# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0001752724-25-211463
**Filing Date:** 2025-8
**Character Count:** 199836
**Document Hash:** 728983a5f174c55b6b777074530fb13b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-211463.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001752724-25-211463

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**PERIOD START**: 20260331

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22698
- **FILM NUMBER:** 251271066

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

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

## Nport-Ex

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares CSI China Internet ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% ‡** |  |  |
| **CHINA — 99.8%** |  |  |
| Communication Services — 42.0% |  |  |
| &nbsp;&nbsp;&nbsp;Autohome ADR | 2462635 | $63511357 |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 23835334 | 253383264 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 10317744 | 220418557 |
| &nbsp;&nbsp;&nbsp;China Literature \* | 17675200 | 67210792 |
| &nbsp;&nbsp;&nbsp;Cloud Music \* | 2837600 | 87116127 |
| &nbsp;&nbsp;&nbsp;iQIYI ADR \*<sup>(A)</sup> | 19764135 | 34982519 |
| &nbsp;&nbsp;&nbsp;JOYY ADR | 1071927 | 54571804 |
| &nbsp;&nbsp;&nbsp;Kanzhun ADR \* | 14065485 | 250928252 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 30491400 | 158866020 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 34536400 | 278490971 |
| &nbsp;&nbsp;&nbsp;NetEase | 9914705 | 266497166 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 9944375 | 637200080 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 13785971 | 268688575 |
| &nbsp;&nbsp;&nbsp;Weibo ADR | 3401135 | 32412816 |
|  |  | 2674278300 |
| Consumer Discretionary — 40.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 39635764 | 554395782 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 23140140 | 377022154 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 27882347 | 445051985 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR \* | 4439517 | 464639849 |
| &nbsp;&nbsp;&nbsp;TAL Education Group ADR \* | 16717065 | 170848404 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 47409400 | 118251726 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 4188100 | 243283261 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 12498168 | 188097429 |
|  |  | 2561590590 |
| Consumer Staples — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \*<sup>(A)</sup> | 215594000 | 130180326 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 43313487 | 237258591 |
|  |  | 367438917 |
| Financials — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;Qifu Technology ADR | 4611602 | 199959063 |
| &nbsp;&nbsp;&nbsp;ZhongAn Online P&C Insurance, Cl H \*<sup>(A)</sup> | 29743600 | 69187023 |
|  |  | 269146086 |
| Industrials — 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance ADR | 20259474 | 239264388 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Real Estate — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;KE Holdings, Cl A | 40854700 | $246689526 |
| TOTAL CHINA |  | 6358407807 |
| TOTAL COMMON STOCK<br> (Cost $6,147,592,541) |  | 6358407807 |
| **SHORT-TERM INVESTMENT — 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% <sup>(B)(C)</sup> | 213145272 | 213145272 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $213,145,272) |  | 213145272 |
| TOTAL INVESTMENTS — 103.1%<br> (Cost $6,360,737,813) |  | 6571553079 |
| OTHER ASSETS LESS LIABILITIES – (3.1)% |  | (197982734) |
| NET ASSETS - 100% |  | $6373570345 |

---

---

| | |
|:---|:---|
| *‡* | *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 June 30, 2025.* |
| *(B)* | *The rate shown is the 7-day effective yield as of June 30, 2025.* |
| *(C)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $213,145,272.* |

---

See "Glossary" for abbreviations.

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

KRS-QH-002-2400

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5% ‡** |  |  |
| **CHINA — 99.5%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;China United Network Communications, Cl A | 1835000 | $1367960 |
| &nbsp;&nbsp;&nbsp;Focus Media Information Technology, Cl A | 847602 | 863795 |
|  |  | 2231755 |
| Consumer Discretionary — 6.7% |  |  |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 176700 | 8187529 |
| &nbsp;&nbsp;&nbsp;Midea Group, Cl A | 353300 | 3561039 |
|  |  | 11748568 |
| Consumer Staples — 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food, Cl A | 205442 | 1115955 |
| &nbsp;&nbsp;&nbsp;Inner Mongolia Yili Industrial Group, Cl A | 282212 | 1098409 |
| &nbsp;&nbsp;&nbsp;Kweichow Moutai, Cl A | 53889 | 10603941 |
| &nbsp;&nbsp;&nbsp;Luzhou Laojiao, Cl A | 65246 | 1032911 |
| &nbsp;&nbsp;&nbsp;Muyuan Foods, Cl A | 242145 | 1420117 |
| &nbsp;&nbsp;&nbsp;Shanxi Xinghuacun Fen Wine Factory, Cl A | 54116 | 1332587 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin, Cl A | 172079 | 2856313 |
|  |  | 19460233 |
| Energy — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl A | 1614740 | 1271386 |
| &nbsp;&nbsp;&nbsp;China Shenhua Energy, Cl A | 328647 | 1859985 |
| &nbsp;&nbsp;&nbsp;PetroChina, Cl A | 1075600 | 1283846 |
| &nbsp;&nbsp;&nbsp;Shaanxi Coal Industry, Cl A | 483016 | 1297366 |
|  |  | 5712583 |
| Financials — 26.5% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 5078307 | 4168619 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 2095400 | 1643990 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 2341399 | 2614938 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 393918 | 1504589 |
| &nbsp;&nbsp;&nbsp;China Merchants Bank, Cl A | 1230567 | 7893812 |
| &nbsp;&nbsp;&nbsp;China Pacific Insurance Group, Cl A | 408314 | 2138146 |
| &nbsp;&nbsp;&nbsp;CITIC Securities, Cl A | 730521 | 2816776 |
| &nbsp;&nbsp;&nbsp;East Money Information, Cl A | 941631 | 3040551 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 842500 | 2253520 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 3752726 | 3976350 |
| &nbsp;&nbsp;&nbsp;Industrial Bank, Cl A | 1239222 | 4037810 |
| &nbsp;&nbsp;&nbsp;Ping An Bank, Cl A | 1157567 | 1950515 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group of China, Cl A | 641998 | 4972401 |
| &nbsp;&nbsp;&nbsp;Shanghai Pudong Development Bank, Cl A | 1750946 | 3392799 |
|  |  | 46404816 |
| Health Care — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 842987 | 6107791 |

---

**Schedule of Investments (Unaudited)** *June 30, 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 | 160253 | $5028076 |
|  |  | 11135867 |
| Industrials — 15.4% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 3999200 | 3210236 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 3365118 | 2710641 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 347051 | 12219932 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 1031130 | 2164996 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl A | 1981209 | 1947148 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 654115 | 2046406 |
| &nbsp;&nbsp;&nbsp;SF Holding, Cl A | 392359 | 2670812 |
|  |  | 26970171 |
| Information Technology — 13.4% |  |  |
| &nbsp;&nbsp;&nbsp;BOE Technology Group, Cl A | 5309745 | 2957621 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 59986 | 5037111 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 1902400 | 5678132 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 1041450 | 5043577 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 76288 | 4709564 |
|  |  | 23426005 |
| Materials — 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;Wanhua Chemical Group, Cl A | 673599 | 5102432 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 4270542 | 11625551 |
|  |  | 16727983 |
| Real Estate — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Shekou Industrial Zone Holdings, Cl A | 619900 | 758957 |
| &nbsp;&nbsp;&nbsp;Poly Developments and Holdings Group, Cl A | 818977 | 926089 |
|  |  | 1685046 |
| Utilities — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 1355300 | 1763386 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 1612270 | 6783861 |
|  |  | 8547247 |
| TOTAL CHINA |  | 174050274 |
| TOTAL COMMON STOCK<br> (Cost $168,458,498) |  | 174050274 |

---

**Schedule of Investments (Unaudited)** *June 30, 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;Kangmei Pharma <sup>‡‡</sup>\*<sup>(A)</sup> | 58879 | $— |
| TOTAL CHINA |  |  |
| TOTAL RIGHTS<br> (Cost $–) |  |  |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $168,458,498) |  | 174050274 |
| OTHER ASSETS LESS LIABILITIES – 0.5% |  | 919631 |
| NET ASSETS - 100% |  | $174969905 |

---

---

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

---

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

See "Glossary" for abbreviations.

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

KRS-QH-003-2300

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% ‡** |  |  |
| **CHINA — 43.4%** |  |  |
| Energy — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;China Petroleum & Chemical, Cl H | 140000 | $73299 |
| &nbsp;&nbsp;&nbsp;CNOOC Energy Technology & Services, Cl A | 12100 | 6892 |
|  |  | 80191 |
| Financials — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Changsha, Cl A | 7100 | 9853 |
| &nbsp;&nbsp;&nbsp;Bank of Chengdu, Cl A | 7500 | 21045 |
| &nbsp;&nbsp;&nbsp;Bank of Hangzhou, Cl A | 11100 | 26064 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 32155 | 53598 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 19491 | 31618 |
| &nbsp;&nbsp;&nbsp;Bank of Ningbo, Cl A | 11546 | 44101 |
| &nbsp;&nbsp;&nbsp;Bank of Suzhou, Cl A | 7900 | 9683 |
| &nbsp;&nbsp;&nbsp;Chongqing Rural Commercial Bank, Cl H | 14000 | 11824 |
|  |  | 207786 |
| Industrials — 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing New Building Materials, Cl A | 3108 | 11489 |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 85600 | 68713 |
| &nbsp;&nbsp;&nbsp;China Communications Services, Cl H | 16000 | 8662 |
| &nbsp;&nbsp;&nbsp;China Energy Engineering, Cl A | 58100 | 18087 |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 10100 | 16920 |
| &nbsp;&nbsp;&nbsp;China National Chemical Engineering, Cl A | 10900 | 11671 |
| &nbsp;&nbsp;&nbsp;China Railway Group, Cl H | 24500 | 11735 |
| &nbsp;&nbsp;&nbsp;China State Construction Engineering, Cl A | 71800 | 57836 |
| &nbsp;&nbsp;&nbsp;China XD Electric, Cl A | 9200 | 7886 |
| &nbsp;&nbsp;&nbsp;CRRC, Cl H | 26000 | 15699 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 35332 | 32554 |
| &nbsp;&nbsp;&nbsp;Dongfang Electric, Cl A | 5400 | 12620 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 6100 | 8729 |
| &nbsp;&nbsp;&nbsp;Goneo Group, Cl A | 1610 | 10845 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl H | 8000 | 11292 |
| &nbsp;&nbsp;&nbsp;Jiangsu Zhongtian Technology, Cl A | 6000 | 12112 |
| &nbsp;&nbsp;&nbsp;Liaoning Port, Cl A | 33500 | 7015 |
| &nbsp;&nbsp;&nbsp;Metallurgical Corp of China, Cl A | 32000 | 13312 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 14152 | 44275 |
| &nbsp;&nbsp;&nbsp;Ningbo Orient Wires & Cables, Cl A | 1200 | 8663 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 2500 | 7825 |
| &nbsp;&nbsp;&nbsp;Power Construction Corp of China, Cl A | 30000 | 20396 |
| &nbsp;&nbsp;&nbsp;Shanghai Electric Group, Cl A \* | 22100 | 22800 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 2450 | 22085 |
| &nbsp;&nbsp;&nbsp;Sichuan Road & Bridge, Cl A | 10500 | 14512 |
| &nbsp;&nbsp;&nbsp;TBEA, Cl A | 8967 | 14934 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 3800 | 12026 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Zhejiang Expressway, Cl H | 10000 | $9198 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl H | 2800 | 11271 |
|  |  | 525162 |
| Materials — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Anhui Conch Cement, Cl H | 7500 | 19070 |
| &nbsp;&nbsp;&nbsp;China National Building Material, Cl H | 23000 | 10987 |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 6324 | 21983 |
| &nbsp;&nbsp;&nbsp;China Rare Earth Resources And Technology, Cl A \* | 2000 | 10085 |
| &nbsp;&nbsp;&nbsp;Henan Shenhuo Coal Industry & Electricity Power, Cl A | 4000 | 9292 |
| &nbsp;&nbsp;&nbsp;Jinduicheng Molybdenum, Cl A | 5700 | 8705 |
| &nbsp;&nbsp;&nbsp;Shanjin International Gold, Cl A | 5000 | 13221 |
| &nbsp;&nbsp;&nbsp;Western Mining, Cl A | 4200 | 9751 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 1173 | 8496 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 2800 | 8177 |
| &nbsp;&nbsp;&nbsp;Yunnan Chihong Zinc & Germanium, Cl A | 9100 | 6720 |
|  |  | 126487 |
| Utilities — 17.0% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Holdings | 3000 | 12344 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 63000 | 21428 |
| &nbsp;&nbsp;&nbsp;China Gas Holdings | 16200 | 15127 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 19000 | 17112 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 36100 | 46970 |
| &nbsp;&nbsp;&nbsp;China Power International Development | 26000 | 9903 |
| &nbsp;&nbsp;&nbsp;China Resources Gas Group | 5600 | 14303 |
| &nbsp;&nbsp;&nbsp;China Resources Power Holdings | 12635 | 30485 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 50200 | 29854 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 42900 | 180508 |
| &nbsp;&nbsp;&nbsp;Datang International Power Generation, Cl A | 22400 | 9913 |
| &nbsp;&nbsp;&nbsp;ENN Energy Holdings | 4700 | 37540 |
| &nbsp;&nbsp;&nbsp;ENN Natural Gas, Cl A | 4600 | 12137 |
| &nbsp;&nbsp;&nbsp;GD Power Development, Cl A | 31300 | 21149 |
| &nbsp;&nbsp;&nbsp;Huadian Power International, Cl A | 15342 | 11715 |
| &nbsp;&nbsp;&nbsp;Huaneng Lancang River Hydropower, Cl A | 9700 | 12932 |
| &nbsp;&nbsp;&nbsp;Huaneng Power International, Cl H | 25000 | 16115 |
| &nbsp;&nbsp;&nbsp;Kunlun Energy | 24000 | 23297 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 14106 | 29027 |
| &nbsp;&nbsp;&nbsp;Shenergy, Cl A | 8719 | 10468 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 8584 | 19222 |
| &nbsp;&nbsp;&nbsp;Wintime Energy Group, Cl A | 39700 | 7427 |
| &nbsp;&nbsp;&nbsp;Zhejiang Zheneng Electric Power, Cl A | 19900 | 14724 |
|  |  | 603700 |
| TOTAL CHINA |  | 1543326 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **GREECE — 0.3%** |  |  |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aegean Airlines | 643 | $9208 |
| TOTAL GREECE |  | 9208 |
| **INDIA — 5.5%** |  |  |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Great Eastern Shipping | 1615 | 18433 |
| Industrials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;AIA Engineering | 657 | 25356 |
| &nbsp;&nbsp;&nbsp;Azad Engineering \* | 413 | 8016 |
| &nbsp;&nbsp;&nbsp;GMM Pfaudler | 472 | 6557 |
|  |  | 39929 |
| Materials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Navin Fluorine International | 476 | 26753 |
| &nbsp;&nbsp;&nbsp;PI Industries | 1186 | 56765 |
| &nbsp;&nbsp;&nbsp;UPL | 7041 | 54290 |
|  |  | 137808 |
| TOTAL INDIA |  | 196170 |
| **INDONESIA — 5.5%** |  |  |
| Energy — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Medco Energi Internasional | 117100 | 8980 |
| Materials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Amman Mineral Internasional \* | 103400 | 53818 |
| &nbsp;&nbsp;&nbsp;Chandra Asri Pacific | 134700 | 81932 |
| &nbsp;&nbsp;&nbsp;Indah Kiat Pulp & Paper | 39600 | 14025 |
| &nbsp;&nbsp;&nbsp;Merdeka Battery Materials \* | 402900 | 11416 |
| &nbsp;&nbsp;&nbsp;Merdeka Copper Gold \* | 132800 | 16360 |
| &nbsp;&nbsp;&nbsp;Pabrik Kertas Tjiwi Kimia | 22500 | 7795 |
|  |  | 185346 |
| TOTAL INDONESIA |  | 194326 |
| **ISRAEL — 3.8%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services | 1922 | 30925 |
| Materials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;ICL Group | 12131 | 83179 |
| &nbsp;&nbsp;&nbsp;The Israel Corp | 60 | 20021 |
|  |  | 103200 |
| TOTAL ISRAEL |  | 134125 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **KAZAKHSTAN — 1.1%** |  |  |
| Energy — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;NAC Kazatomprom JSC GDR | 947 | $40910 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Solidcore Resources \*<sup>(A)</sup> | 7154 |  |
| TOTAL KAZAKHSTAN |  | 40910 |
| **KUWAIT — 10.2%** |  |  |
| Financials — 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;Kuwait Finance House | 135076 | 354312 |
| &nbsp;&nbsp;&nbsp;Kuwait Projects Holding \* | 25047 | 7299 |
| TOTAL KUWAIT |  | 361611 |
| **MALAYSIA — 1.5%** |  |  |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sime Darby | 44200 | 17321 |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 43600 | 36139 |
| TOTAL MALAYSIA |  | 53460 |
| **PHILIPPINES — 0.9%** |  |  |
| Industrials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aboitiz Equity Ventures | 26700 | 16542 |
| &nbsp;&nbsp;&nbsp;JG Summit | 41042 | 14558 |
| TOTAL PHILIPPINES |  | 31100 |
| **POLAND — 2.2%** |  |  |
| Materials — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz \* | 2190 | 78116 |
| TOTAL POLAND |  | 78116 |
| **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 |  |
| &nbsp;&nbsp;&nbsp;Segezha Group PJSC \*<sup>(A)(B)</sup> | 78500 |  |
| TOTAL RUSSIA |  |  |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **SINGAPORE — 9.8%** |  |  |
| Financials — 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking | 18712 | $239620 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Financial Holding | 12600 | 7321 |
|  |  | 246941 |
| Industrials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Singapore Airlines | 8400 | 45969 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering | 8900 | 54435 |
|  |  | 100404 |
| TOTAL SINGAPORE |  | 347345 |
| **SOUTH AFRICA — 9.8%** |  |  |
| Materials — 9.8% |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum | 3319 | 147600 |
| &nbsp;&nbsp;&nbsp;Impala Platinum Holdings \* | 14145 | 126500 |
| &nbsp;&nbsp;&nbsp;Kumba Iron Ore | 992 | 15911 |
| &nbsp;&nbsp;&nbsp;Northam Platinum Holdings | 5578 | 60174 |
| TOTAL SOUTH AFRICA |  | 350185 |
| **THAILAND — 4.1%** |  |  |
| Energy — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 157000 | 144884 |
| TOTAL THAILAND |  | 144884 |
| **TÜRKIYE — 1.7%** |  |  |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Turk Hava Yollari AO | 8626 | 61454 |
| TOTAL TÜRKIYE |  | 61454 |
| TOTAL COMMON STOCK<br> (Cost $3,986,597) |  | 3546220 |
| **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 — 99.8%<br> (Cost $4,061,443) |  | 3546220 |
| OTHER ASSETS LESS LIABILITIES – 0.2% |  | 7713 |
| NET ASSETS - 100% |  | $3553933 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | |
|:---|:---|
| *‡* | *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.* |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-006-1600

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Emerging Markets Consumer Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.8% ‡** |  |  |
| **AUSTRALIA — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;IDP Education | 72665 | $174769 |
| TOTAL AUSTRALIA |  | 174769 |
| **BRAZIL — 3.4%** |  |  |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;MercadoLibre \* | 247 | 645567 |
| Information Technology — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;TOTVS | 24200 | 187158 |
| TOTAL BRAZIL |  | 832725 |
| **CHINA — 42.7%** |  |  |
| Communication Services — 15.4% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 54114 | 575263 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 28060 | 599447 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 75400 | 608003 |
| &nbsp;&nbsp;&nbsp;NetEase | 31800 | 854752 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 12575 | 805761 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 18800 | 181653 |
| &nbsp;&nbsp;&nbsp;Weibo, Cl A | 18100 | 175812 |
|  |  | 3800691 |
| Consumer Discretionary — 16.2% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 54600 | 763705 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 49175 | 801208 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 44897 | 716636 |
| &nbsp;&nbsp;&nbsp;PDD Holdings ADR \* | 8079 | 845548 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 62800 | 156640 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 9500 | 551847 |
| &nbsp;&nbsp;&nbsp;Vipshop Holdings ADR | 11778 | 177259 |
|  |  | 4012843 |
| Consumer Staples — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \*<sup>(A)</sup> | 1008000 | 608652 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 112600 | 616790 |
|  |  | 1225442 |
| Information Technology — 6.1% |  |  |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A \* | 178700 | 671547 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor <sup>(A)</sup> | 44000 | 194497 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 332000 | 653004 |
|  |  | 1519048 |
| TOTAL CHINA |  | 10558024 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **GREECE — 0.7%** |  |  |
| Consumer Discretionary — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;OPAP | 7958 | $179823 |
| TOTAL GREECE |  | 179823 |
| **INDIA — 3.9%** |  |  |
| Consumer Discretionary — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Zomato \* | 197785 | 609199 |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;One 97 Communications \* | 15782 | 170039 |
| &nbsp;&nbsp;&nbsp;PB Fintech \* | 8099 | 172246 |
|  |  | 342285 |
| TOTAL INDIA |  | 951484 |
| **INDONESIA — 0.7%** |  |  |
| Communication Services — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;MNC Digital Entertainment \* | 5593800 | 180890 |
| TOTAL INDONESIA |  | 180890 |
| **JAPAN — 2.7%** |  |  |
| Communication Services — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Nexon | 32500 | 654748 |
| TOTAL JAPAN |  | 654748 |
| **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 |  |  |
| **SINGAPORE — 3.4%** |  |  |
| Communication Services — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;Sea ADR \* | 5274 | 843524 |
| TOTAL SINGAPORE |  | 843524 |
| **SOUTH AFRICA — 5.8%** |  |  |
| Consumer Discretionary — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;Delivery Hero, Cl A \* | 22179 | 598018 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 2707 | $840129 |
| TOTAL SOUTH AFRICA |  | 1438147 |
| **SOUTH KOREA — 23.2%** |  |  |
| Communication Services — 15.4% |  |  |
| &nbsp;&nbsp;&nbsp;Kakao | 16147 | 717857 |
| &nbsp;&nbsp;&nbsp;Kakao Games \* | 14239 | 201726 |
| &nbsp;&nbsp;&nbsp;Krafton \* | 2151 | 578551 |
| &nbsp;&nbsp;&nbsp;NAVER | 4036 | 785010 |
| &nbsp;&nbsp;&nbsp;NCSoft | 4632 | 708735 |
| &nbsp;&nbsp;&nbsp;Netmarble | 13434 | 617152 |
| &nbsp;&nbsp;&nbsp;Pearl Abyss \* | 6300 | 197459 |
|  |  | 3806490 |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Coupang, Cl A \* | 21126 | 632935 |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;SK Square \* | 1874 | 254106 |
| Information Technology — 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 4844 | 1048050 |
| TOTAL SOUTH KOREA |  | 5741581 |
| **TAIWAN — 11.8%** |  |  |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;momo.com | 16765 | 154381 |
| Information Technology — 11.2% |  |  |
| &nbsp;&nbsp;&nbsp;Nanya Technology \* | 326000 | 571382 |
| &nbsp;&nbsp;&nbsp;Powerchip Semiconductor Manufacturing \* | 336000 | 177133 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 24000 | 870875 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 382000 | 577995 |
| &nbsp;&nbsp;&nbsp;Vanguard International Semiconductor | 57000 | 196101 |
| &nbsp;&nbsp;&nbsp;VisEra Technologies | 23000 | 182271 |
| &nbsp;&nbsp;&nbsp;Win Semiconductors | 62000 | 184013 |
|  |  | 2759770 |
| TOTAL TAIWAN |  | 2914151 |
| **URUGUAY — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Dlocal, Cl A | 17145 | 194424 |
| TOTAL URUGUAY |  | 194424 |
| TOTAL COMMON STOCK<br> (Cost $22,710,971) |  | 24664290 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% <sup>(D)(E)</sup> | 764748 | $764748 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $764,748) |  | 764748 |
| TOTAL INVESTMENTS — 102.9%<br> (Cost $23,475,719) |  | 25429038 |
| OTHER ASSETS LESS LIABILITIES – (2.9)% |  | (724130) |
| NET ASSETS - 100% |  | $24704908 |

