89.36% | 100.00% | 8.39% | 9.09% | 0.00% | 0.00% | 0.24% | 100.00% | 0.00% |

---

**Notice To Shareholders (Unaudited) (concluded)**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Return of<br> Capital<sup>(1)</sup>** | **Long-Term Capital Gain Distributions** | **Ordinary Income Distributions** | **Total<br> Distributions** | **Qualifying for Corporate Dividends Received Deduction<sup>(2)</sup>** | **Qualifying Dividend Income<sup>(3)</sup>** | **Qualifying Business Income<sup>(4)</sup>** | **U.S. Government Interest<sup>(5)</sup>** | **Interest Related Dividends<sup>(6)</sup>** | **Short Term Capital Gain Dividends<sup>(7)</sup>** | **Foreign<br> Tax Credit<sup>(8)</sup>** |
| *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* | *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% | 70.05% | 00.00% | 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* | *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% | 0.00% | 100.00% | 100.00% | 0.00% | 32.36% | 0.00% | 0.00% | 0.11% | 100.00% | 4.93% |
| *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* | *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% |

---

*(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.* 

*(6)* *The percentage in this column represents the amount of "Interest Related Dividends" and is reflected as a percentage of ordinary income distributions that is exempt from U.S. withholding tax when paid for foreign investors.* 

*(7)* *The percentage in this column represents the amount of "Short Term Capital Gain Dividends" and is reflected as a percentage of short term capital gain distributions that is exempt from U.S. withholding tax when paid for foreign investors.* 

*(8)* *The following Funds intend to pass through a foreign tax credit to their shareholders. For the fiscal year ended March 31, 2025, 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 | $5041109 | $610432 |
| KraneShares MSCI All China Index ETF | 226310 | 21612 |
| KraneShares MSCI One Belt One Road Index ETF | 131629 | 15101 |
| KraneShares Emerging Markets Consumer Technology Index ETF | 231017 | 14175 |
| KraneShares MSCI China Clean Technology Index ETF | 837940 | 74580 |
| KraneShares Electric Vehicles and Future Mobility Index ETF | 516384 | 67049 |
| KraneShares MSCI All China Health Care Index ETF | 611135 | 69200 |
| KraneShares MSCI Emerging Markets ex China Index ETF | 2269306 | 433815 |
| KraneShares China Alpha Index ETF | 108556 | 12296 |

---

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.**

Not applicable.

**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.**

At a meeting held on March 6-7, 2024, the Board of Trustees (the "Board") of KraneShares Trust (the "Trust"), including a majority of the Trustees who are not "interested persons" of the Trust, as that term is defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the existing investment advisory agreement (the "Advisory Agreement") between Krane Funds Advisors, LLC ("Krane") and the Trust, on behalf of a new series of the Trust: KraneShares Man Buyout Beta Index ETF ("New Fund"). The Board also considered and approved a proposed new sub-advisory agreement ("Sub-Advisory Agreement") between KFA, on behalf of the New Fund, and Numeric Investors, LLC ("Man" or "Sub-Adviser"). The Advisory Agreement and the Sub-Advisory Agreement are referred to collectively as the "Agreements."

In advance of the meeting, and at a separate meeting of the Independent Trustees in executive session held on March 6, 2024, the Board received and considered information provided by Krane and the Sub-Adviser in response to the Independent Trustees' written requests for information regarding the New Fund and the Agreements.

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

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

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

**A.** **Nature, Extent and Quality of Services** 

Based on written and oral reports received by the Board prior to and at the March 6, 2024 executive session of the Independent Trustees and the March 6-7, 2024 meeting of the Board, the Board considered the nature, quality, and extent of the overall services to be provided by Krane to the New Fund under the Advisory Agreement. The Board also considered the nature, quality, and extent of the overall services to be provided by Man to the New Fund. The Board took note of the qualifications, background and responsibilities of personnel at Krane and the Sub-Adviser who will provide services to the New Fund.

With respect to the New Fund, the Board noted that the proposed strategy was designed to be a closer proxy for private equity performance and risk exposures than a simple allocation to a standard public equity benchmark. The Board considered that the New Fund will provide: (1) a focus on small/mid capitalization stocks; (2) industry allocations that Man believes are more aligned with private equity deal trends; and (3) avoidance of the types of companies that buyout funds typically do not hold. The Board noted that Man has successfully managed this strategy in a different type of product for more than six years. The Board considered Krane's involvement with Man in developing the underlying index and refining the strategy for a registered investment company wrapper.

