# EDGAR Filing Document

**Accession Number:** 0001547576
**File Stem:** 0002048251-26-001558
**Filing Date:** 2026-2
**Character Count:** 9839
**Document Hash:** eecbced44263ef9789718a7e03baa2a2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002048251-26-001558.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0002048251-26-001558

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**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:** 26696262

**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

### Quadratic Deflation ETF (Series ID: S000070938)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000225265 | Quadratic Deflation ETF | BNDD            |

## Nport-Ex

**Schedule of Investments (Unaudited)** *December 31, 2025*

**Quadratic Interest Rate Volatility and Inflation Hedge ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 76.9%** |  |  |
| **Fixed Income — 76.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Schwab U.S. TIPS ETF <sup>(A)</sup> | 14499201 | $384083835 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $422,555,972) |  | 384083835 |
| **PURCHASED OPTIONS <sup>(B)</sup> — 9.0%** |  |  |
| TOTAL PURCHASED OPTIONS<br> (Cost $49,136,250) |  | 45044118 |
| TOTAL INVESTMENTS — 85.9%<br> (Cost $471,692,222) |  | 429127953 |
| OTHER ASSETS LESS LIABILITIES – 14.1% |  | 70317124 |
| NET ASSETS - 100% |  | $499445077 |

---

*(A)* *For financial information on the Schwab U.S. TIPS ETF, please go to the Commission's website at http://www.sec.gov.* 

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

A list of open option contracts held by the Fund as of December 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br> Contracts^** | **Notional<br> Amount†** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS — 9.0%** | **PURCHASED OPTIONS — 9.0%** | **PURCHASED OPTIONS — 9.0%** | **PURCHASED OPTIONS — 9.0%** | **PURCHASED OPTIONS — 9.0%** |  |  |
| **Call Options** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Goldman Sachs | 275000 | $8825000 | 0.55% | 05/17/28 | $8076844 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Morgan Stanley | 200000 | 9500000 | 0.28 | 12/09/26 | 7981714 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Goldman Sachs | 215000 | 10212500 | 0.20 | 04/14/27 | 10288216 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Morgan Stanley | 250000 | 8375000 | 0.50 | 09/15/27 | 7453333 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Nomura | 300000 | 6348750 | 0.85 | 09/15/28 | 5368212 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Goldman Sachs | 175000 | 3132500 | 0.70 | 06/15/27 | 3267508 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Morgan Stanley | 125000 | 1937500 | 0.58 | 06/24/26 | 1597031 |
| &nbsp;&nbsp;&nbsp;CMS 10Y - 2Y | Nomura | 100000 | 805000 | 0.53 | 04/16/26 | 1011260 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  |  | $49136250 |  |  | $45044118 |

---

*†* *Represents cost.* <br> *^* *Value equals 10,000 x Number of Contracts x Market Price*

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-015-1400

**Schedule of Investments (Unaudited)** *December 31, 2025*

**Quadratic Deflation ETF**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUND — 81.4%** |  |  |
| **Fixed Income — 81.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Vanguard Long-Term Treasury ETF <sup>(A)</sup> | 126823 | $7076723 |
| TOTAL EXCHANGE-TRADED FUND<br> (Cost $10,742,712) |  | 7076723 |
| **PURCHASED OPTIONS <sup>(B)</sup> — 2.8%** |  |  |
| TOTAL PURCHASED OPTIONS<br> (Cost $573,000) |  | 241079 |
| TOTAL INVESTMENTS — 84.2%<br> (Cost $11,315,712) |  | 7317802 |
| OTHER ASSETS LESS LIABILITIES – 15.8% |  | 1374679 |
| NET ASSETS - 100% |  | $8692481 |

---

*(A)* *For financial information on the Vanguard Long-Term Treasury ETF, please go to the Commission's website at http://www.sec.gov.* 

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

A list of open option contracts held by the Fund as of December 31, 2025 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Number of<br> Contracts^** | **Notional<br> Amount†** | **Exercise<br> Price** | **Expiration<br> Date** | **Market<br> Value** |
| **PURCHASED OPTIONS — 2.8%** | **PURCHASED OPTIONS — 2.8%** | **PURCHASED OPTIONS — 2.8%** | **PURCHASED OPTIONS — 2.8%** |  |  |  |
| **Put Options** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CMS 30Y – 2Y | Nomura | 8000 | $192000 | 0.90% | 08/12/26 | $122716 |
| &nbsp;&nbsp;&nbsp;CMS 30Y – 2Y | Goldman Sachs | 7500 | 174500 | 0.80 | 10/14/26 | 101343 |
| &nbsp;&nbsp;&nbsp;CMS 30Y – 2Y | Goldman Sachs | 7000 | 206500 | 0.62 | 04/22/26 | 17020 |
| &nbsp;&nbsp;&nbsp;Total Purchased Options |  |  | $573000 |  |  | $241079 |

---

*†* *Represents cost.* <br> *^* *Value equals 10,000 x Number of Contracts x Market Price*

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-031-0900

**Schedule of Investments (Unaudited)** *December 31, 2025*

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

**Fund Abbreviations**

CMS — Constant Maturity Swap

ETF — Exchange-Traded Fund

## 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:** Quadratic Deflation ETF

- **b. EDGAR series identifier (if any):** S000070938

- **c. LEI of Series:** 549300HZDPG3D5N0QI26

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $8699989.15

**Total Liabilities:** $7508.32

**Net Assets:** $8692480.83

**Cash Not Reported:** $1378234.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225265 | -3.03%               | -0.91%               | 0.95%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-202916.80                                |
| Month 2  | $0.00                    | $3787.87                                   |
| Month 3  | $0.00                    | $56087.78                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| USD CMS 2-30 04/22/2026 62 FLOOR E | USD CMS 2-30 04/22/2026 62 FLOOR E CONSTANT MATURITY SWAP SPREAD OPTION | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |      7000 | NC      | $17020.07     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| USD CMS 2-30 08/12/2026 90 FLOOR E | USD CMS 2-30 08/12/2026 90 FLOOR E CONSTANT MATURITY SWAP SPREAD OPTION | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |      8000 | NC      | $122715.67    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| USD CMS 2-30 10/14/2026 80 FLOOR E | USD CMS 2-30 10/14/2026 80 FLOOR E CONSTANT MATURITY SWAP SPREAD OPTION | CUSIP: N/A<br>LEI: N/A       | N/A              | DIR              |  | US        |      7500 | NC      | $101342.70    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Vanguard Long Term Treasury ETF    | VANGUARD LONG-TERM TREASURY MUTUAL FUND                                 | CUSIP: 92206C847<br>LEI: N/A | Long             | EC               | RF                | US        |    126823 | NS      | $7076723.40   | 81.41%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-31

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

**Signature:** Jonathan Krane

**Name of Signer:** Jonathan Krane

**Title:** CEO