---

---

| | |
|:---|:---|
| *‡* | *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 June 30, 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 June 30, 2025.* |
| *(E)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $764,748.* |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-007-1600

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares MSCI China Clean Technology Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.3% ‡** |  |  |
| **CHINA — 98.9%** |  |  |
| Consumer Discretionary — 38.4% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A \* | 220900 | $227279 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 7600 | 352152 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 253500 | 3955892 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 361200 | 4923363 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A \* | 643010 | 2244392 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 64600 | 1211349 |
| &nbsp;&nbsp;&nbsp;Tianneng Power International | 442000 | 354163 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 510300 | 4589450 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 828694 | 1325910 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology \* | 324600 | 2261862 |
|  |  | 21445812 |
| Industrials — 19.8% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing-Shanghai High Speed Railway, Cl A | 1961300 | 1574374 |
| &nbsp;&nbsp;&nbsp;China Conch Venture Holdings | 952500 | 1099318 |
| &nbsp;&nbsp;&nbsp;China Everbright Environment Group | 2456216 | 1195254 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 142450 | 5015774 |
| &nbsp;&nbsp;&nbsp;Goldwind Science & Technology, Cl A | 137135 | 196231 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 72800 | 329895 |
| &nbsp;&nbsp;&nbsp;Ningbo Deye Technology, Cl A | 36225 | 266307 |
| &nbsp;&nbsp;&nbsp;Ningbo Sanxing Medical Electric, Cl A | 55100 | 172458 |
| &nbsp;&nbsp;&nbsp;Sungrow Power Supply, Cl A | 82160 | 777309 |
| &nbsp;&nbsp;&nbsp;Zhejiang Chint Electrics, Cl A | 85600 | 270908 |
| &nbsp;&nbsp;&nbsp;Zhejiang Weiming Environment Protection, Cl A | 68699 | 182989 |
|  |  | 11080817 |
| Information Technology — 19.7% |  |  |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 284837 | 204388 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 146593 | 187254 |
| &nbsp;&nbsp;&nbsp;Flat Glass Group, Cl A | 74600 | 158403 |
| &nbsp;&nbsp;&nbsp;GDS Holdings, Cl A \* | 699200 | 2627567 |
| &nbsp;&nbsp;&nbsp;JA Solar Technology, Cl A \* | 130768 | 182191 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A \* | 394819 | 286063 |
| &nbsp;&nbsp;&nbsp;JinkoSolar Holding ADR | 23089 | 489949 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 1483000 | 2916882 |
| &nbsp;&nbsp;&nbsp;Kingsoft Cloud Holdings \* | 1504000 | 1272173 |
| &nbsp;&nbsp;&nbsp;LONGi Green Energy Technology, Cl A | 300546 | 630198 |
| &nbsp;&nbsp;&nbsp;Sanan Optoelectronics, Cl A | 198600 | 344347 |
| &nbsp;&nbsp;&nbsp;TCL Zhonghuan Renewable Energy Technology, Cl A | 159600 | 171116 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A \* | 85274 | 172973 |
| &nbsp;&nbsp;&nbsp;Tuya ADR | 178453 | 412226 |
| &nbsp;&nbsp;&nbsp;Xinyi Solar Holdings | 2957588 | 938139 |
|  |  | 10993869 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities — 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Enterprises Water Group | 2678500 | $808668 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl A | 597000 | 303369 |
| &nbsp;&nbsp;&nbsp;CGN Power, Cl H | 6779000 | 2305724 |
| &nbsp;&nbsp;&nbsp;China Datang Renewable Power, Cl H | 1573000 | 488933 |
| &nbsp;&nbsp;&nbsp;China Longyuan Power Group, Cl H | 2136800 | 1924481 |
| &nbsp;&nbsp;&nbsp;China National Nuclear Power, Cl A | 827600 | 1076793 |
| &nbsp;&nbsp;&nbsp;China Three Gorges Renewables Group, Cl A | 1143900 | 680289 |
| &nbsp;&nbsp;&nbsp;China Yangtze Power, Cl A | 611800 | 2574238 |
| &nbsp;&nbsp;&nbsp;Huaneng Lancang River Hydropower, Cl A | 217400 | 289840 |
| &nbsp;&nbsp;&nbsp;SDIC Power Holdings, Cl A | 323200 | 665066 |
| &nbsp;&nbsp;&nbsp;Sichuan Chuantou Energy, Cl A | 197100 | 441354 |
| &nbsp;&nbsp;&nbsp;Xinyi Energy Holdings | 1362000 | 199529 |
|  |  | 11758284 |
| TOTAL CHINA |  | 55278782 |
| **HONG KONG — 0.4%** |  |  |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Concord New Energy Group | 3570000 | 231936 |
| TOTAL HONG KONG |  | 231936 |
| TOTAL COMMON STOCK<br> (Cost $47,915,522) |  | 55510718 |
| TOTAL INVESTMENTS — 99.3%<br> (Cost $47,915,522) |  | 55510718 |
| OTHER ASSETS LESS LIABILITIES – 0.7% |  | 367933 |
| NET ASSETS - 100% |  | $55878651 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-008-1600

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 94.2% ‡** |  |  |
| **AUSTRALIA — 6.9%** |  |  |
| Materials — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;IGO | 325625 | $889872 |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths \* | 303275 | 1711251 |
| &nbsp;&nbsp;&nbsp;Mineral Resources \* | 38276 | 540816 |
| &nbsp;&nbsp;&nbsp;Pilbara Minerals \* | 1297523 | 1135194 |
| TOTAL AUSTRALIA |  | 4277133 |
| **BELGIUM — 1.8%** |  |  |
| Materials — 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;Umicore | 74487 | 1091205 |
| TOTAL BELGIUM |  | 1091205 |
| **CHINA — 51.9%** |  |  |
| Consumer Discretionary — 25.7% |  |  |
| &nbsp;&nbsp;&nbsp;BAIC BluePark New Energy Technology, Cl A \* | 740600 | 761986 |
| &nbsp;&nbsp;&nbsp;BYD, Cl A | 43500 | 2015606 |
| &nbsp;&nbsp;&nbsp;Geely Automobile Holdings | 944000 | 1919266 |
| &nbsp;&nbsp;&nbsp;Guangzhou Automobile Group, Cl H <sup>(A)</sup> | 1088000 | 397778 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 170600 | 2325376 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A \* | 381860 | 1332862 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 83100 | 1558252 |
| &nbsp;&nbsp;&nbsp;Shenzhen Kedali Industry, Cl A | 36436 | 575649 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 244400 | 2198043 |
| &nbsp;&nbsp;&nbsp;Yadea Group Holdings | 522000 | 835200 |
| &nbsp;&nbsp;&nbsp;ZEEKR Intelligent Technology Holding ADR \*<sup>(A)</sup> | 22755 | 580253 |
| &nbsp;&nbsp;&nbsp;Zhejiang Leapmotor Technology \* | 192600 | 1342066 |
|  |  | 15842337 |
| Industrials — 15.7% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Easpring Material Technology, Cl A | 65700 | 402373 |
| &nbsp;&nbsp;&nbsp;China Baoan Group, Cl A | 345307 | 428070 |
| &nbsp;&nbsp;&nbsp;CNGR Advanced Material, Cl A | 123570 | 567206 |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology, Cl A | 65020 | 2289404 |
| &nbsp;&nbsp;&nbsp;Eve Energy, Cl A | 238860 | 1527565 |
| &nbsp;&nbsp;&nbsp;GEM, Cl A | 677140 | 600272 |
| &nbsp;&nbsp;&nbsp;Gotion High-tech, Cl A | 241489 | 1094314 |
| &nbsp;&nbsp;&nbsp;Hunan Yuneng New Energy Battery Material, Cl A | 101000 | 439777 |
| &nbsp;&nbsp;&nbsp;Qingdao TGOOD Electric, Cl A | 140600 | 470489 |
| &nbsp;&nbsp;&nbsp;Wuxi Lead Intelligent Equipment, Cl A | 206800 | 717419 |
| &nbsp;&nbsp;&nbsp;Zhejiang Huayou Cobalt, Cl A | 226563 | 1170904 |
|  |  | 9707793 |
| Materials — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;CMOC Group, Cl A | 1473200 | 1731688 |
| &nbsp;&nbsp;&nbsp;Ganfeng Lithium Group, Cl A | 213557 | 1006795 |

---

**Schedule of Investments (Unaudited)** *June 30, 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 | 252094 | $637700 |
| &nbsp;&nbsp;&nbsp;Ningbo Shanshan, Cl A \* | 301300 | 397911 |
| &nbsp;&nbsp;&nbsp;Shanghai Putailai New Energy Technology, Cl A | 263999 | 692140 |
| &nbsp;&nbsp;&nbsp;Tianqi Lithium, Cl A \* | 195200 | 873109 |
| &nbsp;&nbsp;&nbsp;Xiamen Tungsten, Cl A | 211851 | 618711 |
| &nbsp;&nbsp;&nbsp;Yunnan Energy New Material, Cl A \* | 128100 | 523799 |
|  |  | 6481853 |
| TOTAL CHINA |  | 32031983 |
| **INDONESIA — 1.3%** |  |  |
| Materials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aneka Tambang | 4156200 | 778248 |
| TOTAL INDONESIA |  | 778248 |
| **JAPAN — 4.9%** |  |  |
| Consumer Discretionary — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings | 221800 | 2388521 |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Nidec | 30900 | 600052 |
| TOTAL JAPAN |  | 2988573 |
| **SOUTH KOREA — 10.8%** |  |  |
| Industrials — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Ecopro \* | 23036 | 1717118 |
| &nbsp;&nbsp;&nbsp;L&F \* | 11482 | 419430 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution \* | 7514 | 1653570 |
| &nbsp;&nbsp;&nbsp;POSCO Future M \* | 12453 | 1166315 |
|  |  | 4956433 |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 13087 | 1675632 |
| TOTAL SOUTH KOREA |  | 6632065 |
| **SWEDEN — 0.8%** |  |  |
| Consumer Discretionary — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Volvo Car, Cl B \*<sup>(A)</sup> | 285047 | 519523 |
| TOTAL SWEDEN |  | 519523 |
| **UNITED STATES — 15.8%** |  |  |
| Consumer Discretionary — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;Lucid Group \*<sup>(A)</sup> | 561885 | 1185577 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Cl A \* | 149600 | 2055504 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 6909 | 2194713 |
|  |  | 5435794 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Plug Power \*<sup>(A)</sup> | 425234 | $633599 |
| Materials — 6.0% |  |  |
| &nbsp;&nbsp;&nbsp;Albemarle | 26266 | 1646090 |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 61654 | 2051229 |
|  |  | 3697319 |
| TOTAL UNITED STATES |  | 9766712 |
| TOTAL COMMON STOCK <br> (Cost $72,056,418) |  | 58085442 |
| **PREFERRED STOCK — 4.8%** |  |  |
| **CHILE — 2.5%** |  |  |
| Materials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile <sup>(B)</sup> | 44291 | 1575339 |
| **GERMANY — 2.3%** |  |  |
| Consumer Discretionary — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Dr Ing hc F Porsche <sup>(B)</sup> | 28342 | 1395309 |
| TOTAL PREFERRED STOCK <br> (Cost $5,100,787) |  | 2970648 |
| **SHORT-TERM INVESTMENT — 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% <sup>(C)(D)</sup> | 2857423 | 2857423 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $2,857,423) |  | 2857423 |
| TOTAL INVESTMENTS — 103.6%<br> (Cost $80,014,628) |  | 63913513 |
| OTHER ASSETS LESS LIABILITIES – (3.6)% |  | (2230100) |
| NET ASSETS - 100% |  | $61683413 |

---

---

| | |
|:---|:---|
| *‡* | *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 June 30, 2025.* |
| *(B)* | *Currently, no stated interest rate.* |
| *(C)* | *The rate shown is the 7-day effective yield as of June 30, 2025.* |
| *(D)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $2,857,423.* |

---

See "Glossary" for abbreviations.

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

KRS-QH-009-1500

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.7%** **‡** |  |  |
| **CHINA — 94.3%** |  |  |
| Health Care — 94.3% |  |  |
| &nbsp;&nbsp;&nbsp;Aier Eye Hospital Group, Cl A | 1485163 | $2587526 |
| &nbsp;&nbsp;&nbsp;Akeso \* | 333000 | 3900554 |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 22504 | 933065 |
| &nbsp;&nbsp;&nbsp;BeiGene \* | 408718 | 7695353 |
| &nbsp;&nbsp;&nbsp;Beijing Tiantan Biological Products, Cl A | 314789 | 843316 |
| &nbsp;&nbsp;&nbsp;Beijing Tong Ren Tang, Cl A | 218390 | 1099397 |
| &nbsp;&nbsp;&nbsp;Beijing Wantai Biological Pharmacy Enterprise, Cl A \* | 167642 | 1427607 |
| &nbsp;&nbsp;&nbsp;Changchun High-Tech Industry Group, Cl A \* | 64908 | 898707 |
| &nbsp;&nbsp;&nbsp;China Resources Pharmaceutical Group | 1001500 | 653208 |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical, Cl A | 265811 | 1160742 |
| &nbsp;&nbsp;&nbsp;Chongqing Zhifei Biological Products, Cl A | 381072 | 1042167 |
| &nbsp;&nbsp;&nbsp;CSPC Innovation Pharmaceutical, Cl A | 209257 | 1510019 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group | 4020889 | 3944057 |
| &nbsp;&nbsp;&nbsp;Dong-E-E-Jiao, Cl A | 102540 | 748671 |
| &nbsp;&nbsp;&nbsp;Genscript Biotech \* | 632000 | 1191541 |
| &nbsp;&nbsp;&nbsp;Guangzhou Baiyunshan Pharmaceutical Holdings, Cl A | 223850 | 823756 |
| &nbsp;&nbsp;&nbsp;Haisco Pharmaceutical Group, Cl A | 148600 | 875857 |
| &nbsp;&nbsp;&nbsp;Hangzhou Tigermed Consulting, Cl A | 59050 | 439548 |
| &nbsp;&nbsp;&nbsp;Hansoh Pharmaceutical Group | 630000 | 2387580 |
| &nbsp;&nbsp;&nbsp;Huadong Medicine, Cl A | 279341 | 1573917 |
| &nbsp;&nbsp;&nbsp;Hualan Biological Engineering, Cl A | 291147 | 636909 |
| &nbsp;&nbsp;&nbsp;Humanwell Healthcare Group, Cl A | 259900 | 761216 |
| &nbsp;&nbsp;&nbsp;Imeik Technology Development, Cl A | 48140 | 1174812 |
| &nbsp;&nbsp;&nbsp;Innovent Biologics \* | 429500 | 4289529 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals, Cl A | 951028 | 6890593 |
| &nbsp;&nbsp;&nbsp;Jiangsu Yuyue Medical Equipment & Supply, Cl A | 159610 | 793243 |
| &nbsp;&nbsp;&nbsp;Pharmaron Beijing, Cl A | 235075 | 805336 |
| &nbsp;&nbsp;&nbsp;Shandong Weigao Group Medical Polymer, Cl H | 1321600 | 1028659 |
| &nbsp;&nbsp;&nbsp;Shanghai Fosun Pharmaceutical Group, Cl A | 337429 | 1181895 |
| &nbsp;&nbsp;&nbsp;Shanghai Pharmaceuticals Holding, Cl A | 444112 | 1108551 |
| &nbsp;&nbsp;&nbsp;Shanghai RAAS Blood Products, Cl A | 1056934 | 1013679 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl A | 131232 | 2340252 |
| &nbsp;&nbsp;&nbsp;Shenzhen Mindray Bio-Medical Electronics, Cl A | 180655 | 5668206 |
| &nbsp;&nbsp;&nbsp;Shenzhen New Industries Biomedical Engineering, Cl A | 125200 | 991372 |
| &nbsp;&nbsp;&nbsp;Shenzhen Salubris Pharmaceuticals, Cl A | 177465 | 1172587 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A \* | 31930 | 1319966 |
| &nbsp;&nbsp;&nbsp;Sichuan Kelun Pharmaceutical, Cl A | 254515 | 1276279 |
| &nbsp;&nbsp;&nbsp;Sinopharm Group, Cl H | 712800 | 1668951 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl A | 315320 | 3061573 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec, Cl H <sup>(A)</sup> | 130284 | 1305330 |
| &nbsp;&nbsp;&nbsp;Wuxi Biologics Cayman \* | 1737635 | 5677750 |
| &nbsp;&nbsp;&nbsp;Yunnan Baiyao Group, Cl A | 284123 | 2212884 |

---

**Schedule of Investments (Unaudited)** *June 30, 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 | 96034 | $2681468 |
| TOTAL CHINA |  | 84797628 |
| **HONG KONG — 4.1%** |  |  |
| Health Care — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Sino Biopharmaceutical | 5487750 | 3677142 |
| TOTAL HONG KONG |  | 3677142 |
| **UNITED STATES — 1.3%** |  |  |
| Health Care — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Legend Biotech ADR \* | 34161 | 1212374 |
| TOTAL UNITED STATES |  | 1212374 |
| TOTAL COMMON STOCK<br> (Cost $81,714,617) |  | 89687144 |

---

---

| | |
|:---|:---|
|  | **Number of**<br> **Rights** |
| **RIGHTS — 0.0%** |  |
| **CHINA — 0.0%** |  |
| Health Care — 0.0% |  |
| &nbsp;&nbsp;&nbsp;Kangmei Pharma <sup>‡‡</sup>\*<sup>(B)</sup> | 105188 |
| TOTAL CHINA |  |
| TOTAL RIGHTS<br> (Cost $–) |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SHORT-TERM INVESTMENT — 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, AGPXX, Cl Institutional, 4.260% <sup>(C)(D)</sup> | 1234695 | 1234695 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,234,695) |  | 1234695 |
| TOTAL INVESTMENTS — 101.1% (Cost $82,949,312) |  | 90921839 |
| OTHER ASSETS LESS LIABILITIES – (1.1)% |  | (988258) |
| NET ASSETS - 100% |  | $89933581 |

---

---

| | |
|:---|:---|
| *‡* | *Industries are utilized for compliance purposes, whereas sectors are utilized for reporting.* |
| *\** | *Non-income producing security.* |
| *‡‡* | *Expiration date not available.* |
| *(A)* | *Certain securities or partial positions of certain securities are on loan at June 30, 2025.* |
| *(B)* | *Level 3 security in accordance with fair value hierarchy.* |
| *(C)* | *The rate shown is the 7-day effective yield as of June 30, 2025.* |
| *(D)* | *This security was purchased with cash collateral held from securities on loan. The total value of such security as of June 30, 2025 was $1,234,695.* |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

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

See "Glossary" for abbreviations.