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

**B.** **Investment Performance** 

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

**C.** **Compensation** 

The Board considered that, pursuant to the Advisory Agreement, Krane will enter into a unitary advisory fee arrangement for the New Fund. The Board also considered that Krane structured the proposed fee for the New 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 New Fund, including those of its principal service providers, and that Krane takes the risk that the New Fund may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

**Other Information (Form N-CSR Items 8-11) (Unaudited) (continued)**

The Board considered the proposed fee for the New Fund compared to its respective Morningstar universe, noting that the proposed fees and expenses for the New Fund are higher than the median of the peer group.

With respect to the New Fund, the Board noted the significant experience of Man, the proposed sub-adviser, managing a similar strategy and recognized Man's access to expansive data science, research capabilities and infrastructure resources across its affiliated companies. The Board considered that the New Fund's strategy targeted the drivers of private equity performance rather than a statistical replication or indirect exposure to private equity. The Board considered Krane's representation that the New Fund's total expense ratio was lower than actively managed exchange traded funds that invest in small and mid-capitalization equities.

The Board considered that Krane structured the proposed fee for the New Fund in a manner that is consistent with the other thematic series of the Trust. The Board noted that under the unitary fee arrangement, Krane will be responsible for paying most of the expenses incurred by the New Fund, including those of its principal service providers. The Board considered that, under the unitary fee structure, Krane takes the risk that the New Fund may not be successful in raising sufficient assets to enable Krane to cover the cost of such expenses.

**D.** **Costs and Profitability** 

The Board considered pro-forma projected profit and loss statements for the New Fund. The Board recognized that, because the New Fund has not yet launched, it is difficult to estimate how profitable it will be to Krane, although the Board recognized that the New Fund will leverage procedures and systems put in place in connection with management of other series of the Trust. The Independent Trustees also considered information from Krane regarding its overall profitability and discussed with Krane's management how launching the New Fund could impact such profitability. The Board noted Krane's continuing commitment to operating the Trust and its continued use of a unitary fee structure under which it will bear many of the expenses of the New Fund. Based on these and other considerations, the Board considered that the profitability of the New Fund was not 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 New Fund. The Board considered that Krane would benefit if the New Fund would participate in the Trust's securities lending program and whether Krane would benefit as a result of its ability to use the New Fund's assets to engage in soft dollar transactions.

**F.** **Economies of Scale** 

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

**Other Information (Form N-CSR Items 8-11) (Unaudited) (concluded)**

**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. The Board noted that, consistent with its approach to other series of the Trust, it will continue to monitor the New Fund at its regular meetings, during executive sessions of the Independent Trustees and outside of the Board meetings. Based on its review, including consideration of each of the factors referenced above, the Board determined, in the exercise of its reasonable business judgment, that the advisory arrangements, as outlined in the Agreements, 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 | Etna Capital Management Company Ltd.<br> 1532 Nexxus Building<br> Connaught Road, Central Hong Kong |
| **Investment Adviser:** | **Sub-Adviser:** |
| Krane Funds Advisors, LLC<br> 280 Park Avenue 32nd Floor<br> New York, NY 10017 | Numeric Investors LLC<br> 200 Pier 4 Boulevard, Fifth Floor<br> Boston, MA 02210 |
| **Sub-Adviser:** | **Distributor:** |
| Bosera Asset Management<br> (International) Co., Ltd.<br> Suite 4109<br> Jardine House<br> One Connaught Place<br> Central, Hong Kong | SEI Investments Distribution Co.<br> One Freedom Valley Drive<br> Oaks, PA 19456 |
| **Sub-Adviser:** | **Administrator:** |
| Nikko Asset Management Americas, Inc.<br> 605 Third Avenue 38th Floor<br> New York, NY 10158 | SEI Investments Global Funds Services<br> One Freedom Valley Drive<br> Oaks, PA 19456 |
| **Sub-Adviser:** | **Independent Registered Public Accounting Firm:** |
| Climate Finance Partners LLC<br> 1000 N. West Street<br> Wilmington, DE 19801 | KPMG LLP<br> 1735 Market Street<br> Philadelphia, PA 19103 |
| **Sub-Adviser:** |  |
| Mount Lucas Index Advisers, LLC<br> 405 South State Street<br> Newtown, PA 18940 |  |
| **Sub-Adviser:** |  |
| Rockefeller & Co. LLC 45<br> Rockefeller Plaza 5th Floor<br> New York, NY 10111 |  |

---

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-001-1200

**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 6, 2025

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

---

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

---

Date: June 6, 2025

---

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

---

Date: June 6, 2025

## 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.

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| | |
|:---|:---|
| Date: | |
| | Principal Executive Officer – Jonathan Krane |
| Date: | |
|  | 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.

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| |
|:---|
| Date: |
| Principal Executive Officer<br> 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 6, 2025

---

| |
|:---|
| /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, 2025, 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 6, 2025

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| |
|:---|
| /s/ Jonathan Krane |
| Jonathan Krane |
| Principal Executive Officer and |
| Principal Financial Officer |

---