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

KRS-QH-010-1500

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF**

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 93.6%** |  |  |
| **AUSTRALIA — 1.1%** |  |  |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Perenti Finance Pty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.500%, 04/26/2029 | $250000 | $258427 |
| **CHINA — 24.1%** |  |  |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fortune Star BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.050%, 01/27/2027 | 400000 | 385106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/18/2026 | 400000 | 392387 |
| &nbsp;&nbsp;&nbsp;Health & Happiness H&H International Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.125%, 07/24/2028 | 200000 | 203278 |
|  |  | 980771 |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;China Hongqiao Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.050%, 01/10/2028 | 200000 | 203600 |
| Real Estate — 17.5% |  |  |
| &nbsp;&nbsp;&nbsp;Central Plaza Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.150%, 03/21/2028 | 350000 | 353111 |
| &nbsp;&nbsp;&nbsp;Franshion Brilliant |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, H15T5Y + 5.584% <sup>(A)(B)</sup> | 400000 | 395800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 07/23/2029 | 200000 | 177634 |
| &nbsp;&nbsp;&nbsp;GLP China Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 03/29/2026 | 600000 | 565515 |
| &nbsp;&nbsp;&nbsp;Greentown China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.450%, 02/24/2028 | 500000 | 507851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.650%, 07/13/2025 | 200000 | 199908 |
| &nbsp;&nbsp;&nbsp;Longfor Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 01/16/2028 | 200000 | 178692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 04/13/2027 | 400000 | 362970 |
| &nbsp;&nbsp;&nbsp;Pingan Real Estate Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.450%, 07/29/2026 | 500000 | 481250 |
| &nbsp;&nbsp;&nbsp;Shui On Development Holding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/29/2026 | 400000 | 386811 |
| &nbsp;&nbsp;&nbsp;Wanda Properties Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 01/12/2026 | 150000 | 146858 |
| &nbsp;&nbsp;&nbsp;Yanlord Land HK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/20/2026 | 450000 | 438747 |
|  |  | 4195147 |
| Utilities — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;China Oil & Gas Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 06/30/2026 | 400000 | 392326 |
| TOTAL CHINA |  | 5771844 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **HONG KONG — 11.1%** |  |  |
| Consumer Discretionary — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Melco Resorts Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.625%, 04/17/2032 | $200000 | $202119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 07/17/2027 | 400000 | 399174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 12/04/2029 | 400000 | 373899 |
|  |  | 975192 |
| Financials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;FWD Group Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.045%, H15T5Y + 4.865% <sup>(A)(B)</sup> | 400000 | 401504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.675%, H15T5Y + 3.075% <sup>(A)(B)</sup> | 400000 | 387781 |
|  |  | 789285 |
| Industrials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Cheung Kong Infrastructure Finance BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/29/2174 <sup>(B)</sup> | 200000 | 132813 |
| Real Estate — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Elect Global Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.200%, H15T5Y + 3.277% <sup>(A)(B)</sup> | 400000 | 387166 |
| &nbsp;&nbsp;&nbsp;NWD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 02/08/2028 | 200000 | 129612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.875%, 06/16/2027 | 200000 | 138009 |
| &nbsp;&nbsp;&nbsp;NWD Finance BVI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/22/2173 <sup>(B)</sup> | 400000 | 114204 |
|  |  | 768991 |
| TOTAL HONG KONG |  | 2666281 |
| **INDIA — 21.6%** |  |  |
| Energy — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;Azure Power Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.575%, 08/19/2026 | 301827 | 290290 |
| &nbsp;&nbsp;&nbsp;Continuum Energy Aura Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.500%, 02/24/2027 | 200000 | 206520 |
| &nbsp;&nbsp;&nbsp;India Clean Energy Holdings, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 04/18/2027 | 400000 | 385731 |
| &nbsp;&nbsp;&nbsp;India Cleantech Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.700%, 08/10/2026 | 237000 | 233280 |
| &nbsp;&nbsp;&nbsp;ReNew Wind Energy AP2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/14/2028 | 200000 | 189743 |
|  |  | 1305564 |
| Financials — 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.100%, H15T5Y + 3.315% <sup>(A)(B)</sup> | 400000 | 388723 |
| &nbsp;&nbsp;&nbsp;IIFL Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.750%, 07/24/2028 | 400000 | 402500 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Manappuram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 05/12/2028 | $400000 | $404671 |
| &nbsp;&nbsp;&nbsp;Piramal Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.800%, 01/29/2028 | 450000 | 452376 |
| &nbsp;&nbsp;&nbsp;Shriram Finance, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.150%, 04/03/2028 | 200000 | 200431 |
|  |  | 1848701 |
| Industrials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;IRB Infrastructure Developers |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.110%, 03/11/2032 | 400000 | 401025 |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Magnum Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 10/31/2026 | 400000 | 397064 |
| Materials — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;UPL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/08/2028 | 200000 | 190507 |
| &nbsp;&nbsp;&nbsp;Vedanta Resources Finance II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 12/03/2031 | 200000 | 209837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.875%, 09/17/2029 | 400000 | 414140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.250%, 06/03/2028 | 200000 | 207922 |
|  |  | 1022406 |
| Utilities — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Diamond II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.950%, 07/28/2026 | 200000 | 201773 |
| TOTAL INDIA |  | 5176533 |
| **INDONESIA — 5.7%** |  |  |
| Energy — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Medco Cypress Tree Pte |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.625%, 05/19/2030 | 360000 | 368654 |
| &nbsp;&nbsp;&nbsp;Sorik Marapi Geothermal Power |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 08/05/2031 | 197460 | 198012 |
|  |  | 566666 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, H15T5Y + 3.466% <sup>(A)(B)</sup> | 200000 | 190562 |
| Materials — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Bukit Makmur Mandiri Utama |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, 02/10/2026 | 200000 | 199505 |
| &nbsp;&nbsp;&nbsp;Nickel Industries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.250%, 10/21/2028 | 200000 | 209600 |
|  |  | 409105 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Utilities — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Minejesa Capital BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/10/2037 | $200000 | $192465 |
| TOTAL INDONESIA |  | 1358798 |
| **JAPAN — 4.6%** |  |  |
| Financials — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Nomura Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.000%, H15T5Y + 3.084% <sup>(A)(B)</sup> | 500000 | 506369 |
| Information Technology — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Rakuten Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T5Y + 4.250% <sup>(A)(B)</sup> | 200000 | 195789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, H15T5Y + 4.578% <sup>(A)(B)</sup> | 400000 | 392509 |
|  |  | 588298 |
| TOTAL JAPAN |  | 1094667 |
| **MACAU — 6.8%** |  |  |
| Consumer Discretionary — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;MGM China Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.125%, 06/26/2031 | 200000 | 207885 |
| &nbsp;&nbsp;&nbsp;Studio City Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 01/15/2028 | 200000 | 197439 |
| &nbsp;&nbsp;&nbsp;Wynn Macau |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.625%, 08/26/2028 | 450000 | 442390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/2027 | 400000 | 399087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/15/2026 | 200000 | 199798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 12/15/2029 | 200000 | 192168 |
| TOTAL MACAU |  | 1638767 |
| **MONGOLIA — 1.6%** |  |  |
| Financials — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Golomt Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.000%, 05/20/2027 | 200000 | 203000 |
| &nbsp;&nbsp;&nbsp;Trade & Development Bank of Mongolia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.500%, 12/23/2027 | 200000 | 191272 |
| TOTAL MONGOLIA |  | 394272 |
| **PHILIPPINES — 5.2%** |  |  |
| Energy — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Petron |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.950% <sup>(A)(B)</sup> | 400000 | 396009 |
| 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 | 199000 |
| Utilities — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;San Miguel Global Power Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.125%, H15T1Y + 6.404% <sup>(A)(B)</sup> | 250000 | 245625 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.700% <sup>(A)(B)</sup> | $214000 | $211431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450% <sup>(A)(B)</sup> | 200000 | 190472 |
|  |  | 647528 |
| TOTAL PHILIPPINES |  | 1242537 |
| **SOUTH KOREA — 0.9%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Hanwha Life Insurance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.300%, H15T5Y + 2.292% <sup>(A)(B)</sup> | 200000 | 205974 |
| **THAILAND — 4.9%** |  |  |
| Financials — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Kasikornbank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, H15T5Y + 3.337% <sup>(A)(B)</sup> | 400000 | 385414 |
| &nbsp;&nbsp;&nbsp;Krung Thai Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, H15T5Y + 3.530% <sup>(A)(B)</sup> | 400000 | 393160 |
| &nbsp;&nbsp;&nbsp;Muangthai Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.875%, 09/30/2028 | 410000 | 408825 |
| TOTAL THAILAND |  | 1187399 |
| **UNITED KINGDOM — 3.9%** |  |  |
| Financials — 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;Standard Chartered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.750%, H15T5Y + 4.976% <sup>(A)(B)</sup> | 200000 | 207463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, H15T5Y + 3.805% <sup>(A)(B)</sup> | 200000 | 180267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, H15T5Y + 3.135% <sup>(A)(B)</sup> | 600000 | 545405 |
| TOTAL UNITED KINGDOM |  | 933135 |
| **VIETNAM — 2.1%** |  |  |
| Utilities — 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;Mong Duong Finance Holdings BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.125%, 05/07/2029 | 508200 | 496242 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $22,407,507) |  | 22424876 |
| **SOVEREIGN DEBT — 4.3%** |  |  |
| **PAKISTAN — 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Pakistan Government International Bond, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.875%, 04/08/2051 | 200000 | 163636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.250%, 09/30/2025 | 250000 | 249410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375%, 04/08/2031 | 250000 | 222563 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Asia Pacific High Income USD Bond ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **SOVEREIGN DEBT (continued)** |  |  |
| **PAKISTAN** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 04/08/2026 | $400000 | $392420 |
| TOTAL SOVEREIGN DEBT<br> (Cost $1,003,627) |  | 1028029 |
| TOTAL INVESTMENTS — 97.9%<br> (Cost $23,411,134) |  | 23452905 |
| OTHER ASSETS LESS LIABILITIES – 2.1% |  | 490895 |
| NET ASSETS - 100% |  | $23943800 |

---

*(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.* 

See "Glossary" for abbreviations.

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

KRS-QH-012-1500

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 97.1% ‡** |  |  |
| **BRAZIL — 4.6%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil | 15361 | $86936 |
| Consumer Staples — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ambev | 70800 | 172789 |
| &nbsp;&nbsp;&nbsp;Raia Drogasil | 19168 | 53102 |
|  |  | 225891 |
| Energy — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro | 58700 | 366643 |
| &nbsp;&nbsp;&nbsp;Ultrapar Participacoes | 17000 | 54633 |
|  |  | 421276 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;B3 - Brasil Bolsa Balcao | 77900 | 208101 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco | 37387 | 99395 |
| &nbsp;&nbsp;&nbsp;Banco do Brasil | 34200 | 138420 |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes | 9600 | 62970 |
| &nbsp;&nbsp;&nbsp;NU Holdings, Cl A \* | 16834 | 230963 |
|  |  | 739849 |
| Industrials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;CCR | 15000 | 37899 |
| &nbsp;&nbsp;&nbsp;Localiza Rent a Car | 19620 | 145662 |
| &nbsp;&nbsp;&nbsp;Rumo | 15000 | 50927 |
| &nbsp;&nbsp;&nbsp;WEG | 22500 | 176361 |
|  |  | 410849 |
| Materials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Klabin | 10340 | 34954 |
| &nbsp;&nbsp;&nbsp;Suzano | 11300 | 106026 |
| &nbsp;&nbsp;&nbsp;Vale | 49300 | 475580 |
|  |  | 616560 |
| Utilities — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras | 13900 | 102432 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 3800 | 82944 |
| &nbsp;&nbsp;&nbsp;Equatorial Energia | 17000 | 112007 |
|  |  | 297383 |
| TOTAL BRAZIL |  | 2798744 |
| **CHILE — 0.7%** |  |  |
| Consumer Discretionary — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas Copec | 5030 | 34186 |
| &nbsp;&nbsp;&nbsp;Falabella | 9680 | 51334 |
|  |  | 85520 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco de Chile | 855990 | $129211 |
| &nbsp;&nbsp;&nbsp;Banco de Credito e Inversiones | 840 | 35403 |
| &nbsp;&nbsp;&nbsp;Banco Santander Chile | 853283 | 53486 |
|  |  | 218100 |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Empresas CMPC | 16307 | 24877 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Enel Americas | 368156 | 35793 |
| &nbsp;&nbsp;&nbsp;Enel Chile | 924370 | 68311 |
|  |  | 104104 |
| TOTAL CHILE |  | 432601 |
| **COLOMBIA — 0.2%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest | 9471 | 118243 |
| TOTAL COLOMBIA |  | 118243 |
| **CZECHIA — 0.3%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Komercni Banka | 934 | 45021 |
| Utilities — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CEZ | 1984 | 116172 |
| TOTAL CZECHIA |  | 161193 |
| **EGYPT — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Commercial International Bank - Egypt (CIB) | 33944 | 57749 |
| TOTAL EGYPT |  | 57749 |
| **GREECE — 0.7%** |  |  |
| Communication Services — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hellenic Telecommunications Organization | 2976 | 56383 |
| Consumer Discretionary — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;JUMBO | 5441 | 187136 |
| &nbsp;&nbsp;&nbsp;OPAP | 8081 | 182603 |
|  |  | 369739 |
| TOTAL GREECE |  | 426122 |
| **HUNGARY — 0.5%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;MOL Hungarian Oil & Gas | 4633 | 40193 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | 2838 | $225871 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Richter Gedeon Nyrt | 2288 | 67195 |
| TOTAL HUNGARY |  | 333259 |
| **INDIA — 25.9%** |  |  |
| Communication Services — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bharti Airtel | 35408 | 829710 |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bajaj Auto | 1054 | 102942 |
| &nbsp;&nbsp;&nbsp;Eicher Motors | 2002 | 132047 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra | 11920 | 442441 |
| &nbsp;&nbsp;&nbsp;Maruti Suzuki India | 1931 | 279202 |
| &nbsp;&nbsp;&nbsp;Tata Motors | 23363 | 187427 |
| &nbsp;&nbsp;&nbsp;Titan | 4529 | 194880 |
| &nbsp;&nbsp;&nbsp;Zomato \* | 90389 | 278408 |
|  |  | 1617347 |
| Consumer Staples — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Dabur India | 21661 | 122563 |
| &nbsp;&nbsp;&nbsp;Godrej Consumer Products | 11763 | 161632 |
| &nbsp;&nbsp;&nbsp;Hindustan Unilever | 11653 | 311788 |
| &nbsp;&nbsp;&nbsp;ITC | 56052 | 272188 |
| &nbsp;&nbsp;&nbsp;Nestle India | 5184 | 149022 |
|  |  | 1017193 |
| Energy — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bharat Petroleum | 26544 | 102743 |
| &nbsp;&nbsp;&nbsp;Indian Oil | 77956 | 133587 |
| &nbsp;&nbsp;&nbsp;Oil & Natural Gas | 56968 | 162222 |
| &nbsp;&nbsp;&nbsp;Reliance Industries | 64263 | 1124453 |
|  |  | 1523005 |
| Financials — 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;Axis Bank | 35508 | 496516 |
| &nbsp;&nbsp;&nbsp;Bajaj Finance | 32510 | 355009 |
| &nbsp;&nbsp;&nbsp;Bajaj Finserv | 6515 | 156190 |
| &nbsp;&nbsp;&nbsp;HDFC Bank | 41467 | 967773 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance | 12926 | 122734 |
| &nbsp;&nbsp;&nbsp;ICICI Bank | 59871 | 1009346 |
| &nbsp;&nbsp;&nbsp;Jio Financial Services \* | 28189 | 107401 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank | 17127 | 432069 |
| &nbsp;&nbsp;&nbsp;State Bank of India | 28016 | 267991 |
|  |  | 3915029 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aurobindo Pharma \* | 6608 | $87439 |
| &nbsp;&nbsp;&nbsp;Cipla | 7624 | 133874 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories | 7326 | 109625 |
| &nbsp;&nbsp;&nbsp;Sun Pharmaceutical Industries | 13990 | 273356 |
|  |  | 604294 |
| Industrials — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;Adani Enterprises | 5896 | 180084 |
| &nbsp;&nbsp;&nbsp;Adani Ports & Special Economic Zone | 17423 | 294622 |
| &nbsp;&nbsp;&nbsp;Bharat Electronics | 84001 | 412855 |
| &nbsp;&nbsp;&nbsp;CG Power & Industrial Solutions | 26030 | 207047 |
| &nbsp;&nbsp;&nbsp;Cummins India | 4546 | 180197 |
| &nbsp;&nbsp;&nbsp;Hindustan Aeronautics | 5023 | 285226 |
| &nbsp;&nbsp;&nbsp;InterGlobe Aviation \* | 5503 | 383497 |
| &nbsp;&nbsp;&nbsp;Larsen & Toubro | 9273 | 396806 |
| &nbsp;&nbsp;&nbsp;Suzlon Energy \* | 225613 | 178154 |
|  |  | 2518488 |
| Information Technology — 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;HCL Technologies | 16818 | 338988 |
| &nbsp;&nbsp;&nbsp;Infosys ADR | 49424 | 915827 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services | 12225 | 493504 |
| &nbsp;&nbsp;&nbsp;Tech Mahindra | 9658 | 189984 |
| &nbsp;&nbsp;&nbsp;Wipro | 46692 | 144813 |
|  |  | 2083116 |
| Materials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints | 6262 | 170942 |
| &nbsp;&nbsp;&nbsp;Grasim Industries | 4223 | 140069 |
| &nbsp;&nbsp;&nbsp;Hindalco Industries | 26067 | 210594 |
| &nbsp;&nbsp;&nbsp;JSW Steel | 11059 | 131596 |
| &nbsp;&nbsp;&nbsp;Tata Steel | 131955 | 245815 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement | 1505 | 212220 |
| &nbsp;&nbsp;&nbsp;UPL | 6957 | 53642 |
| &nbsp;&nbsp;&nbsp;Vedanta | 16972 | 91203 |
|  |  | 1256081 |
| Utilities — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;GAIL India | 39255 | 87353 |
| &nbsp;&nbsp;&nbsp;NTPC | 62640 | 244614 |
| &nbsp;&nbsp;&nbsp;Power Grid Corp of India | 61303 | 214375 |
|  |  | 546342 |
| TOTAL INDIA |  | 15910605 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **INDONESIA — 2.1%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero | 858300 | $146971 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Charoen Pokphand Indonesia | 117500 | 34016 |
| &nbsp;&nbsp;&nbsp;Indofood CBP Sukses Makmur | 17200 | 11124 |
|  |  | 45140 |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Adaro Energy Indonesia | 430800 | 48559 |
| &nbsp;&nbsp;&nbsp;United Tractors | 26900 | 35541 |
|  |  | 84100 |
| Financials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Central Asia | 811300 | 433510 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero | 670700 | 201602 |
| &nbsp;&nbsp;&nbsp;Bank Negara Indonesia Persero | 250200 | 63494 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero | 932300 | 214771 |
|  |  | 913377 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Astra International | 372600 | 103277 |
| TOTAL INDONESIA |  | 1292865 |
| **MALAYSIA — 2.2%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CelcomDigi Bhd | 55400 | 51709 |
| &nbsp;&nbsp;&nbsp;Maxis | 55400 | 47499 |
|  |  | 99208 |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Genting | 36200 | 26223 |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;SD Guthrie | 41900 | 46174 |
| Financials — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;CIMB Group Holdings | 153555 | 247628 |
| &nbsp;&nbsp;&nbsp;Hong Leong Bank | 9700 | 45154 |
| &nbsp;&nbsp;&nbsp;Malayan Banking | 104216 | 240089 |
| &nbsp;&nbsp;&nbsp;Public Bank | 241600 | 247309 |
|  |  | 780180 |
| Health Care — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;IHH Healthcare | 36200 | 58635 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Chemicals Group | 55400 | $45920 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Petronas Gas | 9400 | 39337 |
| &nbsp;&nbsp;&nbsp;Tenaga Nasional | 68600 | 234288 |
|  |  | 273625 |
| TOTAL MALAYSIA |  | 1329965 |
| **MEXICO — 3.8%** |  |  |
| Communication Services — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;America Movil | 298800 | 265396 |
| Consumer Staples — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano | 30600 | 312933 |
| &nbsp;&nbsp;&nbsp;Grupo Bimbo, Ser A | 20600 | 57083 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico | 79600 | 261864 |
|  |  | 631880 |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, Cl O | 41900 | 380409 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Inbursa, Cl O | 28100 | 72050 |
|  |  | 452459 |
| Industrials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, Cl B | 7690 | 175329 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Sureste, Cl B | 4915 | 155850 |
|  |  | 331179 |
| Materials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Cemex | 233000 | 159716 |
| &nbsp;&nbsp;&nbsp;Grupo Mexico | 41900 | 252083 |
| &nbsp;&nbsp;&nbsp;Southern Copper | 1383 | 139918 |
|  |  | 551717 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Fibra Uno Administracion † | 52400 | 71893 |
| TOTAL MEXICO |  | 2304524 |
| **PERU — 0.4%** |  |  |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Credicorp | 693 | 154899 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cia de Minas Buenaventura SAA ADR | 5445 | 89407 |
| TOTAL PERU |  | 244306 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **PHILIPPINES — 0.9%** |  |  |
| Financials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;BDO Unibank | 50929 | $138149 |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala | 5940 | 60107 |
| &nbsp;&nbsp;&nbsp;SM Investments | 5940 | 91952 |
|  |  | 152059 |
| Real Estate — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Ayala Land | 206100 | 98787 |
| &nbsp;&nbsp;&nbsp;SM Prime | 281500 | 117188 |
|  |  | 215975 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Manila Electric | 2580 | 24664 |
| TOTAL PHILIPPINES |  | 530847 |
| **POLAND — 2.0%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CD Projekt | 1127 | 87572 |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;LPP | 49 | 198915 |
| Energy — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;ORLEN | 5228 | 118774 |
| Financials — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bank Polska Kasa Opieki | 3087 | 158034 |
| &nbsp;&nbsp;&nbsp;Powszechna Kasa Oszczednosci Bank Polski | 15419 | 321031 |
| &nbsp;&nbsp;&nbsp;Powszechny Zaklad Ubezpieczen | 11203 | 195307 |
| &nbsp;&nbsp;&nbsp;Santander Bank Polska | 601 | 82090 |
|  |  | 756462 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;KGHM Polska Miedz \* | 2152 | 76760 |
| TOTAL POLAND |  | 1238483 |
| **QATAR — 1.1%** |  |  |
| Financials — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Masraf Al Rayan | 73022 | 46689 |
| &nbsp;&nbsp;&nbsp;Qatar Islamic Bank QPSC | 21415 | 130278 |
| &nbsp;&nbsp;&nbsp;Qatar National Bank | 75911 | 361729 |
|  |  | 538696 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Industries Qatar | 34056 | $115516 |
| TOTAL QATAR |  | 654212 |
| **ROMANIA — 0.2%** |  |  |
| Real Estate — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;NEPI Rockcastle | 17459 | 132579 |
| TOTAL ROMANIA |  | 132579 |
| **RUSSIA — 0.0%** |  |  |
| Communication Services — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Mobile TeleSystems PJSC ADR <sup>(A)(B)</sup> | 3839 |  |
| Consumer Discretionary — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;X5 Retail Group GDR \*<sup>(A)(B)</sup> | 915 |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Gazprom PJSC \*<sup>(A)(B)</sup> | 89700 |  |
| &nbsp;&nbsp;&nbsp;LUKOIL PJSC <sup>(A)(B)</sup> | 3729 |  |
| &nbsp;&nbsp;&nbsp;Novatek PJSC GDR \*<sup>(A)(B)</sup> | 756 |  |
| &nbsp;&nbsp;&nbsp;Rosneft Oil PJSC <sup>(A)(B)</sup> | 10270 |  |
| &nbsp;&nbsp;&nbsp;Tatneft PJSC <sup>(A)(B)</sup> | 16537 |  |
| Financials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Sberbank of Russia PJSC <sup>(A)(B)</sup> | 99330 |  |
| Materials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alrosa PJSC <sup>(A)(B)</sup> | 18910 |  |
| &nbsp;&nbsp;&nbsp;GMK Norilskiy Nickel PAO \*<sup>(A)(B)</sup> | 67000 |  |
| &nbsp;&nbsp;&nbsp;Novolipetsk Steel PJSC <sup>(A)(B)</sup> | 8860 |  |
| &nbsp;&nbsp;&nbsp;Severstal PAO <sup>(A)(B)</sup> | 1512 |  |
| TOTAL RUSSIA |  |  |
| **SOUTH AFRICA — 4.4%** |  |  |
| Consumer Discretionary — 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;Naspers, Cl N | 2899 | 899717 |
| &nbsp;&nbsp;&nbsp;Woolworths Holdings | 28829 | 83966 |
|  |  | 983683 |
| Financials — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Absa Group | 11204 | 110960 |
| &nbsp;&nbsp;&nbsp;Capitec Bank | 1055 | 210805 |
| &nbsp;&nbsp;&nbsp;Discovery | 17314 | 209273 |
| &nbsp;&nbsp;&nbsp;FirstRand | 41542 | 176933 |
| &nbsp;&nbsp;&nbsp;Nedbank Group | 7064 | 96611 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Old Mutual | 133430 | $90624 |
| &nbsp;&nbsp;&nbsp;Remgro | 13621 | 121255 |
| &nbsp;&nbsp;&nbsp;Sanlam | 22705 | 113287 |
| &nbsp;&nbsp;&nbsp;Standard Bank Group | 11160 | 142884 |
|  |  | 1272632 |
| Industrials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bidvest Group | 9131 | 119984 |
| Materials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Anglo American Platinum | 1093 | 48607 |
| &nbsp;&nbsp;&nbsp;Gold Fields | 7349 | 171939 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining | 6910 | 95190 |
| &nbsp;&nbsp;&nbsp;Sasol \* | 8681 | 38473 |
|  |  | 354209 |
| TOTAL SOUTH AFRICA |  | 2730508 |
| **SOUTH KOREA — 15.9%** |  |  |
| Consumer Discretionary — 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;Coway | 676 | 48486 |
| &nbsp;&nbsp;&nbsp;Hyundai Mobis | 1071 | 227754 |
| &nbsp;&nbsp;&nbsp;Hyundai Motor | 1458 | 219845 |
| &nbsp;&nbsp;&nbsp;Kia | 3038 | 218126 |
| &nbsp;&nbsp;&nbsp;LG Electronics | 1779 | 97281 |
|  |  | 811492 |
| Consumer Staples — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Amorepacific | 658 | 66648 |
| &nbsp;&nbsp;&nbsp;KT&G | 2627 | 248568 |
| &nbsp;&nbsp;&nbsp;LG H&H | 157 | 37168 |
|  |  | 352384 |
| Energy — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;HD Hyundai | 1640 | 157365 |
| &nbsp;&nbsp;&nbsp;SK Innovation | 1013 | 91873 |
| &nbsp;&nbsp;&nbsp;S-Oil | 582 | 25831 |
|  |  | 275069 |
| Financials — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;DB Insurance | 638 | 58288 |
| &nbsp;&nbsp;&nbsp;Hana Financial Group | 5607 | 358539 |
| &nbsp;&nbsp;&nbsp;Industrial Bank of Korea | 3256 | 44054 |
| &nbsp;&nbsp;&nbsp;KB Financial Group | 4900 | 402645 |
| &nbsp;&nbsp;&nbsp;Samsung Fire & Marine Insurance | 848 | 272697 |
| &nbsp;&nbsp;&nbsp;Samsung Life Insurance | 882 | 83259 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group | 7148 | 325198 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Woori Financial Group | 9385 | $156115 |
|  |  | 1700795 |
| Health Care — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Celltrion | 2540 | 300335 |
| &nbsp;&nbsp;&nbsp;Samsung Biologics \* | 273 | 200664 |
|  |  | 500999 |
| Industrials — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Hyundai Glovis | 2206 | 220339 |
| &nbsp;&nbsp;&nbsp;Korea Aerospace Industries | 2838 | 188835 |
| &nbsp;&nbsp;&nbsp;Korea Shipbuilding & Offshore Engineering | 484 | 131257 |
| &nbsp;&nbsp;&nbsp;LG | 2037 | 120143 |
| &nbsp;&nbsp;&nbsp;LG Energy Solution \* | 774 | 170330 |
| &nbsp;&nbsp;&nbsp;Samsung C&T | 1817 | 217297 |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries \* | 17581 | 218330 |
| &nbsp;&nbsp;&nbsp;SK | 732 | 110917 |
| &nbsp;&nbsp;&nbsp;SK Square \* | 1354 | 183597 |
|  |  | 1561045 |
| Information Technology — 6.3% |  |  |
| &nbsp;&nbsp;&nbsp;LG Display \* | 2764 | 18350 |
| &nbsp;&nbsp;&nbsp;Samsung Electro-Mechanics | 1244 | 124160 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics | 50114 | 2220523 |
| &nbsp;&nbsp;&nbsp;Samsung SDI | 844 | 108064 |
| &nbsp;&nbsp;&nbsp;Samsung SDS | 444 | 55796 |
| &nbsp;&nbsp;&nbsp;SK Hynix | 6243 | 1350738 |
|  |  | 3877631 |
| Materials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Zinc | 98 | 59471 |
| &nbsp;&nbsp;&nbsp;LG Chemical | 751 | 117692 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings | 1278 | 247153 |
|  |  | 424316 |
| Utilities — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Korea Electric Power | 7926 | 230803 |
| TOTAL SOUTH KOREA |  | 9734534 |
| **TAIWAN — 26.7%** |  |  |
| Communication Services — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom | 41000 | 189477 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications | 57000 | 174832 |
| &nbsp;&nbsp;&nbsp;Taiwan Mobile | 55000 | 216521 |
|  |  | 580830 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Financial Holding | 114000 | $245077 |
| &nbsp;&nbsp;&nbsp;Chailease Holding | 38607 | 167184 |
| &nbsp;&nbsp;&nbsp;Chang Hwa Commercial Bank | 301282 | 192865 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding | 170000 | 254313 |
| &nbsp;&nbsp;&nbsp;E.Sun Financial Holding | 144735 | 162760 |
| &nbsp;&nbsp;&nbsp;First Financial Holding | 248103 | 246727 |
| &nbsp;&nbsp;&nbsp;Fubon Financial Holding | 82668 | 247053 |
| &nbsp;&nbsp;&nbsp;Hua Nan Financial Holdings | 195091 | 181654 |
| &nbsp;&nbsp;&nbsp;KGI Financial Holding | 342000 | 175027 |
| &nbsp;&nbsp;&nbsp;Mega Financial Holding | 161516 | 226970 |
| &nbsp;&nbsp;&nbsp;Shanghai Commercial & Savings Bank | 117000 | 185842 |
| &nbsp;&nbsp;&nbsp;Shin Kong Financial Holding \* | 572000 | 221265 |
| &nbsp;&nbsp;&nbsp;SinoPac Financial Holdings | 137591 | 113984 |
| &nbsp;&nbsp;&nbsp;Taishin Financial Holding | 271312 | 146281 |
| &nbsp;&nbsp;&nbsp;Taiwan Cooperative Financial Holding | 222882 | 188838 |
| &nbsp;&nbsp;&nbsp;Yuanta Financial Holding | 109310 | 127788 |
|  |  | 3083628 |
| Industrials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Far Eastern New Century | 168000 | 189210 |
| Information Technology — 19.3% |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology | 9000 | 224908 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding | 32000 | 161577 |
| &nbsp;&nbsp;&nbsp;Asustek Computer | 7000 | 154320 |
| &nbsp;&nbsp;&nbsp;AUO | 151600 | 64092 |
| &nbsp;&nbsp;&nbsp;Catcher Technology | 19000 | 137888 |
| &nbsp;&nbsp;&nbsp;Delta Electronics | 21000 | 296899 |
| &nbsp;&nbsp;&nbsp;Hon Hai Precision Industry | 116000 | 639326 |
| &nbsp;&nbsp;&nbsp;Innolux | 172400 | 69050 |
| &nbsp;&nbsp;&nbsp;Lite-On Technology | 26000 | 98350 |
| &nbsp;&nbsp;&nbsp;MediaTek | 19000 | 813022 |
| &nbsp;&nbsp;&nbsp;Novatek Microelectronics | 12000 | 223881 |
| &nbsp;&nbsp;&nbsp;Pegatron | 58000 | 152485 |
| &nbsp;&nbsp;&nbsp;Quanta Computer | 26000 | 244317 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 230000 | 8345885 |
| &nbsp;&nbsp;&nbsp;United Microelectronics | 150000 | 226962 |
|  |  | 11852962 |
| Materials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Asia Cement | 75000 | 109501 |
| &nbsp;&nbsp;&nbsp;China Steel | 248000 | 159606 |
| &nbsp;&nbsp;&nbsp;Formosa Chemicals & Fibre | 57000 | 44684 |
| &nbsp;&nbsp;&nbsp;Formosa Plastics | 75000 | 89475 |
| &nbsp;&nbsp;&nbsp;Nan Ya Plastics | 183000 | 171022 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;TCC Group Holdings | 111404 | $97248 |
|  |  | 671536 |
| TOTAL TAIWAN |  | 16378166 |
| **THAILAND — 1.3%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Info Service NVDR | 18300 | 156493 |
| Consumer Staples — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;CP ALL NVDR | 92600 | 125332 |
| Energy — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;PTT NVDR | 196200 | 181059 |
| &nbsp;&nbsp;&nbsp;PTT Exploration & Production NVDR | 26800 | 90271 |
|  |  | 271330 |
| Health Care — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Bangkok Dusit Medical Services NVDR | 168300 | 107683 |
| Industrials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Airports of Thailand NVDR | 80600 | 75000 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Siam Cement NVDR | 7600 | 39276 |
| Real Estate — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Central Pattana NVDR | 25400 | 36137 |
| TOTAL THAILAND |  | 811251 |
| **TÜRKIYE — 0.7%** |  |  |
| Consumer Staples — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;BIM Birlesik Magazalar | 13059 | 162362 |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Turkiye Petrol Rafinerileri | 26142 | 91972 |
| Financials — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Akbank | 93406 | 160083 |
| TOTAL TÜRKIYE |  | 414417 |
| **UNITED ARAB EMIRATES — 1.9%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Emirates Telecommunications Group PJSC | 40863 | 195812 |
| Financials — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Commercial Bank PJSC | 41467 | 152191 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;First Abu Dhabi Bank PJSC | 61116 | $276223 |
|  |  | 428414 |
| Real Estate — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;Aldar Properties PJSC | 78604 | 190900 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 99782 | 369478 |
|  |  | 560378 |
| TOTAL UNITED ARAB EMIRATES |  | 1184604 |
| **UNITED KINGDOM — 0.4%** |  |  |
| Materials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti | 6159 | 277569 |
| TOTAL UNITED KINGDOM |  | 277569 |
| **UNITED STATES — 0.1%** |  |  |
| Consumer Staples — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;JBS | 5700 | 81680 |
| TOTAL UNITED STATES |  | 81680 |
| TOTAL COMMON STOCK<br> (Cost $49,969,860) |  | 59579026 |
| **PREFERRED STOCK — 3.1%** |  |  |
| **BRAZIL — 2.1%** |  |  |
| Energy — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro <sup>(C)</sup> | 62900 | 361644 |
| Financials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bradesco <sup>(C)</sup> | 77871 | 240126 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding <sup>(C)</sup> | 66740 | 451834 |
| &nbsp;&nbsp;&nbsp;Itausa<sup>(C)</sup> | 83930 | 168387 |
|  |  | 860347 |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Gerdau <sup>(C)</sup> | 16490 | 48341 |
| Utilities — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Cia Energetica de Minas Gerais <sup>(C)</sup> | 20100 | 39774 |
| TOTAL BRAZIL |  | 1310106 |
| **CHILE — 0.2%** |  |  |
| Materials — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile <sup>(C)</sup> | 2363 | 84047 |
| **COLOMBIA — 0.1%** |  |  |
| Financials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Cibest <sup>(C)</sup> | 5742 | 64884 |
| **RUSSIA — 0.0%** |  |  |
| Energy — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Surgutneftegas PJSC <sup>(A)(B)(C)</sup> | 50900 |  |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK (continued)** |  |  |
| **SOUTH KOREA — 0.7%** |  |  |
| Information Technology — 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;Samsung Electronics <sup>(C)</sup> | 12044 | $441744 |
| TOTAL PREFERRED STOCK<br> (Cost $1,847,842) |  | 1900781 |
| TOTAL INVESTMENTS — 100.2%<br> (Cost $51,817,702) |  | 61479807 |
| OTHER ASSETS LESS LIABILITIES – (0.2)% |  | (135048) |
| NET ASSETS - 100% |  | $61344759 |

---

---

| | |
|:---|:---|
| *‡* | *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.* |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-014-1300

**Consolidated Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Global Carbon Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 62.6%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF <sup>(A)(B)(C)</sup> | 4000700 | $100233938 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $100,386,292) |  | 100233938 |
| **SHORT-TERM INVESTMENT — 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% <sup>(D)</sup> | 2053151 | 2053150 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $2,053,150) |  | 2053150 |
| TOTAL INVESTMENTS — 63.9%<br> (Cost $102,439,442) |  | 102287088 |
| OTHER ASSETS LESS LIABILITIES – 36.1% |  | 57864570 |
| NET ASSETS - 100% |  | $160151658 |

---

A list of the open futures contracts held by the Fund at June 30, 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 ^ | 1153 | Dec-2025 | $39108650 | 32733670 | $(6374980) |
| &nbsp;&nbsp;&nbsp;CA Carbon Allowance Vintage ^ | 270 | Dec-2026 | 9810515 | 8140500 | (1670015) |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission ^ | 1070 | Dec-2025 | 79506724 | 86627421 | (2291265) |
| &nbsp;&nbsp;&nbsp;ICE ECX Emission ^ | 95 | Dec-2026 | 7256985 | 7893063 | (229623) |
| &nbsp;&nbsp;&nbsp;RGGI Vintage ^ | 386 | Dec-2025 | 8875900 | 8823960 | (51940) |
| &nbsp;&nbsp;&nbsp;UK Emission Allowance ^ | 112 | Dec-2025 | 5501066 | 7072327 | 1000257 |
| &nbsp;&nbsp;&nbsp;WA Carbon Allowance Vintage ^ | 131 | Dec-2025 | 7961572 | 8087940 | 126368 |
|  |  |  | $158021412 | $159378881 | $(9491198) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA Global Carbon Subsidiary, Ltd. as of June 30, 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 June 30, 2025.* |

---

Transactions with affiliated companies during the period ended June 30, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of**<br> **3/31/2025** | **Purchases at**<br> **Cost** | **Proceeds**<br> **from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value<br> as of**<br> **6/30/2025** | **Dividend**<br> **Income** | **Capital 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 | KraneShares Sustainable Ultra Short Duration Index ETF | KraneShares Sustainable Ultra Short Duration Index ETF |
| $117673932 | $— | $(17442379) | $107836 | $(105451) | $100233938 | $1087894 | $— |

---

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

See "Glossary" for abbreviations.

**Consolidated Schedule of Investments (Unaudited)** *June 30, 2025*

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

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

KRS-QH-020-0900

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 100.0% ‡** |  |  |
| **UNITED STATES — 100.0%** |  |  |
| Communication Services — 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl C | 4137 | $733862 |
| &nbsp;&nbsp;&nbsp;AT&T | 6733 | 194853 |
| &nbsp;&nbsp;&nbsp;Comcast, Cl A | 15065 | 537670 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 514 | 379378 |
| &nbsp;&nbsp;&nbsp;Verizon Communications | 11569 | 500591 |
|  |  | 2346354 |
| Consumer Discretionary — 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods | 312 | 61717 |
| &nbsp;&nbsp;&nbsp;Ford Motor | 45394 | 492525 |
| &nbsp;&nbsp;&nbsp;Home Depot | 1788 | 655552 |
| &nbsp;&nbsp;&nbsp;McDonald's | 702 | 205103 |
| &nbsp;&nbsp;&nbsp;NIKE, Cl B | 779 | 55340 |
| &nbsp;&nbsp;&nbsp;Tapestry | 668 | 58657 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 259 | 82274 |
| &nbsp;&nbsp;&nbsp;Upbound Group | 17609 | 441986 |
|  |  | 2053154 |
| Consumer Staples — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;Altria Group | 8455 | 495717 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods | 4671 | 465372 |
| &nbsp;&nbsp;&nbsp;Coca-Cola | 1593 | 112705 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive | 1254 | 113989 |
| &nbsp;&nbsp;&nbsp;General Mills | 663 | 34350 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark | 2404 | 309924 |
| &nbsp;&nbsp;&nbsp;Philip Morris International | 1495 | 272284 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble | 1660 | 264471 |
| &nbsp;&nbsp;&nbsp;Walmart | 3025 | 295784 |
|  |  | 2364596 |
| Energy — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;APA | 8522 | 155867 |
| &nbsp;&nbsp;&nbsp;Chevron | 2007 | 287382 |
| &nbsp;&nbsp;&nbsp;DT Midstream | 4087 | 449202 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan | 10834 | 318520 |
| &nbsp;&nbsp;&nbsp;ONEOK | 1322 | 107915 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 859 | 102479 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land | 85 | 89793 |
|  |  | 1511158 |
| Financials — 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;CME Group, Cl A | 681 | 187697 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group | 853 | 603711 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase | 1804 | 522997 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1479 | 208332 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares | 14820 | $189400 |
| &nbsp;&nbsp;&nbsp;Regions Financial | 3103 | 72983 |
| &nbsp;&nbsp;&nbsp;T Rowe Price Group | 4829 | 465998 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Cl A | 5368 | 240433 |
| &nbsp;&nbsp;&nbsp;Visa, Cl A | 1341 | 476122 |
| &nbsp;&nbsp;&nbsp;Western Union | 49067 | 413144 |
|  |  | 3380817 |
| Health Care — 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;AbbVie | 2243 | 416346 |
| &nbsp;&nbsp;&nbsp;Amgen | 919 | 256594 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb | 9449 | 437394 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences | 4682 | 519093 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2237 | 341702 |
| &nbsp;&nbsp;&nbsp;Merck | 1835 | 145258 |
| &nbsp;&nbsp;&nbsp;Organon | 46661 | 451679 |
| &nbsp;&nbsp;&nbsp;Pfizer | 22542 | 546418 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group | 827 | 257999 |
|  |  | 3372483 |
| Industrials — 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing | 1575 | 485730 |
| &nbsp;&nbsp;&nbsp;Cummins | 758 | 248245 |
| &nbsp;&nbsp;&nbsp;Fastenal | 11131 | 467502 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works | 1959 | 484363 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin | 773 | 358007 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct, Cl A | 3811 | 324011 |
| &nbsp;&nbsp;&nbsp;Paychex | 2965 | 431289 |
| &nbsp;&nbsp;&nbsp;Robert Half | 8862 | 363785 |
| &nbsp;&nbsp;&nbsp;Snap-on | 564 | 175505 |
| &nbsp;&nbsp;&nbsp;Union Pacific | 1192 | 274256 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Cl B | 4982 | 502883 |
|  |  | 4115576 |
| Information Technology — 24.2% |  |  |
| &nbsp;&nbsp;&nbsp;Apple | 5198 | 1066474 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2822 | 777884 |
| &nbsp;&nbsp;&nbsp;Cisco Systems | 8908 | 618037 |
| &nbsp;&nbsp;&nbsp;International Business Machines | 1790 | 527656 |
| &nbsp;&nbsp;&nbsp;Microsoft | 3384 | 1683236 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 10877 | 1718457 |
| &nbsp;&nbsp;&nbsp;Salesforce | 184 | 50175 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 2475 | 513860 |
| &nbsp;&nbsp;&nbsp;Ubiquiti | 728 | 299681 |
|  |  | 7255460 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals | 1199 | $338190 |
| &nbsp;&nbsp;&nbsp;Dow | 16046 | 424898 |
| &nbsp;&nbsp;&nbsp;Packaging Corp of America | 1494 | 281544 |
|  |  | 1044632 |
| Real Estate — 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;Public Storage † | 1563 | 458616 |
| &nbsp;&nbsp;&nbsp;Simon Property Group † | 2924 | 470062 |
|  |  | 928678 |
| Utilities — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;American Electric Power | 2288 | 237403 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison | 3189 | 320016 |
| &nbsp;&nbsp;&nbsp;Entergy | 4295 | 357001 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group | 2068 | 174084 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group | 4387 | 457125 |
|  |  | 1545629 |
| TOTAL UNITED STATES |  | 29918537 |
| TOTAL COMMON STOCK<br> (Cost $28,713,358) |  | 29918537 |
| TOTAL INVESTMENTS — 100.0%<br> (Cost $28,713,358) |  | 29918537 |
| OTHER ASSETS LESS LIABILITIES – 0.0% |  | (14042) |
| NET ASSETS - 100% |  | $29904495 |

---

---

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

---

See "Glossary" for abbreviations.

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

KRS-QH-026-0900

**Consolidated Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS — 71.2%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.314%, 08/26/2025 <sup>(A)(B)</sup> | $30000000 | $29798050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.307%, 08/05/2025 <sup>(A)(B)</sup> | 25000000 | 24896477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.218%, 07/31/2025 <sup>(A)(B)</sup> | 30000000 | 29896156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.217%, 07/03/2025 <sup>(A)(B)</sup> | 25000000 | 24994167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.210%, 07/17/2025 <sup>(A)(B)</sup> | 25000000 | 24953944 |
| TOTAL U.S. TREASURY OBLIGATIONS<br> (Cost $134,538,991) |  | 134538794 |
| TOTAL INVESTMENTS — 71.2%<br> (Cost $134,538,991) |  | 134538794 |
| OTHER ASSETS LESS LIABILITIES – 28.8% |  | 54338060 |
| NET ASSETS - 100% |  | $188876854 |

---

A list of the open futures contracts held by the Fund at June 30, 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;AUD Currency | 22 | Sep-2025 | $1449836 | $1449690 | $(146) |
| &nbsp;&nbsp;&nbsp;British Pound | 362 | Sep-2025 | 30672481 | 31052813 | 380332 |
| &nbsp;&nbsp;&nbsp;CAD Currency | 416 | Sep-2025 | 30622032 | 30650880 | 28848 |
| &nbsp;&nbsp;&nbsp;Copper ^ | 108 | Sep-2025 | 13208139 | 13722750 | 514611 |
| &nbsp;&nbsp;&nbsp;Euro FX | 213 | Sep-2025 | 30781943 | 31513350 | 731407 |
| &nbsp;&nbsp;&nbsp;Gold ^ | 39 | Aug-2025 | 12536638 | 12900030 | 363392 |
| &nbsp;&nbsp;&nbsp;Japanese Yen | 347 | Sep-2025 | 30358373 | 30338644 | (19729) |
| &nbsp;&nbsp;&nbsp;Live Cattle ^ | 153 | Aug-2025 | 12718199 | 13089150 | 370951 |
| &nbsp;&nbsp;&nbsp;NY Harbor ULSD ^ | 36 | Sep-2025 | 3392554 | 3404722 | 12168 |
| &nbsp;&nbsp;&nbsp;Swiss Franc | 198 | Sep-2025 | 30535160 | 31498087 | 962927 |
|  |  |  | 196275355 | 199620116 | 3344761 |
| Short Contracts |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canadian 10-Year Bond | (486) | Sep-2025 | (43118561) | (43541032) | (246166) |
| &nbsp;&nbsp;&nbsp;Corn ^ | (578) | Dec-2025 | (12566403) | (12296950) | 269453 |
| &nbsp;&nbsp;&nbsp;Euro-Bund 10-Year Bond | (322) | Sep-2025 | (48099459) | (49366025) | 274276 |
| &nbsp;&nbsp;&nbsp;Gasoline ^ | (37) | Sep-2025 | (3117372) | (3173579) | (56207) |
| &nbsp;&nbsp;&nbsp;Japanese 10-Year Bond | (50) | Sep-2025 | (47986156) | (48269157) | (72370) |
| &nbsp;&nbsp;&nbsp;Long Gilt 10-Year Bond | (389) | Sep-2025 | (47945794) | (49674230) | (929408) |
| &nbsp;&nbsp;&nbsp;Natural Gas ^ | (52) | Sep-2025 | (1964883) | (1814800) | 150083 |
| &nbsp;&nbsp;&nbsp;Soybean ^ | (107) | Nov-2025 | (5673298) | (5494450) | 178848 |
| &nbsp;&nbsp;&nbsp;Sugar No. 11 ^ | (655) | Oct-2025 | (12476165) | (11884320) | 591845 |
| &nbsp;&nbsp;&nbsp;Ultra 10-Year U.S. Treasury Note | (425) | Sep-2025 | (47768705) | (48562891) | (794186) |
| &nbsp;&nbsp;&nbsp;Wheat ^ | (449) | Dec-2025 | (12879907) | (12572000) | 307907 |
| &nbsp;&nbsp;&nbsp;WTI Crude Oil ^ | (114) | Sep-2025 | (7095396) | (7278900) | (183504) |
|  |  |  | (290692099) | (293928334) | (509429) |
|  |  |  | $(94416744) | $(94308218) | $2835332 |

---

**Consolidated Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | |
|:---|:---|
| *^* | *Security is held by the KFA MLM Index Subsidiary, Ltd. as of June 30, 2025.* |
| *(A)* | *Interest rate represents the security's effective yield at the time of purchase.* |
| *(B)* | *Security pledged as collateral on futures contracts.* |

---

See "Glossary" for abbreviations.

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

KRS-QH-025-0900

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares SSE STAR Market 50 Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.4% ‡** |  |  |
| **CHINA — 99.4%** |  |  |
| Consumer Discretionary — 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Roborock Technology, Cl A | 41321 | $903067 |
| &nbsp;&nbsp;&nbsp;Ninebot, Cl A | 114528 | 946039 |
| &nbsp;&nbsp;&nbsp;Tianneng Battery Group, Cl A | 26093 | 101121 |
|  |  | 1950227 |
| Consumer Staples — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Bloomage Biotechnology, Cl A | 38454 | 275663 |
| Health Care — 14.3% |  |  |
| &nbsp;&nbsp;&nbsp;APT Medical, Cl A | 16887 | 700160 |
| &nbsp;&nbsp;&nbsp;MGI Tech, Cl A \* | 41565 | 376183 |
| &nbsp;&nbsp;&nbsp;Shanghai Allist Pharmaceuticals, Cl A | 44906 | 583271 |
| &nbsp;&nbsp;&nbsp;Shanghai Junshi Biosciences, Cl A \* | 107071 | 507915 |
| &nbsp;&nbsp;&nbsp;Shanghai United Imaging Healthcare, Cl | 98692 | 1759968 |
| &nbsp;&nbsp;&nbsp;Sichuan Biokin Pharmaceutical, Cl A \* | 16006 | 661678 |
| &nbsp;&nbsp;&nbsp;Xiamen Amoytop Biotech, Cl A | 32476 | 326929 |
|  |  | 4916104 |
| Industrials — 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;AVIC Chengdu UAS, Cl A | 40415 | 301287 |
| &nbsp;&nbsp;&nbsp;Baimtec Material, Cl A | 26944 | 213012 |
| &nbsp;&nbsp;&nbsp;Sany Renewable Energy, Cl A | 48954 | 170443 |
| &nbsp;&nbsp;&nbsp;Zhuzhou CRRC Times Electric, Cl A | 52026 | 309767 |
|  |  | 994509 |
| Information Technology — 72.4% |  |  |
| &nbsp;&nbsp;&nbsp;ACM Research Shanghai, Cl A | 17615 | 280191 |
| &nbsp;&nbsp;&nbsp;Advanced Micro-Fabrication Equipment China, Cl A | 87317 | 2222191 |
| &nbsp;&nbsp;&nbsp;Amlogic Shanghai, Cl A \* | 67235 | 666517 |
| &nbsp;&nbsp;&nbsp;Beijing Kingsoft Office Software, Cl A | 46221 | 1807053 |
| &nbsp;&nbsp;&nbsp;Bestechnic Shanghai, Cl A | 16771 | 814722 |
| &nbsp;&nbsp;&nbsp;Biwin Storage Technology, Cl A \* | 64442 | 606352 |
| &nbsp;&nbsp;&nbsp;Cambricon Technologies, Cl A \* | 41658 | 3498082 |
| &nbsp;&nbsp;&nbsp;China Railway Signal & Communication, Cl A | 516181 | 370392 |
| &nbsp;&nbsp;&nbsp;China Resources Microelectronics, Cl A | 105981 | 697747 |
| &nbsp;&nbsp;&nbsp;CSI Solar, Cl A | 294441 | 376110 |
| &nbsp;&nbsp;&nbsp;Everdisplay Optronics Shanghai, Cl A \* | 1104249 | 360727 |
| &nbsp;&nbsp;&nbsp;GalaxyCore, Cl A | 155709 | 334758 |
| &nbsp;&nbsp;&nbsp;Guobo Electronics, Cl A | 15464 | 129551 |
| &nbsp;&nbsp;&nbsp;Hangzhou EZVIZ Network, Cl A | 31434 | 138319 |
| &nbsp;&nbsp;&nbsp;Hwatsing Technology, Cl A | 33072 | 778882 |
| &nbsp;&nbsp;&nbsp;Jinko Solar, Cl A \* | 798744 | 578723 |
| &nbsp;&nbsp;&nbsp;Loongson Technology, Cl A \* | 32013 | 596136 |
| &nbsp;&nbsp;&nbsp;Montage Technology, Cl A | 228480 | 2615520 |
| &nbsp;&nbsp;&nbsp;National Silicon Industry Group, Cl A | 328973 | 859730 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Nexchip Semiconductor, Cl A | 160156 | $453203 |
| &nbsp;&nbsp;&nbsp;Piotech, Cl A | 27914 | 598991 |
| &nbsp;&nbsp;&nbsp;Qi An Xin Technology Group, Cl A \* | 54699 | 259477 |
| &nbsp;&nbsp;&nbsp;Shanghai BOCHU Electronic Technology, Cl A | 23023 | 423174 |
| &nbsp;&nbsp;&nbsp;Shenzhen Transsion Holdings, Cl A | 91037 | 1012913 |
| &nbsp;&nbsp;&nbsp;SICC, Cl A \* | 34305 | 280401 |
| &nbsp;&nbsp;&nbsp;Smartsens Technology Shanghai, Cl A | 56140 | 801132 |
| &nbsp;&nbsp;&nbsp;SUPCON Technology, Cl A | 126230 | 791410 |
| &nbsp;&nbsp;&nbsp;Trina Solar, Cl A \* | 260978 | 529378 |
| &nbsp;&nbsp;&nbsp;United Nova Technology, Cl A \* | 987605 | 657654 |
| &nbsp;&nbsp;&nbsp;Verisilicon Microelectronics Shanghai, Cl A \* | 69973 | 942657 |
| &nbsp;&nbsp;&nbsp;Xinjiang Daqo New Energy, Cl A \* | 128443 | 382291 |
|  |  | 24864384 |
| Materials — 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;Cathay Biotech, Cl A | 71978 | 473279 |
| &nbsp;&nbsp;&nbsp;Western Superconducting Technologies, Cl A | 90763 | 657362 |
|  |  | 1130641 |
| TOTAL CHINA |  | 34131528 |
| TOTAL COMMON STOCK<br> (Cost $34,466,357) |  | 34131528 |
| TOTAL INVESTMENTS — 99.4%<br> (Cost $34,466,357) |  | 34131528 |
| OTHER ASSETS LESS LIABILITIES – 0.6% |  | 215075 |
| NET ASSETS - 100% |  | $34346603 |

---

 

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

See "Glossary" for abbreviations.

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

KRS-QH-024-0900

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Hang Seng TECH Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 90.7% ‡** |  |  |
| **CHINA — 90.1%** |  |  |
| Communication Services — 28.2% |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Cl A \* | 147200 | $1564820 |
| &nbsp;&nbsp;&nbsp;Bilibili, Cl Z \* | 33840 | 722926 |
| &nbsp;&nbsp;&nbsp;Kingsoft | 108200 | 563743 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology, Cl B \* | 258000 | 2080433 |
| &nbsp;&nbsp;&nbsp;NetEase | 148205 | 3983599 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings | 58000 | 3716433 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group | 4000 | 38650 |
|  |  | 12670604 |
| Consumer Discretionary — 41.0% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding | 256900 | 3593327 |
| &nbsp;&nbsp;&nbsp;BYD, Cl H | 219000 | 3417516 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 280826 | 803127 |
| &nbsp;&nbsp;&nbsp;JD.com, Cl A | 122459 | 1995224 |
| &nbsp;&nbsp;&nbsp;Li Auto, Cl A \* | 141500 | 1928726 |
| &nbsp;&nbsp;&nbsp;Meituan, Cl B \* | 122580 | 1956596 |
| &nbsp;&nbsp;&nbsp;Midea Group | 71600 | 679060 |
| &nbsp;&nbsp;&nbsp;NIO, Cl A \* | 39760 | 138780 |
| &nbsp;&nbsp;&nbsp;Tongcheng Travel Holdings | 161600 | 403074 |
| &nbsp;&nbsp;&nbsp;Trip.com Group | 31550 | 1832713 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 187100 | 1682708 |
|  |  | 18430851 |
| Consumer Staples — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Health Information Technology \* | 746000 | 450451 |
| &nbsp;&nbsp;&nbsp;JD Health International \* | 129500 | 709363 |
|  |  | 1159814 |
| Information Technology — 18.3% |  |  |
| &nbsp;&nbsp;&nbsp;BYD Electronic International | 91500 | 370662 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics \* | 137400 | 113596 |
| &nbsp;&nbsp;&nbsp;Hua Hong Semiconductor | 84000 | 371312 |
| &nbsp;&nbsp;&nbsp;Kingdee International Software Group \* | 349000 | 686441 |
| &nbsp;&nbsp;&nbsp;Lenovo Group | 932000 | 1118400 |
| &nbsp;&nbsp;&nbsp;SenseTime Group, Cl B \* | 3211000 | 609476 |
| &nbsp;&nbsp;&nbsp;Sunny Optical Technology Group | 82340 | 727424 |
| &nbsp;&nbsp;&nbsp;Xiaomi, Cl B \* | 550200 | 4201846 |
|  |  | 8199157 |
| TOTAL CHINA |  | 40460426 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| **HONG KONG — 0.6%** |  |  |
| Information Technology — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;ASMPT | 38600 | $282985 |
| TOTAL HONG KONG |  | 282985 |
| TOTAL COMMON STOCK<br> (Cost $39,740,773) |  | 40743411 |
| TOTAL INVESTMENTS — 90.7%<br> (Cost $39,740,773) |  | 40743411 |
| OTHER ASSETS LESS LIABILITIES – 9.3% |  | 4171542 |
| NET ASSETS - 100% |  | $44914953 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-028-0900

**Consolidated Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares European Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 59.1%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF <sup>(A)(B)(C)</sup> | 148800 | $3728050 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $3,733,025) |  | 3728050 |
| **SHORT-TERM INVESTMENT — 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% <sup>(D)</sup> | 194039 | 194039 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $194,039) |  | 194039 |
| TOTAL INVESTMENTS — 62.2%<br> (Cost $3,927,064) |  | 3922089 |
| OTHER ASSETS LESS LIABILITIES – 37.8% |  | 2388427 |
| NET ASSETS - 100% |  | $6310516 |

---

A list of the open futures contracts held by the Fund at June 30, 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 ICE ECX Emission ^ | 78 | Dec-2025 | $5794227 | $6314896 | $(171176) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares European Carbon Subsidiary, Ltd. as of June 30, 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 June 30, 2025.* |

---

Transactions with affiliated companies during the period ended June 30, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of<br> 3/31/2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value<br> as of<br> 6/30/2025** | **Dividend<br> Income** | **Capital 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 | KraneShares Sustainable Ultra Short Duration Index ETF |  |
| $3588948 | $1204800 | $(1065870) | $3425 | $(3253) | $3728050 | $40015 | $— |

---

See "Glossary" for abbreviations.

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

KRS-QH-029-0800

**Consolidated Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares California Carbon Allowance Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 70.9%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares Sustainable Ultra Short Duration Index ETF <sup>(A)(B)(C)</sup> | 3032100 | $75966537 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $76,075,069) |  | 75966537 |
| **SHORT-TERM INVESTMENT — 5.3%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% <sup>(D)</sup> | 5656180 | 5656180 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $5,656,180) |  | 5656180 |
| TOTAL INVESTMENTS — 76.2%<br> (Cost $81,731,249) |  | 81622717 |
| OTHER ASSETS LESS LIABILITIES – 23.8% |  | 25451957 |
| NET ASSETS - 100% |  | $107074674 |

---

A list of the open futures contracts held by the Fund at June 30, 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 CA Carbon Allowance ^ | 3856 | Dec-2025 | $134051701 | $109471840 | $(24579861) |

---

---

| | |
|:---|:---|
| *^* | *Security is held by the KraneShares California Carbon Subsidiary, Ltd. as of June 30, 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 June 30, 2025.* |

---

Transactions with affiliated companies during the period ended June 30, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of<br> 3/31/2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value<br> as of<br> 6/30/2025** | **Dividend<br> Income** | **Capital 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 | KraneShares Sustainable Ultra Short Duration Index ETF |  |
| $87196672 | $— | $(11240526) | $65800 | $(55409) | $75966537 | $815395 | $— |

---

See "Glossary" for abbreviations.

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

KRS-QH-030-0800

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares KWEB Covered Call Strategy ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUND — 103.3%** |  |  |
| &nbsp;&nbsp;&nbsp;KraneShares CSI China Internet ETF <sup>(A)(B)</sup> | 2869900 | $98523667 |
| TOTAL EXCHANGE - TRADED FUND<br> (Cost $95,227,586) |  | 98523667 |
| **SHORT-TERM INVESTMENT — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, GVMXX, Cl Premier, 4.270% <sup>(C)</sup> | 37783 | 37783 |
| TOTAL SHORT-TERM INVESTMENT<br> (Cost $37,783) |  | 37783 |
| TOTAL INVESTMENTS — 103.3% <br> (Cost $95,265,369) |  | 98561450 |
| OTHER ASSETS LESS LIABILITIES – (3.3)% |  | (3122899) |
| NET ASSETS - 100% |  | $95438551 |
| WRITTEN OPTIONS <sup>(D)</sup> — (3.8)%<br> (Premiums Received $(3633507)) |  | $(3637180) |

---

*(A)* *For financial information on the KraneShares CSI China Internet ETF, please go to the Fund's website at https://kraneshares.com/kweb/.* 

*(B)* *Affiliated Investment.* 

*(C)* *The rate shown is the 7-day effective yield as of June 30, 2025.* 

*(D)* *Refer to option table below.* 

Written options contracts outstanding as of June 30, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **WRITTEN OPTIONS — (3.8)%** |  |  |  |  |  |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (6815) | $(23395895) | $32.74 | 07/03/25 | $(1113026) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (460) | (1579180) | $33.22 | 07/03/25 | (53880) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5444) | (18689252) | $34.24 | 07/11/25 | (389736) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5937) | (20381721) | $34.00 | 07/18/25 | (625522) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (5734) | (19684822) | $33.30 | 07/25/25 | (955055) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (230) | (789590) | $34.34 | 08/01/25 | (28143) |
| &nbsp;&nbsp;&nbsp;KWEB US\* | (4079) | (14003207) | $34.48 | 08/01/25 | (471818) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(98523667) |  |  | $(3637180) |

---

*\** *KraneShares CSI China Internet ETF.*

Transactions with affiliated companies during the period ended June 30, 2025 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value<br> as of<br> 3/31/2025** | **Purchases at<br> Cost** | **Proceeds<br> from Sale** | **Change in<br> Unrealized<br> Appreciation/<br> (Depreciation)** | **Realized**<br> **Gain/(Loss)** | **Value<br> as of<br> 6/30/2025** | **Dividend<br> Income** | **Capital Gain<br> Distributions** |
| 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 |  |
| $106999569 | $135497077 | $(141783529) | $2535157 | $(4724607) | $98523667 | $— | $— |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares KWEB Covered Call Strategy ETF**

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

See "Glossary" for abbreviations.

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

KRS-QH-037-0500

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Global Luxury Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 98.0% ‡** |  |  |
| **DENMARK — 4.5%** |  |  |
| Consumer Discretionary — 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;Pandora | 624 | $109174 |
| TOTAL DENMARK |  | 109174 |
| **FRANCE — 33.9%** |  |  |
| Consumer Discretionary — 20.1% |  |  |
| &nbsp;&nbsp;&nbsp;Hermes International | 59 | 159222 |
| &nbsp;&nbsp;&nbsp;Kering | 519 | 112439 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton | 415 | 216585 |
|  |  | 488246 |
| Consumer Staples — 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;L'Oreal | 480 | 204587 |
| Health Care — 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica | 486 | 132867 |
| TOTAL FRANCE |  | 825700 |
| **ITALY — 11.6%** |  |  |
| Consumer Discretionary — 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;Brunello Cucinelli | 361 | 43732 |
| &nbsp;&nbsp;&nbsp;Ferrari | 220 | 107456 |
| &nbsp;&nbsp;&nbsp;Moncler | 1653 | 93895 |
| &nbsp;&nbsp;&nbsp;PRADA | 6100 | 37843 |
| TOTAL ITALY |  | 282926 |
| **JAPAN — 7.9%** |  |  |
| Consumer Staples — 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;Kao | 2400 | 107285 |
| &nbsp;&nbsp;&nbsp;Shiseido | 4800 | 85519 |
| TOTAL JAPAN |  | 192804 |
| **SWITZERLAND — 8.1%** |  |  |
| Consumer Discretionary — 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont, Cl A | 1042 | 195637 |
| TOTAL SWITZERLAND |  | 195637 |
| **UNITED KINGDOM — 2.5%** |  |  |
| Consumer Discretionary — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;Burberry Group \* | 3707 | 60044 |
| TOTAL UNITED KINGDOM |  | 60044 |
| **UNITED STATES — 29.5%** |  |  |
| Consumer Discretionary — 23.6% |  |  |
| &nbsp;&nbsp;&nbsp;Bath & Body Works | 2452 | 73462 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Global Luxury Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor \* | 853 | $87919 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 395 | 108341 |
| &nbsp;&nbsp;&nbsp;Samsonite International | 15300 | 28456 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers | 501 | 39855 |
| &nbsp;&nbsp;&nbsp;Tapestry | 1250 | 109762 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 476 | 74794 |
| &nbsp;&nbsp;&nbsp;VF | 4503 | 52910 |
|  |  | 575499 |
| Consumer Staples — 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;Estee Lauder, Cl A | 1774 | 143339 |
| TOTAL UNITED STATES |  | 718838 |
| TOTAL COMMON STOCK <br> (Cost $2,657,104) |  | 2385123 |
| TOTAL INVESTMENTS — 98.0%<br> (Cost $2,657,104) |  | 2385123 |
| OTHER ASSETS LESS LIABILITIES – 2.0% |  | 48870 |
| NET ASSETS - 100% |  | $2433993 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-039-0400

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Hedgeye Hedged Equity**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE - TRADED FUND — 100.5%** |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust <sup>(A)</sup> | 30300 | $18720855 |
| TOTAL EXCHANGE - TRADED FUND<br> (Cost $17,533,120) |  | 18720855 |
| **PURCHASED OPTIONS <sup>(B)</sup> — 0.9%** |  |  |
| TOTAL PURCHASED OPTIONS <br> (Cost $194,600) |  | 169671 |
| TOTAL INVESTMENTS — 101.4% <br> (Cost $17,727,720) |  | 18890526 |
| OTHER ASSETS LESS LIABILITIES – (1.4)% |  | (261972) |
| NET ASSETS - 100% |  | $18628554 |
| WRITTEN OPTIONS <sup>(B)</sup> — (1.9)%<br> (Premiums Received $(335547)) |  | $(346959) |

---

*(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 June 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Notional<br> Amount** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS — 0.9%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | 30 | $18614850 | $6170.00 | 07/18/25 | $168000 |
| &nbsp;&nbsp;&nbsp;S&P 500 Mini-SPX Index | 3 | 186150 | 617.00 | 07/18/25 | 1671 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  | $18801000 |  |  | $169671 |
| **WRITTEN OPTIONS — (1.9)%** |  |  |  |  |  |
| Put Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;S&P 500 Index | (30) | $(18614850) | $5960.00 | 07/18/25 | $(49500) |
| &nbsp;&nbsp;&nbsp;S&P 500 Mini-SPX Index | (3) | (186150) | 596.00 | 07/18/25 | (498) |
| Call Options |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust | (303) | $(18720855) | $615.08 | 07/18/25 | $(296961) |
| &nbsp;&nbsp;&nbsp;Total Written Options |  | $(37521855) |  |  | $(346959) |

---

See "Glossary" for abbreviations.

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

KRS-QH-042-0300

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Artificial Intelligence**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 96.4% ‡** |  |  |
| **CANADA — 1.7%** |  |  |
| Information Technology — 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;Shopify, Cl A \* | 4149 | $477568 |
| TOTAL CANADA |  | 477568 |
| **GERMANY — 2.3%** |  |  |
| Information Technology — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;SAP | 2115 | 640906 |
| TOTAL GERMANY |  | 640906 |
| **NETHERLANDS — 4.7%** |  |  |
| Information Technology — 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding | 467 | 371451 |
| &nbsp;&nbsp;&nbsp;Nebius Group, Cl A \* | 17384 | 961857 |
| TOTAL NETHERLANDS |  | 1333308 |
| **SOUTH KOREA — 2.2%** |  |  |
| Information Technology — 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;SK Hynix | 2892 | 625714 |
| TOTAL SOUTH KOREA |  | 625714 |
| **TAIWAN — 3.2%** |  |  |
| Information Technology — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;MediaTek | 6000 | 256744 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing | 18000 | 653156 |
| TOTAL TAIWAN |  | 909900 |
| **UNITED STATES — 82.3%** |  |  |
| Communication Services — 13.1% |  |  |
| &nbsp;&nbsp;&nbsp;Alphabet, Cl A | 4972 | 876216 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Cl A | 2997 | 2212056 |
| &nbsp;&nbsp;&nbsp;ROBLOX, Cl A \* | 5967 | 627728 |
|  |  | 3716000 |
| Consumer Discretionary — 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;Amazon.com \* | 6505 | 1427132 |
| &nbsp;&nbsp;&nbsp;Duolingo, Cl A \* | 1256 | 514985 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 2399 | 762066 |
|  |  | 2704183 |
| Health Care — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Tempus AI, Cl A \* | 8872 | 563727 |
| Industrials — 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings, Cl A | 3150 | 404491 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Artificial Intelligence** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Information Technology — 56.2% |  |  |
| &nbsp;&nbsp;&nbsp;Adobe \* | 1419 | $548983 |
| &nbsp;&nbsp;&nbsp;Apple | 4304 | 883052 |
| &nbsp;&nbsp;&nbsp;AppLovin, Cl A \* | 1171 | 409944 |
| &nbsp;&nbsp;&nbsp;Arista Networks \* | 3141 | 321356 |
| &nbsp;&nbsp;&nbsp;ARM Holdings ADR \* | 1740 | 281427 |
| &nbsp;&nbsp;&nbsp;Atlassian, Cl A \* | 1872 | 380184 |
| &nbsp;&nbsp;&nbsp;Broadcom | 2814 | 775679 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Cl A \* | 3335 | 653093 |
| &nbsp;&nbsp;&nbsp;Confluent, Cl A \* | 12961 | 323118 |
| &nbsp;&nbsp;&nbsp;Datadog, Cl A \* | 3833 | 514887 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 5812 | 490126 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 7325 | 330431 |
| &nbsp;&nbsp;&nbsp;Marvell Technology | 5308 | 410839 |
| &nbsp;&nbsp;&nbsp;Micron Technology | 2936 | 361862 |
| &nbsp;&nbsp;&nbsp;Microsoft | 3005 | 1494717 |
| &nbsp;&nbsp;&nbsp;MongoDB, Cl A \* | 1830 | 384282 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 8102 | 1280035 |
| &nbsp;&nbsp;&nbsp;Oracle | 3458 | 756023 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Cl A \* | 5339 | 727812 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks \* | 1876 | 383905 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 6042 | 347898 |
| &nbsp;&nbsp;&nbsp;QUALCOMM | 1676 | 266920 |
| &nbsp;&nbsp;&nbsp;Salesforce | 2841 | 774712 |
| &nbsp;&nbsp;&nbsp;Samsara, Cl A \* | 11413 | 454009 |
| &nbsp;&nbsp;&nbsp;ServiceNow \* | 763 | 784425 |
| &nbsp;&nbsp;&nbsp;Snowflake, Cl A \* | 2619 | 586054 |
| &nbsp;&nbsp;&nbsp;Synopsys \* | 492 | 252238 |
| &nbsp;&nbsp;&nbsp;Workday, Cl A \* | 1630 | 391200 |
| &nbsp;&nbsp;&nbsp;Zscaler \* | 1169 | 366996 |
|  |  | 15936207 |
| TOTAL UNITED STATES |  | 23324608 |
| TOTAL COMMON STOCK<br> (Cost $24,408,039) |  | 27312004 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Artificial Intelligence** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **PREFERRED STOCK — 3.5%** |  |  |
| **UNITED STATES — 3.5%** |  |  |
| Information Technology — 3.5% |  |  |
| &nbsp;&nbsp;&nbsp;Anthropic \*<sup>(A)(B)</sup> | 17829 | $999966 |
| TOTAL PREFERRED STOCK<br> (Cost $999,966) |  | 999966 |
| TOTAL INVESTMENTS — 99.9% <br> (Cost $25,408,005) |  | 28311970 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 29066 |
| NET ASSETS - 100% |  | $28341036 |

---

---

| | |
|:---|:---|
| *‡* | *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.* |

---

See "Glossary" for abbreviations.

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

KRS-QH-043-0300

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS — 96.2%** | | |
| **AUSTRALIA — 5.0%** |  |  |
| Financials — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Australia & New Zealand Banking Group NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.375%, 07/03/2025 | $2000000 | $2000099 |
| &nbsp;&nbsp;&nbsp;Transurban Finance Pty |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 02/02/2026 | 500000 | 498585 |
| &nbsp;&nbsp;&nbsp;Westpac Banking |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.386%, 8/26/2025, SOFRRATE + 1.000% <sup>(A)</sup> | 1500000 | 1501995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.512%, 11/17/2025 | 700000 | 702882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200%, 04/16/2026 | 2000000 | 2013606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.735%, 08/26/2025 | 1400000 | 1398198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 05/13/2026 | 1000000 | 987978 |
| TOTAL AUSTRALIA |  | 9103343 |
| **CANADA — 7.6%** |  |  |
| Consumer Discretionary — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Magna International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 10/01/2025 | 500000 | 499045 |
| Financials — 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.920%, 09/25/2025 | 1000000 | 1002961 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.750%, 02/02/2026 | 2000000 | 2004482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.050%, 03/02/2026 | 1500000 | 1467211 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.945%, 08/04/2025 | 1000000 | 999264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 10/23/2025 | 1000000 | 989488 |
| &nbsp;&nbsp;&nbsp;Federation des Caisses Desjardins du Quebec |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.400%, 08/23/2025 | 900000 | 899224 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 01/12/2026 | 1000000 | 1002118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 04/27/2026 | 2000000 | 1951577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 01/20/2026 | 1000000 | 980581 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/06/2026 | 1000000 | 981097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 09/11/2025 | 1000000 | 992320 |
|  |  | 13270323 |
| TOTAL CANADA |  | 13769368 |
| **FRANCE — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Banque Federative du Credit Mutuel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.935%, 01/26/2026 | 791000 | 793026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.524%, 07/13/2025 | 747000 | 746898 |
| TOTAL FRANCE |  | 1539924 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **GERMANY — 0.8%** |  |  |
| Financials — 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;Deutsche Bank NY |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.686%, 03/19/2026 | $1500000 | $1472067 |
| **HONG KONG — 0.6%** |  |  |
| Financials — 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;Swire Pacific Financing, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 09/21/2025 | 1000000 | 998349 |
| **IRELAND — 1.0%** |  |  |
| Industrials — 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/15/2025 | 1000000 | 1000644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/30/2026 | 786000 | 772234 |
| TOTAL IRELAND |  | 1772878 |
| **JAPAN — 3.2%** |  |  |
| Financials — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.412%, 07/17/2025 | 1000000 | 998637 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.477%, 04/12/2026 | 1500000 | 1489403 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.464%, 01/13/2026 | 1318000 | 1324395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.474%, 07/08/2025 | 2000000 | 1998988 |
| TOTAL JAPAN |  | 5811423 |
| **NETHERLANDS — 1.1%** |  |  |
| Financials — 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/18/2025 | 1000000 | 1000496 |
| &nbsp;&nbsp;&nbsp;Cooperatieve Rabobank UA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.850%, 01/09/2026 | 1000000 | 1001922 |
| TOTAL NETHERLANDS |  | 2002418 |
| **SPAIN — 1.5%** |  |  |
| Financials — 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125%, 09/18/2025 | 1000000 | 992419 |
| &nbsp;&nbsp;&nbsp;Banco Santander |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.179%, 11/19/2025 | 1800000 | 1800923 |
| TOTAL SPAIN |  | 2793342 |
| **SWITZERLAND — 0.5%** |  |  |
| Financials — 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;UBS Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 09/24/2025 | 928000 | 926398 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| **UNITED KINGDOM — 3.6%** |  |  |
| Financials — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;Barclays |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 01/12/2026 | $1000000 | $999198 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 03/08/2026 | 2000000 | 1998034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.250%, 08/18/2025 | 1000000 | 999042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 05/25/2026 | 1000000 | 995864 |
| &nbsp;&nbsp;&nbsp;LSEGA Financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.375%, 04/06/2026 | 1500000 | 1464742 |
| TOTAL UNITED KINGDOM |  | 6456880 |
| **UNITED STATES — 70.5%** |  |  |
| Communication Services — 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.908%, 07/23/2025 | 1000000 | 999926 |
| &nbsp;&nbsp;&nbsp;Comcast |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 10/15/2025 | 1000000 | 998453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 03/01/2026 | 1500000 | 1487898 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.250%, 02/15/2026 | 1000000 | 984517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 02/15/2026 | 1000000 | 980244 |
| &nbsp;&nbsp;&nbsp;TWDC Enterprises 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/13/2026 | 1000000 | 992285 |
| &nbsp;&nbsp;&nbsp;TWDC Enterprises 18, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 09/17/2025 | 1000000 | 997475 |
| &nbsp;&nbsp;&nbsp;Verizon Communications |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.850%, 11/20/2025 | 500000 | 493123 |
| &nbsp;&nbsp;&nbsp;Walt Disney |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 01/13/2026 | 1000000 | 986121 |
|  |  | 8920042 |
| Consumer Discretionary — 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;DR Horton |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.600%, 10/15/2025 | 500000 | 496966 |
| &nbsp;&nbsp;&nbsp;Ford Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.134%, 08/04/2025 | 1000000 | 998949 |
| &nbsp;&nbsp;&nbsp;General Motors Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.300%, 07/13/2025 | 1000000 | 999768 |
| &nbsp;&nbsp;&nbsp;McDonald's, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 07/01/2025 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 10/24/2025 | 1000000 | 997260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 08/18/2025 | 1000000 | 998973 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Credit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/10/2025 | 1000000 | 1003169 |
|  |  | 6495085 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Consumer Staples — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;PepsiCo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 11/10/2025 | $1000000 | $1003055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.550%, 02/13/2026 | 1000000 | 1000704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 07/17/2025 | 1000000 | 999592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.850%, 02/24/2026 | 500000 | 495556 |
|  |  | 3498907 |
| Financials — 34.3% |  |  |
| &nbsp;&nbsp;&nbsp;Allstate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 12/15/2025 | 1000000 | 982878 |
| &nbsp;&nbsp;&nbsp;American Express |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/13/2026 | 2000000 | 2005900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.200%, 11/06/2025 | 1000000 | 999025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 08/01/2025 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 05/20/2026 | 1000000 | 990902 |
| &nbsp;&nbsp;&nbsp;Aon Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 12/15/2025 | 2000000 | 1993721 |
| &nbsp;&nbsp;&nbsp;Ares Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/15/2026 | 2000000 | 1989491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 07/15/2025 | 2000000 | 1998727 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.800%, 05/04/2026 | 2000000 | 1974855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 01/28/2026 | 1000000 | 979244 |
| &nbsp;&nbsp;&nbsp;Charles Schwab |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.891%, 5/13/2026, SOFRINDX + 0.520% <sup>(A)</sup> | 500000 | 500095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/13/2026 | 1000000 | 972636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 03/11/2026 | 596000 | 581639 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.350%, 05/03/2026 | 1000000 | 992259 |
| &nbsp;&nbsp;&nbsp;Citibank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.864%, 09/29/2025 | 1000000 | 1001902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.438%, 04/30/2026 | 2000000 | 2015359 |
| &nbsp;&nbsp;&nbsp;Citigroup |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 09/13/2025 | 1000000 | 1001218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.600%, 03/09/2026 | 2000000 | 1999745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.700%, 01/12/2026 | 1000000 | 996386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 05/01/2026 | 1000000 | 992311 |
| &nbsp;&nbsp;&nbsp;Corebridge Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 09/22/2025 | 1000000 | 991496 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 07/28/2025 | 1000000 | 999482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.850%, 03/15/2026 | 1500000 | 1490431 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 02/25/2026 | 1000000 | 995508 |
| &nbsp;&nbsp;&nbsp;Invesco Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 01/15/2026 | 500000 | 497578 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Jackson National Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 01/09/2026 | $850000 | $853462 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 07/15/2025 | 1000000 | 999621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 04/01/2026 | 2000000 | 1986523 |
| &nbsp;&nbsp;&nbsp;KeyBank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.150%, 08/08/2025 | 1000000 | 999260 |
| &nbsp;&nbsp;&nbsp;Manufacturers & Traders Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/21/2025 | 500000 | 500975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.650%, 01/27/2026 | 2800000 | 2799823 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/14/2026 | 2000000 | 1989915 |
| &nbsp;&nbsp;&nbsp;Metropolitan Life Global Funding I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 08/25/2025 | 1020000 | 1019057 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/24/2025 | 1000000 | 1001487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/23/2025 | 1000000 | 999059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 01/27/2026 | 2000000 | 1992148 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.754%, 04/21/2026 | 2000000 | 2005535 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 03/10/2026 | 2000000 | 1961976 |
| &nbsp;&nbsp;&nbsp;State Street |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 08/18/2025 | 1000000 | 998531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.650%, 05/19/2026 | 2000000 | 1972033 |
| &nbsp;&nbsp;&nbsp;Truist Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.625%, 09/16/2025 | 2000000 | 1994603 |
| &nbsp;&nbsp;&nbsp;Truist Financial, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.200%, 08/05/2025 | 1000000 | 996728 |
| &nbsp;&nbsp;&nbsp;US Bancorp, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.950%, 11/17/2025 | 1500000 | 1495616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.100%, 04/27/2026 | 1000000 | 989876 |
| &nbsp;&nbsp;&nbsp;Visa |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.150%, 12/14/2025 | 1000000 | 994257 |
| &nbsp;&nbsp;&nbsp;Wells Fargo |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 04/22/2026 | 2000000 | 1978571 |
| &nbsp;&nbsp;&nbsp;Wells Fargo, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.550%, 09/29/2025 | 900000 | 897457 |
|  |  | 62369301 |
| Health Care — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 02/25/2026 | 500000 | 499701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.125%, 11/15/2025 | 1000000 | 999527 |
| &nbsp;&nbsp;&nbsp;CVS Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 07/20/2025 | 1000000 | 999303 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Elevance Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/08/2026 | $510000 | $510030 |
| &nbsp;&nbsp;&nbsp;McKesson |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.900%, 12/03/2025 | 500000 | 492422 |
| &nbsp;&nbsp;&nbsp;Stryker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 11/01/2025 | 1000000 | 995951 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.150%, 10/15/2025 | 1000000 | 1001683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 07/15/2025 | 1000000 | 999666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.150%, 05/15/2026 | 1000000 | 971988 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.050%, 01/15/2026 | 1000000 | 992193 |
| &nbsp;&nbsp;&nbsp;Zoetis |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.400%, 11/14/2025 | 1000000 | 1002137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 11/13/2025 | 1000000 | 999463 |
|  |  | 10464064 |
| Industrials — 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;Air Lease |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.375%, 07/01/2025 | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;Cummins |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 09/01/2025 | 1000000 | 994126 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.875%, 03/01/2026 | 2000000 | 1990793 |
| &nbsp;&nbsp;&nbsp;John Deere Capital, MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.800%, 01/09/2026 | 1000000 | 1002154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.050%, 09/08/2025 | 1000000 | 999080 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.400%, 03/01/2026 | 1500000 | 1486977 |
| &nbsp;&nbsp;&nbsp;Waste Management |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.750%, 11/15/2025 | 2000000 | 1973555 |
|  |  | 9446685 |
| Information Technology — 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;Apple |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.421%, 05/08/2026 | 2000000 | 1998996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 02/23/2026 | 2000000 | 1987287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.700%, 02/08/2026 | 2000000 | 1956953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.550%, 08/20/2025 | 1000000 | 994861 |
| &nbsp;&nbsp;&nbsp;Applied Materials |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.900%, 10/01/2025 | 500000 | 499444 |
| &nbsp;&nbsp;&nbsp;Cisco Systems |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.900%, 02/26/2026 | 1000000 | 1004735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.950%, 02/28/2026 | 2000000 | 1981038 |
| &nbsp;&nbsp;&nbsp;Fortinet |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.000%, 03/15/2026 | 2000000 | 1948429 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Sustainable Ultra Short Duration Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Face Amount** | **Value** |
| **CORPORATE OBLIGATIONS (continued)** |  |  |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Intel |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.875%, 02/10/2026 | $700000 | $700988 |
| &nbsp;&nbsp;&nbsp;Intuit |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.950%, 07/15/2025 | 1000000 | 998522 |
| &nbsp;&nbsp;&nbsp;Lam Research |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.750%, 03/15/2026 | 2000000 | 1990259 |
| &nbsp;&nbsp;&nbsp;Microsoft |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.125%, 11/03/2025 | 3000000 | 2986938 |
|  |  | 19048450 |
| Real Estate — 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;Boston Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.650%, 02/01/2026 | 1000000 | 993492 |
| &nbsp;&nbsp;&nbsp;Equinix |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.450%, 05/15/2026 | 1000000 | 972523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.250%, 07/15/2025 | 1000000 | 998708 |
| &nbsp;&nbsp;&nbsp;Public Storage Operating |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.875%, 02/15/2026 | 2000000 | 1956863 |
| &nbsp;&nbsp;&nbsp;Realty Income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 11/01/2025 | 1000000 | 999906 |
| &nbsp;&nbsp;&nbsp;Simon Property Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 09/01/2025 | 1000000 | 997707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.300%, 01/15/2026 | 1000000 | 993977 |
|  |  | 7913176 |
| TOTAL UNITED STATES |  | 128155710 |
| TOTAL CORPORATE OBLIGATIONS<br> (Cost $174,862,854) |  | 174802100 |
| TOTAL INVESTMENTS — 96.2%<br> (Cost $174,862,854) |  | 174802100 |
| OTHER ASSETS LESS LIABILITIES – 3.8% |  | 6856602 |
| NET ASSETS - 100% |  | $181658702 |

---

*(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.* 

See "Glossary" for abbreviations.

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

KRS-QH-041-0300

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares China Alpha Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.5% ‡** |  |  |
| **CHINA — 99.5%** |  |  |
| Consumer Discretionary — 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;Fuyao Glass Industry Group, Cl A | 37201 | $296075 |
| &nbsp;&nbsp;&nbsp;Haier Smart Home, Cl A | 37500 | 129727 |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 25400 | 167545 |
| &nbsp;&nbsp;&nbsp;Seres Group, Cl A | 15900 | 298149 |
|  |  | 891496 |
| Financials — 36.9% |  |  |
| &nbsp;&nbsp;&nbsp;Agricultural Bank of China, Cl A | 390100 | 320221 |
| &nbsp;&nbsp;&nbsp;Bank of Beijing, Cl A | 342500 | 326571 |
| &nbsp;&nbsp;&nbsp;Bank of China, Cl A | 390700 | 306532 |
| &nbsp;&nbsp;&nbsp;Bank of Communications, Cl A | 283900 | 317067 |
| &nbsp;&nbsp;&nbsp;Bank of Jiangsu, Cl A | 196500 | 327539 |
| &nbsp;&nbsp;&nbsp;Bank of Nanjing, Cl A | 188300 | 305459 |
| &nbsp;&nbsp;&nbsp;Bank of Shanghai, Cl A | 203800 | 301867 |
| &nbsp;&nbsp;&nbsp;China CITIC Bank, Cl A | 247100 | 293216 |
| &nbsp;&nbsp;&nbsp;China Construction Bank, Cl A | 238800 | 314704 |
| &nbsp;&nbsp;&nbsp;China Galaxy Securities, Cl A | 44400 | 106302 |
| &nbsp;&nbsp;&nbsp;Guotai Junan Securities, Cl A | 125500 | 335687 |
| &nbsp;&nbsp;&nbsp;Huaxia Bank, Cl A | 286500 | 316371 |
| &nbsp;&nbsp;&nbsp;Industrial & Commercial Bank of China, Cl A | 305100 | 323281 |
|  |  | 3894817 |
| Industrials — 14.0% |  |  |
| &nbsp;&nbsp;&nbsp;China Merchants Expressway Network & Technology Holdings, Cl A | 170200 | 285126 |
| &nbsp;&nbsp;&nbsp;COSCO SHIPPING Holdings, Cl A | 111600 | 234319 |
| &nbsp;&nbsp;&nbsp;Daqin Railway, Cl A | 319600 | 294474 |
| &nbsp;&nbsp;&nbsp;Jiangsu Expressway, Cl A | 131900 | 282466 |
| &nbsp;&nbsp;&nbsp;NARI Technology, Cl A | 6200 | 19397 |
| &nbsp;&nbsp;&nbsp;Shanghai International Port Group, Cl A | 369400 | 294462 |
| &nbsp;&nbsp;&nbsp;Weichai Power, Cl A | 31900 | 68492 |
|  |  | 1478736 |
| Information Technology — 21.5% |  |  |
| &nbsp;&nbsp;&nbsp;Avary Holding Shenzhen, Cl A | 35800 | 160080 |
| &nbsp;&nbsp;&nbsp;Chaozhou Three-Circle Group, Cl A | 16700 | 77868 |
| &nbsp;&nbsp;&nbsp;Eoptolink Technology, Cl A | 24500 | 434444 |
| &nbsp;&nbsp;&nbsp;Foxconn Industrial Internet, Cl A | 113900 | 339960 |
| &nbsp;&nbsp;&nbsp;Luxshare Precision Industry, Cl A | 70900 | 343357 |
| &nbsp;&nbsp;&nbsp;NAURA Technology Group, Cl A | 1300 | 80254 |
| &nbsp;&nbsp;&nbsp;WUS Printed Circuit Kunshan, Cl A | 61100 | 363197 |
| &nbsp;&nbsp;&nbsp;Zhongji Innolight, Cl A | 23100 | 470375 |
|  |  | 2269535 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares China Alpha Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Materials — 18.7% |  |  |
| &nbsp;&nbsp;&nbsp;Aluminum Corp of China, Cl A | 329800 | $324130 |
| &nbsp;&nbsp;&nbsp;Ningxia Baofeng Energy Group, Cl A | 134800 | 303731 |
| &nbsp;&nbsp;&nbsp;Satellite Chemical, Cl A | 128900 | 311851 |
| &nbsp;&nbsp;&nbsp;Zangge Mining, Cl A | 59400 | 353838 |
| &nbsp;&nbsp;&nbsp;Zhejiang Juhua, Cl A | 81500 | 326312 |
| &nbsp;&nbsp;&nbsp;Zhongjin Gold, Cl A | 12500 | 25530 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group, Cl A | 121600 | 331028 |
|  |  | 1976420 |
| TOTAL CHINA |  | 10511004 |
| TOTAL COMMON STOCK<br> (Cost $9,012,391) |  | 10511004 |
| TOTAL INVESTMENTS — 99.5%<br> (Cost $9,012,391) |  | 10511004 |
| OTHER ASSETS LESS LIABILITIES – 0.5% |  | 52151 |
| NET ASSETS - 100% |  | $10563155 |

---

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

See "Glossary" for abbreviations.

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

KRS-QH-046-0200

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 99.9% ‡** |  |  |
| **BELGIUM — 0.3%** |  |  |
| Communication Services — 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Global, Cl C \* | 3232 | $33322 |
| TOTAL BELGIUM |  | 33322 |
| **BRAZIL — 0.4%** |  |  |
| Financials — 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;StoneCo, Cl A \* | 2662 | 42698 |
| TOTAL BRAZIL |  | 42698 |
| **GERMANY — 0.1%** |  |  |
| Materials — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Orion | 1021 | 10710 |
| TOTAL GERMANY |  | 10710 |
| **MONACO — 0.0%** |  |  |
| Industrials — 0.0% |  |  |
| &nbsp;&nbsp;&nbsp;Safe Bulkers | 1990 | 7184 |
| TOTAL MONACO |  | 7184 |
| **NORWAY — 0.1%** |  |  |
| Energy — 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;Seadrill \* | 291 | 7639 |
| TOTAL NORWAY |  | 7639 |
| **PUERTO RICO — 0.2%** |  |  |
| Communication Services — 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;Liberty Latin America, Cl C \* | 4282 | 26634 |
| TOTAL PUERTO RICO |  | 26634 |
| **UNITED KINGDOM — 0.9%** |  |  |
| Energy — 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC | 2844 | 97947 |
| TOTAL UNITED KINGDOM |  | 97947 |
| **UNITED STATES — 97.9%** |  |  |
| Communication Services — 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;Bandwidth, Cl A \* | 2614 | 41563 |
| &nbsp;&nbsp;&nbsp;Bumble, Cl A \* | 1890 | 12455 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings \* | 889 | 13308 |
| &nbsp;&nbsp;&nbsp;IAC \* | 1111 | 41485 |
| &nbsp;&nbsp;&nbsp;Iridium Communications | 404 | 12189 |
| &nbsp;&nbsp;&nbsp;Magnite \* | 5916 | 142694 |
| &nbsp;&nbsp;&nbsp;News | 5668 | 168453 |
| &nbsp;&nbsp;&nbsp;Toro Combineco \* | 1534 | 11919 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Communication Services (continued) |  |  |
| &nbsp;&nbsp;&nbsp;TripAdvisor \* | 846 | $11040 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Cl A \* | 3477 | 35187 |
|  |  | 490293 |
| Consumer Discretionary — 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;Adient \* | 1174 | 22846 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings \* | 1588 | 6479 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group \* | 140 | 33396 |
| &nbsp;&nbsp;&nbsp;AutoNation \* | 324 | 64363 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants \* | 500 | 22300 |
| &nbsp;&nbsp;&nbsp;BorgWarner | 1485 | 49718 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming | 535 | 41853 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions \* | 339 | 41897 |
| &nbsp;&nbsp;&nbsp;Brunswick | 234 | 12926 |
| &nbsp;&nbsp;&nbsp;Churchill Downs | 224 | 22624 |
| &nbsp;&nbsp;&nbsp;Dana | 1489 | 25536 |
| &nbsp;&nbsp;&nbsp;Dorman Products \* | 432 | 52993 |
| &nbsp;&nbsp;&nbsp;Etsy \* | 1310 | 65710 |
| &nbsp;&nbsp;&nbsp;Frontdoor \* | 1772 | 104442 |
| &nbsp;&nbsp;&nbsp;Funko, Cl A \* | 1760 | 8378 |
| &nbsp;&nbsp;&nbsp;Gentherm \* | 560 | 15842 |
| &nbsp;&nbsp;&nbsp;Hanesbrands \* | 1679 | 7690 |
| &nbsp;&nbsp;&nbsp;Hasbro | 1064 | 78545 |
| &nbsp;&nbsp;&nbsp;J Jill | 408 | 5973 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands | 172 | 11347 |
| &nbsp;&nbsp;&nbsp;Lear | 832 | 79023 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings \* | 644 | 19532 |
| &nbsp;&nbsp;&nbsp;Light & Wonder \* | 542 | 52173 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings \* | 860 | 10036 |
| &nbsp;&nbsp;&nbsp;M/I Homes \* | 171 | 19173 |
| &nbsp;&nbsp;&nbsp;Mattel \* | 4136 | 81562 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries \* | 137 | 14363 |
| &nbsp;&nbsp;&nbsp;Phinia | 926 | 41198 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren, Cl A | 342 | 93804 |
| &nbsp;&nbsp;&nbsp;Savers Value Village \* | 1771 | 18064 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Cl A | 307 | 24538 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products | 228 | 7004 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home, Cl A \* | 110 | 6756 |
| &nbsp;&nbsp;&nbsp;Toll Brothers | 322 | 36750 |
| &nbsp;&nbsp;&nbsp;TopBuild \* | 144 | 46619 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure | 679 | 35043 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes \* | 617 | 19713 |
| &nbsp;&nbsp;&nbsp;Upbound Group | 440 | 11044 |
| &nbsp;&nbsp;&nbsp;Vail Resorts | 218 | 34254 |
| &nbsp;&nbsp;&nbsp;VF | 774 | 9094 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Consumer Discretionary (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Wayfair, Cl A \* | 1791 | $91592 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts | 871 | 70734 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Cl A \* | 610 | 4569 |
|  |  | 1521496 |
| Consumer Staples — 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings \* | 204 | 21997 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet, Cl A \* | 701 | 21934 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated | 360 | 40194 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients \* | 829 | 31452 |
| &nbsp;&nbsp;&nbsp;Dole | 1930 | 27001 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings | 595 | 11995 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Cl A | 293 | 18570 |
| &nbsp;&nbsp;&nbsp;Ingredion | 622 | 84356 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage | 421 | 16524 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride | 134 | 6027 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products | 264 | 5655 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands | 893 | 67663 |
| &nbsp;&nbsp;&nbsp;Universal | 87 | 5067 |
| &nbsp;&nbsp;&nbsp;US Foods Holding \* | 1255 | 96648 |
|  |  | 455083 |
| Energy — 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources | 1686 | 10740 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services | 512 | 17546 |
| &nbsp;&nbsp;&nbsp;NOV | 2586 | 32144 |
| &nbsp;&nbsp;&nbsp;Oceaneering International \* | 839 | 17384 |
| &nbsp;&nbsp;&nbsp;Ovintiv | 969 | 36871 |
| &nbsp;&nbsp;&nbsp;Range Resources | 318 | 12933 |
| &nbsp;&nbsp;&nbsp;World Kinect | 407 | 11538 |
|  |  | 139156 |
| Financials — 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group | 167 | 32861 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 621 | 40179 |
| &nbsp;&nbsp;&nbsp;Assurant | 111 | 21921 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings | 1023 | 106208 |
| &nbsp;&nbsp;&nbsp;Banner | 38 | 2438 |
| &nbsp;&nbsp;&nbsp;Burford Capital | 924 | 13176 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp | 36 | 1905 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial | 1497 | 53143 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions \* | 835 | 51478 |
| &nbsp;&nbsp;&nbsp;Enova International \* | 118 | 13159 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services | 159 | 8761 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide \* | 949 | 96210 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage, Cl C | 35 | 6800 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Financials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;First Financial | 114 | $6178 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 326 | 7909 |
| &nbsp;&nbsp;&nbsp;First Merchants | 243 | 9307 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings | 143 | 19325 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney | 108 | 6199 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group | 92 | 15628 |
| &nbsp;&nbsp;&nbsp;Home BancShares | 318 | 9050 |
| &nbsp;&nbsp;&nbsp;International Bancshares | 298 | 19835 |
| &nbsp;&nbsp;&nbsp;Mercury General | 637 | 42896 |
| &nbsp;&nbsp;&nbsp;Morningstar | 200 | 62786 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp | 219 | 3885 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp | 248 | 8864 |
| &nbsp;&nbsp;&nbsp;Primerica | 280 | 76628 |
| &nbsp;&nbsp;&nbsp;QCR Holdings | 106 | 7197 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Cl A | 288 | 57128 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group | 605 | 52423 |
| &nbsp;&nbsp;&nbsp;SLM | 1128 | 36987 |
| &nbsp;&nbsp;&nbsp;Synovus Financial | 298 | 15421 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares \* | 303 | 24058 |
| &nbsp;&nbsp;&nbsp;Univest Financial | 102 | 3064 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners | 92 | 16689 |
| &nbsp;&nbsp;&nbsp;Voya Financial | 242 | 17182 |
| &nbsp;&nbsp;&nbsp;Webster Financial | 399 | 21785 |
|  |  | 988663 |
| Health Care — 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;10X Genomics, Cl A \* | 831 | 9623 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals \* | 8335 | 67430 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners \* | 221 | 3019 |
| &nbsp;&nbsp;&nbsp;AtriCure \* | 1420 | 46533 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings \* | 2138 | 11182 |
| &nbsp;&nbsp;&nbsp;Biote, Cl A \* | 1157 | 4651 |
| &nbsp;&nbsp;&nbsp;Bio-Techne | 379 | 19500 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services \* | 2398 | 56569 |
| &nbsp;&nbsp;&nbsp;Certara \* | 1553 | 18170 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International \* | 98 | 14870 |
| &nbsp;&nbsp;&nbsp;Community Health Systems \* | 3770 | 12818 |
| &nbsp;&nbsp;&nbsp;CONMED | 488 | 25415 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare, Cl A \* | 6229 | 24293 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health \* | 5161 | 73699 |
| &nbsp;&nbsp;&nbsp;Encompass Health | 1456 | 178549 |
| &nbsp;&nbsp;&nbsp;Enhabit \* | 806 | 7770 |
| &nbsp;&nbsp;&nbsp;ICU Medical \* | 489 | 64621 |
| &nbsp;&nbsp;&nbsp;Innoviva \* | 627 | 12596 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group \* | 3850 | 19905 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Health Care (continued) |  |  |
| &nbsp;&nbsp;&nbsp;LivaNova \* | 1365 | $61452 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories | 305 | 28737 |
| &nbsp;&nbsp;&nbsp;National Research | 450 | 7560 |
| &nbsp;&nbsp;&nbsp;NeoGenomics \* | 1735 | 12683 |
| &nbsp;&nbsp;&nbsp;OptimizeRx \* | 644 | 8694 |
| &nbsp;&nbsp;&nbsp;Option Care Health \* | 3310 | 107509 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical \* | 624 | 6958 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health, Cl A | 385 | 9833 |
| &nbsp;&nbsp;&nbsp;QIAGEN | 2641 | 126926 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology \* | 2426 | 24600 |
| &nbsp;&nbsp;&nbsp;Teladoc Health \* | 10962 | 95479 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Cl B | 416 | 75358 |
| &nbsp;&nbsp;&nbsp;Waystar Holding \* | 2336 | 95472 |
|  |  | 1332474 |
| Industrials — 20.2% |  |  |
| &nbsp;&nbsp;&nbsp;AECOM | 573 | 64669 |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings | 406 | 38566 |
| &nbsp;&nbsp;&nbsp;API Group \* | 1416 | 72287 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies | 46 | 10693 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries | 111 | 18031 |
| &nbsp;&nbsp;&nbsp;ATI \* | 914 | 78915 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies | 982 | 35764 |
| &nbsp;&nbsp;&nbsp;AZZ | 518 | 48941 |
| &nbsp;&nbsp;&nbsp;Brink's | 694 | 61967 |
| &nbsp;&nbsp;&nbsp;BWX Technologies | 261 | 37600 |
| &nbsp;&nbsp;&nbsp;Clean Harbors \* | 98 | 22656 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon | 129 | 1970 |
| &nbsp;&nbsp;&nbsp;CRA International | 33 | 6183 |
| &nbsp;&nbsp;&nbsp;Crane | 184 | 34940 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright | 95 | 46412 |
| &nbsp;&nbsp;&nbsp;Donaldson | 220 | 15257 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics | 349 | 10285 |
| &nbsp;&nbsp;&nbsp;Dycom Industries \* | 96 | 23461 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group, Cl A | 277 | 11235 |
| &nbsp;&nbsp;&nbsp;EnerSys | 924 | 79251 |
| &nbsp;&nbsp;&nbsp;Flowserve | 1178 | 61668 |
| &nbsp;&nbsp;&nbsp;Gates Industrial \* | 2186 | 50344 |
| &nbsp;&nbsp;&nbsp;Generac Holdings \* | 667 | 95521 |
| &nbsp;&nbsp;&nbsp;Genpact | 1571 | 69140 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp | 121 | 4443 |
| &nbsp;&nbsp;&nbsp;Griffon | 342 | 24751 |
| &nbsp;&nbsp;&nbsp;GXO Logistics \* | 299 | 14561 |
| &nbsp;&nbsp;&nbsp;Hexcel | 990 | 55925 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions \* | 4113 | 29367 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Industrials (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group \* | 235 | $32322 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings \* | 391 | 11378 |
| &nbsp;&nbsp;&nbsp;ICF International | 167 | 14147 |
| &nbsp;&nbsp;&nbsp;Interface, Cl A | 743 | 15551 |
| &nbsp;&nbsp;&nbsp;ITT | 124 | 19447 |
| &nbsp;&nbsp;&nbsp;KBR | 833 | 39934 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings | 36 | 7463 |
| &nbsp;&nbsp;&nbsp;MasTec \* | 368 | 62718 |
| &nbsp;&nbsp;&nbsp;Maximus | 367 | 25763 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 32 | 3711 |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 269 | 48681 |
| &nbsp;&nbsp;&nbsp;MSA Safety | 303 | 50762 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Cl A | 2950 | 70918 |
| &nbsp;&nbsp;&nbsp;nVent Electric | 309 | 22634 |
| &nbsp;&nbsp;&nbsp;OPENLANE \* | 176 | 4303 |
| &nbsp;&nbsp;&nbsp;Pentair | 1196 | 122781 |
| &nbsp;&nbsp;&nbsp;Primoris Services | 199 | 15510 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 360 | 52186 |
| &nbsp;&nbsp;&nbsp;Ryder System | 518 | 82362 |
| &nbsp;&nbsp;&nbsp;Science Applications International | 263 | 29616 |
| &nbsp;&nbsp;&nbsp;SkyWest \* | 731 | 75271 |
| &nbsp;&nbsp;&nbsp;Standardaero \* | 360 | 11394 |
| &nbsp;&nbsp;&nbsp;Textron | 875 | 70254 |
| &nbsp;&nbsp;&nbsp;Valmont Industries | 100 | 32657 |
| &nbsp;&nbsp;&nbsp;Verra Mobility, Cl A \* | 1960 | 49764 |
| &nbsp;&nbsp;&nbsp;WESCO International | 351 | 65005 |
| &nbsp;&nbsp;&nbsp;Willdan Group \* | 670 | 41882 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings | 1469 | 40251 |
| &nbsp;&nbsp;&nbsp;Woodward | 124 | 30391 |
|  |  | 2273859 |
| Information Technology — 25.2% |  |  |
| &nbsp;&nbsp;&nbsp;ACI Worldwide \* | 1198 | 55000 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings \* | 310 | 2781 |
| &nbsp;&nbsp;&nbsp;Alkami Technology \* | 337 | 10157 |
| &nbsp;&nbsp;&nbsp;Appian, Cl A \* | 1443 | 43088 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies \* | 1479 | 25084 |
| &nbsp;&nbsp;&nbsp;Asana, Cl A \* | 2432 | 32832 |
| &nbsp;&nbsp;&nbsp;AvePoint \* | 446 | 8612 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies \* | 178 | 12405 |
| &nbsp;&nbsp;&nbsp;Belden | 339 | 39256 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics | 499 | 19376 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings \* | 6882 | 34410 |
| &nbsp;&nbsp;&nbsp;BILL Holdings \* | 255 | 11796 |
| &nbsp;&nbsp;&nbsp;BlackLine \* | 317 | 17949 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** | | |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Blend Labs, Cl A \* | 3737 | $12332 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings \* | 1559 | 14670 |
| &nbsp;&nbsp;&nbsp;CEVA \* | 206 | 4528 |
| &nbsp;&nbsp;&nbsp;Ciena \* | 909 | 73929 |
| &nbsp;&nbsp;&nbsp;Coherent \* | 787 | 70208 |
| &nbsp;&nbsp;&nbsp;CTS | 310 | 13209 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf \* | 156 | 8642 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings \* | 1503 | 42926 |
| &nbsp;&nbsp;&nbsp;Dynatrace \* | 1267 | 69951 |
| &nbsp;&nbsp;&nbsp;Elastic \* | 1643 | 138554 |
| &nbsp;&nbsp;&nbsp;Extreme Networks \* | 277 | 4972 |
| &nbsp;&nbsp;&nbsp;FormFactor \* | 879 | 30246 |
| &nbsp;&nbsp;&nbsp;Freshworks, Cl A \* | 1451 | 21634 |
| &nbsp;&nbsp;&nbsp;Gen Digital | 771 | 22667 |
| &nbsp;&nbsp;&nbsp;Gitlab, Cl A \* | 684 | 30855 |
| &nbsp;&nbsp;&nbsp;Harmonic \* | 911 | 8627 |
| &nbsp;&nbsp;&nbsp;Informatica, Cl A \* | 1655 | 40299 |
| &nbsp;&nbsp;&nbsp;Itron \* | 403 | 53047 |
| &nbsp;&nbsp;&nbsp;Jabil | 612 | 133477 |
| &nbsp;&nbsp;&nbsp;Jamf Holding \* | 2608 | 24802 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings \* | 535 | 22449 |
| &nbsp;&nbsp;&nbsp;Littelfuse | 105 | 23807 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings \* | 412 | 59036 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates \* | 244 | 48183 |
| &nbsp;&nbsp;&nbsp;Meridianlink \* | 275 | 4463 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Cl A \* | 1801 | 38776 |
| &nbsp;&nbsp;&nbsp;MKS Instruments | 510 | 50674 |
| &nbsp;&nbsp;&nbsp;N-able \* | 5302 | 42946 |
| &nbsp;&nbsp;&nbsp;nCino \* | 423 | 11831 |
| &nbsp;&nbsp;&nbsp;Nutanix, Cl A \* | 1969 | 150510 |
| &nbsp;&nbsp;&nbsp;Onto Innovation \* | 611 | 61668 |
| &nbsp;&nbsp;&nbsp;PagerDuty \* | 3768 | 57575 |
| &nbsp;&nbsp;&nbsp;PDF Solutions \* | 432 | 9236 |
| &nbsp;&nbsp;&nbsp;Pegasystems | 2814 | 152322 |
| &nbsp;&nbsp;&nbsp;Photronics \* | 740 | 13934 |
| &nbsp;&nbsp;&nbsp;Plexus \* | 350 | 47359 |
| &nbsp;&nbsp;&nbsp;Procore Technologies \* | 322 | 22031 |
| &nbsp;&nbsp;&nbsp;PROS Holdings \* | 2251 | 35251 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Cl A \* | 1432 | 82455 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings \* | 1610 | 150680 |
| &nbsp;&nbsp;&nbsp;Rambus \* | 752 | 48143 |
| &nbsp;&nbsp;&nbsp;Rapid7 \* | 1783 | 41241 |
| &nbsp;&nbsp;&nbsp;RingCentral, Cl A \* | 2700 | 76545 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories \* | 25 | 3684 |
| &nbsp;&nbsp;&nbsp;SMART Global Holdings \* | 1107 | 21930 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** | | |
| Information Technology (continued) |  |  |
| &nbsp;&nbsp;&nbsp;Sprinklr, Cl A \* | 3643 | $30820 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Cl A \* | 863 | 18045 |
| &nbsp;&nbsp;&nbsp;Synaptics \* | 338 | 21909 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings \* | 1864 | 62966 |
| &nbsp;&nbsp;&nbsp;TTM Technologies \* | 1419 | 57924 |
| &nbsp;&nbsp;&nbsp;UiPath, Cl A \* | 6481 | 82957 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings \* | 376 | 8486 |
| &nbsp;&nbsp;&nbsp;Unity Software \* | 865 | 20933 |
| &nbsp;&nbsp;&nbsp;Universal Display | 279 | 43094 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Cl A \* | 154 | 2038 |
| &nbsp;&nbsp;&nbsp;Weave Communications \* | 2426 | 20184 |
| &nbsp;&nbsp;&nbsp;Xperi \* | 1822 | 14412 |
| &nbsp;&nbsp;&nbsp;Yext \* | 6055 | 51468 |
|  |  | 2844286 |
| Materials — 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;AptarGroup | 403 | 63041 |
| &nbsp;&nbsp;&nbsp;Ashland | 957 | 48118 |
| &nbsp;&nbsp;&nbsp;Avery Dennison | 258 | 45271 |
| &nbsp;&nbsp;&nbsp;Avient | 1587 | 51276 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems \* | 2407 | 71464 |
| &nbsp;&nbsp;&nbsp;Commercial Metals | 382 | 18684 |
| &nbsp;&nbsp;&nbsp;Constellium, Cl A \* | 1263 | 16798 |
| &nbsp;&nbsp;&nbsp;Eagle Materials | 112 | 22636 |
| &nbsp;&nbsp;&nbsp;Greif, Cl A | 71 | 4614 |
| &nbsp;&nbsp;&nbsp;Hecla Mining | 5818 | 34850 |
| &nbsp;&nbsp;&nbsp;Huntsman | 662 | 6898 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum | 519 | 41468 |
| &nbsp;&nbsp;&nbsp;Knife River \* | 871 | 71109 |
| &nbsp;&nbsp;&nbsp;Materion | 548 | 43495 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies | 647 | 35630 |
| &nbsp;&nbsp;&nbsp;Mosaic | 277 | 10105 |
| &nbsp;&nbsp;&nbsp;NewMarket | 85 | 58723 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro | 113 | 7454 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies | 954 | 93988 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings | 305 | 16525 |
| &nbsp;&nbsp;&nbsp;TriMas | 240 | 6866 |
|  |  | 769013 |
| Utilities — 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;Avista | 265 | 10057 |
| &nbsp;&nbsp;&nbsp;Black Hills | 437 | 24516 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas | 110 | 9318 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources | 103 | 4616 |
| &nbsp;&nbsp;&nbsp;NiSource | 606 | 24446 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group | 383 | 19648 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Man Buyout Beta Index ETF** (concluded)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** |  |  |
| Utilities (continued) |  |  |
| &nbsp;&nbsp;&nbsp;NRG Energy | 139 | $22321 |
| &nbsp;&nbsp;&nbsp;OGE Energy | 448 | 19882 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings | 539 | 40096 |
| &nbsp;&nbsp;&nbsp;Spire | 75 | 5474 |
| &nbsp;&nbsp;&nbsp;TXNM Energy | 602 | 33905 |
| &nbsp;&nbsp;&nbsp;Unitil | 66 | 3442 |
|  |  | 217721 |
| TOTAL UNITED STATES |  | 11032044 |
| TOTAL COMMON STOCK<br> (Cost $10,995,689) |  | 11258178 |
| TOTAL INVESTMENTS — 99.9%<br> (Cost $10,995,689) |  | 11258178 |
| OTHER ASSETS LESS LIABILITIES – 0.1% |  | 11769 |
| NET ASSETS - 100% |  | $11269947 |

---

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

*\** *Non-income producing security.*

See "Glossary" for abbreviations.

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

KRS-QH-047-0200

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Global Humanoid Embodied Intel Index ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK — 113.7% ‡** | | |
| **AUSTRALIA — 2.7%** |  |  |
| Materials — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Lynas Rare Earths \* | 45956 | $259310 |
| TOTAL AUSTRALIA |  | 259310 |
| **BELGIUM — 3.2%** |  |  |
| Information Technology — 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;Melexis | 3627 | 307182 |
| TOTAL BELGIUM |  | 307182 |
| **CANADA — 2.4%** |  |  |
| Consumer Discretionary — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Magna International | 5977 | 230582 |
| TOTAL CANADA |  | 230582 |
| **CHINA — 35.9%** |  |  |
| Consumer Discretionary — 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;Ningbo Shuanglin Auto Parts, Cl A | 35200 | 231353 |
| &nbsp;&nbsp;&nbsp;Ningbo Tuopu Group, Cl A | 25600 | 168864 |
| &nbsp;&nbsp;&nbsp;Shanghai Beite Technology, Cl A | 33800 | 196766 |
| &nbsp;&nbsp;&nbsp;XPeng, Cl A \* | 20200 | 181671 |
| &nbsp;&nbsp;&nbsp;Zhejiang Shuanghuan Driveline, Cl A | 42100 | 196831 |
|  |  | 975485 |
| Industrials — 17.8% |  |  |
| &nbsp;&nbsp;&nbsp;Estun Automation, Cl A \* | 69200 | 195530 |
| &nbsp;&nbsp;&nbsp;Jiangsu Hengli Hydraulic, Cl A | 18700 | 187962 |
| &nbsp;&nbsp;&nbsp;Keli Sensing Technology Ningbo, Cl A | 23400 | 208842 |
| &nbsp;&nbsp;&nbsp;Leader Harmonious Drive Systems, Cl A | 10008 | 174490 |
| &nbsp;&nbsp;&nbsp;Shanghai Moons' Electric, Cl A | 22000 | 176506 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology, Cl A | 22000 | 198312 |
| &nbsp;&nbsp;&nbsp;Shenzhen Zhaowei Machinery & Electronic, Cl A | 11800 | 178158 |
| &nbsp;&nbsp;&nbsp;UBTech Robotics \* | 20250 | 213850 |
| &nbsp;&nbsp;&nbsp;Zhejiang Sanhua Intelligent Controls, Cl A | 52300 | 192607 |
|  |  | 1726257 |
| Information Technology — 5.8% |  |  |
| &nbsp;&nbsp;&nbsp;China Leadshine Technology, Cl A | 30500 | 188540 |
| &nbsp;&nbsp;&nbsp;Horizon Robotics \* | 241800 | 199908 |
| &nbsp;&nbsp;&nbsp;RoboSense Technology \* | 42100 | 172959 |
|  |  | 561407 |
| Materials — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;China Northern Rare Earth Group High-Tech, Cl A | 64200 | 223167 |
| TOTAL CHINA |  | 3486316 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Global Humanoid Embodied Intel Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** | | |
| **GERMANY — 5.5%** |  |  |
| Consumer Discretionary — 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;Schaeffler | 50180 | $268011 |
| Information Technology — 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;Infineon Technologies | 6233 | 264239 |
| TOTAL GERMANY |  | 532250 |
| **ISRAEL — 2.6%** |  |  |
| Consumer Discretionary — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Cl A \* | 14208 | 255460 |
| TOTAL ISRAEL |  | 255460 |
| **JAPAN — 11.5%** |  |  |
| Industrials — 9.2% |  |  |
| &nbsp;&nbsp;&nbsp;Harmonic Drive Systems | 9900 | 191907 |
| &nbsp;&nbsp;&nbsp;Nabtesco | 13400 | 239483 |
| &nbsp;&nbsp;&nbsp;Nidec | 11900 | 231088 |
| &nbsp;&nbsp;&nbsp;THK | 8500 | 226968 |
|  |  | 889446 |
| Information Technology — 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;Keyence | 100 | 40043 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics | 15300 | 189496 |
|  |  | 229539 |
| TOTAL JAPAN |  | 1118985 |
| **NETHERLANDS — 2.4%** |  |  |
| Information Technology — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors | 1051 | 229633 |
| TOTAL NETHERLANDS |  | 229633 |
| **SOUTH KOREA — 2.4%** |  |  |
| Industrials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Rainbow Robotics \* | 1141 | 237145 |
| TOTAL SOUTH KOREA |  | 237145 |
| **SWEDEN — 2.0%** |  |  |
| Information Technology — 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;Hexagon, Cl B | 19104 | 190751 |
| TOTAL SWEDEN |  | 190751 |

---

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Global Humanoid Embodied Intel Index ETF** (continued)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCK (continued)** | | |
| **SWITZERLAND — 2.5%** |  |  |
| Information Technology — 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;TE Connectivity | 1429 | $241029 |
| TOTAL SWITZERLAND |  | 241029 |
| **TAIWAN — 2.4%** |  |  |
| Industrials — 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;Hiwin Technologies | 32000 | 230042 |
| TOTAL TAIWAN |  | 230042 |
| **UNITED STATES — 38.2%** |  |  |
| Consumer Discretionary — 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;Aptiv \* | 3382 | 230720 |
| &nbsp;&nbsp;&nbsp;Tesla \* | 782 | 248410 |
|  |  | 479130 |
| Industrials — 12.1% |  |  |
| &nbsp;&nbsp;&nbsp;Moog, Cl A | 1218 | 220421 |
| &nbsp;&nbsp;&nbsp;RBC Bearings \* | 642 | 247042 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord | 1749 | 253535 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding | 8216 | 247384 |
| &nbsp;&nbsp;&nbsp;Timken | 2839 | 205969 |
|  |  | 1174351 |
| Information Technology — 18.5% |  |  |
| &nbsp;&nbsp;&nbsp;Amphenol, Cl A | 3105 | 306619 |
| &nbsp;&nbsp;&nbsp;Analog Devices | 992 | 236116 |
| &nbsp;&nbsp;&nbsp;Jabil | 1464 | 319299 |
| &nbsp;&nbsp;&nbsp;Novanta \* | 1573 | 202807 |
| &nbsp;&nbsp;&nbsp;NVIDIA | 1850 | 292281 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies \* | 408 | 209022 |
| &nbsp;&nbsp;&nbsp;Texas Instruments | 1119 | 232327 |
|  |  | 1798471 |
| Materials — 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;MP Materials \* | 7662 | 254915 |
| TOTAL UNITED STATES |  | 3706867 |
| TOTAL COMMON STOCK<br> (Cost $10,928,374) |  | 11025552 |
| TOTAL INVESTMENTS — 113.7%<br> (Cost $10,928,374) |  | 11025552 |
| OTHER ASSETS LESS LIABILITIES – (13.7)% |  | (1324412) |
| NET ASSETS - 100% |  | $9701140 |

---

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

**Schedule of Investments (Unaudited)** *June 30, 2025*

**KraneShares Global Humanoid Embodied Intel Index ETF** (concluded)

See "Glossary" for abbreviations.

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

KRS-QH-048-0100

**Schedules of Investments/Consolidated Schedule of Investments (Unaudited)** *June 30, 2025*

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

**Fund Abbreviations**

ADR — American Depositary Receipt

AUD — Australian Dollar

BV — Business Value

BVI — Business Volume Indicator

CAD — Canadian Dollar

Cl — Class

ETF — Exchange-Traded Fund

FX — Foreign Exchange

GDR — Global Depositary Receipt

H15T5Y — United States Treasury Yield Curve Rate Treasury Note Constant Maturity 5 Year

JSC — Joint-Stock Company

MTN — Medium Term Note

PJSC — Public Joint-Stock Company

PLC — Public Limited Company

PTY — Proprietary

Ser — Series

SOFRINDX — Secured Overnight Financing Rate Index

SOFRRATE — Secured Overnight Financing Rate

SPDR — Standard & Poor's Depositary Receipts

SPX — Standard & Poor's 500 Index

USD — United States Dollar

WTI — West Texas Intermediate

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** NEW YORK

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10017

  - **Telephone number:** 2129330393

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

- **a. Name of Series:** KraneShares SSE Star Market 50 Index ETF

- **b. EDGAR series identifier (if any):** S000069005

- **c. LEI of Series:** 549300KP7V75G1O7ZY91

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $34371452.70

**Total Liabilities:** $24849.32

**Net Assets:** $34346603.38

**Cash Not Reported:** $163943.90

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000220718 | 2.61%                | -1.90%               | -1.30%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $705951.65               | $143730.09                                 |
| Month 2  | $0.00                    | $-671608.08                                |
| Month 3  | $-58392.85               | $-370250.28                                |

### Schedule of Portfolio Investments

| Name                                                     | Title                                     | Identifiers                             | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACM Research Shanghai Inc                                | ACM RESEARCH SHANGHAI I-A COMMON STOCK    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     17615 | NS      | $280191.41    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro-Fabrication Equipment Inc China           | ADVANCED MICRO-FABRICATION-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     26592 | NS      | $676758.35    | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro-Fabrication Equipment Inc China           | ADVANCED MICRO-FABRICATION-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     60725 | NS      | $1545432.88   | 4.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Amlogic Shanghai Co Ltd                                  | AMLOGIC SHANGHAI INC-A COMMON STOCK       | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     67235 | NS      | $666516.46    | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| APT Medical Inc                                          | APT MEDICAL INC-A COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     16887 | NS      | $700159.83    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Avic Chengdu Uas Co Ltd                                  | AVIC CHENGDU UAS CO LTD-A COMMON STOCK    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     40415 | NS      | $301286.58    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Baimtec Material Co Ltd                                  | BAIMTEC MATERIAL CO LTD-A COMMON STOCK    | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     26944 | NS      | $213012.25    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Kingsoft Office Software Inc                     | BEIJING KINGSOFT OFFICE SO-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     46221 | NS      | $1807052.91   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Beijing Roborock Technology Co Ltd                       | BEIJING ROBOROCK TECHNOLOG-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     41321 | NS      | $903066.74    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bestechnic Shanghai Co Ltd                               | BESTECHNIC SHANGHAI CO LTD-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     16771 | NS      | $814721.54    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Biwin Storage Technology Co Ltd                          | BIWIN STORAGE TECHNOLOGY C-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     64442 | NS      | $606352.07    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Bloomage Biotechnology Corp Ltd                          | BLOOMAGE BIOTECHNOLOGY COR-A COMMON STOCK | CUSIP: N/A<br>LEI: 3003000JYMDZWD0IUE82 | Long             | EC               |  | CN        |     38454 | NS      | $275662.65    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cambricon Technologies Corp Ltd                          | CAMBRICON TECHNOLOGIES-A COMMON STOCK     | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     41658 | NS      | $3498082.13   | 10.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Biotech Inc                                       | CATHAY BIOTECH INC-A COMMON STOCK         | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     71978 | NS      | $473278.35    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| China Railway Signal & Communication Corporation Limited | CHINA RAILWAY SIGNAL & COM-A COMMON STOCK | CUSIP: N/A<br>LEI: 529900GK68ZHDM38WD21 | Long             | EC               |  | CN        |    257168 | NS      | $184533.83    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| China Railway Signal & Communication Corporation Limited | CHINA RAILWAY SIGNAL & COM-A COMMON STOCK | CUSIP: N/A<br>LEI: 529900GK68ZHDM38WD21 | Long             | EC               |  | CN        |    259013 | NS      | $185857.73    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| China Resources Microelectronics Limited                 | CHINA RESOURCES MICROELECT-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    105981 | NS      | $697746.66    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CSI Solar Co., Ltd.                                      | CSI SOLAR CO LTD-A COMMON STOCK           | CUSIP: N/A<br>LEI: 3003004AEZ3F97L0KW51 | Long             | EC               |  | CN        |    294441 | NS      | $376110.39    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Everdisplay Optronics Shanghai Co Ltd                    | EVERDISPLAY OPTRONICS SHAN-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |   1104249 | NS      | $360727.15    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| GalaxyCore Inc                                           | GALAXYCORE INC-A COMMON STOCK             | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    155709 | NS      | $334757.56    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Guobo Electronics Co Ltd                                 | GUOBO ELECTRONICS CO LTD-A COMMON STOCK   | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     15464 | NS      | $129551.19    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Hangzhou EZVIZ Network Co Ltd                            | HANGZHOU EZVIZ NETWORK CO -A COMMON STOCK | CUSIP: N/A<br>LEI: 836800F1C5A55S5F7Q24 | Long             | EC               |  | CN        |     31434 | NS      | $138318.99    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Hwatsing Technology Co Ltd                               | HWATSING TECHNOLOGY CO LTD-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     33072 | NS      | $778881.69    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Jinko Solar Co., Ltd.                                    | JINKO SOLAR CO LTD-A COMMON STOCK         | CUSIP: N/A<br>LEI: 300300RHCPJNG9KTKT10 | Long             | EC               |  | CN        |    798744 | NS      | $578723.24    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Loongson Technology Corp Ltd                             | LOONGSON TECHNOLOGY CORP L-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     32013 | NS      | $596136.35    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| MGI Tech Co., Ltd.                                       | MGI TECH CO LTD-A COMMON STOCK            | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     41565 | NS      | $376183.52    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Technology Co Ltd                                | MONTAGE TECHNOLOGY CO LTD-A COMMON STOCK  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    228480 | NS      | $2615519.71   | 7.62%             |  |  |  | No            |                  1 | On Loan: No      |
| National Silicon Industry Group Co., Ltd.                | NATIONAL SILICON INDUSTRY -A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    328973 | NS      | $859729.95    | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexchip Semiconductor Corporation                        | NEXCHIP SEMICONDUCTOR CORP-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    160156 | NS      | $453203.15    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ninebot Ltd                                              | NINEBOT LTD-CDR DEPOSITARY RECEIPT        | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    114528 | NS      | $946039.35    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Piotech Inc                                              | PIOTECH INC-A COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     27914 | NS      | $598990.80    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Qi An Xin Technology Group Inc                           | QI AN XIN TECHNOLOGY GROUP-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     54699 | NS      | $259476.91    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Sany Renewable Energy Co Ltd                             | SANY RENEWABLE ENERGY CO L-A COMMON STOCK | CUSIP: N/A<br>LEI: 836800NSWAMCSCB1IZ03 | Long             | EC               |  | CN        |     48954 | NS      | $170443.56    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Allist Pharmaceuticals Co Ltd                   | SHANGHAI ALLIST PHARMACEUT-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     44906 | NS      | $583270.52    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai BOCHU Electronic Technology Corp Ltd            | SHANGHAI BOCHU ELECTRONIC-A COMMON STOCK  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     23023 | NS      | $423174.28    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai Junshi Biosciences Co Ltd                       | SHANGHAI JUNSHI BIOSCIENCE-A COMMON STOCK | CUSIP: N/A<br>LEI: 300300L36FLCKN0WXW06 | Long             | EC               |  | CN        |    107071 | NS      | $507915.17    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Shanghai United Imaging Healthcare Co., Ltd.             | SHANGHAI UNITED IMAGING HE-A COMMON STOCK | CUSIP: N/A<br>LEI: 300300YFLW1ZZPRAZ467 | Long             | EC               |  | CN        |     98692 | NS      | $1759968.18   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Transsion Holdings Co Ltd                       | SHENZHEN TRANSSION HOLDING-A COMMON STOCK | CUSIP: N/A<br>LEI: 300300PDJRSNMVF0VJ83 | Long             | EC               |  | CN        |     91037 | NS      | $1012913.16   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Sicc Co Ltd                                              | SICC CO LTD-A COMMON STOCK                | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     34305 | NS      | $280401.46    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sichuan Biokin Pharmaceutical Co Ltd                     | SICHUAN BIOKIN PHARMACEUTI-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     16006 | NS      | $661677.71    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Smartsens Technology Shanghai Co Ltd                     | SMARTSENS TECHNOLOGY SHANG-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     56140 | NS      | $801132.30    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| SUPCON Technology Co Ltd                                 | SUPCON TECHNOLOGY CO-A COMMON STOCK       | CUSIP: N/A<br>LEI: 836800CSSWUYIZYJGO52 | Long             | EC               |  | CN        |    126230 | NS      | $791410.11    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Tianneng Battery Group Co., Ltd.                         | TIANNENG BATTERY GROUP CO -A COMMON STOCK | CUSIP: N/A<br>LEI: 300300NOKZOLM51U7U67 | Long             | EC               |  | CN        |     26093 | NS      | $101120.55    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Trina Solar Co., Ltd.                                    | TRINA SOLAR CO LTD-A COMMON STOCK         | CUSIP: N/A<br>LEI: 30030040IFQ4UMZDUU48 | Long             | EC               |  | CN        |    260978 | NS      | $529377.49    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| United Nova Technology Co Ltd                            | UNITED NOVA TECHNOLOGY CO-A COMMON STOCK  | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    987605 | NS      | $657654.22    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| VeriSilicon Microelectronics Shanghai Co Ltd             | VERISILICON MICROELECTRONI-A COMMON STOCK | CUSIP: N/A<br>LEI: 836800TNWRM7QRXH6S33 | Long             | EC               |  | CN        |     69973 | NS      | $942657.14    | 2.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Superconducting Technologies Co., Ltd.           | WESTERN SUPERCONDUCTING TE-A COMMON STOCK | CUSIP: N/A<br>LEI: 300300IUC83XEOSKRG67 | Long             | EC               |  | CN        |     90763 | NS      | $657362.26    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiamen Amoytop Biotech Co Ltd                            | XIAMEN AMOYTOP BIOTECH CO -A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |     32476 | NS      | $326929.40    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Xinjiang Daqo New Energy Co Ltd                          | XINJIANG DAQO NEW ENERGY C-A COMMON STOCK | CUSIP: N/A<br>LEI: N/A                  | Long             | EC               |  | CN        |    128443 | NS      | $382290.58    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhuzhou CRRC Times Electric Co., Ltd.                    | ZHUZHOU CRRC TIMES ELECTRI-A COMMON STOCK | CUSIP: N/A<br>LEI: 529900PLNH7NQLN00B53 | Long             | EC               |  | CN        |     52026 | NS      | $309767.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

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

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO